Manufacture and storage of khoa Essay Example

Manufacture and storage of khoa Essay Abstraction Khoa is a traditional dairy merchandise which is produced in India by both organized and unorganised sector. It is the base for assorted traditional Sweets manufactured in India. Apart from the traditional method of fabricating khoa many methods were developed late for the industry and storage of it. In the present essay I had mentioned about assorted engineerings available for industry and storage of khoa. Introduction Harmonizing to the National Dairy Development Board, India the one-year production of milk during the twelvemonth 2007-2008 is 104.8 million metric tons. India has two types of sectors for the selling of milk and its merchandises, one is organized sector and another is unorganised sector. The unorganised sector histories for 88 % of entire milk production in India and it includes selling of natural milk and traditional merchandises such as locally manufactured ghee, fresh cheese, and Sweets. The organized sector histories for 10-12 % of entire milk production in India and it includes the dairy co-ops and organized private dairies which produces Western-style dairy processed merchandises based on pasteurisation. The portion of organized sector in the entire milk production handling is increasing by the old ages ( FAO, 2002 ) .In India out of all dairy merchandises consumed traditional merchandises account for over 90 per centum. In order to protect the excess milk from spoilage simple procedures were developed to bring forth merchandises like curds ( yoghurt-like fermented merchandise ) , Makkhan ( butter ) , Khoa ( desiccated milk merchandise ) , Chhana and Paneer ( soft bungalow cheese-like civilized merchandise ) and Ghee ( clarified butter ) ( FAO, 2001 ) . And about 7 % of milk produced in India is converted to khoa ( ICMR, 2000 ) . KHOA MANUFACTURING PROCESS We will write a custom essay sample on Manufacture and storage of khoa specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Manufacture and storage of khoa specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Manufacture and storage of khoa specifically for you FOR ONLY $16.38 $13.9/page Hire Writer In India khoa is traditionally manufactured by uninterrupted boiling of milk in a shallow Fe or unstained steel vas to take wet and the procedure continues till the entire solid degree is attained in the scope of 65 to 72 % ( Pal and Raju, 2006 ) . As per the Prevention of Food Adulteration ( PFA ) , India ( 1955 ) regulations, khoa sold by whatever assortment or name such as Pindi, Danedar, Dhap, Mawa, or Kava which is obtained from cow or American bison ( or caprine animal or sheep ) milk or milk solids or a combination at that place of by rapid dehydration and holding non less than 30 per cent milk fat on dry weight footing. The Bureau of Indian Standards has given the demands for three types of khoa, viz. Pindi, Danedar and Dhap in footings of entire solids, fat, ash, sourness, coliforms and barm and cast counts ( Indian Standard ( IS ) : 4883, 1980 ) . A minimal fat degree of 5.5 in American bison milk is required to accomplish the PFA criterion. Khoa has been categorized into t hree major groups i.e. Pindi ( for Burfi, Peda ) , Dhap ( Gulabjamun ) and Danedar ( Kalakand ) on the footing of composing, texture and terminal usage. KHOA MANUFACTURING PROCESS CHEMICAL ASPECTS Khoa contain 75-80 % wet, 25-37 % fat, 17 -20 % protein, 22-25 % milk sugar, and 3.6-3.8 % ash ( Aneja et al. 2002 ) .The milk is subjected to high heat temperature during the industry of khoa which initiates figure of physico-chemical alterations ensuing in features centripetal, textural and structural belongingss in khoa. The uninterrupted warming will cut down H2O activity, inactivates assorted milk enzymes and destruct infective and spoilage micro-organisms apart from development of desirable spirits and texture. The warming procedure promotes the denaturation and curdling of milk proteins and the procedure is more rapid due to foaming and incorporation of air by uninterrupted stirring ( Sindhu et al. 2000 ) . The break of fat globule membrane and subsequent release of free fat that history for 44.8-62.8 per centum of entire fat in khoa occurs due to vigorous agitation during heating procedure of milk ( Mann and Gupta, 2006 ) . Adhikari et Al. ( 1994 ) has studied the interaction between milk supermolecules during warming of American bison milk utilizing Transmission Electron Microscopy ( TEM ) and ascertained casein-casein, casein-whey protein and casein-lactose interaction with gradual warming of milk. The khoa made with buffalo milk and milk of high sum solid will hold more brown coloring material in the terminal merchandise and this is due to browning reactions ( Gothwal and Bhavdasan1992 ) . Patil et Al. ( 1992 ) has investigated khoa microstructure utilizing scanning negatron microscope ( SEM ) and revealed that khoa consists of larger protein granules made up of partly fused casein micelles and non-micellar proteins. They besides observed decrease in the size of protein granules and inter-granular infinite during working or agitation of khoa industry procedure and it besides resulted in big sum of fat globules membrane fractions. FACTORS AFFECTING KHOA QUALITY Type of milk: Buffalo milk is by and large used alternatively of cow milk for the industry of khoa due to its higher output, softer organic structure and smooth texture. The khoa manufactured from cow milk have dry surface, xanthous coloring material, gluey and flaxen texture ( Pal and Gupta, 1985 ) . Sum of free fat: An optimal sum of free fat is necessary for desirable organic structure and textural belongingss of khoa ( Boghra and Rajorhia,1982 ) . Entire solid degree: There is important positive correlativity between entire solid degree milk and instrumental hardness, cohesiveness and chewiness of khoa ( Gupta et al. , 1990 ) . Working of Khoa: The formation of big lactose crystals can be reduced through working of khoa when compared to un-worked khoa and working consequences in no sensed sandiness upon storage. Equipments USED IN KHOA MANUFACTURING PROCESS Khoa is by and large manufactured by halwais in jacketed boilers, which has several disadvantages like hapless and inconsistent quality and limited shelf life of about 5 yearss at 30AÂ °C ( International Conference on Traditional Dairy Foods, 2007 ) .Most efforts made for up-gradation of the engineering of khoa are directed towards mechanisation of the procedure and developing uninterrupted khoa doing workss ( Aneja et al. , 2002 ) . Agrawala et Al. ( 1987 ) has developed mechanised conelike procedure VAT for readying of khoa. It consists of a chromium steel steel conelike VAT with a cone angle of 60AÂ ° and steam-jacket partitioned into 4-segments for efficient usage of thermic energy and less heat loss. Due its batch type of operation, it is suited merely for doing limited measures of the merchandise. National Dairy Development Board ( NDDB ) which is situated at Anand ( Gujarat ) , India has developed an Inclined Scraped Surface Heat Exchanger ( ISSHE ) for uninterrupted industry of khoa ( Punjrath et al. , 1990 ) . Concentrated milk of 42 to 45 % entire solids is used as provender in this machine and its disposition permits the formation of a pool of boiling milk critical to formation of khoa. Thin Film Scraped Surface Heat Exchanger ( TSSHE ) system has developed by Dodeja et Al. ( 1992 ) at NDRI for the uninterrupted industry of khoa and it consists of two Scraped Surface Heat Exchangers ( SSHE ) which are arranged in a cascade manner. In this machine milk is concentrated in first SSHE to about 40-45 % Entire Solids and eventually to khoa in the 2nd SSHE. But provender for this unit is buffalo milk and therefore rendering it suited for organized little and big dairies and enterp risers which is non in the instance of Inclined Scraped Surface Heat Exchanger. The capacity of both TSSHE and SSHE is about 50 kilograms khoa per hr and many organized dairies have adopted these uninterrupted khoa doing machines. Three-stage uninterrupted khoa industry unit has been developed by Christie and Shah ( 1992 ) . It has three jacketed cylinders placed in a cascade agreement which helps in easy transportation of milk from one cylinder in to other and it works as heat money changer. The heat money changers are installed with a mechanism of supplying disposition and the incline allows the motion of the contents in longitudinal way. The unit has a variable block thrust which helps in velocity accommodation and it is extremely bulky necessitating excessively much shocking country. ( Pal and Cheryan, 1987 ) and ( Kumar and Pal, 1994 ) have implemented Reverse osmosis ( RO ) technique for the industry of khoa from cow milk and American bison milk severally. This procedure comprises pre-concentration of milk ( 2.5-fold for cow milk and 1.5-fold for buffalo m ilk ) utilizing RO procedure followed by dehydration in a steam-jacketed unfastened pan for the industry of khoa. The concluding merchandise obtained by this membrane procedure was found to be indistinguishable to the conventionally prepared merchandise. This procedure saves energy during the initial concentration of milk. In order to do this procedure uninterrupted jacketed pan should be replace with SSHE. Different workers incorporated whey solids in the signifier of whey protein dressed ore ( WPC ) in the milk and reported that increased add-on of WPC in the milk resulted in big granulation in khoa and increased output ( Dewani and Jayaprakasha, 2002 ) . FOOD SAFETY AND QUALITY MANAGEMENT ISSUES DURING KHOA STORAGE Due to higher foods and high H2O activity ( .96 ) , Khoa is easy Susceptible to growing of bacteriums. Staphylococcus aureus and Bacillus Cereuss are the chief contaminating micro beings in khoa and they cause many food-borne diseases. To forestall and cut down microbiological jeopardy from khoa HACCP should be applied. The microbic quality of Khoa is ab initio good during production clip and it will bit by bit deteriorate during storage and selling. The chief Critical Control Point for the impairment was identified as air-tight packaging. This job can be solved through altering the packaging stuff to muslin fabric which allows free air flow, reduced the microbic proliferation ( ICMR, 2000 ) . METHODS TO INCREASE STORAGE LIFE OF KHOA The storage life of khoa is merely two to three yearss, under ambient conditions, and 15-20 yearss under refrigerated conditions ( Ramzan and Rahman, 1973 ) . Rancidity is one of the ground which deteriorates quality of khoa and it adversely a? ECTs storage life of khoa ( Bashir et al. , 2003 ) .Addition of K sorbate vitamin E? ectively improves the storage life of khoa at higher temperatures. Jha and Verma ( 1988 ) have observed increased storage stableness of khoa for 40 yearss by add-on of K sorbate. Other workers besides stated that the storage life of khoa can be enhanced by utilizing di? erent types of nutrient preservatives and antimicrobic agents ( Wadhawa et al. , 1993 ) . At elevated temperatures the storage stableness of newly prepared khoa can be adversely a? ected. By mensurating free fatty acids, peroxide value and iodine value we can find storage stableness of khoa. The free fatso acid, peroxide and I values for newly prepared khoa were 0.025 % , 0.38 meq/kg and 80, se verally. The addition in free fatty acid and peroxide value and lessening in iodine value are the indexs of development of rancidity in khoa during three months of storage at elevated temperature. By adding BHA and BHT we can retard the development of rancidity in khoa on storage. But, BHT will move comparitively better than BHA. Therefore, we can increase the storage stableness of khoa by adding man-made antioxidants like BHA and BHT at elevated temperatures ( Rehman and Salariya, 2005 ) . Decision Although so many engineerings are developed for the production and storage of khoa, there is a still a demand of probe of chemical and physical facets during fabrication of khoa in order to understand factors responsible for quality. And all the known engineerings of fabrication of khoa should be transferred to little holder husbandmans who are the major subscribers of milk production in India.So that they can increase their monetary values of merchandises by bring forthing merchandises which will run into the modern quality criterions. Mentions: Adhikari.A.K. , Mathur.O.N. and Patil.G.R. ( 1994 ) . Interrelationships among Instron textural parametric quantities, composing and microstructure of khoa and gulabjamun made from buffalo milk, Journal of Food Science and Technology, 31 ( 4 ) .pp.279-284. Agrawala.S. P. , Sawhney.I. K. and Bikram Kumar. ( 1987 ) . Mechanized conelike procedure VAT. Patent No. 165440. Aneja.R. P. , Mathur.B. N. , Chandan.R. C. , and Banerjee.A. K. ( 2002 ) . Technology of Indian milk merchandises, 1st Ed. , Dairy India Year Book, Delhi.pp.126-128. Bashir.N. Rehman. Z. U. , Syed. Q. A ; Kashmiri.M. A. ( 2003 ) . Consequence of K sorbate on the physicochemical features of milk dressed ore ( khoa ) during different storage conditions. Pakistan Journal of Scientific Research, 55.pp. 103-109. Boghra.V. R. and Rajorhia.G.S. ( 1982 ) . Use of pre-concentrated milk for khoa devising, Asiatic Journal of Dairy Research. 1.pp.6 -12. Christie. I. S. and Shah, .U. S. ( 1992 ) . Development of a three phase khoa doing machine. Indian Dairyman.44 ( 1 ) .pp. 1 4. Dewani. P. P. and Jayaprakasha. H. M. ( 2002 ) . Consequence of add-on of whey protein dressed ore on physico-chemical and centripetal features of khoa and khoa based Sweets, Journal of Food Science and Technology.39 ( 5 ) .pp.502 506. Dodeja.A. K. , Abichandani. H. , Sarma.S. C. and Pal.D. ( 1992 ) . Continuous khoa doing system design, operation and public presentation, Indian Journal of Dairy Science. 45 ( 12 ) .pp. 671 674. FAO. ( 2001 ) .Report on the FAO E-mail Conference on Small-scale Milk Collection and Processing in Developing Countries. Chapter 3, pp.15. FAO. ( 2003 ) .A Review of Milk Production in India with Particular Emphasis on Small-Scale Producers, pp.6. FAO. ( 2002 ) . Annex I: Critical issues for hapless people in the Indian dairy sector on the thresold of a new epoch. Gothwal.P.P. and Bhavadasan.M. K. ( 1992 ) . Studies on the Browning features in dairy merchandises, Indian Journal of Dairy Science, 45 ( 3 ) .pp. 146-151 Gupta. S.K. , Patil.G.R. , Patel. A.A. , Garg.F.C. and Rajorhia.G.S. ( 1990 ) . Instron texture profile parametric quantities of khoa as influenced by composing, Journal of Food Science and Technology, 27 ( 4 ) .pp. 209-213 hypertext transfer protocol: //nddb.org/statistics/milkproduction.html hypertext transfer protocol: //www.dairyforall.com/indian-khoa.php Indian Council of Medical Research ( ICMR ) . ( 2000 ) . Application of Hazard Analysis and Critical Control Point for betterment of quality of processed nutrients, Vol. 30, No. 5. International Conference on Traditional Dairy Foods. ( 2007 ) . National Dairy Research Institute, Karnal ( India ) , pp. 29. Jha.Y. K. A ; Verma.N. S. ( 1988 ) . Consequence of K sorbate on the shelf life of khoa, Asiatic Journal of Dairy Research, 7.pp. 195-198. Kumar. S. and Pal.D. ( 1994 ) . Production of khoa from buffalo milk concentrated by rearward osmosis procedure, Indian Journal of Dairy Science. 47 ( 3 ) .pp.211 214. Mann.B. and Gupta.A. ( 2006 ) . Chemistry of milk in relation to industry of traditional dairy merchandises, In collection of Developments in traditional dairy merchandises , Centre of Advanced Studies in Dairy engineering, NDRI, Karnal. pp.12-17. Pal.D. and Cheryan.M. ( 1987 ) . Application of rearward osmosis in the industry of khoa: Procedure optimisation and merchandise quality, Journal of Food Science and Technology, 24 ( 5 ) .pp. 233 238. Pal.D. and Gupta.S. K. ( 1985 ) . Centripetal rating of Indian milk merchandises, Indian Dairyman, 37 ( 10 ) .pp. 465-474. Pal.D and Raju.P.N. ( 2006 ) . Developments in the industry of heat desiccated traditional milk sweets, In collection of Developments in traditional dairy merchandises , Centre of Advanced Studies in Dairy engineering, NDRI, Karnal. pp.18-25. Patil.G.R. Patel.A.A. , Allan-Wojtas. P. and Rajorhia. G.S. ( 1992 ) . Microstructure and texture of khoa, Food Structure, 11:155. Punjrath.J.S. , Veeranjamlyala.B. Mathunni.M. I. , Samal.S.K. and Aneja.R. P. ( 1990 ) . Inclined scraped surface heat money changer for uninterrupted khoa devising. Indian Journal of Dairy Science. 43 ( 2 ) .pp.225 230. Ramzan. M. , and Rahman.R. U. ( 1973 ) . Tocopherol? ECT of storage clip and temperature on the quality of cow milk khoa, Pakistan Journal of Science, 25.pp. 149-154 Sindhu. J.S. , Arora.S. and Nayak. S. K. ( 2000 ) . Physico-chemical facets of autochthonal dairy merchandises, Indian Dairyman, 52 ( 10 ) .pp. 51-64. Wadhawa. B. K. , Gandhi. D. N. , and Goyal.G. K. ( 1993 ) . Enhancement in the shelf life of khoa, Indian Food Packer, 47.pp.5-53. Zia-ur Rehman and A.M. Salariya. ( 2005 ) .E? ECT of man-made antioxidants on storage stableness of Khoa a semi-solid concentrated milk merchandise, Food Chemistry 96 ( 2006 ) .pp.122-125.

Role of an Army leader Essay Essays

Role of an Army leader Essay Essays Role of an Army leader Essay Essay Role of an Army leader Essay Essay The function of an army leader is to supply intent. way. and motive to soldiers while go oning to transport out the mission or undertaking that is at manus. As a leader in the ground forces. one must keep their cognition of the criterions of behavior. policy. jurisprudence. regulations of battle. and the Geneva Conventions. Leaderships of the ground forces must be able to understand that their actions. behaviours. and determinations are a direct reflects of their leading and the ground forces as a whole. As a leader in the ground forces. one must be able to stand for the army’s leading values as a direct representation and they must be able to be a function theoretical account for their soldiers to follow. Army leaders are committed to developing value based leading and seeing to the wellbeing of Soldiers and their households. The function of an army leader extends influence beyond the direct concatenation of bid. An army leader is a direct representation of the organisation in which they represent and the armed forces in general. As a leader in the ground forces. one must take by illustration and must be a direct representation of the criterion and of good behaviour. Leaderships are responsible for set uping and keeping positive outlooks and attitudes. which produce the scene for positive attitudes and effectual work behaviours. Leaderships must be able to promote and back up the growing of persons and squads to ease the accomplishment of organisational ends. Leaderships need to fix others to presume places within the organisation. guaranting a more various and productive organisation. Guidance is an of import of being a leader in the ground forces by guaranting those undertakings are consistent and accomplished in a timely mode. Harmonizing to Army Regulation 600-100 ( AR 600-100 ) . there are three degrees of leading. The degrees of leading are direct. organisational. and strategic. As a direct leader. you are the frontline leader to the soldiers such as their squad leaders or squad leaders. Direct leaders are responsible for constructing cohesive bonds amongst their squad and to authorise their subsidiaries along with implementing policies to be able to carry through the mission. As a direct leader. you must be able to run independently. but within the bounds of the commander’s purpose. Organizational leaders on the other manus are those that must cover at higher echelons such as a battalion or brigade degree. Their policies influence the bid clime. and they must be adept in communicating. dialogue. critical logical thinking. and interpersonal accomplishments. They must be skilled at complex determination devising and job resolution and hold a good apprehension of the full scope of full-spectrum operations. Strategic leaders set the organisational construction. allocate resources. and joint the strategic vision. Strategic leading involves running the ground forces from developing strategic programs. policies. counsel. and Torahs to finding force construction designs based on future mission demands and capablenesss. As a strategic leader they must be able to prioritise over-arching ground forces plans against viing involvements while jointing ground forces plans and policies to the highest degrees of DOD and the authorities. All leaders have the duty of mentoring those junior enlisted soldiers below them in rank and to develop them to the fullest extent possible. Army leaders can develop junior soldiers through preparation and instruction and are responsible for supplying feedback to the soldier through guidance. coaching. and mentoring. As a leader when you coach a junior soldier. you are simply supplying counsel to the soldier in ways to carry through a undertaking at manus. Coaching is a tool best used to convey out that single quality as a future leader and to heighten their leading abilities. One of the most of import functions as an army leader is to mentor lesser experient soldiers and assist them to make their fullest possible both personal and professional. Leader must be able to mentor soldiers in both a professional and insouciant mode. Another function of a leader is to develop soldiers in a manner that they will represent the warrior ethos as it is stated in the soldier’s credo. The ground forces has a committedness to the development of its hereafter leaders by supplying the proper preparation in values. properties. and progressively complex and unstable universe. Respect and leading is something that goes manus in manus. To be a good leader. you must be able to derive regard in order to be a good leader and be able to keep moral amongst the soldiers in which you are trying to take. The definition of regard is an attitude of respect. esteem. or esteem ; to pay proper attending to and demo consideration towards an person and to handle them politely. Respect is something that is need in the ground forces due to the fact that as single advancements in rank they take on more duties and must be able to take soldiers and in order to take soldiers. first you must be able to give regard to your soldiers for them to demo you respect. Without regard in the ground forces there would be no signifier of order or criterion in which a leader can keep a soldier to as a usher to follow. Respect is an property that must be earned in order to be given. In order to acquire regard. you must foremost be able to handle soldiers with regard and as grownups. Respect is a major facet in mundane life in both a professional and personal mode. Respect is the foundation on which our society lives. The darkest times in our country’s history can be traced to a deficiency of regard. When Torahs are ignored there can be no civility. The Torahs in our society are based on regard. both for ourselves and those around us. For one to be considered a good leader there must be an even sum of leading and regard that is portrayed to the soldiers. Soldiers are more disposed to esteem leaders that show them respect alternatively of those that do non demo them esteem. As a leader of soldiers. you must be able to divide the line from friend and leader but must be able to give regard in order to acquire regard. Respect is one of the nucleus ground forces values and every soldier should populate by it if they are portion of the ground forces and they must adhere to the ground forces values in their mundane lives.

Accountability, autonomy and delegation in nursing Essay

Accountability, autonomy and delegation in nursing - Essay Example Nursing is a professional practice that deals with helping people in achieving and maintaining good health thus normal body functioning. The profession is entirely on nurse giving services to the human race. Nurses are guided by some code of ethics which they must abide to in order to perform their duties as requiredThe practice authority is based on social agreement outlining the practice responsibility expectations to enter the profession one must go through the territorial and national nursing boards all of which are administered and defined by the law thus defining a scope of practice.Autonomy means self independence, self governance and ability to practice self control. In nursing it means the idea of giving health professional (nurses) formal authorities in making independent decision concerning patient care. Autonomy is a key and central idea in the health care field of the modern world. It applies to the nurses as it allows them to exercise equitable control and judgment over nursing professional.(MacDonald ,2002)In the modern World nurses have some set professional standards that guide them in their work and which they all must adhere to. The standards clearly indicate the right way on how things can be done under the profession and also the wrong things which ought not to be done. Like any other profession nurses have that freedom of practicing professional judgment and setting their own standards of performance and employing the members and patients. (MacDonald ,2002) Professional autonomy will therefore give some justification as to why nurses act as per their own judgment (profession) rather than waiting to be guided by the physicians what to do. In this case the nursing profession will not been subordinate to the medical expertise but it will rather be independent of the medical expertise. Though the nurses will be retaining a scope of autonomy judgment on how the orders are carried out. It is very possible that nurses will know some things which are not known by their physicians. Thus is because nurses undergo some formal training that enables them to gain wide range of experience in some areas as under the profession for example nurses will understand and perform sterile dressing procedures perfectly than the physician will do will this regard wherever a physicians orders the nurse to do something that is in conflict with the professional autonomy of the nursing expertise than the autonomy dictates that the nurses has a right to object the fulfilment of such orders. (MacDonald ,2002) Accountability defined on the black's law dictionary in the state of being responsible or answerable to your deeds. Nurses in the nursing profession are required to be answerable to the physicians, patients and nursing board. They should be held responsible in any thing done under their profession hence answerable. Accountability ensures that professionals' ethical, acceptable and legal nursing conducts are maintained by the nurses. Nurses are therefore expected to show accountability in their profession as ling as they are engaged in it. They should perform their duties with regard to the acceptance nursing care and the acceptable nursing care and the set out standards a thing that will demonstrate higher accountability on the nurse own actions.(Hage ,2000) Accountability goes hand in hand with liability. (Hage ,2000) The black's law dictionary defines liability as a condition of being potentially subject to an obligation. The nurse profession carries moment's duties and obligation which guides the nurse on what to do. Nurses should therefore be held liable for anything that happened under his docket and should be held responsible for example. (Hage ,2000) A nurse should follow the procedures and policies as laid down by his employer and should follow the

Managing for the Future Essay Example | Topics and Well Written Essays - 3500 words

Managing for the Future - Essay Example Some of the major objectives of the company are to provide growth and opportunities to employees, fulfilling the shareholder’s expectations and creating shareholder’s value. (PepsiCo, 2013c). The vision of the company is to translate the mission and objectives through the development of social, environmental and economical development programmes (PepsiCo, 2013c). The values and philosophy of Pepsi signifies its responsibility towards societal and community needs (PepsiCo, 2013e). The main objective of the company is to attain the financial and business goals with a positive impact on the society (PepsiCo, 2013o).The company has expanded into several segments and regions by acquiring several business units and companies like Tropicana, Pepsi Bottling Group and Pepsi Americas in the year 2007 and 2009 respectively (PepsiCo, 2013f). 1 (a) Environmental Issues Environmental issues have been a cause of huge concern for the society, government and the companies. The major cau se of the environmental degradation has been the impact of the business activities and process. The alterations in the biodiversity have interacted in the most complex ways with the environment. The environmental issues in developed and developing countries have propelled the demand for restructuring the environmental reform. Environmental issues have become a growing concern for the government of varied nations and have compelled them to create knowledge of environmental imperatives, rules and regulations. The government of varied nations especially of the developing nations are trying to manage the situational crisis by developing measures of protection for the environment. Environment protection measures by the government have helped in creating awareness among the societal members and led to reduction of economic stress. The fundamental problems of environmental degradation could be solved with the aid of the multinational corporations. The aid of multinational corporations is r equired for the reduction in the carbon emissions and toxic elements (Chukwuma, 2000).The government of varied nations and the world health organizations have created several strict measures for the multinational corporations to abide by. The various environmental issues developed by Pepsi during the tenure 2007 to 2013 would be as follows: Year Environmental issues & Sustainability Technology 2007 The management had developed a programme which was known as human sustainability. The goal of this programme was to develop food products which were healthy and nourishing for customers. The company had taken measures of reducing the water and energy consumption per unit by 20 percent (PepsiCo, 2013m). The goals of the programme were also to decrease fuel consumption by 25 percent. The company had reused the water from processing methods to provide communities access to clean water. The company was included in the Dow and Jones Sustainability Index in North America (PepsiCo, 2013h). The c ompany was successful in developing successful technological transformation initiatives. It was also successful in implementing techniques in PCA, Tropicana and Quaker oats for enhancing the product development process. A ground work was laid to convert the financial process, contracts, and other projects into SAP technology (PepsiCo, 2013h). 2008 The company had t

HRM (Relative Resource Manager ) Essay Example | Topics and Well Written Essays - 1500 words

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Islamic Finance and Mortages in the UK

Islamic Finance and Mortages in the UK Chapter 1: Introduction Around two million people in the UK are hesitating to get a mortgage from conventional banks or building societies because of religious obligations. Most of them are Muslims and like to obey the rules of Islam. Conventional banking systems offer the customers to pay interest against their loan or mortgage. According to Islam interest is called â€Å"riba†, which is forbidden by the rules of the Holy Quran. So how can the Muslims buy a home or get a loan where they cannot pay the interest. Most of Muslims are confused from where they can borrow money. Go with the conventional banks or newly established Islamic banks, who are not so much experienced in the UK mortgage market. According to Usmani (2005) the main drawback in interest based system is financier has no concern with money when he gives an interest bearing loan to a client. But in Islamic financial contract cash money is not given to client, first of all they purchase the commodity and transfer to client then all profit and loss will be distributed between parties according to agreed terms and conditions (Usmani, 2005). As the Islamic Sharia is not permitting to pay or receive any interest from conventional nor even from any person or agency, so especially any Muslim is not allowed to use conventional mortgage for religious faith. It is experienced that home or property purchase is too expensive by using the cash on hand. To solve this problem the financial organisation or the bank buy the property or house with their name act as a landlord and the client pay the rent plus some money for the contribution for the property. When the term finished predetermined by the lender and the client the prop erty is transferred to the client that means the client absolutely buy the property. According to Harding (2009) the Sharia serves mostly as a guide to personal conduct, though some rules are drafted into the legal codes of majority-Muslim states. Its founded, were always told, on revealed truth from the Quran and exemplary stories from the Hadith, the sayings and doings of the Prophet. But the real influence of the Sharia lies in the way this material is constantly read and recast by modern Islamic scholars, reinventing old traditions or asserting new ones. Whatever they take it to be, growing numbers of Muslims are keen to stay on the path when it comes to banking and finance. The global Muslim population is upwards of 1.3 billion roughly one in every five people on earth and, with a religious revival of twenty or thirty years standing, the way of Islam is now a crowded thoroughfare. It is plied by a great diversity of travellers from different parts of the world; some have money to burn, others next to none, but anybody with a modicum of wealth is nowadays a pot ential opportunity for banks offering Sharia-compliant retail services: current accounts, straightforward financing schemes and home-ownership plans (Harding, 2008). In some countries in the World like Iran, Pakistan and Sudan all banks are currently operating through Islamic financial law but other Muslim major countries like Indonesia, Bangladesh, Malaysia, GCC countries and North African countries operating both conventional and non-conventional banks. Islamic banking services run by Islamic bank and some conventional banks. In the UK some high street banks like HSBC Amanah, Bank of London and the Middle East (BLME) are the main two conventional banks that offer Islamic banking to the customers from all background. According to UN-HABITAT (2005) Islamic financial systems are located within the larger context of Islamic religious, ethical and economic systems. Islamic finance has seen annual growth rates of over 15% and the Islamic capital invested in global financial institutions is currently estimated at US$1.3 trillion. A key growth area is in the provision of Islamic mortgages, both within the Arab world and in Europe and North America (UN-HABITAT, 2005). Over the last few years some of the UK conventional high street banks like Lloyds TSB, HSBC have introduced Islamic products in several of their branches. In the year 2005 Lloyds TSB bank plc introduced Islamic products to some of its branches. A panel of Islamic scholars look after and guide the bank according to Sharia i.e. the Islamic rules for the Islamic products offered by the bank. Another high street bank HSBC has introduced Islamic products on the brand name Amanah. These two conventional banks are offering wide range of services w ith different windows on the basis of the Islam, like home insurance, mortgage, current accounts, pension etc. The Islamic Bank of Britain is the first Islamic bank in the UK started its operation in the year 2004 which welcomes Muslim and non-Muslims alike as customers. It is operating with a few branches mainly in London, Birmingham, Leicester and Manchester where Muslim people are majority. All of their financial products are approved by a committee of Islamic scholar, called the Sharia Supervisory Committee. All of the committee members are expert of the Islamic rules and finance as well. They introduced the banking system, mortgage and other related products as Halal, which may be accepted by the Muslim and non-Muslim customers. The Prime Minister of the UK Gordon Brown has pledged support for the growth of Islamic finance (BBC news, 13 June 2006). The UK is acting as a gateway for the growing industry. In another report of BBC news (17 October 2008) in the midst of turmoil in the global financial system, there is one branch of finance that aims to operate within strict moral and ethical boundaries Islamic finance. One expert on Islamic finance, Durham University professor Rodney Wilson, points out that no Islamic financial institution has yet failed in the current crisis. He contrasts â€Å"excessive risk-taking† in the mainstream financial sector with â€Å"a fairly classical banking model† still followed by Islamic institutions (BBC news, 17 October 2008). According to FSA (2007) The Islamic financial market as well as the Islamic mortgage market has become exceptionally complicated as well as increasingly competitive. Today, practically most of the financial institutions in the western countries are attracting the customers through Islamic finance whether by Islamic Sharia complaint, â€Å"Islamic windows† or some other Islamic financial product, like the Islamic mortgage marketing. Most of the expansion of Islamic finance in the UK has taken place in the last five years, but the continuation of Sharia-compliant transactions in the London financial markets goes back to the 1980s (FSA, 2007). . Aim The aim of this paper is to provide a thorough outline of the main principles of Islamic finance and practice of Islamic Finance especially in the field of home finance in the UK. The paper emphasises the core principle of Islamic finance i.e. Sharia and Sharia complaint practices in the field of Islamic mortgage market, providing an insight view to understand and find out the effectiveness throughout the Muslim population as well as non-Muslim communities in the UK. By the end of the paper the readers should have a greater appreciation of the various types of ways to find the right mortgage products to be within the Sharia complaint environment as well as get an understanding of the effectiveness with .these kind of products. Through a mixture of different types of graphical presentations of some factors involving in the Islamic financial environment, the UK government policies, difference and comparison between the Islamic mortgage and the conventional mortgage, some examples of di fferent types Islamic halal financial products effective in other developing countries in the world will be presented to get an overview the wide range of factors involved in evaluating and analysing the Islamic mortgage market. Objectives Understand the core principles of Islamic finance Relate the principles to the Islamic mortgage The key features of Islamic mortgage Different types of Islamic contract relating to mortgage Analyse Islamic mortgage prospect in UK from the various point of views Dissertation formation Chapter 1 Introduction of the objectives subjects and discuss limitations. Chapter 2 Literature review: This chapter will consist of the academic review of the literature on Islamic finance, types of contracts involved in Islamic mortgage and overall review of Islamic mortgage market in the UK. Chapter 3 Research Methodology: This chapter will outline the research methodology adopted as well as its possible ways of application by the primary and the secondary data collection. Chapter 4 Data and Analysis: In this important chapter various data will be presented through table, chart and different opinions and findings derived from primary research and secondary research to examine the effectiveness of Islamic mortgage market in the UK. Chapter 5 Conclusion: This chapter will present the overall conclusion of the study. Chapter 6 Recommendation: This chapter will make recommendations, some of which will be general while others will be specific to what will need to be done in the future by the Islamic financial institutions in the UK. Chapter 2: Literature Review 2.1 Background of Islamic Finance The Organization of Islamic Conference (OIC) expressed â€Å"Islamic financial institution as a financial institution whose statutes, rules and procedures expressly state its commitment to the Principles of Islamic Sharia and to the banning of the receipt and payment of interest on any of its operations† (Hassan, 1999, p.60). Sharia is the path or lifestyle of Muslim, shown and cited in the Holy Quran, the sayings and conduct of the prophet Mohammed (PBUH), and the ruling of Islamic scholars. 2.2 Principle of Islamic Finance McKenzie (2009) stated that â€Å"the underlying financial principles in Islamic finance have remained unchanged historically since their development over 1,400 years ago. Financial products must be certified as Sharia compliant by an expert in Islamic law. Certification requires that the transaction adheres to a number of key principles that include: Backing by a tangible asset, so as to avoid ‘speculation (gharar). Prohibition of interest payments (riba). Risk to be shared amongst participants. Limitations on sale of financial assets and their use as collateral. Prohibition of finance for activities deemed incompatible with Sharia law (haram), such as alcohol, conventional financial services, gambling and tobacco.† (McKenzie, 2009) 2.2.1 Riba (Interest) â€Å"The interest that you give in order to increase the wealth of the people, does not increase in the sight of Allah; and the Zakat that you pay in order to win Allahs approval, its payers do indeed increase their wealth† (Surah Al-Rome no. 39 cited in Shafi and Usmani, 1997, p.67). 2.2.1.1 Prohibition of Riba (Interest) â€Å"The word riba literally means increase, addition, expansion or growth† ( Sulaiman, 2003). According to Institute of Islamic Banking and Insurance website (2010) Riba means increase or addition and commonly understood as interest charged or received on lending though the legal definition goes beyond just interest.It is one of the three fundamental prohibitions in Islamic finance, the other two being gharar and maysir. . Technically it denotes any increase or addition to capital obtained by the lender as a condition of the loan. In simple terms Riba covers any return on money on money, whether the interest rate is fixed, floating, simple or compounded and at whatever rate which is guaranteed irrespective of the performance of the investment, is considered riba and is so prohibited. Riba, in all forms, is strictly prohibited in Islamic tradition as it is considered an unjust return that leads to unjust enrichment (Institute of Islamic Banking and Insurance website, 2010) According to Usmani (2005) â€Å"exclusion of interest from financial activities does not necessarily mean that the financier cannot earn a profit. If financing is meant for a commercial purpose, it can be based on concept of profit and loss sharing, for which musharakah and mudarabah have been designed since the very inception of Islamic commercial law† (Usmani, 2005, p.10). According to Chapra (1986) it is however, not every increase or growth which has been prohibited by Islam. In the Shariah, riba technically refers to the â€Å"premium† that must be paid by the borrower to the lender along with the principal amount as a condition for the loan or for an extension in its maturity. In this sense, riba has the same meaning and import as interest in accordance with the consensus of all the fuqaha (jurists) without any exception (Chapra, 1986). 2.2.2 Gharar â€Å"The Arabic word gharar means risk, uncertainty, and hazard† (Obaidullah, 2005). According to Institute of Islamic Banking and Insurance website (2010) Gharar is one of the three fundamental prohibitions in Islamic finance, the other two are riba and maysir. Gharar means uncertainty, hazard, chance or risk. Technically Gharar can explained by the Institute of Banking and Insurance, â€Å"sale of a thing which is not present at hand; or the sale of a thing whose consequence or outcome is not known; or a sale involving risk or hazard in which one does not know whether it will come to be or not, such as fish in water or a bird in the air. It is an exchange in which one or more parties stand to be deceived through ignorance of an essential element of the exchange. Thus it refers to an element of absolute or excessive uncertainty in any business or contract (Institute of Islamic Banking and Insurance website 2010). Makhlouf (2000) described â€Å"there are several types of gharar , all of which are disallowed (haram). The following are some examples: Selling goods where the seller is unable to deliver, Selling known or unknown goods against an unknown price, such as selling the contents of a sealed box, in absence of any concept of its contents or value in the buyers mind, Selling goods without proper description, such as shop owner selling clothes with unspecified sizes, without providing the buyer the option to inspect the goods, Making a contract conditional on an unknown event, such as when my friend arrives if the time is not specified, Selling goods on the basis of false description, Selling goods without allowing the buyer the properly examine the goods (Makhlouf, 2000). Institute of Islamic Banking and Insurance website (2010) describes gharar as Deception through ignorance by one or more parties to a contract. Gambling is a form of gharar because the gambler is ignorant of the result of the gamble. Gharar can occur in several ways, all of which are haram (Institute of Islamic Banking and Insurance website, 2010). 2.2.3 Maysir According to Institute of Islamic Banking and Insurance website (2010) â€Å"Maysir is one of three fundamental prohibitions in Islamic finance. Maysir is explained as Games of chance or gambling, trying to earn easy money without having to provide equivalent consideration. A prohibited activity, as it is a zero-sum game just transferring the wealth not creating new wealth. The prohibition on Maysir is often used as the grounds for criticism of conventional financial practices such as speculation, conventional insurance and derivatives† (Institute of Islamic Banking and Insurance website, 2010). The Quran states that are translated in English, â€Å"intoxication, games of chance, worship of idols, and divination by arrows are but an abomination, Satans hand I work; avoid it then, so that you might prosper! By means of intoxicants and games of chance Satan wants only to sow enmity and hatred among you, and hinder you from the remembrance of God and from prayer []† (The Q uran 5:90-91 cited Rohmatunnisa, 2008). Schoon (2007) explained â€Å"Maysir(or speculation) is an event in which there is a possibility of total loss to one party. Maysir has elements of gharar, but not every gharar is maysir† (Schoon, 2007)). 2.3 Types of Islamic Contracts 2.3.1 Mudarabah (finance by way of trust) Institute of Islamic Banking and Insurance website (2010) An investment partnership with profit-loss-sharing implications. One or more partners as investors (Rab al Mal) provide 100% the capital to an entrepreneur (the partner who provides entrepreneurship and management known as Mudarib) to undertake a business activity. Profit is shared between the partners on a pre-agreed ratio, any loss is borne only by the investing partner(s) alone. For the Mudarib the loss is the share of the expected income for the efforts put into the business activity. The investors have no right to interfere in the management of the business but can specify conditions that would ensure better management of the capital money. In this way Mudarabah is sometimes referred to as a sleeping partnership. As a financing mode, an Islamic bank can provide capital to a customer for a business activity. The customer provides the expertise, labor and management; profits are shared between the bank and the customer acco rding to predetermined ratio while financial losses are borne by the bank and the bank risks losing the capital invested with the customer which justifies the banks claim to a share of the business profit. Islamic banks also apply the concept of Mudarabah to pay a return on customer deposits held in investment account. The Bank becomes wholly responsible and liable in the management and investment the customer deposits and utliises the funds as business capital by the bank, the bank will have the right to manage the funds as it thinks fit in permissible activities that it considers are profitable and share the profit on the basis of the agreement made between the bank and the customer (Institute of Islamic Banking and Insurance website, 2010) According to Siddiqui (n.d) In this mode, the bank, at the request of its client, purchases the specified goods from a third party against payment. Immediately on the transfer of ownership of the goods as also obtaining its physical or, in most cases, the constructive possession, the bank sells these goods to the client at cost plus an agreed fixed profit margin. The client then takes physical possession of the goods and undertakes to pay the price to the bank either in instalments or in lump sum, at an agreed later date. The instances are not lacking where customers of the bank and the seller of the goods are sister concerns. In yet many other cases, the customers of the bank purchase the commodities themselves as agents of the bank and then they repurchase the same commodity from the bank for a cost plus profit to be paid at a mutually agreed later date. In many cases of Murabaha, there is therefore, only a change of name (Siddiqui, n.d). 2.3.2 Musharaka (finance by way of partnership) According to Institute of Islamic Banking and Insurance website (2010) The literal meaning of Musharakah is sharing, an investment partnership with profit-loss-sharing implications. All the partners contribute capital towards the financing to undertake a business activity. The partners share profits on a pre-agreed ratio while losses are shared according to each partners capital contribution. The business activity may be managed by all, some, or just one of the partners. Musharakah allows Islamic banks to provide financing for purchase of an asset required by a customer; the bank invests capital in the co-ownership in the asset with the customer, instead of providing interest-bearing loans. The bank will achieve a return on its capital contribution in the form of ashare of the actual profits earned, according to a ratio agreed in advance. However, unlike atraditional creditor, the bank will alsoshare inany losses. Musharakah is often used by Islamic banks for financing large projects . The concept is distinct from fixed-income investing. A contract of partnership in which two or more partners provide capital and share profits or losses as the case may be. An investment partnership with profit-and-loss sharing. A musharakah contract is similar to a mudarabah contract, the difference being that in a musharakah all the partners contribute to the capital and share in both the profit and the loss. They also have the right, but not the obligation to participate in the management. All partners have a right to participate in the management of the project. However, the partners also have a rig ht to waive the right of participation in favour of any specific partner or person. Profit is shared as per-agreed ratio while the loss is shared in proportion to the capital contributed (money invested by each partner. The term also refers to a financing technique adopted by Islamic banks instead of lending on interest. It is an agreement under which the Islamic bank provides fund s which are mingled with the funds of the client and both are entitled to share in the resulting profit on a pre-agreed ratio and share the loss in accordance with their capital contributions. Also termed as a joint venture. Two forms of Musharakah are: Permanent Musharakah and Diminishing Musharakah (Institute of Islamic Banking and Insurance website, 2010). Saeed (1996) distinguishes three types of Musharaka: the commercial Musharaka, decreasing participation and permanent participation. In a â€Å"commercial Musharaka†, which is the most common form, the purpose of the transaction can be the purchase of plant, manufacturing equipment or commodities. Here, the transaction is fixed in its duration and capital provision is mostly short-term. Consequently, the liquidation of the project occurs quickly and capital turnover and returns are usually high. The second type of Musharaka, a Musharaka with â€Å"decreasing participation†, is mainly used for project financing in the industrial and agricultural sector and serves to transfer full ownership of the assets in the long-run to the business invested in. The banks invested capital is repaid in instalments and the bank receives a proportion of the projects cash flows for a specified period of time. Profit-sharing can be exercised in three different manners: the bank can either r eceive its share of the profit on a regular basis (which is sometimes associated with prohibited Riba) and reacquire its capital out of the remaining profits of the partner, or the partner annually buys back a part of the banks share in the business including profits, or the partner repurchases the bank s share in bulk after the termination of the Musharaka contract. All three forms are practiced by Islamic banks. Finally, in a â€Å"permanent participation Musharaka†, the bank actively contributes to the management of the business financed and shares in the profits and losses until the end of the Musharaka contract (Saeed, 1996 cited Rohmatunnisa, 2008). 2.3.3 Murabahah (cost-plus financing) According to Institute of Islamic Banking and Insurance website (2010). â€Å"Cost-plus financing a contract sale between the financier or bank and its client for the sale of goods at a price which includes a profit margin agreed by both parties. As a financing technique, it involves the financier or bank purchasing goods required by the client. The goods are then sold to the client with a mark-up. Repayment, usually in instalments is specified in the contract. Some have questioned the legality of this financing technique with mark-up on cost because of its similarity to riba or interest. Mark up or Cost plus financing. The word Murabaha is derived from the Arabic word Ribh that means profit. Originally, Murabaha was a contract of sale in which a commodity is sold onward at profit. The seller is obliged to tell the buyer the original cost price and the profit mark-up. This contract has been modified a little for application in the financial sector. In its modern form Murabaha has become the single most popular technique of financing amongst the Islamic banks all over the world. The Murabaha mode of finance operates in the following way: The client approaches an Islamic bank to get finance in order to purchase a specific commodity. An interest-based bank would lend the money on interest to this client. The client would go and buy the required commodity from the market. This option is not available to the Islamic bank, as it does not operate on the basis of interest. It cannot lend the money on interest. It cannot lend money with zero interest rate, as it has to make some profit to be in the business. The bank purchases the commodity on cash and sells it to the client on an agreed profit mark-up. The client buy the commodity from the bank on deferred payment basis. Thus, the client gets the commodity on credit for which financing would have been required and the Islamic bank makes some profit on the amount it has spent in acquiring the commodity and selling it on to the client(Institute of Islamic Banking and Insurance website, 201 0). Anotherway Murabahah was described by Bakhshi (2006) is the most popular form of Islamic financing. Within a murabahah contract, the bank agrees to buy an asset or goods from a third party at the request of its client, and then resell the goods to its client with a mark-up profit. The client purchases the goods either against immediate payment or for a deferred payment. This technique is sometimes considered akin to conventional interest-based finance. However, in theory, the mark-up profit is quite different. The mark-up is for the services the bank provides seeking and purchasing the required goods at the best price. Furthermore, the mark-up is not related to time because, if the client fails to pay a deferred payment on time, the mark-up does not increase due to delay and remains as pre-agreed. Most importantly, the bank owns the goods between the two sales and so assumes the title and the risk of the purchased goods, pending their resale to the client. This risk involves all ris ks normally contained in trading activities, in addition to the risk of not making the mark-up profit, or if the client does not purchase the goods from the bank and whether they have a justifiable excuse for refusing to do so (Hourani cited Bakhshi, 2006) 2.3.4 Ijara (leasing) According to Institute of Islamic Banking and Insurance website (2010)Lit: letting on lease. Technically, sale of a definite usufruct in exchange for a definite reward. Commonly used for wages, it also refers to a contract of land lease at a fixed rent payable in cash. It is contrary to Muzarah when rent is fixed as a certain percentage of the produce of land banks. It is an arrangement under which an Islamic bank leases equipment, a building or other facility to a client against an agreed rental. The rental is so fixed that the bank gets back its original investment plus a profit on it. Lit: letting on lease or simply, leasing. Technically, sale of a definite usufruct in exchange for a definite reward. Used for hire of services for wages and also refers to a lease of an asset at a fixed rent payable. As in a normal lease transaction, a lessor who owns the leased asset will lease it to another party (the lessee) in exchange for payment of rental. The lessee will get the full benefit of using the lease asset within the specified period for as long as he adheres to the lease terms and conditions. At the end of the lease period, the leased asset will be returned to the lessor.There are some other variants of leasing which incorporate the transfer or option to transfer ownership of the leased asset from the lessor to the lessee at the end of the lease period; these are referred to as; Ijarah Thumma Bai Lease Agreement Incorporating sale of leased asset at the end of the lease period. Ijarah Muntahiya Bil Tamleek Lease Agreement with option to own the leased asset at the end of the lease period. Ijarah Wa Iqtina Lease Agreement with option to acquire the leased asset at the end of the lease period. Often used in the context of home purchasing Ijarah wa Iqtina extends the concept of Ijarah to a hire and purchase agreement. It is a contract under which the Islamic bank finances equipment and machinery, building or other facilities for the customer against an agreed rental together with a unilateral undertaking by the bank or the customer that at the end of the lease period, the banks ownership in the leased asset would be transferred to the customer. The rental is so fixed that the bank recovers its investment plus a profit. Ijarah wa Iqtina extends the concept of Ijarah to a hire and purchase agreement. It is a contract under which the Islamic bank finances equipment and machinery, building or other facilities for the customer against an agreed rental together with a unilateral undertaking by the bank or the customer that at the end of the lease period, the banks ownership in the leased asset would be transferred to the customer. The rental is so fixed that the bank recovers its investment plus a profit. Ijarah wa Iqtina e xtends the concept of Ijarah to a hire and purchase agreement. It is a contract under which the Islamic bank finances equipment and machinery, building or other facilities for the customer against an agreed rental together with a unilateral undertaking by the bank or the customer that at the end of the lease period, the banks ownership in the leased asset would be transferred to the customer. The rental is so fixed that the bank recovers its investment plus a profit. Ijarah wa Iqtina extends the concept of Ijarah to a hire and purchase agreement. It is a contract under which the Islamic bank finances equipment and machinery, building or other facilities for the customer against an agreed rental together with a unilateral undertaking by the bank or the customer that at the end of the lease period, the banks ownership in the leased asset would be transferred to the customer. The rental is so fixed that the bank recovers its investment plus a profit (Institute of Islamic Banking and In surance website, 2010) â€Å"A form of leasing contract in which there is a transfer of ownership of service (for use of an asset) for a specified period for an agreed upon lawful consideration. Instead of lending money on interest, Ijarah allows a financial institution to earn profits by charging rentals for the use of the asset. Often used by Islamic banks for financing. Under this scheme of financing an Islamic bank purchases an asset as per specification provided by the client. The period of lease and the lease rental fee are set in advance and may be determined by mutual agreement according to nature of the asset. During the period of the lease, the asset remains in ownership of the bank (as lessor), but the client (as lessee) has the right to use it (Institute of Islamic Banking and Insurance website, 2010) 2.3.5 Salam (advance purchase) According to Khan (1996) salam is essentially a transaction where two parties agree to carry out a sale/purchase of an underlying asset at a predetermined future date but at a price determined and fully paid for today. The seller agrees to deliver the asset in the agreed quantity and quality to the buyer at the predetermined future date. This is similar to a conventional futures contract however, the big difference is that in a Salam sale, the buyer pays the entire amount in full at the time the contract is initiated . The contract also stipulates that the payment must be in cash form. The idea behind such a ‘prepayment requirement has to do with the fact that the objective in a Bai Salam contract is to help needy farmers and small businesses with working capital financing. The buyer in a contract therefore is often an Islamic financial institution. Since there is full prepayment, a Salam sale is clearly beneficial to the seller. As such, the predetermined price is norma

Religious and Spiritual Practices of Enslaved African Americans Essay

The Community of Enslaved Africans and their Religious & Spiritual Practices. During a most dark and dismal time in our nations history, we find that the Africans who endured horrible circumstances during slavery, found ways of peace and hope in their religious beliefs. During slavery, Africans where able to survive unbearable conditions by focusing on their spirituality. Christianity was amongst the slave community. Being that the vast majority of the slave community was born in America, converting slaves to Christianity was not a struggle. All slaves were not Christian, and slaves that had accepted Christianity were not official members of the church. Over time Slaves made Christianity their own. There would be occurrences where church gatherings would hold both white and black members. Slave religion was both institutional and non institutional. The slave gatherings would be both formally organized and spontaneously adapted. These gatherings would usually take place at night in the woods. Slaves enjoyed their own meetings better because they could sing and pray as they wanted. In some cases slave masters would not allow attendance of church gatherings and prayer meetings, some slaves would risk flogging to attend these meetings. Christianity was transformed into by the slave community to its own particular experience. Teachings by white masters w ere usually geared towards reminding slaves that on good behavior to their white masters, they would be accepted into heaven and even then , they would be limited to a lesser heaven than there owners. Jesus was not talked about, teachings consisted only of the laws to not lie or steal from their masters. Slaves would soon start to hold their own gatherings to just sing and pray a... .... So ultimately, owners failed at this. Moreover, many owners later came to feel that Christianity may actually have encouraged rebellion (all those stories of Moses and the Israelites in Egypt, after all, talked about the liberation of the slaves), and so they began to discourage Christian missionaries from preaching to the slaves. African Americans have taken their own spiritual, religious journey. God was looked upon as a source of peace and encouragement. The community of enslave Africans were able to use religion and spirituality as a way of overcoming the mental anguish of slavery on a daily basis. To a slave, religion was the most important aspect of their life. Nothing could come between their relationship with god. It was their rock, the only reason why they could wake up in the morning, the only way that they endured this most turbulent time in our history.

‘A Bridge to Wiseman’s Cove’ by James Moloney Essay

Carl Matt is a 15 year old boy who has had to deal with some pretty unfair situations, but he is definitely not the only one in the novel to face life changing events. Whilst Carls life takes the most noticeable turn in the novel, many of his fellow characters lives also change after his arrival. On arrival in Wattle Beach, Carls journey leads him to the character, Skip Duncan. Skip has also been dealt with unfair life challenges. The fact that Carl is a Matt creates many challenges for Skip. Skips daughter, Maddie also changes during the time Carl spends in Wattle Beach. Many characters change throughout the novel but Carl is definitely the most predominant. Carl Matt changes throughout the novel. Carl Matt is just a shy, sad character at the beginning of the book. In the start Carl was a pushover he just let people keep walking all over him. For example Carl sees Sarah (his sister) planning a holiday for herself, But Carl knew that she wouldnt come back, and he did not say anything. He just left for Aunt Beryls and made himself think that he was just going away for a holiday. When Carl reaches Wattle Beach he feels like an outcast. He stood up too suddenly and the chair toppled over backward. Faces turned to enjoy the comedy as he righted the chair, his skin reddened with fierce embarrassment.(Quote pg28). This quote shows that Carl is not a part of a group; he is just a new kid that no one knows or likes. But after a few weeks a Wattle Beach Carl gets a job, which makes him feel as if he is needed. Carl is constantly evolving in this book, in the beginning Carl wouldnt even dream of talking to Maddie but at the end of the novel Maddie is one of Carls best friends. Carl comes out of his shell at the end and shows Wattle Beach and Wisemans Cove residents who he really is My name is Carl Matt M-A-T-T (Quote pg 231). But Carl defiantly isnt the only one who changes throughout the novel. Carls employer Skip Duncan also changes and in a big way. When we are introduced to Skip Duncan, we meet a temperamental and gruff man. In the beginning Skip Duncan hates all Matts but Carl Matt is the one who changes his mind. At the start Carl asks Skip for a job but when Skip finds out his last name Skip explodes Matt, the word exploded. Skip turned again  to Joy is this some kind of joke? You bring a Matt onto my barge, let him come her asking me for a job! He was shouting by the time he reached the last word, indignation bulging in his face. Get off my barge, he yelled at the boy. (Quote pg 66). Skip explodes at poor Car, when he does not even know what kind of a person Carl is. This leads us to believe that Skip is very judgemental person. Even though in the beginning Skip is very, judgemental he evolves throughout the duration of the novel. By becoming less judgemental and more interested in meeting the person not the last name He stretched out his arm, hand open and Carl took it, a freezing slippery grip lasting not even a second. (Quote pg 133), this handshake even though it may be short shows that Skip has overcome the fact that Carl is a Matt and has accepted him for being CARL Matt. Skinny, tanned, blonde, Maddie Duncan is the girl that everyone wants to be or be with. But along with being pretty she also has a very bad attitude, but that changes throughout the novel. When we first meet Maddie Duncan we meet a spoilt brat. She has a bad attitude and thinks that everyone loves her. But Carl, Justine and Joy help to change her into a person that people really do like. Thats one advantage Carl and I have over you said Justine Youre lucky then was Maddies reply (Quote pg 150), this quote shows us that Maddie was spoilt and stroppy but after this little episode Joy talks to Maddie and her attitude changes. She was too helpless with laughter and exhaustion to challenge him for the pizza now(Quote pg 181)This quote shows that she has changed into a person that people really do like, she has ditched her attitude and dumped the extra baggage (Nathan Trelfo). This means she is a freer person and is comfortable within herself, which at the beginning of the novel she wasnt. Maddie also learns to stand up for herself, as she doesnt let Nathan push her around. Shows youre a better judge that me. Maddie laughed He said some terrible stuff about your brother and Aunt (quote pg 154). This shows that Maddie is sick of Nathan and is ready to dump him which she does later in the novel. Maddie Duncan is constantly changing through the story, sometimes for the better and sometimes for the worst. But the most important thing is that her and the people around her are happy. Carl Matt experiences many life altering changes throughout the novel. However he is not the only one. Skip Duncan grows from being judgemental to being understanding. Maddie develops from a spoilt brat to a loving friend. So even though Carl Matts life takes a massive turn in the story, Skip and his daughter Maddie also have alterations made to their lives.

Using Namespaces in VB.NET

Using Namespaces in VB.NET The most common way VB.NET namespaces are used by most programmers is to tell the compiler which .NET Framework libraries are needed for a particular program. When you choose a template for your project (such as Windows Forms Application) one of the things that youre choosing is the specific set of namespaces that will be automatically referenced in your project. This makes the code in those namespaces available to your program. For example, some of the namespaces and the actual files they are in for a Windows Forms Application are: System in System.dllSystem.Data in System.Data.dllSystem.Deployment System.Deployment.dllSystem.Drawing System.Drawing.dllSystem.Windows.Forms System.Windows.Forms.dll You can see (and change) the namespaces and references for your project in the project properties under the References tab. This way of thinking about namespaces makes them seem to be just the same thing as code library but thats only part of the idea. The real benefit of namespaces is organization. Most of us wont get the chance to establish a new namespace hierarchy because its generally only done once in the beginning for a large and complicated code library. But, here, youll learn  how to interpret the namespaces that you will be asked to use in many organizations. What Namespaces Do Namespaces make it possible to organize the tens of thousands of .NET Framework objects and all the objects that VB programmers create in projects, too, so they dont clash. For example, if you search .NET for a Color object, you find two. There is a Color object in both: System.DrawingSystem.Windows.Media If you add an Imports statement for both namespaces (a reference may also be necessary for the project properties) ... Imports System.DrawingImports System.Windows.Media ... then a statement like ... Dim a As Color ... will be flagged as an error with the note, Color is ambiguous and .NET will point out that both namespaces contain an object with that name. This kind of error is called a name collision. This is the real reason for namespaces and its also the way namespaces are used in other technologies (such as XML). Namespaces make it possible to use the same object name, such as Color, when the name fits and still keep things organized. You could define a Color object in your own code and keep it distinct from the ones in .NET (or the code of other programmers). Namespace MyColorPublic Class ColorSub Color() Do somethingEnd SubEnd ClassEnd Namespace You can also use the Color object somewhere else in your program like this: Dim c As New MyColor.Colorc.Color() Before getting into some of the other features, be aware that every project is contained in a namespace. VB.NET uses the name of your project (WindowsApplication1 for a standard forms application if you dont change it) as the default namespace. To see this, create a new project (we used the name NSProj and check out the Object Browser tool): Click Here to display the illustrationClick the Back button on your browser to return The Object Browser shows your new project namespace (and the automatically defined objects in it) right along with the .NET Framework namespaces. This ability of VB.NET to make your objects equal to .NET objects is one of the keys to the power and flexibility. For example, this is why Intellisense will show your own objects as soon as you define them. To kick it up a notch, lets define a new project (We named ours NewNSProj in the same solution (use File Add New Project ...) and code a new namespace in that project. And just to make it more fun, lets put the new namespace in a new module (we named it NewNSMod). And since an object must be coded as a class, we also added a class block (named NewNSObj). Heres the code and Solution Explorer to show how it fits together: Click Here to display the illustrationClick the Back button on your browser to return Since your own code is just like Framework code, its necessary to add a reference to NewNSMod in NSProj to use the object in the namespace, even though theyre in the same solution. Once thats done, you can declare an object in NSProj based on the method in NewNSMod. You also need to build the project so an actual object exists to reference. Dim o As New NewNSProj.AVBNS.NewNSMod.NewNSObjo.AVBNSMethod() Thats quite a Dim statement though. We can shorten that by using an Imports statement with an alias. Imports NS NewNSProj.AVBNS.NewNSMod.NewNSObj...Dim o As New NSo.AVBNSMethod() Clicking the Run button displays the MsgBox from the AVBNS namespace, Hey! It worked! When and Why to Use Namespaces Everything so far has really just been syntax - the coding rules that you have to follow in using namespaces. But to really take advantage, you need two things: A requirement for namespace organization in the first place. You need more than just a Hello World project before the organization of namespaces starts to pay off.A plan to use them. In general, Microsoft recommends that you organize your organizations code using a combination of your company name with the product name. So, for example, if youre the Chief Software Architect for Dr. Nos Nose Knows Plastic Surgery, then you might want to organize your namespaces like ... DRNoConsultingReadTheirWatchNChargeEmTellEmNuthinSurgeryElephantManMyEyeLidsRGone This is similar to .NETs organization ... ObjectSystemCoreIOLinqDataOdbcSql The multilevel namespaces are achieved by simply nesting the namespace blocks. Namespace DRNoNamespace SurgeryNamespace MyEyeLidsRGone VB CodeEnd NamespaceEnd NamespaceEnd Namespace or Namespace DRNo.Surgery.MyEyeLidsRGone VB CodeEnd Namespace

English Conversation Lesson About Movies and Actors

English Conversation Lesson About Movies and Actors People love to talk about what they have seen in the cinema. Any class  will usually be well versed in both their own native countrys films and the latest and greatest from Hollywood and elsewhere. This subject is especially useful with younger students who might be hesitant to speak about their own lives. Speaking about films provides an almost endless font of possibilities for conversation. Here are a few ideas: Aim: Promoting conversation,  especially with younger students who might be hesitant to speak about their own lives.Activity: General introduction to films, dictation and short listening exercise, followed by students discussing their answers to dictated questions.Level: Intermediate to advanced Conversation Outline About Movies and Actors Introduce the topic by asking students to name different types of film and a film they know of that represents that genre. Example: Comedy - Manhattan by Woody Alan Dictate the following questions to the students.  They need only write down their responses. What is your favorite non-Italian, German, French, etc. (you name the nationality) film?What is your favorite Italian, German, French, etc. (you name the nationality) film?Who is your favorite actor or actress?What is the worst film you have ever seen?In your opinion, who is the worst actor or actress in film today? Have students put aside their answers to the above questions. Read the short description of the film provided with this lesson (or invent a short description of a film you know that most students have seen). Ask the students to name the film. Have students divide up into small groups and discuss a film they have all seen. After they discussed the film, ask them to write a short description of the film like the one you have read to the class. Groups read their summaries aloud to the other groups which need to name the films described. You can easily turn this into a little competitive game setting the number of times the descriptions can be read aloud. Returning to the questions at the beginning of class, ask each student to choose one of the questions and answer that question explaining to the other students their reasons for choosing that film or actor/actress as the best/worst. During this part of the lesson, students should be encouraged to agree or disagree and add their own comments to the discussion at hand. As a follow-up homework task, students can write a short review of a film they have seen to be discussed during the next session. Which Film? Ask students to name this movie: This film takes place on an Italian island. An exiled, communist poet comes to the island and slowly becomes friends with a simple, local man. The film seems to be about learning which can take place between friends. During the film, the poet helps his friend persuade a beautiful young woman to become his wife by helping the man write love letters. The film follows the maturing of a young, simple man through his contact with a famous man who he admires greatly. Answer: The Postman by Massimo Troisi - Italy, 1995

How Significant Was Kevin Rudd's Apology to the Stolen Generations Essay

How Significant Was Kevin Rudd's Apology to the Stolen Generations - Essay Example It was a very strong political expression that the country expressed towards the acknowledgement of fundamental human rights. The apology statement had very relevant political and social implications on Australia and the outlook of the country towards its indigenous populations. These implications stretch beyond the geographical boundaries of the country as the issue was discussed by the civil society all across the world. The objective of this essay is to analyze the significance of Kevin Rudd’s Apology to the Stolen Generations. Background of the apology The apology was a political statement which had been awaited for many years. Indigenous children and children of Torres Strait Islanders were forcefully separated from their families by the Australian government. The justification that the Australian government had for this act was the desired objective of upward social mobility and exposure of these children to the predominant modernized culture of Australia (Haebich, 2011) . These children were later referred to as the ‘Stolen Generation’. An enquiry commission The Human Rights and Equal Opportunity Commission, headed by Mick Dodson and Sir Ronald Wilson, was setup to undertake the â€Å"National Inquiry into the Separation of Aboriginal and Torres Strait Islander Children from their Families† (Haebich, 2011 p. 1033). ... 1033). The expression ‘Lost Generation’ is justified by the large percentage of children who were deprived of their parents and living systems. The report shed light to disturbing facts that these children were unhappy in the foster homes, institutions and adoptive families they were put in (Haebich, 2011, p. 1033). The report also contained evidence of forced labor imposed upon these children. The extensive interviews, conducted by the enquiry commission, observed consequences of separation which included medical and psychological issues, addiction, violence, self harm and even suicides (Haebich, 2011). In light of all these observations there was pressure on the Australian government both from within the country and human rights movements across the world. Moreover, out of the 54 recommendations made by The Human Rights and Equal Opportunity Commission, one was that the Australian government must apologize to the stolen generation (Haebich, 2011). Since then, this has been a matter of political debate for all the governments which came to power in Australia. In other words, the apology was much awaited by the world. The Political Importance of the Apology The decision of Kevin Rudd to apologize to the Stolen Generation has its importance as a strong political expression. It must be noted here that after the report thoroughly asserting the need of the apology was published, it was denied for 11 long years. No governments owned up the moral responsibility towards the Stolen Generation and the human rights violations faced by them. The general Australian response to the report was that the observations were inflammatory (Haebich, 2011, p. 1033). There was also

Air Force Essay Example | Topics and Well Written Essays - 750 words

Air Force - Essay Example He went on to explain that as the Army transforms, the Air Force will provide more a tactical air control, combat weather and air operations support to the Army (Vanessa Young). When analyzing the implications of what Chief Murray talked about it is clear that there will be a reduction in the Air Force's staff complement by as much as 40 000. It is assumed that the Air Force will implement re-deployment of some of the Airmen, but it must be recognized that there will be jobs lost, which will negatively effect a large amount of staff members and their families. When reading the article it became clear to me that each Airmen will have to look closely at their future prospects within the Air Force. For the next five years many Airmen can only be certain of one thing, they will be living with an exceptional level of uncertainty as the Air Force evolve and align itself to its new direction. Many positions and skills will become redundant as new technologies and equipment are phased in, and different knowledge, skills and experience are needed. Currently it is still unclear in which sections staff reduction will take place, or in which areas what type of changes will be implemented. What can be deducted from Chief Murray's revelation is that in the fields of tactical air control, combat weather and air operations are the areas that will see growth in the Air Force. Pre-emptive Action Even though the mentioned changes in the Air Force might seem to be rumors, we can accept it as a fact when coming from a prominent figure such as Chief Murray. Many Airmen may want to take a "wait and see" attitude, it is my believe that it is always better to take the initiative and prepare and equip yourself to meet challenges head on. This it is my suggestion to Air Force staff to begin with assessing themselves, establishing what their future goals are or should be. A self-assessment that include looking at the following (Dawn McKay, 2006): Values: the things that are important to you, like achievement, status, and autonomy Interests: what you enjoy doing, i.e. playing golf, taking long walks, hanging out with friends Personality: a person's individual traits, motivational drives, needs, and attitudes Skills: the activities you are good at, such as writing, computer programming, teaching Then sit down and decide if you want to stay in the Air Force, and if you do set yourself goals and objectives that will help you gain the necessary knowledge, skills and experience to fit into those fields that will be expanded in the Air Force. If you cannot see yourself working in one of those fields, you should start contemplating employment in the civilian sector. According to Richard Piske (2006) this can be one of the hardest choices you will ever make, and that you should take your time to research your options so that you're able to make an educated decision about your next step, which make all the difference in the world. Understanding this you should then do a self-assessment and take stock of your career goals and how you will be able to leverage your experience in the Air Force to secure your ideal job. In conclusion I just want to state that there will be change. That is the only thing we can