Wednesday, November 27, 2019

Justice Essays (524 words) - Political Philosophy, Virtue

Justice The concept of justness is a subjective reality. Justice is not present in any one person, justice appears to be present only in consensus. There is no just, justice, only the presence of action and consequence for persons in a consensus regarding their concept of justice. Justice is only just to those who have conformed to their idea of justice and have helped to create it. Those who are effected by the justice that is placed around them and do not agree with it are being treated unfairly. For those people there is no justice. Without total consensus defining justice there is no justice. If there is a justice without conformity it is not just, and therefore is not manifested as justice, but as a form of government. If we put aside religion, deities, and God centered ideologies, we can find no true justness. Justice is a reflection of justness. Without the existence of justness there will never be true justice. What we call justice, should be called consensus and conformity to laws and mores. When we move to this point, we find that we are actually discussing government. For there will never be true justice, only our conformed moral sense of what is acceptable and unacceptable. This once again leads us to many forms of government. If we discuss justice in the sense of divine intervention and religious beliefs then justice has a whole new meaning. Justice now becomes the writings and beliefs of a conformed religion. Catholicism for example, follows the teachings of the Ten Commandments, and the word of God that is written in the Bible. Although the ideas and philosophical thinking in these writings have extremely righteous and moral views they can only go as far as to teach you how to live morally. "Do unto others as you wish others to do unto you." Some believe the Golden Rule is the only true justice, according to Jesus, justice was not eye for an eye. " Love your enemies, bless them that curse you, do good to them that hate you, and pray for them that despitefully use you, and persecute you." These were some of the morals that people believed to be justice. What if perhaps there was no God, or deities of any kind, then all of this is boils down to morality. Even then, what defines morality? We cannot define morality as justice for it has no clearly objective ground on which to define it. Even as an individual we cannot find justice. If each of us were alone in the woods, and away from all forms of conformed justice, justice would not be present. For we must conform to the laws of nature. One may believe that it is unjust that he/she has to collect food before winter, and therefore he/she decides to rest instead of saving food. As a consequence, over the winter he or she will starve, because they did not conform to the highest form of natural government, which is nature. Nature moves according to its own laws which people may experience as unjust.. He who searches for justice will only find millions of forms of government, his search will be everlasting until he realizes that the only justice he will ever know is his own subjective belief of what is just.. Even then, who are we to define our own justice?

Sunday, November 24, 2019

The Prefix Hypo and Related Words

The Prefix Hypo and Related Words The Prefix Hypo and Related Words The Prefix Hypo and Related Words By Mark Nichol A recent post listed and defined words with the Greek prefix hyper (meaning â€Å"above,† â€Å"beyond,† or â€Å"over†). Here, words based on its antonym, hypo-, are the focus. The most common words beginning with hypo include hypodermic (literally, â€Å"under skin†), an adjective describing injection under the skin or tissue or growths beneath the skin (the word is also employed as a noun, and hypo is a common truncation), and hypothermia (â€Å"under heat†), the term for abnormally low body temperature. Other medical conditions include hypoglycemia (â€Å"under sugar blood†)- colloquially known as â€Å"low blood sugar†- and hypochondria (â€Å"under cartilage†), mental depression in which the sufferer imagines physical ailments, so named from the original belief that such feelings originated in the abdominal organs; the term for the pathological state is hypochondriasis. Hypochondriac is both an adjective describing the condition and a noun pertaining to the sufferer. Hypoallergenic means â€Å"unlikely to cause an allergic reaction,† and the hypothalamus is a key part of the brain that regulates automatic processes in the body. Oxygen deficiency is called hypoxia, and hypomania is a mild mania associated with bipolar disorder. (The respective adjectives are hypoxic and hypomanic.) Other well-known words in the hypo family are hypocrisy (â€Å"under decide†), which evolved in meaning in Greek from â€Å"sift† to â€Å"play a part† and now describes actions or attitudes that contradict one’s stated beliefs or opinions, and hypothesis (â€Å"under proposition†), which denotes something assumed and taken for granted for the sake of argument; the plural is hypotheses. One who demonstrates hypocrisy is deemed hypocritical and called a hypocrite. The adjectival form for hypothesis is hypothetical, and the verb form is hypothesize. A hypotenuse is the side of a right triangle opposite the right angle. (The root word is the basis of tension and tenuous.) More obscure terms in this group include hypocorism (â€Å"under caress†), meaning â€Å"pet name,† as in a diminutive like Bobby, a term of endearment such as honey, or baby-talk forms of address such as papa; such words are hypocoristic. One who lives underground is hypogean (the antonym is epigean), and a hypocaust is a chamber for lighting a fire to heat rooms located above. (The root is the same as that seen in holocaust.) A disguised relation is hyphen- literally, â€Å"under one,† because the mark was originally located beneath the words to be connected. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:50 Incorrect Pronunciations That You Should Avoid8 Proofreading Tips And TechniquesAppropriate vs. Apropos vs. Apt

Thursday, November 21, 2019

Synthesis paper Essay Example | Topics and Well Written Essays - 1000 words

Synthesis paper - Essay Example i. To establish the level to which alternating air mattress overlays could be effective in preventing the incidence of such developments while in comparison with static air mattress overlays in hospitalized set-ups Results: In the first comparative review by Chou and team (2013), the results confirmed the position by many studies that an alternating air mattress results t a lower incidence of pressure ulcers while compared to a static air mattress. From the second review, constant low-pressure or alternating support services result to lowered incidence rates of pressure ulcers with the hospitalized patents. In the third study, one study reviewed showed that using static air mattress outlays like foam mattresses for such patients would not prevent the occurrence but rather delayed it. Hospitalized patients and especially the elderly suffer an increased risk of developing pressure ulcers examples of which are pressure sores, bed sores as well as decubitus. The ulcers have been studies over years and the prevalence have been identified to range from 0.4% to 38% within acute care settings (Chou et al, 2013). Other factors that have been pointed out to contribute towards the prevalence variance are age, body weight as well as race. There are various mechanisms that have been embraced with efforts towards reducing the risks of developing the pressure ulcers such as the use of static overlays, alternating pressure and using air fluidized beds (Fulton, Monro & Wallen, 2009). The effectiveness of either of these tools however vary and hence the necessity of such a comparison as this study. The levels of pressure ulcers within hospitalized settings have been in use for assessment of patient service and hospital safety. A principle that have been in use for preventing deve lopment of pressure ulcers have been removal of any pressure or avoidance of prolonged tissue pressure (Chu, 2013). However, it is to be

Wednesday, November 20, 2019

Case analysis Essay Example | Topics and Well Written Essays - 500 words

Case analysis - Essay Example This tool permits a systematic and disciplined evaluation of internal and external factors. Equally appropriate for the present case is the PESTEL tool using which, one can analyze the political, economical, social, technological, environmental and legal angles, in order to test strategy options. PESTEL factors substantially deal with the external situation within which a company has to operate. De Beers’ strengths lie in its knowledge of the industry in all its facets – from mining to retail marketing of jewels – and the controlling interests it had created through subsidiaries, cross holdings and trading practices. However, this very breadth of monopolistic operations has drawn adverse public attention. Discovery and development Political situation in Africa where De Beers has its major mining interests has been undergoing significant change since dismantling of apartheid. Socio-economic factors like poor pay and working conditions, child labor and inadequate welfare measures are issues of concern for public. While it is in the forefront of exploiting technology in operations, degradation of natural environment, particularly in opencast mining operations, puts additional responsibility on the company. Anti-trust laws and ban on child labor practices add to its cup of PESTEL woes. De Beers are in the company of other global companies like Microsoft, MacDonald and Wal-Mart in terms of sweep of operations and breadth of controversies. Microsoft is accused of suffocating competition, MacDonald of unsustainable use of packing materials and Wal-Mart of exploiting cheap labor in China and other Asian countries in its bid to offer lowest cost products. Leveraging its knowledge and technology, the company has to enhance efficiency of operations, both vertically and horizontally. Acquiring rights for mines in new areas

Sunday, November 17, 2019

Assessment and Tests Evaluation Research Paper Example | Topics and Well Written Essays - 500 words

Assessment and Tests Evaluation - Research Paper Example I chose this test since it plays a lot of significance in determining the qualities and capabilities of an individual. It reflects on the level of personification one has over the looming issues in life (Anderson & Morgan, 2008). This is a test administered in order to determine the activeness and relation of ones interests with those of a certain career. For instance, if one is interested in what goes on and is done by teachers, then that particular individual can make to be a good teacher. I chose this test since it reflects in individual capabilities and interest as rested in their talents. Anderson, P. & Morgan, G. (2008).Developing Tests and Questionnaires for a National Assessment of Educational Achievement, Issue 277, Vol. 2 of National Assessments of Educational Achievement. Chicago, CA: World Bank Publications Soled, S. W. (1995). Assessment, testing, and evaluation in teacher education, Social and Policy Issues in Education: Contemporary Studies in Social and Policy Issues in education, Kerry Carlyle Series. New York, NY: Greenwood Publishing

Friday, November 15, 2019

Effect of the Financial Crash on Islamic Banks in the UK

Effect of the Financial Crash on Islamic Banks in the UK Chapter 1: Introduction Introduction to the Subject Background of the Subject General Objective The purpose of this study is to examine how the internal factors of the Islamic Banking affected their performance before, during and after the financial crisis in the GCC in comparison to the conventional banking in the same area. Research Questions This study aims to answer the following questions: How did the financial crisis affect the profitability of Islamic Banks in comparison to Conventional Banks? What are the internal factors (bank specific characteristics) that influence the profitability of Islamic banking for every year from 2006 2009? Did these factors have the same impact on the profitability of Islamic Banking before, during and after the financial crisis? Did these internal factors influence the profitability of Islamic Banking in the same manner as of the Conventional Banking? Need for the Study Significance of the Study Assumptions of the Study Limitations of the Study Although we cannot neglect the importance of the external factors on the profitability of Islamic Banking, they were not included in this study. To understand the reason behind this decision, we need to go through the different types of external factors and how they are classified: Macroeconomic Factors Country Regulation Rules Bank Regulation Rules These factors were not included for the following reasons: Since we are examining the performance of 92 banks (27 Islamic Banks and 65 Conventional Banks) in 6 countries, the number of countries used in the study is not significant enough to study the impact of GDP and inflation accurately on Bank profitability especially when examining each year separately Country Regulation Rules as per the IMF Database, although it differs slightly for the selected countries, did not change over the period from 2006 to 2009. This means that for each bank, these factors remained constant. Data about Bank Regulation Rules could not be obtained for GCC banks Delimitation of the Study This study was delaminated to the Islamic and Conventional Banks in the GCC whose data could be obtained in the Bankscope database. Chapter 2: Literature Review Overview of Islamic Banking Islamic Baking has established as an alternative to conventional interest-based banking. The first stirring of the Islamic Banking movement began in 1963 by Dr. Ahmed Alnajar in a small town in Egypt, called Mit Ghamar. Dr. Alnajar completed his education in Germany and found that it had many saving banks operating on interest. He took the idea from a savings bank in Germany and created his own small Islamic bank that was interest free. After Dr. Alnajars small bank proved successful, the establishment of other Islamic banks followed. In 1971, the Nasser Social Bank was founded in Egypt with the objective of lending out money as a charity on the basis of a profit and loss sharing system and helping people in need. And in 1975, the idea of Islamic banking spread to other Islamic regions such Dubai Islamic bank in United Arab Emirates and The Islamic Development (IDB) Bank in Jeddah, Saudi Arabia (Wilson, 1990). Even though Islamic Banking has only been around for thirty years and is still in an evolving stage, Islamic Banking is the fastest growing segment of the credit markets in the Muslim countries. In 2009, Assets held by Islamic Banking banks rose by 28.6 percent to $822bn from $639bn in 2008, according to The Bankers â€Å"Top 500 Islamic Financial Institutions† survey while conventional banks posted annual asset growth of just 6.8 percent. Furthermore, GCC states accounted for $353.2bn or 42.9 percent of the global aggregate, while Iran remained the largest single market for Shariah-compliant assets, accounting for 35.6 percent of the total. Finally, Islamic banking operations are not limited to Islamic countries but are spreading throughout the world. One reason is the growing trend toward transcending national boundaries, and unifying Muslims into a political and economic entity that could have a significant impact on the pattern of world trade (Abdel-Magid, 1981). Islamic Banking Rules and Principles Islamic banking rules are according to the Islamic Shariah derived from the Quran and prophet Mohameds sayings. The three main practices that are clearly prohibited in the Quran and the prophets sayings are, Riba (Interest), Gharar (Uncertainty), and Maysir (Betting). Prohibition of Riba or any predetermined or fixed rate in financial institutions is the most important factor in the Islamic principles pertaining to banking. As stated in the Quran â€Å"Allah forbids riba†. Riba means an increase and under Shariah the term refers to the premium that must be paid by the borrower to the lender along with the principle amount as a condition for the loan (Omar and Abdel, 1996). Gharar occurs when the purchaser does not know what has been bought and the seller does not know what has been sold. In other words, trading should be clear by stating in a contract the existing actual object(s) to be sold, with a price and time to eliminate confusion and uncertainty between the buyers and the sellers. Maisir is considered in Islam as one form of injustice in the appropriation of others wealth. The act of gambling, sometimes referred to betting on the occurrence of a future event, is prohibited and no reward accrues for the employment of spending of wealth that an individual may gain through means of gambling. Under this prohibition, any contract entered into, should be free from uncertainty, risk and speculation. Contracting parties should have perfect knowledge of the counter values intended to be exchanged as a result of their transactions. Therefore, and according to Ahmed and Hassan (2007), the principles of Islamic banking and finance enshrined from al-Quran and Prophet Mohamed‘s Sayings can be summed up as follows: Any predetermined payment over and above the actual amount of principal is prohibited. The lender must share in the profits or losses arising out of the enterprise for which the money was lent. Making money from money is not acceptable in Islam. Gharar (deception) and Maisir (gambling) are also prohibited. Investments should only support practices or products that are not forbidden or even discouraged by Islam. Islamic Banking Products Islamic Banking products have to be done according to Islamic rules and principles, based on profit and loss sharing as well as avoiding interest. According to BNM statistics 2007, Al Bai Bithaman Ajil financing is the most common in Islamic Banking. There are a lot of Islamic Banking products; however there are some famous Islamic products that will be discussed in this section. 1. Al Bai Bithaman Ajil /BBA This involves the credit sale of goods on a deferred payment basis. In BAA, the Islamic bank will purchase certain assets on a deferred payment basis and then sell the goods back to the customer at an agreed price including some margin or profit. The customer will make payment by installments over an agreed period. A fixed rate BBA is a powerful hedging tool against interest rates (Rosly, 1999). 2. Murabahah Murabahah is a contract of sale. The Islamic Bank acts as a middle man and purchases the goods requested by the customer. The bank will later sell the goods to the customer in a sale and purchase agreement, whereby the lender re-sales to the borrower at a higher price agreed on by both parties. These are more for short term financing 3. Mudharabah According to Kettel (2006), Mudharabah is a basic principle of profit and loss, where instead of lending money at a fixed rate return, the banker forms a partnership with the borrower, thereby sharing in a ventures profit and loss. Mudharabah is an agreement between the lender and entrepreneur, whereby the lender agrees to finance the project on a profit sharing basis according to a predetermined ratio agreed by both parties concerned. If there are any losses the lender will bear all the losses. 4. Musharakah Musharakah means partnership whereby the Islamic institution provides the capital needed by the customer with the understanding that they both share the profit and loss according to a formula agreed before the business transaction is transacted. In Musharakah all partners are entitled to participate in the management of the investment but it is not compulsory. Musharakah can help in providing financing for large investments in modern economic activities 5. Al Ijarah Ijarah means meaning to give something on a rental basis. In Ijarah, the bank acquires ownership based on the promise and leases back to the client for a given period. The customer pays the rental but the ownership still remains with the bank or lender. As the ownership remains with the lessor (bank), it continues to give the service for which it was rented. Under this contract, the lessor has the right to re-negotiate the quantum of the lease payment at every agreed interval to ensure rental remains in line with the market rates (Hume, 2004). 6. Wadiah Wadiah is a trust contract and the bank provides gift (hibah) and various types of benefits to the customer. This is exactly like a normal conventional savings account. 7. Istisna Istisna allows one party buys the goods and the other party undertakes to manufacture them according to agreed specifications. Normally, Istisna is used to finance construction and manufacturing projects. 8. Salam Salam is defined as the forward purchase of specified goods with full forward payment. This contract is normally used for financing agricultural production. According to Hassan (2004), Salam based future contracts for agricultural commodities, supported by Islamic Banks, can help to overcome the agricultural financial problems Table 2.1 lists the products of conventional banking and their correspondent products in Islamic Banking. Source: Obaidullah, 2005 Financial Crisis and the Islamic Banking To be able to compete with conventional banks, Islamic banks have to offer financial products that are comparable to the ones offered by the conventional banks. This exposes the Islamic banks to similar credit, liquidity and risks driven by market instability. Despite that, Islamic banks managed to remain stable at the early phases of the crisis. That was driven by three main Factors. First, Islamic banks financing activities are strongly tied to the real economic activities than their conventional counterpart. Even though Musharakah and Mudharabah both provide better risk sharing while keeping strong link to the real sector, they are used minimally for different reasons. Most financing activities are done through Murabah and Ijarah followed by Istinsa. In the GCC and during 2007, Murabaha comprised of 65.4%, Ijarah 12.78% and Istinsa 2.83%. Both Murabaha and Ijrah transactions require the Islamic bank to know the clients purspose and use of finance as well the ownership of the asset by the bank. This help in ensuring that the funds are used for their stated purposes. On the other hand, conventional banks do not require disclosing the use of funds as long as the client is believed to creditworthy or can post suitable collateral. Second, Islamic banks avoid direct exposure to exotic and toxic financial derivative products. Since Shariah prohibits riba and gharar, the asset portfolio of Islamic banks did not include any CDOs, CMBSs, and CDSs which turned out to be highly toxic for conventional banks and amplifying factor for the crisis. These derivative products, initially used for hedging purposes, became device for highly speculative investments among conventional financial institutions. Unavailability of hedging instruments for Islamic financial institutions, which was perceived as weakness before the crisis, became a strengthening factor for them. However, exposure to other investment risks driven from equity markets, sukuk, real-estate and ownership stakes in other businesses remain a source of concern when overdone or undertaken purely for speculative gains. Third, Islamic banks in general have a larger proportion of their assets in liquid form than their conventional counterparts. This is driven by two main reasons: (1) there is no lender of last resort (LOLR) facility available to Islamic banks, and they do not have access to market liquidity in the form of the interbank market, high liquidity was maintained for risk management purpose. (2) Excess liquidity is required due to lack of interest-free short-term investment opportunities as real economic investments require some development period. As the global financial crisis became a global economic crisis, it started to affect Islamic banks in an indirect manner. The financial crisis has triggered a chain reaction whereby the slowdown in the real economies of the developed countries has started to affect economic growth and investment activities in export driven economies of the developing countries through lower trade in goods and services as well as through the declining commodity prices including that of oil. The economic downturn is not only affecting the investment and financing activities of financial institutions including those of Islamic banks, it is also reducing the funding of these banks through lower personal savings and declining corporate profits. It should be noted that most of the Islamic banking industry comprises of commercial banks whose major funding source are retail deposits, investment banking constitutes only a small portion of the industry. Islamic banks in some regions may face risk on their fina ncing and investment side of the balance sheet due to the crisis induced volatility of equity markets where these banks have large positions. Downturn in the real estate markets where these banks have large direct and indirect exposures is also another source of risk. Similarly, the changing wealth position of their high-net-worth (HNW) clients who also hold financial exposure in the hard-hit conventional financial sector of the West and therefore are now postponing any investment plans is also a factor. The relative importance of each of these factors varies by the region. For example, the banks in the GCC and particularly in the UAE are more exposed to real estate market risk, followed by risk of international equity markets. For the banks in Asia, their investments in domestic and international equity markets are a source of concern as equity markets are showing higher volatility. In some of the countries, the existing fiscal imbalance which has widened after the crisis is also a factor in the increased volatility of the markets Previous Literature The study of bank profitability is an important tool to evaluate bank operation by examining the different factors affecting bank profitability and using these factors for management planning and strategic analysis. In the last four decades, many studies have been conducted to study both bank profitability and the determinants of bank profitability either for particular country or for a panel of countries. These studies normally divide these factors into internal factors and external factors. Internal factors represent the bank-specific characteristics such as bank size, liquidity structure; liabilities†¦etc while external factors can be macroeconomic factors such as inflation and GDP growth or Country-specific regulations rules and practices. In the area of banking profitability, many studies have been conducted to investigate the profitability of conventional banks while only few were conducted in the field of Islamic banking. In this chapter, we will review these studies for conventional banking first and then will focus on studies in the Islamic banking field. Then we will cover the conceptual framework of this research. Conventional Banking Different studies have been conducted in the field of conventional banking profitability. Short (1979), Bourke (1989), Molyneux and Thornton (1992), Goddard, Molyneux, and Wilson (2004), Peters et al. (2004) are some of the researchers in the field. Short (1979) is one of the early scholars who studied the relationship between banking profit rates and concentration for sixty banks in Canada, Western Europe and Japan during the 1970s and he included independent variables including government ownership and concentration by using H index to quantify concentration. Results showed that the government ownership impact on profitability varied throughout the countries studied but expressed an overall negative relationship. He also found evidence that indicated higher concentration rates lead to higher profit rates (Short, 1979). Bourke (1989) also compared concentration to bank profitability but included other determinants. Bourke (1989) covered ninety banks in Australia, Europe, and North America between 1972 and 198 and examined different internal and external factors: internal factors such as staff expenses, capital ratio, liquidity ratio, and loans to deposit ratio; external factors such as regulation, size of economies of scale, competition, concentration, growth in market, interest rate, government ownership, and market power. His results show that increase in government ownership leads to lower profitability in banking. He also found that concentration, interest rates, and money supply are positively related to profitability along with capital and reserves of total assets as well as cash and bank deposits of total assets. Bourke adds that well capitalized banks enjoy cheaper access to sources of funds as they are less risky than less capitalized banks (Bourke, 1989). Later, Molyneux and Thornton (1992) studied the determinants of European banks profitability. The paper examined eighteen counties in Europe between 1986 and 1989. This paper replicated Bourkes (1989) work by using internal and external determinants of bank profitability. However, Molyneux and Thornton (1992) results showed that government ownership expresses a positive coefficient with return on capital (profitability) which contradicts with Bourkes findings. Other results were similar to Bourkes, showing that concentration, interest rate, and money supply were positively related to bank profitability (Molyneux and Thornton, 1992). In one of the recent papers on bank profitability on European banks, Goddard, Molyneux, and Wilson (2004) shows similar findings to the paper by Molyneux and Thornton (1992). It investigates the determinants of profitability in six European countries and it covered 665 banks between 1992 and 1998. The study used cross-sectional and dynamic panel models. The variables used in the regression analysis were ROE, the logarithmic of total assets, Off Balance Sheet (OBS) dividends, Capital to Asset Ratio (CAR). The results from both models were similar: evidence reveals that there is a positive relationship between size (total assets) and profitability. Meanwhile, OBS appears to have a positive relationship with profitability for UK but neutral or negative for other European countries. Moreover, results also state that CAR has a positive relationship with profitability. Furthermore, the paper touched on ownership type by indicating that there is high competition in banking due to the fact t hat there is foreign bank involvement in domestic banks, and that profitability is not linked to ownership (Goddard, Molyneux, and Wilson, 2004). Peters et al. (2004) studied the characteristics of banks in post-war Lebanon for the years 1993 to 2000 and compared the results to a group of banks from five other countries in the Middle East including UAE, KSA, Kuwait, Bahrain and Oman for the years 1995 through 1999. They used Return on Equity (ROE) measure profitability and leverage and they employed regression models that relate bank profitability ratios to various explanatory variables. This study tests the relationships between bank profitability and size, asset portfolio composition, off-balance sheet items, ownership by a foreign bank, and the ratio of employment to assets. The results show a strong association between economic growth and bank profitability, whether measured by ROE or ROA. They found that Lebanese banks are profitable, but not as profitable as a control group of banks from five other countries located in the Middle East. Islamic Banking In the area of Islamic Banking, Bashir (2000) assessed the performance of Islamic banks in eight Middle Eastern countries. He analyzed important bank characteristics that affect the performance of Islamic banks by controlling economic and financial structure measures. The paper studied fourteen Islamic banks from Bahrain, Egypt, Jordan, Kuwait, Qatar, Sudan, Turkey, and United Arab Emirates between 1993 and 1998. To examining profitability, the paper used Non Interest Margin (NIM), Before Tax Profit (BTP), Return on Assets (ROA), and Return on Equity (ROE) as performance indicators. There were also internal and external variables: internal variables were bank size, leverage, loans, short-term funding, overhead, and ownership; external variables included macroeconomic environment, regulation, and financial market. In general, results from the study confirm previous findings and show that Islamic banks profitability is positively related to equity and loans. Consequently, if loans and equity are high, Islamic banks should be more profitable. If leverage is high and loan to assets is also large, Islamic banks will be more profitable. The results also indicate that favorable macro-economic conditions help profitability (Bashir, 2000). Hassoune (2002) examined Islamic bank profitability in an interest rate cycle. In his paper, compared ROE and ROA Volatility for both Islamic and conventional banks in three GCC region, Kuwait, Saudi Arabia, and Qatar. He states that since Islamic banking is based on profit and loss sharing, managements have to generate sufficient returns for investors given that they are not willing accept no returns (Hassoune, 2002). Bashir and Hassan (2004) studied the determinants of Islamic banking profitability covers 43 Islamic Banks between 1994 and 2001 in 21 countries. Their figures show Islamic banks to have a better capital asset ratio compared to commercial banks which means that Islamic banks are well capitalized. Also, their paper used internal and external banks characteristics to determine profitability as well as economic measures, financial structure variables, and country variables. They used, Net-non Interest Margin (NIM), which is non interest income to the bank such as, bank fees, service charges and foreign exchange to identify profitability. Other profitability indicators adopted were Before Tax Profit divided by total assets (BTP/TA), Return on Assets (ROA), and Return on Equity (ROE). Results obtained by Bashir and Hassan (2004), were similar to the Bashir (2000) results, which found a positive relationship between capital and profitability but a negative relationship between loans and profitability. Bashir and Hassan also found total assets to have a negative relationship with profitability which amazingly means that smaller banks are more profitable. In addition, during an economic boom, banks profitability seems to improve because there are fewer nonperforming loans. Inflation, on the other hand, does not have any effect on Islamic bank profitability. Finally, results also indicate that overhead expenses for Islamic banks have a positive relation with profitability which means if expenses increase, profitability also increases (Bashir and Hassan, 2004). Alkassim (2005) examined the determinants of profitability in the banking sector of the GCC countries and found that asset have a negative impact on profitability of conventional banks but have a positive impact on profitability of Islamic banks. They also observed that positive impact on profitability for conventional but have a negative impact for Islamic banking. Liu and Hung (2006) examined the relationship between service quality and long-term profitability of Taiwans banks and found a positive link between branch number and long-term profitability and also proved that average salaries are detrimental to banks profit. Masood, Aktan and Chaudhary (2009) studied the co-integration and causal relationship between Return on Equity and Return on Assets for 12 banks in KSA for the period between 1999- 2007. For their research, the used time series model of ADF unit-root test, Johansen co-integration test, Granger causality test and graphical comparison model. They found that there are stable long run relationships between the two variables and that it is only a one-direction cause-effect relationship between ROE and ROA. The results show that ROE is a granger cause to ROA but ROA is not a granger cause to ROE that is ROE can affect ROA input but ROA does not affect the ROE in the Saudi Arabian Banking sector. Conceptual Framework Theoretical framework is a basic conceptual structure organized around a theory. It defines the kinds of variables that are going to be used in the analysis. In this research, the theoretical framework consists of seven independent variables that represent four aspects of the Bank Characteristics. Theses aspects are the Bank Size (Total Assets), Capital Structure (Equity and Tangible Equity), Liquidity (Loans and Liquid Assets) and Liabilities (Deposits and Overheads). Bank profitability is the dependent variable and two measures of bank profitability are used in this study, namely return on average equity (ROAE) and return on average assets (ROAA). In this section we develop the hypothesis to be examined in this research paper. Development of Hypotheses This paper attempts to test seven hypotheses. A hypothesis is a claim or assumption about the value of a population parameter. It consists either of a suggested explanation for a phenomenon or of a reasoned proposal suggesting a possible correlation between multiple phenomena. According to Becker (1995), hypothesis testing is the process of judging which of two contradictory statements is correct. Hypothesis 1: Profitability has a positive and significant relationship with the total assets (ASSETS). Total Assets of a company represents its valuables including both tangible assets such as equipments and properties along with its intangible assets such as goodwill and patent. For banks, total assets include loans which are the basis for bank operations either through interest or interest-free practices. Total assets is used as a tool to measure the bank size; banks with higher total assets indicate bigger banks. Molyneux and el (2004) included total assets in their study and found a positive significant relationship between total assets and profitability. Therefore, total assets are expected to have positive relation with profitability which means that bigger banks are expected to be more profitable. Total assets are converted logarithmic to be more consistent with the other ratios Hypothesis 2: Profitability has a positive and significant relationship with equity to asset ratio (EQUITY). Total equity over total assets measures banks capital structure and adequate. It indicated bank ability to withstand losses and handle risk exposure with shareholders. Hassan and Bashir (2004) examined the relationship between EQUITY and bank profitability and found positive relationship. Therefore, EQUITY is included in this stud Effect of the Financial Crash on Islamic Banks in the UK Effect of the Financial Crash on Islamic Banks in the UK Chapter 1: Introduction Introduction to the Subject Background of the Subject General Objective The purpose of this study is to examine how the internal factors of the Islamic Banking affected their performance before, during and after the financial crisis in the GCC in comparison to the conventional banking in the same area. Research Questions This study aims to answer the following questions: How did the financial crisis affect the profitability of Islamic Banks in comparison to Conventional Banks? What are the internal factors (bank specific characteristics) that influence the profitability of Islamic banking for every year from 2006 2009? Did these factors have the same impact on the profitability of Islamic Banking before, during and after the financial crisis? Did these internal factors influence the profitability of Islamic Banking in the same manner as of the Conventional Banking? Need for the Study Significance of the Study Assumptions of the Study Limitations of the Study Although we cannot neglect the importance of the external factors on the profitability of Islamic Banking, they were not included in this study. To understand the reason behind this decision, we need to go through the different types of external factors and how they are classified: Macroeconomic Factors Country Regulation Rules Bank Regulation Rules These factors were not included for the following reasons: Since we are examining the performance of 92 banks (27 Islamic Banks and 65 Conventional Banks) in 6 countries, the number of countries used in the study is not significant enough to study the impact of GDP and inflation accurately on Bank profitability especially when examining each year separately Country Regulation Rules as per the IMF Database, although it differs slightly for the selected countries, did not change over the period from 2006 to 2009. This means that for each bank, these factors remained constant. Data about Bank Regulation Rules could not be obtained for GCC banks Delimitation of the Study This study was delaminated to the Islamic and Conventional Banks in the GCC whose data could be obtained in the Bankscope database. Chapter 2: Literature Review Overview of Islamic Banking Islamic Baking has established as an alternative to conventional interest-based banking. The first stirring of the Islamic Banking movement began in 1963 by Dr. Ahmed Alnajar in a small town in Egypt, called Mit Ghamar. Dr. Alnajar completed his education in Germany and found that it had many saving banks operating on interest. He took the idea from a savings bank in Germany and created his own small Islamic bank that was interest free. After Dr. Alnajars small bank proved successful, the establishment of other Islamic banks followed. In 1971, the Nasser Social Bank was founded in Egypt with the objective of lending out money as a charity on the basis of a profit and loss sharing system and helping people in need. And in 1975, the idea of Islamic banking spread to other Islamic regions such Dubai Islamic bank in United Arab Emirates and The Islamic Development (IDB) Bank in Jeddah, Saudi Arabia (Wilson, 1990). Even though Islamic Banking has only been around for thirty years and is still in an evolving stage, Islamic Banking is the fastest growing segment of the credit markets in the Muslim countries. In 2009, Assets held by Islamic Banking banks rose by 28.6 percent to $822bn from $639bn in 2008, according to The Bankers â€Å"Top 500 Islamic Financial Institutions† survey while conventional banks posted annual asset growth of just 6.8 percent. Furthermore, GCC states accounted for $353.2bn or 42.9 percent of the global aggregate, while Iran remained the largest single market for Shariah-compliant assets, accounting for 35.6 percent of the total. Finally, Islamic banking operations are not limited to Islamic countries but are spreading throughout the world. One reason is the growing trend toward transcending national boundaries, and unifying Muslims into a political and economic entity that could have a significant impact on the pattern of world trade (Abdel-Magid, 1981). Islamic Banking Rules and Principles Islamic banking rules are according to the Islamic Shariah derived from the Quran and prophet Mohameds sayings. The three main practices that are clearly prohibited in the Quran and the prophets sayings are, Riba (Interest), Gharar (Uncertainty), and Maysir (Betting). Prohibition of Riba or any predetermined or fixed rate in financial institutions is the most important factor in the Islamic principles pertaining to banking. As stated in the Quran â€Å"Allah forbids riba†. Riba means an increase and under Shariah the term refers to the premium that must be paid by the borrower to the lender along with the principle amount as a condition for the loan (Omar and Abdel, 1996). Gharar occurs when the purchaser does not know what has been bought and the seller does not know what has been sold. In other words, trading should be clear by stating in a contract the existing actual object(s) to be sold, with a price and time to eliminate confusion and uncertainty between the buyers and the sellers. Maisir is considered in Islam as one form of injustice in the appropriation of others wealth. The act of gambling, sometimes referred to betting on the occurrence of a future event, is prohibited and no reward accrues for the employment of spending of wealth that an individual may gain through means of gambling. Under this prohibition, any contract entered into, should be free from uncertainty, risk and speculation. Contracting parties should have perfect knowledge of the counter values intended to be exchanged as a result of their transactions. Therefore, and according to Ahmed and Hassan (2007), the principles of Islamic banking and finance enshrined from al-Quran and Prophet Mohamed‘s Sayings can be summed up as follows: Any predetermined payment over and above the actual amount of principal is prohibited. The lender must share in the profits or losses arising out of the enterprise for which the money was lent. Making money from money is not acceptable in Islam. Gharar (deception) and Maisir (gambling) are also prohibited. Investments should only support practices or products that are not forbidden or even discouraged by Islam. Islamic Banking Products Islamic Banking products have to be done according to Islamic rules and principles, based on profit and loss sharing as well as avoiding interest. According to BNM statistics 2007, Al Bai Bithaman Ajil financing is the most common in Islamic Banking. There are a lot of Islamic Banking products; however there are some famous Islamic products that will be discussed in this section. 1. Al Bai Bithaman Ajil /BBA This involves the credit sale of goods on a deferred payment basis. In BAA, the Islamic bank will purchase certain assets on a deferred payment basis and then sell the goods back to the customer at an agreed price including some margin or profit. The customer will make payment by installments over an agreed period. A fixed rate BBA is a powerful hedging tool against interest rates (Rosly, 1999). 2. Murabahah Murabahah is a contract of sale. The Islamic Bank acts as a middle man and purchases the goods requested by the customer. The bank will later sell the goods to the customer in a sale and purchase agreement, whereby the lender re-sales to the borrower at a higher price agreed on by both parties. These are more for short term financing 3. Mudharabah According to Kettel (2006), Mudharabah is a basic principle of profit and loss, where instead of lending money at a fixed rate return, the banker forms a partnership with the borrower, thereby sharing in a ventures profit and loss. Mudharabah is an agreement between the lender and entrepreneur, whereby the lender agrees to finance the project on a profit sharing basis according to a predetermined ratio agreed by both parties concerned. If there are any losses the lender will bear all the losses. 4. Musharakah Musharakah means partnership whereby the Islamic institution provides the capital needed by the customer with the understanding that they both share the profit and loss according to a formula agreed before the business transaction is transacted. In Musharakah all partners are entitled to participate in the management of the investment but it is not compulsory. Musharakah can help in providing financing for large investments in modern economic activities 5. Al Ijarah Ijarah means meaning to give something on a rental basis. In Ijarah, the bank acquires ownership based on the promise and leases back to the client for a given period. The customer pays the rental but the ownership still remains with the bank or lender. As the ownership remains with the lessor (bank), it continues to give the service for which it was rented. Under this contract, the lessor has the right to re-negotiate the quantum of the lease payment at every agreed interval to ensure rental remains in line with the market rates (Hume, 2004). 6. Wadiah Wadiah is a trust contract and the bank provides gift (hibah) and various types of benefits to the customer. This is exactly like a normal conventional savings account. 7. Istisna Istisna allows one party buys the goods and the other party undertakes to manufacture them according to agreed specifications. Normally, Istisna is used to finance construction and manufacturing projects. 8. Salam Salam is defined as the forward purchase of specified goods with full forward payment. This contract is normally used for financing agricultural production. According to Hassan (2004), Salam based future contracts for agricultural commodities, supported by Islamic Banks, can help to overcome the agricultural financial problems Table 2.1 lists the products of conventional banking and their correspondent products in Islamic Banking. Source: Obaidullah, 2005 Financial Crisis and the Islamic Banking To be able to compete with conventional banks, Islamic banks have to offer financial products that are comparable to the ones offered by the conventional banks. This exposes the Islamic banks to similar credit, liquidity and risks driven by market instability. Despite that, Islamic banks managed to remain stable at the early phases of the crisis. That was driven by three main Factors. First, Islamic banks financing activities are strongly tied to the real economic activities than their conventional counterpart. Even though Musharakah and Mudharabah both provide better risk sharing while keeping strong link to the real sector, they are used minimally for different reasons. Most financing activities are done through Murabah and Ijarah followed by Istinsa. In the GCC and during 2007, Murabaha comprised of 65.4%, Ijarah 12.78% and Istinsa 2.83%. Both Murabaha and Ijrah transactions require the Islamic bank to know the clients purspose and use of finance as well the ownership of the asset by the bank. This help in ensuring that the funds are used for their stated purposes. On the other hand, conventional banks do not require disclosing the use of funds as long as the client is believed to creditworthy or can post suitable collateral. Second, Islamic banks avoid direct exposure to exotic and toxic financial derivative products. Since Shariah prohibits riba and gharar, the asset portfolio of Islamic banks did not include any CDOs, CMBSs, and CDSs which turned out to be highly toxic for conventional banks and amplifying factor for the crisis. These derivative products, initially used for hedging purposes, became device for highly speculative investments among conventional financial institutions. Unavailability of hedging instruments for Islamic financial institutions, which was perceived as weakness before the crisis, became a strengthening factor for them. However, exposure to other investment risks driven from equity markets, sukuk, real-estate and ownership stakes in other businesses remain a source of concern when overdone or undertaken purely for speculative gains. Third, Islamic banks in general have a larger proportion of their assets in liquid form than their conventional counterparts. This is driven by two main reasons: (1) there is no lender of last resort (LOLR) facility available to Islamic banks, and they do not have access to market liquidity in the form of the interbank market, high liquidity was maintained for risk management purpose. (2) Excess liquidity is required due to lack of interest-free short-term investment opportunities as real economic investments require some development period. As the global financial crisis became a global economic crisis, it started to affect Islamic banks in an indirect manner. The financial crisis has triggered a chain reaction whereby the slowdown in the real economies of the developed countries has started to affect economic growth and investment activities in export driven economies of the developing countries through lower trade in goods and services as well as through the declining commodity prices including that of oil. The economic downturn is not only affecting the investment and financing activities of financial institutions including those of Islamic banks, it is also reducing the funding of these banks through lower personal savings and declining corporate profits. It should be noted that most of the Islamic banking industry comprises of commercial banks whose major funding source are retail deposits, investment banking constitutes only a small portion of the industry. Islamic banks in some regions may face risk on their fina ncing and investment side of the balance sheet due to the crisis induced volatility of equity markets where these banks have large positions. Downturn in the real estate markets where these banks have large direct and indirect exposures is also another source of risk. Similarly, the changing wealth position of their high-net-worth (HNW) clients who also hold financial exposure in the hard-hit conventional financial sector of the West and therefore are now postponing any investment plans is also a factor. The relative importance of each of these factors varies by the region. For example, the banks in the GCC and particularly in the UAE are more exposed to real estate market risk, followed by risk of international equity markets. For the banks in Asia, their investments in domestic and international equity markets are a source of concern as equity markets are showing higher volatility. In some of the countries, the existing fiscal imbalance which has widened after the crisis is also a factor in the increased volatility of the markets Previous Literature The study of bank profitability is an important tool to evaluate bank operation by examining the different factors affecting bank profitability and using these factors for management planning and strategic analysis. In the last four decades, many studies have been conducted to study both bank profitability and the determinants of bank profitability either for particular country or for a panel of countries. These studies normally divide these factors into internal factors and external factors. Internal factors represent the bank-specific characteristics such as bank size, liquidity structure; liabilities†¦etc while external factors can be macroeconomic factors such as inflation and GDP growth or Country-specific regulations rules and practices. In the area of banking profitability, many studies have been conducted to investigate the profitability of conventional banks while only few were conducted in the field of Islamic banking. In this chapter, we will review these studies for conventional banking first and then will focus on studies in the Islamic banking field. Then we will cover the conceptual framework of this research. Conventional Banking Different studies have been conducted in the field of conventional banking profitability. Short (1979), Bourke (1989), Molyneux and Thornton (1992), Goddard, Molyneux, and Wilson (2004), Peters et al. (2004) are some of the researchers in the field. Short (1979) is one of the early scholars who studied the relationship between banking profit rates and concentration for sixty banks in Canada, Western Europe and Japan during the 1970s and he included independent variables including government ownership and concentration by using H index to quantify concentration. Results showed that the government ownership impact on profitability varied throughout the countries studied but expressed an overall negative relationship. He also found evidence that indicated higher concentration rates lead to higher profit rates (Short, 1979). Bourke (1989) also compared concentration to bank profitability but included other determinants. Bourke (1989) covered ninety banks in Australia, Europe, and North America between 1972 and 198 and examined different internal and external factors: internal factors such as staff expenses, capital ratio, liquidity ratio, and loans to deposit ratio; external factors such as regulation, size of economies of scale, competition, concentration, growth in market, interest rate, government ownership, and market power. His results show that increase in government ownership leads to lower profitability in banking. He also found that concentration, interest rates, and money supply are positively related to profitability along with capital and reserves of total assets as well as cash and bank deposits of total assets. Bourke adds that well capitalized banks enjoy cheaper access to sources of funds as they are less risky than less capitalized banks (Bourke, 1989). Later, Molyneux and Thornton (1992) studied the determinants of European banks profitability. The paper examined eighteen counties in Europe between 1986 and 1989. This paper replicated Bourkes (1989) work by using internal and external determinants of bank profitability. However, Molyneux and Thornton (1992) results showed that government ownership expresses a positive coefficient with return on capital (profitability) which contradicts with Bourkes findings. Other results were similar to Bourkes, showing that concentration, interest rate, and money supply were positively related to bank profitability (Molyneux and Thornton, 1992). In one of the recent papers on bank profitability on European banks, Goddard, Molyneux, and Wilson (2004) shows similar findings to the paper by Molyneux and Thornton (1992). It investigates the determinants of profitability in six European countries and it covered 665 banks between 1992 and 1998. The study used cross-sectional and dynamic panel models. The variables used in the regression analysis were ROE, the logarithmic of total assets, Off Balance Sheet (OBS) dividends, Capital to Asset Ratio (CAR). The results from both models were similar: evidence reveals that there is a positive relationship between size (total assets) and profitability. Meanwhile, OBS appears to have a positive relationship with profitability for UK but neutral or negative for other European countries. Moreover, results also state that CAR has a positive relationship with profitability. Furthermore, the paper touched on ownership type by indicating that there is high competition in banking due to the fact t hat there is foreign bank involvement in domestic banks, and that profitability is not linked to ownership (Goddard, Molyneux, and Wilson, 2004). Peters et al. (2004) studied the characteristics of banks in post-war Lebanon for the years 1993 to 2000 and compared the results to a group of banks from five other countries in the Middle East including UAE, KSA, Kuwait, Bahrain and Oman for the years 1995 through 1999. They used Return on Equity (ROE) measure profitability and leverage and they employed regression models that relate bank profitability ratios to various explanatory variables. This study tests the relationships between bank profitability and size, asset portfolio composition, off-balance sheet items, ownership by a foreign bank, and the ratio of employment to assets. The results show a strong association between economic growth and bank profitability, whether measured by ROE or ROA. They found that Lebanese banks are profitable, but not as profitable as a control group of banks from five other countries located in the Middle East. Islamic Banking In the area of Islamic Banking, Bashir (2000) assessed the performance of Islamic banks in eight Middle Eastern countries. He analyzed important bank characteristics that affect the performance of Islamic banks by controlling economic and financial structure measures. The paper studied fourteen Islamic banks from Bahrain, Egypt, Jordan, Kuwait, Qatar, Sudan, Turkey, and United Arab Emirates between 1993 and 1998. To examining profitability, the paper used Non Interest Margin (NIM), Before Tax Profit (BTP), Return on Assets (ROA), and Return on Equity (ROE) as performance indicators. There were also internal and external variables: internal variables were bank size, leverage, loans, short-term funding, overhead, and ownership; external variables included macroeconomic environment, regulation, and financial market. In general, results from the study confirm previous findings and show that Islamic banks profitability is positively related to equity and loans. Consequently, if loans and equity are high, Islamic banks should be more profitable. If leverage is high and loan to assets is also large, Islamic banks will be more profitable. The results also indicate that favorable macro-economic conditions help profitability (Bashir, 2000). Hassoune (2002) examined Islamic bank profitability in an interest rate cycle. In his paper, compared ROE and ROA Volatility for both Islamic and conventional banks in three GCC region, Kuwait, Saudi Arabia, and Qatar. He states that since Islamic banking is based on profit and loss sharing, managements have to generate sufficient returns for investors given that they are not willing accept no returns (Hassoune, 2002). Bashir and Hassan (2004) studied the determinants of Islamic banking profitability covers 43 Islamic Banks between 1994 and 2001 in 21 countries. Their figures show Islamic banks to have a better capital asset ratio compared to commercial banks which means that Islamic banks are well capitalized. Also, their paper used internal and external banks characteristics to determine profitability as well as economic measures, financial structure variables, and country variables. They used, Net-non Interest Margin (NIM), which is non interest income to the bank such as, bank fees, service charges and foreign exchange to identify profitability. Other profitability indicators adopted were Before Tax Profit divided by total assets (BTP/TA), Return on Assets (ROA), and Return on Equity (ROE). Results obtained by Bashir and Hassan (2004), were similar to the Bashir (2000) results, which found a positive relationship between capital and profitability but a negative relationship between loans and profitability. Bashir and Hassan also found total assets to have a negative relationship with profitability which amazingly means that smaller banks are more profitable. In addition, during an economic boom, banks profitability seems to improve because there are fewer nonperforming loans. Inflation, on the other hand, does not have any effect on Islamic bank profitability. Finally, results also indicate that overhead expenses for Islamic banks have a positive relation with profitability which means if expenses increase, profitability also increases (Bashir and Hassan, 2004). Alkassim (2005) examined the determinants of profitability in the banking sector of the GCC countries and found that asset have a negative impact on profitability of conventional banks but have a positive impact on profitability of Islamic banks. They also observed that positive impact on profitability for conventional but have a negative impact for Islamic banking. Liu and Hung (2006) examined the relationship between service quality and long-term profitability of Taiwans banks and found a positive link between branch number and long-term profitability and also proved that average salaries are detrimental to banks profit. Masood, Aktan and Chaudhary (2009) studied the co-integration and causal relationship between Return on Equity and Return on Assets for 12 banks in KSA for the period between 1999- 2007. For their research, the used time series model of ADF unit-root test, Johansen co-integration test, Granger causality test and graphical comparison model. They found that there are stable long run relationships between the two variables and that it is only a one-direction cause-effect relationship between ROE and ROA. The results show that ROE is a granger cause to ROA but ROA is not a granger cause to ROE that is ROE can affect ROA input but ROA does not affect the ROE in the Saudi Arabian Banking sector. Conceptual Framework Theoretical framework is a basic conceptual structure organized around a theory. It defines the kinds of variables that are going to be used in the analysis. In this research, the theoretical framework consists of seven independent variables that represent four aspects of the Bank Characteristics. Theses aspects are the Bank Size (Total Assets), Capital Structure (Equity and Tangible Equity), Liquidity (Loans and Liquid Assets) and Liabilities (Deposits and Overheads). Bank profitability is the dependent variable and two measures of bank profitability are used in this study, namely return on average equity (ROAE) and return on average assets (ROAA). In this section we develop the hypothesis to be examined in this research paper. Development of Hypotheses This paper attempts to test seven hypotheses. A hypothesis is a claim or assumption about the value of a population parameter. It consists either of a suggested explanation for a phenomenon or of a reasoned proposal suggesting a possible correlation between multiple phenomena. According to Becker (1995), hypothesis testing is the process of judging which of two contradictory statements is correct. Hypothesis 1: Profitability has a positive and significant relationship with the total assets (ASSETS). Total Assets of a company represents its valuables including both tangible assets such as equipments and properties along with its intangible assets such as goodwill and patent. For banks, total assets include loans which are the basis for bank operations either through interest or interest-free practices. Total assets is used as a tool to measure the bank size; banks with higher total assets indicate bigger banks. Molyneux and el (2004) included total assets in their study and found a positive significant relationship between total assets and profitability. Therefore, total assets are expected to have positive relation with profitability which means that bigger banks are expected to be more profitable. Total assets are converted logarithmic to be more consistent with the other ratios Hypothesis 2: Profitability has a positive and significant relationship with equity to asset ratio (EQUITY). Total equity over total assets measures banks capital structure and adequate. It indicated bank ability to withstand losses and handle risk exposure with shareholders. Hassan and Bashir (2004) examined the relationship between EQUITY and bank profitability and found positive relationship. Therefore, EQUITY is included in this stud

Tuesday, November 12, 2019

The Vulnerability of Man Essay example -- essays research papers

The Vulnerability of Man   Ã‚  Ã‚  Ã‚  Ã‚  Nature dwarfs us. The jungle absorbs us. Struggling to survive in the middle of an enticing jungle, one truly challenges his own restraints to the temptation of the jungle – of the horror of an abyss which lies so closely beneath us. All of our days and ways are a fragile structure balanced agitatedly atop the hungry jaws of nature that will effortless devour us. A happy life is a daily amnesty from this knowledge. Joseph Conrad’s Heart of Darkness and Francis Ford Coppola’s Apocalypse Now share a common theme where the feeble human cannot restrain the domination of the jungle. Those who live in a fool’s paradise will die in a fool’s paradise, and those who discover the horrors of life will die in the jungle. Colonel Kurtz in Apocalypse Now and Captain Kurtz in Heart of Darkness have both been lured into a â€Å"God-like† life in the jungle. Willard and Marlow both travel a long way down a river to attempt to rescue Kurtz, or kill him. The Kurtz in both stories have lost restraint to the wilderness, while Willard and Marlow fight hard to keep theirs.   Ã‚  Ã‚  Ã‚  Ã‚  The opening scene in the movie captures a distraught Willard having just returned from the Vietnam War. Willard is pouncing around in his hotel room as though a savage. Only later it is revealed that he is resisting the temptation of returning to the jungle. â€Å"When I was here, I wanted to be there; when I was there all I could think about was getting back in the jungle† (Captain Willard). This scene suggests Willard’s strength to resist temptation. Having already escaped from Vietnam once, he will do it again. The matter is however, the difficulty of withstanding the jungle is like pulling two burly magnets in opposite directions. Willard himself deals with a desire to escape into the jungle. He is uncertain of his reasons, but his physicality and mentality demands it. In Apocalypse Now, the Vietnam War only plays a surface role, a parallel for the jungle, in which both display the effects of corruption and destruction on man. The true significan ce of the story lays beneath the surface, as the horror of existence, the horror of strength, and the horror of an ability to kill without feeling.   Ã‚  Ã‚  Ã‚  Ã‚  In the beginning of the novel, Marlow and four other Englishmen are stranded close to the mouth of the Thames Riv... ...ad put his restraint to test eventually swallowed him whole. As does in Apocalypse Now, both Kurtz’ die saying â€Å"The horror. The horror.† While the definition of this â€Å"horror† is clearly defined in Apocalypse Now, it is left unclear in The Heart of Darkness. These words might have no larger meaning at all. Though there is a constituent of madness to Kurtz, he's remained coherent enough for the audience to wonder whether in casting off all restraints in the jungle, he has discovered some dark truth about the world, a truth that horrifies him. His words might be a pronouncement on the universe we all inhabit, as in Apocalypse Now, Colonel Kurtz’s discovery of how fragile men live their lives is easily tempted by the wilderness, and most will fall into this trap.   Ã‚  Ã‚  Ã‚  Ã‚  In the Heart of Darkness and Apocalypse Now, the stories contain symbolic imagery of the all-too-powerful nature against the defenseless man. Both stories contain a horror of which one has been given a definition, and the other left for the audience to define. The stories examine a man’s capacity for evil and madness, and the level of self-control necessary to survive the manipulation of nature.

Sunday, November 10, 2019

Body Language in the Workplace

The book deals with how Body Language affects your business career and illustrates you step-by-step examples on the effect of Body Language and how to use it in favour of your success. The author’s Allan & Barbara Pease both come from the Business World and established this book together, developing specific techniques trough personal experiences. Allan Pease made his first personal experience with the effect of Body Language as a Teenage Boy, working as a door-to-door salesman for a rubber sponge company. He quickly learned, by watching the people’s Body Language on what they were thinking and then found a way to persuade them to willingly buy the rubber sponges without them noticing it. He later worked as a successful salesman for an Australian Life Insurance Company. The Book is a â€Å"How to† Book and designated to prospective and current Business People. The author adresses the reader directly, which gives a more personal approach to the Book. The author’s style is very informal, the quality of writing is very clear and original which makes it easier for the reader to follow and not get bored. It suits the intended audience. Body The book contains seven Chapters, each chapter representing a different situation the reader is confronted with in his/her everyday Business Life, making it easier for the reader to identifiy himself/herself in the examples and adapting them more easely. Each example is given an additional illustration or specific situation so the reader is directly involved in the situation and understands better what the author is refering to. Furthermore, there are 14 Business rules spread out over the book. More precisely, each chapter contains 2 Business Rules that have to be remembered. Moreover, the book is divided into two different categories: ‘A woman in Business’ and ‘A man in Business’. The first chapter has the Title â€Å" Interviews: How to Get the Job†¦Every Time; Are you Sitting Comfortably ? How to Sit, Where and Why â€Å" . It discusses how a First Impression is made and how to work on it. The first impression is more important than what is written on your Curriculum Vitae. The Interviewer will remember your appearance rather than what College you attended. This chapter also tells you what to do and what not to do in an interview, by example not to wear a Goatee because it represents Satan and people will most likely repel people subconciously. Furthermore, the chapter sow the reader how seating arrangements can change your whole position and what type of Table is most suitable for a Conference. The second chapter has the Title â€Å" How to Take Your Career in Your Hands: the Art of Handshaking, Networking and Surviving the Office Party†. In this chapter the reader learns what a Handshake can do to his/her professional career, in other words : â€Å"A good handshake can be the difference between a career boost and career suicide†. Furthemore, the reader learns how to behave at an Office Party and how to boost your popularity. The third chapter, â€Å"Persuasive Presentations† shows the reader how to behave during a Presentation, taking a close look at the audience and work with Power Point Presentations. In this chapter the reader learns that the audience sitting on their left is more likely to be attentive and respondend to Jokes than the audience sitting on their right. The fourth chapter, â€Å"Mastering Meetings and Perfecting Phone- and Video-Conferencing† tells the reader how to behave during a Video Conference, watching his/her Body Language and adapting the speed of Voice and sound to the other person during Phone- and Video-Conferences. The fifth chapter, â€Å"The Best-Kept Secrets of Successful Businesspeople† demonstrates the reader how to make himself/herself â€Å"taller† in the Businessworld, since it is proven that taller people get higher positions and therefor higher salaries. Moreover, this chapter shows the reader how to use eye contact and moderate smiling in specific situations. The sixth chapter, â€Å"Globalisation: The Perils and Pitfalls† shows the reader to take into consideration foreign Body-Language, especially in the Business World where people travel a lot. The authors give the most common example of Japan,where certain aspecst of Body Language are perceived differently than in Europe and how misleading Body Language can ruin a Business Plan. For example, when Japanese people nod their head while you are speaking does not mean that they are in complete agreement with you, but they are rather telling you that they are listening and that you should keep on talking. The seventh and last chapter, â€Å"Office Politics, Power-Players, Office Romances and Other Ticking Bombs† gives the reader examples on how to avoid intimidation by superiors,seeing who’s surfing on the internet and who’s really working at home, how to spot and â€Å"office romance† and most importantly how to deal with stress. Conclusion The Book gives a clear and specific Guideline on â€Å"How to† Behave in different situations , but also shows the reader the Consequences of the mistakes he/she might be making without being conscious about them. The book is easy to follow and would rather be used by people preparing for an interview. In my opinion, it is very interesting to see how such little things that are thought to be unnoticed can have such a big impact on your professional career. Personally, I encountered the same experience as the Author, Allan Pease working as a â€Å"sales person â€Å" for an NGO, but instead of doing door-to-door I had to accost the people on the street. Opening your arms to the person and showing your palms is more likely to make people stop and listen to you than moving towards them, arms crossed. It was very interesting for me to find myself in certain aspects of the book and and learn ways to improve your own appearance. I would definetly recommend this book to any person who is looking for a Job or changing Workplace and/or preparing himself/herself for a presentation.

Friday, November 8, 2019

Experimental Design Assignment Essay Example

Experimental Design Assignment Essay Example Experimental Design Assignment Essay Experimental Design Assignment Essay The household product that we used was 5% ammonia. Ammonia is a chemical compound composed of nitrogen and hydrogen, with a formula of NH. Nitrogen is one of the main ingredients commercial agriculture, industrial manufacturing, and household cleaning products. It can be used to clean floors, rugs, tubs, silver, ovens, and crystal. However, after using the ammonia as a cleaning agent, it is washed away with water, flowing into the sewer system and into the environment, where it can affect other living organisms. According to Ammonia concentration determines differential growth of ammonia- oxidize arches and bacteria in soil microcosms, the proportion of ammonia into soil will affect the ecological niches for plants. After a certain proportion of ammonia to soil, the ammonia will create an environment where it is difficult for any plant to grow. Thus, the purpose of this experiment is to determine the concentration of ammonia at which the niche for plants to grow. Hypothesis Ammonia proportion of egg of soil to 30 ml of ammonia would not destroy the lands niche. There will be no difference between the control group and the group with 30 ml of ammonia. Methodology: In order to test the null hypothesis, first we measurements of soil in a beaker without any ammonia and equally divided the soil into 3 plant containers. In each plant container 5 seeds were added. This group was labeled as our control group. Then, 10 ml of ammonia was added to another beaker of egg soil and it was again equally divided into 3 other plant containers. Each of these containers was filled with 5 seeds as well. This second group was labeled as our 1% concentration group. The labeled as 2%, 3%, and 4% concentration respectively. For this whole process, we had 15 different containers in total. After 14 days, the results were collected. First, grown plants from each plant container in the control group were cut its base, measured and weighted. Then the mean of the heights and weights was calculated for this group. The same process was repeated consequently for 1%, 2% 3% and 4% labeled grouped concentration. Results Figure 1 Figure 1 shows the mean of the mean for each group. From the control group to 10 ml of ammonia, there was a 998% decrease in the weigh of plants and 100% decrease in the growth of plants from 10 ml to 20 ml. There was no grew in the plants after 20 ml. Figure 2 Figure 2 shows the weights of plants in each group. There was a 680% decrease in the weight of the plants from the control to 10 ml of ammonia and 100% decrease from 10 ml to 20 ml. After 10 ml of ammonia, there was no more growth in plants. Discussion In this experiment, there was no growth after 10 ml of ammonia. Since we made the incineration too high it was difficult to test our null hypothesis using the t-test analysis. Our results clearly show that any proportion of egg of soil to more than 10 ml of ammonia will be very harmful to the niche for plants. In the future, proportions of egg of soil to 1 ml-10 ml of ammonia could be used to test to see the correct niche of ammonia for plants, as weve seen in this experiment that small amount ammonia could be helpful for farmers. Given the results from our experiment, the usage of household ammonia does affect our environment. Same result will be true for other household antibacterial or detergent products which might be beneficial to us in some cases but are very harmful to the overall environment. The government should regulate the excessive misuse of these environmental contaminates so that we all will be protected from a long term negative effects of environmental changes. Nicola, Garage, Propose, James, and Overcame, Daniel. Ammonia concentration determines differential growth of ammonia-oxidations arches and bacteria in soil microcosms January 13, 2011. The ISMS Journal

Wednesday, November 6, 2019

Internal Medicine Essays

Internal Medicine Essays Internal Medicine Paper Internal Medicine Paper Essay Topic: Bless Me Ultima Love Medicine Every person has a distinct definition of success that differs from the perspective of others. For some, success is a word that is closely attributed to being famous and earning a lot of money; for others, it is a word used to having a high position in the company that they are working for. Personally, I define success as being able to accomplish what is tasked of me and at the same manner, being able to contribute to the society in my own little way. The lesser the fame, the better. This sounds surreal, but it is true. My name is (insert your name here) and I am looking forward to studying at (insert name of school here). I am a person full of conviction and passion in this field because I wanted to serve people in the society. I love giving back the knowledge and expertise that I have to those people who really needed my assistance. Stepping a level in this field of will surely make me achieve those goals. At a very young age, I was able to realize the importance and the power of medicine. Looking back on my younger years, I met an accident when I was four as me and my brother walks across the street. I was struck by the fender of an Oldsmobile and fractured my femur. It took several months before I was able to recover from such experience. But then I came to understand more about life and how one should value medicines power to heal. My personal experiences and academic background made me learn the importance of Internal Medicine in every society. I graduated from (insert name of your previous school). Being a student, I am really fascinated in Science subjects and drew more interest about the human mind and body when I went to college. Whenever I rotate on the wards, I see how important medicine is in the treatment sand recovery of patients. I was keenly aware of the gravity and importance of a healthcare teams work. This is my passion and upon seeing myself years from now, I feel overwhelmed and blessed of what I can do for others. Once I reach such position I will also do my best to build rapport to patients so that they will refer me to other friends and relatives. Having a good relationship with your patients is necessary in order for the problem to be solved immediately. Aside from that, I believe that I am competent enough in studying more about Internal Medicine which will help me in my future endeavors. I wanted to bring back the glory not only by educating my patients but also by teaching students of all ages outside of the hospital. In my college statistics course, for example, I took it upon myself to tutor students that were struggling with the material. Many had taken the course already and failed, but after working together each student I helped got a B or above. Fulfilled by this chance to give back to the community, I took on more tutoring work, specializing in students who came from poorer schools. I found this work even more stimulating than my research, because of the personal bonds I formed with my students. The communication skills I developed through teaching will serve me well as a resident and throughout my career. My greatest asset though is my heartfelt desire to provide medical help for those in need. Choosing to study in this respectable institution will ease the path towards brighter opportunities in the future for me. I believe that this university is capable of making students the best among the rest in giving nursing services. It has wide array of educational resources and expert professors that will hone promising students like me. I believe that my passion and my hard work will give me a reputable place in the profession. I believe that this is the right time to step to another level of my life. I am a very optimistic, sincere, dedicated, enthusiastic, compassionate and hard working person and I believe that these qualities will made me reach the top of the ladder in the future. Physical medicine and Rehabilitation Always reach for the star. That is my ultimate goal in life. Personal experiences gave me learning and responsibilities that molded me to be what I am now. My endeavor in life that I wished to happen at the right time comes with great purpose. I am confident that being admitted in your institution has the capability of making students to stretch beyond the Physical Medicine and Rehabilitation degree. I take one step at a time to manage my skills in a way that will lead to further enhancement and development. Life is a roller coaster and there are certain events where my abilities are put into test which later on taught me how strong I should be. I met an accident when I was four years old. That accident which fractured my femur made me understand the importance of this field of medicine. Ever since, I have wanted a career in which I too can help people achieve optimum function when recovering from similar experiences. I know firsthand that rehabilitation can be difficult, and I am committed to helping others regain dreams that seem lost. My third year of studies in (insert name of your medical school here), I experienced surgery and internal medicine rotations which enticed me to pursue physical medicine and rehabilitation. I want more exposure in dealing with cases of PM R. during the two PMR elective rotations I have at Elmhurst Hospital, we are immersed clinically, we are able to observe and rationalize for ourselves what the needs of the people for this specific time are. At the same time, it helps us to predict whatever it is that we need to accomplish in order for us to prevent certain dilemmas. Having those experiences like helping patients walk after surgery or move their limbs when in a rigid state would also help us to be more aware and careful of the lines that may be drawn while trying to accomplish the desired goals. I am keenly aware of the gravity and importance of a healthcare teams work. As such, I try to remain a consummate professional while achieving an intimate rapport with patients. I am careful in explaining treatments and diagnosis since I firmly believe that each patient has a unique individual story that drives me to work harder. Life is a give and take process and just as I enjoy educating patients about their health, I also find satisfaction in teaching students of all ages outside of the hospital. One example of this is my college statistics course; I tutored students that were struggling with the material that they have. Majority had taken the course already and failed, but after aiding those students they got B grades or above. I developed my communication skills through teaching and this will serve me well as a resident and throughout my career. In addition to my ability to listen and convey ideas clearly, I have a flair for solving complex problems. I also pride myself in my ability to get along well with others. I thrive when doing group work in service of a higher cause. Going to school in Grenada, for example, when a hurricane devastated the island, I immediately volunteered for GR3Grenada Relief, Recovery. Partnering with Humanity International, wse built temporary homes. The labor was demanding, but I enjoyed working as part of a team, and the results of our labor more than justified the effort. I am seeking a residency program that will provide a solid foundation in the clinical practice of rehabilitation medicine. In addition to structured training, I look forward to working with a diverse population in multiple facilities. My ideal learning environment will encourage close patient interaction. After my residency, I plan to continue my education with fellowship training in musculoskeletal or sports medicine. Eventually, I aspire to a career in clinical medicine with opportunities to do clinical research. I am passionate about restoring human function to those in needs, and am eager to acquire the vast amount of medical knowledge necessary to do so. Surgery Personal Statement Some say that life is filled with a lot of disappointments. There are disappointments that can normally make or break somebodys life. With the experiences that one has, it is sometimes unavoidable that they try and give up on everything, especially when they feel that their world has crumbled down on them. According to Denis Didero, an 18th Century French Philosopher, â€Å"only passions, great passions, can elevate the soul to great things†. Hearing about this saying made me realize that life is not as bad as it may seem. It made me realized that there is more to life than what you can see and do. I always have this inclination to activities that requires dexterity and advanced critical and analytical reasoning. As a kid, I used my nimble fingers to assemble everything from bikes and model cars to computers, and when I began medical school I was eager to use this manual agility to help others in life or death matters. It seemed miraculous that I literally held the power to heal in my hands, and I knew I wanted to devote the rest of my life to surgery. At our early age, we tend to migrate to the fact that life becomes more and more realistic as we get older. The usual things that make us smile and be proud of ourselves tend to change as we go on and experience new and exciting things. I for one, am a very dedicated student and a very loving child to my parents. I love the adventure and the thrill of discovering new ideas everyday. Reaching out and helping other people to the best of my ability, has always been one of my greatest passions. I cant stand the sight of having someone fall down and not have anyone to help them out. Even as a young kid, I have always been searching for relevant answers as to why and how certain things happen to older people. As the perseverant type determined to succeed, I soon find answers to all of my queries. My love and solid appreciation for the gravity of a surgeons work. It made me more motivated to go out of this world and help people in my own way. I believe that being able to devote my specialization in this field will help me grow as a person and fulfill my dreams. With a solid appreciation for the gravity of a surgeons work, I remained devoted to the specialty throughout medical school. I assisted in 27 surgeries in this time, each of which involved meticulous care in the handling of scalpels and laparascopes. As I developed these technical skills, I also strived to improve my personal interactions with patients. I worked to achieve an intimate rapport with each patient, and was careful to explain each treatment and diagnosis thoroughly. Each patients individual story drove me to work harder. Fulfilled by this chance to give back to the community, I took on more tutoring work, specializing in students who came from poorer schools. I found this work even more stimulating than my research, because of the personal bonds I formed with my students. The communication skills I developed through teaching will serve me well as a resident and throughout my career. In addition to my ability to listen and convey ideas clearly, I have a flair for solving complex problems. I also pride myself in my ability to get along well with others. I thrive when doing group work in service of a higher cause. Going to school in Grenada, for example, when a hurricane devastated the island, I immediately volunteered for GR3Grenada Relief, Recovery. Partnering with Humanity International, we built temporary homes. The labor was demanding, but I enjoyed working as part of a team, and the results of our labor more than justified the effort. I know that being able to fulfill my dreams entails a lot from ones end. Sacrifices have to be made, and this means that I have to be more determined than ever to succeed. My greatest asset though is my heartfelt desire to provide medical help for those in need. After my residency, I plan on balancing a primarily clinical career with research and teaching opportunities. I know I will enjoy all of the work I do to promote greatest physical, mental, and emotional wellbeing in patients. My dreams are just a few years away from me- and it is up to your good institution to help me fulfill that dream for me to become a complete person..

Sunday, November 3, 2019

Contemporary middle east history project 5 Research Proposal

Contemporary middle east history project 5 - Research Proposal Example The split led to antagonism between the Muslim communities and in the modern Islam it has adverse effects including Muslims attacking Muslims. In chapter 5 of Devani’s book, he states that, â€Å"The newly established Iranian Empire lacked the resources that had been available to the Islamic Caliphs of Baghdad in order to consolidate their power over the Islamic authority† this leads me to believe that it was lack of access to resources by the empire that that led to the end of military patronage states. After the exit of Asia and Transoxania, the increase in marine business in the West was unpromising to Iran whose prosperity was dependent on its location on significant East to West overland trade ways like the Silk Road which was well-known. This led to the rise of the Ottomans who seized back Iranian advances to the West. Safavids on the other hand rose and established command of over both the Caucasus and Mesopotamia. The Ottoman and Safavid Empires were the outcome of many years of Islamic state construction and expansion. In their development, they covered virtually the whole Islamic population. They present the connection between the prehistoric and contemporary periods of Islamic history. Both ultimately declined, and were engrossed by the extension of the British Empire. They were different from the military patronage states because they began as religious sects. The Safavid Empire differed from the Ottoman Empire because it was an authoritatively Shiite empire. The Ottoman Empire declined, as a consequence of both in-house ineffectiveness and pressure from its outside antagonists in Europe and Asia while the Safavid Empire collapsed due to invasion by Afghans in 1722. The two great empires were characterized by pronounced religious opposition to critical thinking. This made it difficult for the people to acquire important and helpful information. There existed economic problems such as; competition

Friday, November 1, 2019

How did Ptolemy I come to adopt the title of king after Alexander the Essay

How did Ptolemy I come to adopt the title of king after Alexander the Great's death How did he come to adopt the title of 'Soter' meaning Saviour What controversial evidence surrounds these events - Essay Example Though Ptolemy became known to history initially as the â€Å"friend, confidant, and later general of Alexander† and later as his predecessor, there was no indication from any historical accounts that Alexander wanted Ptolemy to be his successor (Bingen and Bagnall, 2007, 15). But it has been clear from historical documents that Ptolemy was close to Alexander (Worthington, 2003, p.137). It was by the year, 330 that Ptolemy â€Å"succeeded Demetrius† and became the aide-in-hand of Ptolemy as he was already a senior leader in the â€Å"Macedonian army† (Ellis, 1994, p.10). Green (1990) has observed, â€Å"Ptolemy was one of the few to realize that limiting his ambition would actually get him farther in the long run† (p.9). But once Alexander died, he was not sitting idle as well. After taking over the responsibility of governance of Egypt, the first thing he did was to attack and conquer â€Å"the rich North African State of Cyrenaica† without attaining any permission from Perdiccas (Green, 1990, p.13). On the political front, Ptolemy is known for the first ever application in history â€Å"of a philosophy of monarchic power† once he succeeded Alexander as the king (15). But later historians (eg:- Bosworth, 1976) have also pointed out that Ptolemy manipulated the facts in his history of Alexander, a text from which supposedly the most authentic historian of Alexander, Arrian, drew his facts to retell the story (117). It has been observed that Ptolemy exaggerated his own achievements and downplayed his rivals’ ones in this text (Bosworth, 1976, 117). And the result was that whatever history that exists about Alexander, incorporates within it, the exaggerated self of Ptolemy also. Ptolemy himself had told the story of Alexander but this book is now lost somewhere in the quagmire of history (Ellis, 1994, 7). Hence, it is through the work of Arrian (1907), that now we know the story of Alexander, of course as told