An Islamic Micro Finance Bank To Help Enterprises - Free Essay Example

Sample details Pages: 8 Words: 2346 Downloads: 7 Date added: 2017/06/26 Category Statistics Essay Did you like this example? The Conventional Micro-Finance programs have shown little interest in religious and cultural sensitivities ,also excludes the poorest of the poor and are inadequate to full-fill the needs of 37.4 % poor Muslims of the world. A recent report by CGAP suggests that a large proportion of poor muslims rejects all forms of loans, including Grameen style Microloans on religious grounds, even many Government initiatives have failed because of this reason. Islamic Finance industry is an industry with rapid growth but has shown little interest in Micro-Finance and poverty alleviation aiming for shariah compliance inform and not in spirit. Don’t waste time! Our writers will create an original "An Islamic Micro Finance Bank To Help Enterprises" essay for you Create order There are many Islamic MF programs currently operational in different parts of the world, but they are regional and country based programs, this research paper will focus on the development of an International Micro-Finance Bank (not Program) with deepest local penetration. Interest based loans may lead prospective entrepreneurs to refrain from pursuing activities as cost of failure is too high. Islamic Economics goals of equality, fairness, social solidarity through risk sharing, property rights, and sanctity of contracts; entrepreneurship, partnership, income generation through productive activity for poverty alleviation are completely in sync with basic principles of any Micro-Finance program. Aim and objectives: The purpose of my research is developing a sustainable and universal business model of an ideal full-fledged à ¢Ã¢â€š ¬Ã…“Islamic Micro-Finance Bankà ¢Ã¢â€š ¬? by examining working technique and mode of operation of Islamic Banks(and of Banks working on No Interest principle) and of Micro-Finance programs ( both Islamic and Non-Islamic) and merging the working principles of both to come with a business model of a Universal World-Wide Micro-Finance Bank strictly following and working on principles of Islamic Finance. An Islamic Micro-Finance Bank will provide thousands of entrepreneurial poorà ¢Ã¢â€š ¬Ã¢â€ž ¢s access to Micro-Finance- especially those who fear breaching their religious beliefs. Islamic Micro-Finance Bank will seek to finance business activities which will lead to the economic empowerment of the poor, rather than merely lending to the poor for consumption. Literature review: Islamic Finance : Islamic Finance refers to a system of Banking that is Consistent with Islamic law(sharia) principles. This system reflects Islamà ¢Ã¢â€š ¬Ã¢â€ž ¢s teachings on wealth distribution, social and economic justice. The basic principles and practices of Islamic Finance date back to the early part of the seventh century. (Islamic Finance : A Euromoney Publication, 1997). Prohibition of Riba(interest). Risk Sharing. Social Mission. Prohibition of Speculative Behaviour. Sanctity of Contracts. Shariah- approved activities. Islamic Financing Techniques: Islamic financial institutions have developed several financing techniques that are applicable according to the nature of the commodity or business and finance period of the project. The principal financing techniques, murabaha, mudaraba, musharaka, and ijarah, are described briefly below: The first technique, murabaha, is the most popular and widely used Islamic financing instrument. Murabaha involves the resale of a commodity after the lender adds a specific profit margin (often referred to as the à ¢Ã¢â€š ¬Ã‹Å"mark-upà ¢Ã¢â€š ¬Ã¢â€ž ¢), which is paid by the borrower who agrees to buy that commodity. Usually, repayment is made in instalments to the financier, who pays the price to the original supplier of the commodity. This type of finance is commonly used for financing assets or working capital inputs, such as raw materials, machinery or equipment. For murabaha to be Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah-compliant the financier must own (or procure) the commodity first and then resell it, the commodity should be a tangible one, and the buyer must know and then agree to the purchase and resale prices. Under mudaraba, a second type of contract, two parties are involved à ¢Ã¢â€š ¬Ã¢â‚¬Å" the financier, who provides all the money, and the entrepreneur who uses his or her skill to invest the money in an attractive business venture. The profit from the mudaraba contract is shared by the financier and the entrepreneur according to a pre-determined ratio. Importantly, profit-sharing rates are a percentage of the profit and not a lump sum payment. In the case of a loss, providing it has incurred in the normal process of business and not due to neglect or misconduct by the entrepreneur, the financier loses all his or her money, while the entrepreneur merely loses his or her time and effort. Musharaka, a third financing instrument, means partnership in Arabic and can be understood as an equity participation contract. Both parties provide capital and are involved in the management of the funded venture. Profits are shared between each partner according to the ratio of his or her investment. If the venture suffers a loss, each partner loses according to this same ratio. Neither mudaraba nor musharaka are popular mechanisms in the context of microfinance as the thorough reporting and transparency requirements surrounding the just distribution of any profit or loss can result in substantial operating burdens and costs on small businesses which are generally unaccustomed to formal accounting and reporting. Ijarah, a fourth primary finance instrument, is similar to leasing. Under this arrangement, an entrepreneur short of funds approaches a financier to fund the purchase of a productive asset. The financier may buy the productive asset and rent it out to the entrepreneur. The financier retains ownership of the asset and is responsible for its maintenance. Importantly, and like any other contract, an ijarah contract must fulfil all of the conditions of a valid contract stipulated by the Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah. Thus, the contract should be clear, should be by mutual agreement, the responsibilities and benefits of both parties should be clearly detailed and the agreement should be for a known period and price. Islamic Micro-Finance Bank is something very very new and in fact there is only one Islamic Micro-Finance bank currently in the world(Nigeria) and that too was launched recently on 15th of April 2010,recently State Bank of Pakistan has laid down guidelines for the establishment of any Islamic Micro-Finance Bank. My research problem is somewhat related with poverty as a whole and poor muslims around the world will be the main focus of the solution, because solution that is applicable for muslims is certainly available to every individual in the world. First, I will talk about why there is a need of Islamic Micro-Finance and then about the need of a Full-Fledged Islamic Micro-Finance Bank. About 65% of the SMEs (muslim owned) who had never applied for bank loans were uncomfortable with the interest based loan products being extended by banks. While this may not be a conclusive evidence for the extensive demand for Islamic finance products as it is not clear that whether these responden ts need the loans etc, however generally the respondents do highlight the interest (Riba) based banking products as one of the reasons for their reluctance to access bank loans. About 75% of the farmers in Muslim dominated countries who did not take bank loans and 55% of all the farmers expressed their dislike of interest based products and said that they donà ¢Ã¢â€š ¬Ã… ¸t want to take the interest bearing bank loans. Although this finding signifies the need for introduction of Islamic Agrifinance Products, however the finding may be somewhat biased as a large number of these farmers also considered lack of collaterals/defects in title deeds and non-cooperation by revenue department as the key hurdles in obtaining banks loans. Nevertheless there is substantial demand for Sharia compliant agri-finance products and if offered most of the farmers would be willing to avail the facility. Conventional microfinance had also been questioned on its overall desired impact since the poorà ¢ â‚ ¬Ã¢â€ž ¢s are subjected to very high interest rate of up to 30%. Some even argued that disbursing credit to the poor to make financial gains out of the same cannot be the aim of the microfinance institutions. Interest charged is rather oppressive for their poor receivers, thus fails to achieve the noble objective of microfinance. According to various studies, a notable number of the recipients were also found to be well above the poor category. Islamic Micro-Finance , on the hand, utilizes Islamic financial Instruments which are based on PLS schemes rather than loan. Conventional microfinance institution focused mainly on women as their client. On the hand, Islamic Micro Finance Institution should not only be focusing on women but must also be extended to the family as a whole. Moreover, Conventional Micro-Finance used group lending as a way to mitigate risk in their operation. Islamic Micro-Finance may also use similar technique, but they can also develop Islamic ethical principles to ensure their clients pay the payment regularly. Now, talking about why there is a need of an Islamic Micro-Finance Bank, well there are many Islamic Micro-Finance operational in different parts of the world run and managed by different organisations like Sanadiq at Jabal-al-Hoss; Muà ¢Ã¢â€š ¬Ã¢â€ž ¢assasat Bayt Al-Mal in Lebanon; Hodeidah program in Yemen. IBBL, SIBL in Bangladesh; Akhuwat in Pakistan; Sahulat , Manara in India. Amana Ikhtiar in Malaysia; BPRS , BMTs in Indonesia. FINCA in Afghanistan. Azaovad Finance in Northern Mali. But my question is that why we cannot have a Global Islamic Micro-Finance Program when is there is such a huge of this, microfinance programs are designed keeping in mind the needs of local people and how to serve them better, but if this is done with an International approach then experiences gained in one region will be very beneficial in addressing the problem of other regions, it will be very helpful in the diversification of risk and also SMEs will be share to share expertise and experiences o f one another and can work to build and ecosystem of mutual co-operation and empowerment. Also the increasing demand for alternative micro credit products by the less privileged members of the society against the conventional banking practices, now requires a whole financial system rather than a program or a bank as individual entities, marriage of two is much required need of the time and a new approach designed on the strict guidelines laid down by Quran for Islamic Finance is recommended, adapting Classical Islamic Contracts to modern Islamic Micro-Finance is easier than for mainstream Islamic Finance. I want to develop a Islamic Micro-finance Bank with muslims as prime focus but only for muslims because What we are commissioning today represents our contribution towards providing an alternative banking for Muslims and non-muslims alike. Poor person is a poor person and this has nothing to do with her/her religion, and poverty can only be alleviated if we consider all poors of the world as one and work global make à ¢Ã¢â€š ¬Ã…“No povertyà ¢Ã¢â€š ¬? a reality. The number of Islamic Micro-Finance initiatives remains limited, less than 1% of the total global microfinance outreach, there is for a number of reasons increasing in interest in developing microfinance programmes based on Islamic Financing principles. Since, Islamic Microfinance is a new area, because little research has been conducted on its impact, outreach of such programmes has so far been limited. So, research with the aim of developing a new approach to Islamic microfinance is completely justified. Research Methodology and Method(s): My research methodology will be based on a lot research and study of Islamic Finance laws approved by Quran, their practical application in the real world scenario, how they are applied by different Islamic Banks and Micro-finance programs in their working, how differently they are applied in practice, analysis of shortcoming of different Islamic Banks and Micro-Finance programs. Study of how Islamic banks weathered current GFC, what were their advantages and disadvantages. How an Islamic Bank is started( rules and regulations in different countries) and how an Islamic Micro-Finance program works( relative to different regions), establishing a common ground for Islamic Micro-Finance bank, framing rules and policies for an ideal Islamic Micro-Finance Bank. Research and study of banking system in Japan( interest rates are negligible) and of JAK Bank Sweden(work on NO interest principal), how they operate , from where and how they fund themselves, how their modus operandi will sustain in an Islamic Finance environment. Data will be collected basically from internet because much of the work has not been done in the area of Islamic Micro-Finance Bank, interviews and discussion with the experts in field of Islamic Law and Islamic Finance, thorough study of Quran( Islamic laws and Financial laws).Study of books on this topic, discussion and advice from experts on Risk Management and Diversification and how i can apply them in Islamic Finance. Extensive of all available sources of information Islamic Finance and Micro-Finance. Structure and plan: Chapters in the Dissertation will be as Follows(Final Structure Can Change): CONTEXTUALISING ISLAMIC FINANCE Error: Reference source not found (Number of days taken to complete the chapter) Modern revival of Islamic financeError: Reference source not found Islamic economic foundationsError: Reference source not found Ethical dimensions of Islamic economic systemsError: Reference source not found Benefits of Islamic bankingError: Reference source not found Islamic economic principles do they promote or stifle growth? 9 DISTINGUISHING FEATURES OF ISLAMIC FINANCEError: Reference source not found Principles of Islamic financial systemsError: Reference source not found Prohibition on speculation or risk (gharar)Error: Reference source not found Prohibition on usury (riba) and hoardingError: Reference source not found Prohibition on usury (riba) and interestError: Reference source not found Profits as distinct from usury (riba)Error: Reference source not found APPLICATION OF ISLAMIC BANKING TO MICROFINANCEError: Reference source not found Interface of Islamic Banking Principles and MicrofinanceError: Reference source not found Islam and microfinanceError: Reference source not found Social and development roles of Islamic banksError: Reference source not found Informal Banking and Debt transfer (hawala)Error: Reference source not found Is Islamic microfinance truly Islamic?Error: Reference source not found ISLAMIC FINANCIAL OBJECTIVES AND PRODUCTSError: Reference source not found Financial productsError: Reference source not found Islamic MortgagesError: Reference source not found Conventional Banking through the à ¢Ã¢â€š ¬Ã‹Å"back doorà ¢Ã¢â€š ¬Ã¢â€ž ¢?Error: Reference source not found Need for regulationError: Reference source not found ISLAMIC MICROFINANCE IN PRACTICEError: Reference source not found Expansion of microfinance in the Arab worldError: Reference source not found Islamic microfinance in the Arab worldError: Reference source not found Experiences in YemenError: Reference source not found Experiences in BangladeshError: Reference source not found Resistance to the Grameen BankError: Reference source not found MicroFinance and Islamic Values 13 Japanese Banking System and JAK Bank Sweden13 Framing Regulations and Strategies For an Ideal Islamic Micro-Finance Bank 14

The Effects of Foreshadowing in John Steinbecks Of Mice...

The Effects of Foreshadowing Of mice and men is a short but captivating novel by John Steinbeck. He uses many literary techniques in his novel, but one of the many that can keep his readers on their toes is foreshadowing. Steinbeck uses parallel structure to foreshadow upcoming events in the novel. Some readers feel that this technique makes the book predictable, therefore taking away interest, but others think this technique is what creates the excitement to see if their predictions turn out to be correct. Nonetheless the technique is one that shapes the book. Steinbeck uses foreshadowing with different components of his novel, one being the characters. When reading about Candy it’s obvious that he has a strong connection with his dog,†¦show more content†¦The very end of the book ends in the same setting when Lennie runs and hides to the brush after killing Curley’s wife. George talks to him about their plans with the rabbits just like he did that night, and that’s when he kills him. The details in the beginning gave the readers hints about what was going to happen near the end when George came to find Lennie. Several other examples of foreshadowing can be found in the events that happen throughout the novel. It’s no secret to the readers that Lennie has a habit of getting himself into trouble â€Å"You get in trouble. You do bad things and I got to get you out.† (11). First with the incident in Weed with the girl’s dress and then again in a similar situation with another woman, Curley’s wife. Lennie had seen a woman wearing a dress that interested him, and, naturally because of his habits of wanting to pet and feel things, he wanted to touch it. The woman was frightened by this and screamed for him to let go. Lennie was shocked by her reaction and hung on tighter. This is because, in George’s words, â€Å"that was all he could think to do† (41). After the other workers went looking for t hem they felt the need to escape the town and this is where ‘Of mice and men’ begins its story. This almost mirrors the death of Curley’s wife, except her neck is snapped and Lennie plays with her hair, not a dress. During scene one, George discovers a dead mouse in Lennie’s pocket. This angers him, as Lennie has seemedShow MoreRelatedSteinbeck and His Techniques for Success in Of Mice and Men924 Words   |  4 Pagesget a better understanding of Lennie and George, the two main characters Of Mice and Men. It also helps in keeping readers thinking on their feet and constantly questioning George and Lennie`s next move while in Salinas, California. John Steinbeck, in his novel Of Mice and Men, makes use of similes and foreshadowing to keep readers in touch with the characters and at the edge of their seats throughout the story. John Steinbeck uses similes to build and create powerful characters that touch theRead MoreSteinbeck’s Use of Foreshadowing in Of Mice and Men Essay968 Words   |  4 PagesIn John Steinbeck’s famous novel Of Mice and Men, foreshadowing plays a large part in the reader’s experience. Almost every event that is important was foreshowed at some people, such as the multiple deaths that occur throughout. If Steinbeck wasnt so prolific in his use of foreshadowing the readers experience would be very different. In Of Mice and Men, almost every character and setting is used for foreshadowing, and it begins right away. The first scene depicting a calm, serene, peacefulRead MoreOf Mice And Men By Lora Colon1750 Words   |  7 PagesJunna Chen Peterson Honors English 25 September 2015 Of Mice and Men Analysis â€Å"But, I m already resigned to this fate / Looking over my life, I recall / If it hadn t been / for the loneliness / I d have no companion at all. † This stanza from â€Å"Loneliness†, by Lora Colon evokes the negative impact a lonely fate has on a person. Words like â€Å"resigned† and â€Å"loneliness† establish a sense of depression and resignation. During the times of the Great Depression, many people felt similar feelings of melancholyRead MoreJohn Steinbeck s Of Mice And Men2257 Words   |  10 PagesThe American Dream, is the wish to prosper. In John Steinbeck’s novella, Of Mice and Men told during the time of hard labor in the 1930’s about two close friends, who are all each other have, but are chasing this American dream, George and Lennie deal with several obstacles and road blocks with each other. Whether it be, hiding Lennie’s mental illness, or trying to keep a job to fulfill their version of the American dream, Geor ge will always carry Lennie in his heart, and Lennie tries his hardestRead MoreJohn Steinbeck s Of Mice And Men 1656 Words   |  7 PagesIn the novel ‘Of Mice and Men’, Curley’s Wife is one of the many characters who represent a minority in the American society in the 1930s. In the award winning book, John Steinbeck provides many different aspects to the world he was living in at the time he wrote the novel: dreams, hopes and loneliness to name a few, all channelled through one mentality - prejudice. Curley’s Wife was one of the many characters that Steinbeck used to get his point across about prejudice with. She is not a complexRead MoreOf Mice And Men Essay 20152101 Words   |  9 PagesThrough the narrative conventions of foreshadowing and characterisation, John Steinbeck, in his novel Of Mice And Men, published in 1937, is able to effectively reveal the imperfections of America’s capitalist society during the Great Depression. Steinbeck†™s reveals rural American society in California to be racist, sexist against women, neglectful of the disabled and a world without hope blinkered by the corruption of the American dream. The novel follows two men, George Stilton, a small farm workerRead MoreCurlys Wife2613 Words   |  11 Pagesï » ¿Of Mice and Men was written by John Steinbeck in 1937 and was published also in 1937. The novella is set in 1940’s America a time when the rights of women were very different to what they are now. Of Mice and Men is a story about George Milton and Lennie Small, two itinerant farm labourers. They are travelling from a ranch in Weed to another ranch in Soledad. They had to leave the ranch in Weed because Lennie, who isn’t the sharpest knife in the draw, went to feel a women’s red dress and she wentRead MoreExplore the Way the Writer Presents the Relationship Between George and Lennie in of Mice and Men3909 Words   |  16 Pagesrelationship between George and Lenn ie in â€Å"Of Mice and Men† Of Mice and Men was written in the 1937 by John Steinbeck, he other well know books as the Grapes of Wrath and East of Eden, h also received a Nobel Prize for Literature in 1962. This book is set in the 1930s and set in California, his home region. During this time, the USA was suffering from a great depression, this meant that it was hard to find job because the economy was very weak, so to find job the men were disposed to go anywhere and theRead MoreCurley and Slim in Of Mice and Men2464 Words   |  10 Pagesï » ¿ ‘Of Mice and Men’, written by John Steinbeck, is a novel set in 1930s California and tells the story of two migrant workers, George Milton and Lennie Small, who move from ranch to ranch looking for work during the Great Depression. This novel is set while George and Lennie are in a small working ranch in the Salinas Valley of northern California, and over a period of 3 days we are introduced to a variety of characters that also live on the ranch. This essay will show how Steinbeck develops and

Stefan’s Diaries The Craving Chapter 11 Free Essays

The following morning, I clutched the soft linen sheets up to my neck, as I had when I was a child. With my eyes squeezed shut, I could almost pretend I was home again. That Damon and I were still human and having our usual brotherly quarrels. We will write a custom essay sample on Stefan’s Diaries: The Craving Chapter 11 or any similar topic only for you Order Now That our father was somewhere on the plantation, working. That Katherine was alive. No – wait. That we had never met Katherine. Or†¦ maybe I was in bed at Lexi’s house, unsure about my new life, but accepted in this new home of fellow vampires. I slowly came fully awake, and my fantasies crumbled against reality. I was in the Sutherlands’ house, still a captive of their generosity and my brother’s threats, an uneager groom being run quickly into an unwanted wedding. The Sutherlands weren’t terribly formal but nevertheless expected everyone to show up at breakfast. My dressing went perhaps slower than it might have normally, as I adjusted my sock garters until they were perfect, fiddled with my cuffs, and ran my hands through my hair. I didn’t much like looking in mirrors in those days. I hated who I saw there. By the time I finally made it downstairs to breakfast, the entire family was well into their meal. Mrs. Sutherland greeted me with a warm maternal smile that tore at my insides. Though I felt genuinely fond toward her, she was compelled to accept me. â€Å"Good morning,† I mumbled, slinking into my place. â€Å"Is there any coffee?† â€Å"You seem a bit down today, m’boy,† Winfield said, tucking his watch into his breast pocket. â€Å"And a bit thin, may I add. You definitely need fattening up before the wedding – I think I’ll take you to the club today. They do a wonderful lamb and pudding.† Lydia gave me an apologetic smile. With a shock I realized that a pretty rose-pink scarf encircled her neck, neatly covering the usual spot for a vampire bite. Damon had fed on her. I turned my head from the coffee that had been placed before me, my stomach churning. Unconsciously, I touched my neck where Katherine used to bite me, remembering the pain and pleasure all wound up together so sickly. Was it a message to me? To remind me of what would happen if I failed to marry Bridget? â€Å"Stefan! Don’t go to the club until later! We have a full day today,† Bridget warned. â€Å"We absolutely must, must, must go visit Bram’s family. They just love Damon – Brammy’s been taking him to all of the latest places, like that bar that serves real English-style Pimm’s Cups! I’ll have to wear my new blue muslin. To their house, not to the bar, naturally. It isn’t a suitable place for ladies. Fanny wanted blue muslin for her trousseau, but her engagement didn’t work out, poor thing†¦.† The door to the kitchen opened, and Damon stepped through. â€Å"Good morning, all,† he crowed, bright-eyed and chipper. He looked rested and sated as he gave Lydia a flirty bow and me a nasty wink. My shoulders clenched. â€Å"What are you doing here, Damon?† I asked in as innocent a tone as I could muster. â€Å"You didn’t hear?† He sat down at the table and unfolded his napkin with a flourish. â€Å"Winfield begged me to move in.† â€Å"Oh.† I pushed my chair back from the table, plastering a wobbly smile on my face to mask my anger. â€Å"Er, Damon, would you mind joining me in the foyer for a moment?† Damon grinned at me. â€Å"But I just sat down and I’m ever so hungry.† â€Å"It will take but a minute,† I said through clenched teeth. Lydia looked at me curiously, but after a beat, Damon scraped his chair back and followed me to the foyer. â€Å"Milady, I’ll return shortly.† The second we were out of earshot, I turned to my brother. â€Å"You are unbelievable. You’re moving in now?† â€Å"Why thank you,† Damon said with a facetious bow. â€Å"And yes. Were you not listening last night when I talked about all the amazing†¦ amenities the Sutherland abode has to offer?† The room began to spin around me as rage overtook me. My patience with Damon’s game was over. â€Å"Why bother with all of†¦ this?† I demanded. â€Å"These shenanigans? If you’re so powerful, why not just go into a bank and make them give you all of the gold in their vaults?† â€Å"I suppose I could, but where’s the fun in that?† â€Å"The fun?† I echoed in disbelief. â€Å"You’re doing this for fun?† Damon’s eyes hardened. â€Å"Tracks, brother. You’re not thinking ahead.† He frowned and brushed some imaginary lint off my jacket. â€Å"Yes, I could just steal the money and leave town. But we’re going to be around forever. Or at least I am. And compulsion doesn’t always take. In case you didn’t notice, Margaret remains quite stubborn, and having her or Winfield, should he ever shake my Power, go around waving my picture and calling me a thief†¦ well, I can’t have that. It’s much easier – and more fun – just to inherit it.† I gazed at the door that separated us from the happily dining Sutherlands. â€Å"Inherit it? As in, upon death?† â€Å"What? Why, brother, what exactly are you implying?† he asked, pretending to be hurt. â€Å"You keep your half of the bargain, and I don’t go on a killing spree. Remember? I gave you my word.† â€Å"No, Damon,† I said. â€Å"You said if I didn’t marry Bridget you would start killing everyone in that room. You specifically did not say anything about what would happen after we were married.† â€Å"Good point,† Damon said, nodding. â€Å"I’d like to kill a few people in their circle. Starting with that sycophant Bram. I think he has a thing for my Lydia, you know,† he added with mock anger. â€Å"Damon,† I growled. His eyes narrowed. â€Å"You take care of your wife. I’ll take care of mine.† I looked at my brother sharply. â€Å"So then you do plan to kill Winfield after he signs over his fortune?† â€Å"For that, you will just have to stick around and see.† â€Å"I won’t let you hurt any of them,† I promised through a clenched jaw. â€Å"You can’t stop me. Whatever I choose to do,† Damon hissed back. We glared at each other. My hands curled into fists. He shifted his stance, ready for a fight. At that moment Mrs. Sutherland poked her head into the foyer. â€Å"Boys? Everything okay out here?† â€Å"Yes, ma’am,† Damon answered graciously. â€Å"We were just acquainting ourselves.† He pointed the door to the kitchen and gave a slight bow. â€Å"After you, Stefan.† Reluctantly, I passed back into the kitchen, Damon close on my heels. â€Å"So tomorrow we pick out our suits,† Damon said. He was acting as though we were continuing a mundane discussion from the foyer, rather than just having ended an argument over the fates of everyone in the room. â€Å"Stefan, we should match! Why, Bridget, weren’t you just saying last night how someone, I forget who, matched her sister at another wedding? Silk or something?† He knew. He was my brother and he knew precisely how to torment me. Eternally. â€Å"Yes, of course, Damon,† Bridget said with a gratified smile, turning to me. â€Å"Stefan, you have to hear this. I thought about matching me and Lydia, but I’m not sure the effect would be as dramatic, what with Lydia’s figure†¦Ã¢â‚¬  I slowly sank down at the table, drowning in her words – and the knowledge that Damon was right. I had never been able to stop my brother, especially not when it mattered most. How to cite Stefan’s Diaries: The Craving Chapter 11, Essay examples

A Literature Review On Accounting Software Packages Structure

Question: Discuss about the Literature Review On Accounting Software Packages Structure. Answer: Accounting software package is the type of software that processes and records business accounting transactions in modules such as ledgers, trial balances, payrolls, payable accounts and receivable accounts. In Australia, some of the common accounting system used include MYOB, QuickBooks, sage, xero, reckon, cash flow and Nominal (James, 2008). The Company which I will review in this literature review is Australia Wheat board (AWB) company incorporated in Australia. This company emerged as a public company but later transformed into a private company. It markets and sells Australian oil, grain, and wheat for both domestic and international customers in meat industries, animal feeds, and food processing (Vasconcellos, JA 2004). It manages its finances through the use of accounting software packages in its operations. Its Current Organizational Structure Organization structure is the way an institution or organization achieves its objectives and goals through arranging people and jobs so that its work can be more productive and high quality of services and goods produced. Organizations are formed according to the size of the work group (Yasuhiko, Mihajlo, 2012). Formal structures are appropriate in a situation where work group is small and face-to-face kind of communication is used. However, larger organizations have to assign individual duties, responsibilities and lay down procedures to follow in their daily routines (Yasmine, Huub, 2014). In any organization of complexity or simplicity, employees duties are delegated by their managers and responsibilities defined by what they do and managers who report to them. Job specialization is well administered in the organizational structures as individual interests are well addressed, a proper chain of command followed and discipline maintained through rules of the organization. The organization structure is divided into different classes depending on the employees professional qualifications, experiences and their levels of income. The organizational structure of this company follows criteria similar to manufacturing industry firm After operating manager, there are various positions including department managers, supervisors, suppliers and team leaders and common employees in the organizations. Operational Problems Associated with this Structure The Organization structures have challenges which hinder their production rates, quality, and standards of Goods and services (Abrar, 2014). In this organization structure, some of the challenges include lack of co-operation from different people who work independently, the diversity gap between the managers and employees and workforce wastage. Changes in technology can be a challenging factor enhancing organization complexity; this may consume time as new technology requires proper training on employees to capture new features of the systems to produce high standards of Goods and services. Australian wheat Board Company may face challenges of low productions and low distribution of Goods and services to both domestic and international markets as in this organization structure there is a minimum number of markers shares. The company has not emphasized so much on marketing skills which act as a crucial part in determining the market power. However, AWB company owning well strategicall y level of management, they are likely to come up with best solutions of changes and good decision making as every aspect of the structure is observed. Employees are well supervised and motivated to produce more services and goods to their customers. This good supervisory skill of employees signifies that the company will still run in an appropriate manner as each department is well supervised even if there is independence in departmental functionalities. Most Likely System Acquisition Method Aquinas, (2008) support that the type of goods, the size of the organization in terms of revenues, employees and market share power determines the kind of system a company can operate. The probable acquisition method suitable for this organization is commercial software. Commerce software is suitable for this medium-sized business as it is easier to implement into the existing systems without customization and lack of restrictions and limits to users maintain. This software is very reliable and a well-arranged feature makes it the best when managing Data off all the clients and members of staff. The successful company analysis accounting records then audit financial statement and advance to reliable technology that provides high accuracy of data. The statement indicates that a reliable and economical software will be the best suitable for the company. The data integrity and redundancy will be controlled if AWB Company acquires commercial software. This software is common to many professional and it will provide the accuracy required in the data processing. AWB will incur low cost when maintaining this type of system or when purchasing a relative system. Despite the software being efficient and convenient for use Australian wheat Board Company should also check on demerits of this software. If a demerit outweighs merits then Australian wheat board should look for alternatives (Ralph, 2013). Australian wheat Board Company will have to pay annual fees for this software for them to use it. Commercial software also may contribute to failure to meet a specification and goals for users and this will require the input from a professional firm which is costly. Despite this challenges, it is clear that small and medium based business should adopt this type of software as it will run the organization effectively and efficient to enable the o rganization to attain their set goals and targets (Ashutosh, 2006). System flowchart of the Company Sales Procedures A system flow chart defines how decisions are implemented in the organization to control events and display data flow. This means that data processes are monitored through several stages before organization emphasis on a certain policy and implement decisions (Takahara, Mesarovic, 2014). In sales procedures, completion of prospective stage signifies the engagement beginning between customer and vendor. sales process consist of several steps depending on the type of products produced by a certain company, some of this steps includes initial contact, planning to sell, approach, assessment, presentations and follow-ups .flow chart provides easier presentations of the sales, analysis of sales reports and also enables future predictions of sales trends. Accounting information system communicates with the external environment through set standards which show the relationship in the existing system components and how components interact with system (Ashutosh, 2006). Australia wheat Board Company will follow the flow chart as illustrated below majority below. The system data flow summarizes the steps which the organization uses to maintain the competitive. Initial contact is approached, customers. Sales representative approaches customer face-to-face or through calls and introduces them to products produced by the firm through samples. They also persuade them on merits they will get including after sale services once they become customers of the firm (Martin, 2014). The selling stage follows whereby they sell their products to customers approached before or their existing customers. They also assess their products and presentations are done to proof customers that their products are of high quality and meet valuable standards. Follow-ups is the final stage whereby the firm follows up with customers to get the feedback about produces quality, taste and also got some ideas from them on where improvement is needed. The firm reviews all comments from the customers and corrects where the products might not meet needs of customers (Shahzad, Ma thew, 2010). Control Problems in the System The commerce system depends on system developers experts to troubleshoot the commands in case of system failure. This may encounter loss of data or manipulates data. This puts a company at risk of inaccuracy records in customer perception enabling users losing confidence in the system and also may result in some costs of compensation and maintenance Development and Adoption of the accounting software Packages Accounting information systems refer to computer software for processing and recording accounting transaction within different modules. The software may be acquired from software developer or in-house by the business. The adoption of accounting software in Australia is at a very high rate among the small business compared to other countries. The high rate of this adoption is to simplify the work and increase accuracy on computations involved in accounts (Eric, Yvonne, 2012). It is also flexible and generates an automatic report which maintains data integrity and confidence among the users. Through adoption of the system's data the firm gains competitive advantage as the flow of work is faster and data backups are done through cloud computing to ensure that in the case of system failures data will be well preserved (Masaaki, 2016). The Current Market Size The market share has effectively increased in size for both small size business and medium base business; this has been enhanced through the marking power of customers having confidence in accounting softwares systems. Popular companies using accounting system has paved a way for more employment opportune as system developer and designer are employed every day to debug these systems. Leaders in the market and their competitive advantage The global market has experienced a higher level of technology in accounting softwares system. MCBA Inc. is currently leading accounting software manufacturer for Digital Equipment (Martin 2014). The softwares with customized features and well debugged have gained favor in the market as leading companies are approaching them. In-house softwares developer has also been able to design attractive interfaces and design softwares on higher qualities. The huge competition is experienced when A Reckon Company designs advanced and personal financial software all in one. However, this company gains huge profits due to their limited competition in Australia. Current challenges for users of accounting software packages and the relevant recommendations Security threats and attack from malicious softwares had been one of the challenges the accounting softwares are facing in the modern world. Problems such as illiteracy among the system users, internet failures, and technology changes have been encountered (Steven, Tim, 2009). Despite all this problems strategies to curb these problems had been found with users being trained well on systems. Security measures such as authentications, predicate cryptography, and information-centric security have been implemented to secure this system. I would, therefore, recommend that in future effective firewalls to be used to control network traffics and cloud computing data backups to be used to maintain data integrity and restore data in case information is manipulated. Bibliography Abrar, H, 2014, Business Technologies in Contemporary Organizations:Adoption, Assimilation and Institutionalization, IGI Global. Aquinas, PG 2008, Organization Structure Design:Applications Challenges, EXCEL BOOKS, New Delhi, Inda. Ashutosh, D 2006, Digital Accounting:The Effects of the Internet ERP on Accounting, IGI Global. Takahara, Y., Mesarovic, M. 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