Desert Flower by Waris Dirie Essay Example | Topics and Well Written Essays - 3500 words

Desert Flower by Waris Dirie - Essay Example II. Plot Summary Waris Dirie was naturally introduced to a traveling clan in Africa and deserts of Somalia were her play areas in adolescence. Life there was an intense choice however with no different choices she kept on living there, working and tending dairy animals and she developed into an extreme person. She was a casualty to the offbeat customs of genital mutilation, yet she had no information about its actual noteworthiness at that youthful age of 5. She was given to comprehend that it was an unavoidable technique to turn into a lady. Her mom was involved with that brutal exercise on her body and an expert assassin lady cut the external bit of her privates and afterward closed it up. That was known as the methodology of circumcision, she endure it yet a portion of her nearby ones, similar to sister Halemo and two different cousins had kicked the bucket. At thirteen years old she fled from the house to slow down the endeavors of her conspiring father who needed to give her in union with a matured person. She arrived at Mogadishu to join her sister Aman who had likewise gotten away from the house. She remained with her sister and auntie and afterward arrived at London with her uncle who was an Ambassador, as a house keeper to his family. She took instruction and before long came to understand her inward possibilities. She needed to rise above from her status as a traveling lady and accomplish something unmistakable throughout everyday life. She was in London for a long time and when it was the ideal opportunity for her uncle and family to come back to Somalia, she demanded remaining back. She had a singular existence with none to help her. She got to know Malcolm Fairchild, a picture taker and afterward prevailing with regards to landing a few positions in London. She wedded her companion Marylyn’s sibling and got an identification. Openings tumbled to her parcel to head out to various nations for demonstrating and soon she turned into a... Focal point of conversation in this paper is â€Å"Desert Flower†, the journal of Waris Dirie. It is the tale of how a roaming young lady from a regressive nation, Somalia, ascends to turn into a universally known super-model and afterward accepts the top task as the UN Ambassador for the reason for ladies. She is an exceptional wonder with remarkable fearlessness. Her walk from the town mud streets to the design runways of Milan, Paris and London peruses like fiction. The name of the book is â€Å"Desert Flower†, however really the writer merits that name. Cathleen Miller is the professional writer of the book yet the realities and the feelings of the substance have a place with Waris. The overall gist of the book as per her own comprehension is: Everything chosen for her by God and she is simply accomplishing the work designated to her by Him. Birth and demise are in the hands of God and none has state on that issue. She will keep on taking risks and she does likewise for an amazing duration. During her run, she is about eaten by a lion, yet the lion by one way or another extras her. About that experience she composes, when I understood the lion was not going to murder me, I realized that God had something different arranged, some motivation to keep me alive. What is it? I asked as I battled to my feet. Direct me.† Some people are the casualties of predetermination; some are the makers of their fate. Waris has a place with the last classification and with her battling characteristics, coarseness and assurance she made each circumstance advantageous for her.

Invisible Cities Essay Example | Topics and Well Written Essays - 750 words

Undetectable Cities - Essay Example In time, nonetheless, Khan understands that the nonexistent spots the explorer talks about depict, a tiny bit at a time, his town of Venice (Calvino et al, 28). The City of Zobeide On an individual note, the most captivatingly depicted the city in the book is Zobeide. The city of Zobide was the most enrapturing. Dissimilar to in the depiction of different urban communities, Marco Polo clarifies the physical expense of Zobeide as well as recounts its causes. He does as such in an inventive and beautiful way that adds some charm to the city. The portrayal of Marco Polo concerning the establishment of the city is interesting. The city was established by men of various foundations who had an indistinguishable dream. He clarifies that every one of the men longed for a lady running around evening time in the lanes of a city. The lady was exposed with long hair and each man wanted to have an experience with her. Each man would pursue her through the city’s rear entryways yet would at last lose her. At the point when they stirred, the men made plans to go looking for the city in their vision, however never discovered it. They, be that as it may, found one another and chose to manufacture a city like the one in the fantasy. In structuring the city’s lanes, they organized the spaces, back streets and dividers in an alternate way from the fantasy so as to trap the lady productively, thus Zobeide became. They settled in it, trusting that the lady will show up in the night, which never occurred. Other men showed up into the city, having had the fantasy of the exposed lady and perceived a few highlights in Zobeide that took after the city they had always wanted. Therefore, the arcades and flights of stairs were changed to take after the woman’s way to manufacture her a superior snare. The main man, be that as it may, couldn't comprehend why the rest were attracted to the city as in his eyes, it was monstrous (Calvino et al, 157). What is denying about th e depiction, however, is the way that it depicts no practical method of living. It has no genuine culture, financial matters or governmental issues. In the portrayal, we are plainly recounted the men’s objective and the moves they made towards them; yet with respect to subtleties of how they accomplished such, the creator keeps us out of the loop. The numerous occupations, the administration and relational relations are passed up a major opportunity; parts indispensable in the portrayal of a city. The portrayal about the city of Zobeide brings out a sentiment of pity from perusers towards its inhabitants. It is pitiful to peruse of the difficulty the men experience under the psychological detainment by the lady in their fantasy. Furthermore, in the wake of going far and wide, developing a city and recreating it, the men end up disillusioned since she never appears. They are compelled to continue without what is by all accounts their farthest want throughout everyday life (De, 137). The utilization of imagery in the story is interesting. The lady allegorically speaks to the longing which roused the formation of Venice. The name Zobeide is additionally utilized in another book called Arabian Nights as the name of Caliph Harun al Rashid’s spouse. The lady is utilized in numerous gems to speak to want; which in the end is the structure power of social orders and history, when bound up with the perfect measure of intensity and inventiveness. The structure and revamping of Zobeide, as depicted by Italo, is an allegory to outline human past of semiotic turn of events. Want gives the craving, at that point a drive, which creates the motivation to accomplish an objective. Disregarding the lady being the center purpose behind the city’

Tallahassee

Tallahassee Tallahassee tal?has ´e [key], city (1990 pop. 124,773), state capital and seat of Leon co., NW Fla.; inc. 1825. Tallahassee is a wholesale trade and distribution center for the surrounding lumber, livestock, and agricultural area. The state government, Florida State Univ., and Florida Agricultural and Mechanical Univ. are major sources of employment. Lumber and wood products are manufactured, and food is processed. The city, which was one of the fastest-growing U.S. cities in the late 20th cent., lies in a hilly region known for its lakes, springs, forests, and picturesque gardens. When Hernando De Soto arrived there in 1539, he found a flourishing Apalachee settlement. Spanish missionaries and settlers followed, but the Apalachee village remained the major settlement until Tallahassee was founded (1824) as the capital of the Florida Territory. The ordinance of secession was adopted there in 1861. The city successfully resisted Union attempts to capture it; a nearby state monumen t marks the site of the battle of Natural Bridge (Mar., 1865), where Tallahassee cadets helped repel a Union attack. The capitol (1845; remodeled 1901) contains the state library. The graves of Prince Achille Murat (Napoleon I's nephew) and his wife are there. The city is noted for its old homes and antebellum charm. Nearby are Apalachicola National Forest and Wakulla Springs. The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved. See more Encyclopedia articles on: U.S. Political Geography

Lowering The Legal Drinking Age - 857 Words

As we know, the United States has the highest drinking age in the world. By 1988 the entire U.S had adopted the Federal Uniform Drinking Age Act, which set the drinking age to twenty-one. However, in 1920 the United States banned the sale, production, importation, and transportation of alcohol. This era known as the Prohibition sparked the popularity of hidden underground bars and events. The Prohibition Era is a prime example of how people did anything to intake alcohol and eventually this led to the act of doing illegal things. It is obvious to say that many people in the 1920’s were going against the law and were consuming alcohol. Today, this age seems to be a topic of controversy and debate. Many countries have established their drinking age to eighteen and younger. To many people believe that the idea of lowering the legal drinking age in the United States seems great. However, others believe that this idea may bring upon more conflict and tragedy. The drink ing age should not be lowered and should stay at the uniform drinking age of twenty-one. Ruth C. Engs, a professor at Indiana University, supports the idea that the drinking age should be lowered and should allow young adults to drink in controlled environments. She firmly believes that by lowering the drinking age will result in a decrease in irresponsible drinking that can lead to devastation. In opposition, Honor Whiteman states that the drinking age should be kept where it is because it savesShow MoreRelatedLowering The Legal Drinking Age903 Words   |  4 Pageshelp myself get a better understanding about how others feel about lowering the legal drinking age in the United States and to better understand what role alcohol plays in people’s lives. The first question I asked for in my survey, was what the participant’s age was. I used this question to see if there was a difference on how different generations felt towards lowering the legal drinking age. I was expecting more people over the age of 25 to take the quiz because I didn’t know if you nger adults wouldRead MoreLowering The Legal Drinking Age1387 Words   |  6 PagesThe concerns about safety involving alcohol, including alcohol-related fatalities, â€Å"binge drinking†, and long-term health effects, will not be compromised by lowering the legal drinking age to nineteen in the United States. Activists who wish to raise the legal minimum age frequently discuss the ways that driving while intoxicated endangers countless lives every day in the United States, and is an increasing problem in model Europe as well. However, drunk driving increases will secrecy, not withRead MoreLowering The Legal Drinking Age1933 Words   |  8 PagesLowering of the Legal Drinking Age Research Paper Adults under 21 are able to vote, sign contracts, serve on juries, and enlist in the military, but are told that they are not mature enough to have a beer?, said Ruth C. Engs, a professor of Applied Health Sciences at Indiana University (Engs). No matter what is done, teenagers and young adults all over America are going to drink if they want to. The question is, why can t they start legally drinking when they enter adulthood? An alternative toRead MoreLowering The Drinking Legal Age872 Words   |  4 Pageshas its limit age that allows people to drink Alcoholic beverage. In the United States of America, most people are able to drink and purchase alcohol at the legal age of twenty-one. Unlike the United States, most countries around the world allow their citizen to drink alcohol under the age of 21. Many American wants the U.S. government to minimize the drinking legal (MLDA) from 21 to 18 so they will be similar to other countries around the world that allowed people to drink at t he age of 18. DavidRead MoreLowering The Minimum Legal Drinking Age Essay1521 Words   |  7 PagesBeer For Everyone! The debate of lowering the minimum legal drinking age (MLDA) has been going on for decades in the United States. Those opposed, argue that the current MLDA is not efficient and counterproductive (Engs 1). One study indicated that thousands of lives under the age of twenty-one are lost each year to alcohol (McCardell 1). Underage drinking is an issue that persists, despite evidence suggesting that the minimum legal drinking age of twenty-one has lowered alcohol usage among individualRead MoreAlcohol: Lowering the Legal Drinking Age1900 Words   |  8 PagesAlcohol: Lowering the Legal Drinking Age Karita Lockwood Professor O’Quinn COM 323 October 29, 2012 Introduction Alcohol is a drink that is made from corn, barley or a beverage containing ethyl. There is currently an ongoing debate as to if the legal age limit for alcohol consumption should be lowered. Despite the dangers, everyday in the United States more than 13,000 children and teens consume alcohol. The age range between eleven and eighteen is the most influential period when youthsRead MoreLowering Legal Drinking Age Essay1417 Words   |  6 PagesLowering the Drinking Age Half the United States population starts drinking at the age of 14.When you are 18 you have privileges like joining the army. (Mitch Adams Lowering the drinking age page 1) You can go to war and die for your country but you still can not enjoy an ice cold beer. (Mitch Adams Lowering the drinking age page 1) How is being 21 different from being 18? How does three more years of not drinking make you mature enough to drink? The longer you drink the more you start toRead MoreEssay on Lowering the Legal Drinking Age2090 Words   |  9 PagesHere in the United States, there is a law that prohibits youth 21 years of age and younger not to drink any alcohol beverages. However, in this country, anyone who turns 18 can sign up and be in the armed forces to protect the country. In the year 2001, war broke out between the Middle East and the United States and thousands of men and women were deployed to the Middle East to deal with the problem. While they were over there, the soldiers wou ld witness many things that civilians could neverRead More Lowering the Legal Minimum Drinking Age Essay1622 Words   |  7 Pagesunderage drinking has become a major problem, especially on college campuses. But, underage drinking is not purely the root of all accidents related to alcohol. The real problem lies within the unsafe underage drinking habits amongst youth. There are ways that these alcohol-related accidents can be avoided. Several organizations have been created that are targeting a change in the legal drinking age laws. One key way to lower the risk of unsafe drinking is to lower the minimum legal drinking age fromRead MoreFavors for and Against Lowering the Legal Drinking Age771 Words   |  4 PagesFactors In Favor of and Against Khimley Young Critical Thinking and Problem Solving/ Hum 200 AOS Instructor Dr. Steven Mathews October 24, 2012 Lowering the Legal Drinking Age to 18: Yea or Nay Argument in Favor of Lowering the Legal Drinking Age The age of 18 is a transitional point in life. An 18-year=old can vote, marry, enlist in the military and buy cigarettes. To some it’s absurd that an 18-year-old can vote politicians into office and fight wars for the country but cannot

How Toyota Successfully Implmented Change Process...

How Toyota Successfully Implemented Change Process Principles to Improve Production Executive Summary Change is about survival, change management is about modifying or transforming organisations in order to maintain or improve their effectiveness. Change is especially necessary in organisations that aim to prosper in a volatile, uncertain, complex and ambiguous environment. Change is also known to be a key source of competitive advantage. This case study will focus on Toyota and how they implemented different techniques to improve their production process and working environment for their employees. The main focus in this case study will describe how they used the ‘Just-in-Time’ concept to reduce waste and upgrade the quality of its†¦show more content†¦The company that I will base this case study on is Toyota. They realized the need for change, not only for short term monetary gain but a conscience organizational awareness to align employees so that they share the same understanding of the company’s policies, principles and goals. Toyota has come a long way from its humble beginnings. It used to be a ‘weave factory’ (Chen, 2007). Today, Toyota has ‘more than 14 subsidiaries, car factories in U.S.A and Canada, and its profits are more than double that of Ford and General Motor’s’ (Toyota, 2007). Its revenue comes from sales of vehicles in its Toyota range, Lexus and Scion, the latter, which is aimed at younger consumers. The type of change Toyota implemented is proactive as discussed in week 1 of lectures. They knew that by changing their production system and workforce mindsets, they could reduce costs and improve productivity. Starting from the 1960’s to 1970’s they developed the Toyota Production System (TPS) and broke it down into the various steps illustrated below: Toyota Total Production System Figure 1 Toyota Production System (1Tech, 2007) In order to make the integration of this process work, employees had to understand their roles within the organization, the foundation of which was heavily focused on managing their own individual activities and quality assurance of the entire process of vehicle production. The concept of ‘Just in Time’

Sample Islamic Banking Dissertation Free Essays

string(79) " to take part in the business and decide on sharing profits as well as losses\." The impact of risk management on profitability in Islamic banks against conventional banks Introduction 1.1) Background of the study Since 1970s Islamic banks is developing on the feet and leg. The number of Islamic financial institutions has risen to over three hundred institutions in more than seventy five country all over the world. We will write a custom essay sample on Sample Islamic Banking Dissertation or any similar topic only for you Order Now One fundamental aspect of this fast growth is that most of Muslims who are a quarter of the population on earth want to follow Sharia principles. Another fundamental aspect is the growth of oil wealth with high demand for appropriate investments in the Gulf region. The aim of Islamic financial products is investors who want to follow Sharia (Islamic low). Sharia put forward the guiding principles for all aspects of human being in order to spread the concept of justice in society. Therefore, this includes the economic aspect. Sharia banned Riba which is the interest that comes from loan money and Gharar which is contractual ambiguity. Furthermore, Sharia also banned investing in business that providing services and goods which is forbidden like selling alcohol and gambling. 1.2) Financial Products in Islamic banks Economists who are interested in Islamic banking started to suggest changes in contracts in order to be suitable for the Islamic financial system. These changes in contracts can be classified into four broad types: first, transactional contracts which deal with sale, exchange and trade of services and goods. Second, financing contracts which suggest different ways due to create and extend credit, smooth the progress of financing the transactional contract, and afford channels between investors and entrepreneurs for capital formation and resource recruitment. Third, intermediation contracts which offer agents with group of tools to perform financial intermediation besides providing fee-based services for economics activities. Finally, social welfare contracts which promote the welfare for less advantaged people by contracts between society and individuals. Transactional contracts Simply, there are two exchange contracts, one is sale of an asset and another is sale of rights to utilise an asset. First of all, contracts of exchange and sale apprehensive with trading besides selling and buying activities considering all their derivatives such as sale on order and deferred payment sale. Exchange contracts contain a variety of contracts which are similar to each other in terms of the outcome but are different from one another in terms of the exact legal requirements, obligations, rights and liabilities involved in or associated to them. Here the most popular contracts used by Islamic banks: Bay’ al-Muajjil is a contract that allows for sale a product on the basis of deferred payment in instalments or in lump sum payment. The two parties; sellers and buyers agreed about the price of the product at the sale time and cannot contain any charges for deferring payments[1]. Bay’ al-Salam is a contract between two parties where agreed that buyers have to pay the sellers full negotiated price for specific product that the sellers promise to deliver at particular date in the future. Ijarah means leasing and this contract is similar to sale contract but the different is that Ijarah is more sale of the usufruct for particular period of time rather than sale of a tangible asset. Istisna is a contract that has two parties; one is the manufacturer and another buyer who request manufacturing or construction of an asset or property with specific features and they should agree on fixing price. The transaction of Istisna begins once the manufacturer takes on manufacturing the asset for the buyer. Financing contracts In the world of commercial financing and more particularly, project financing, certain methods are more commonly encountered than others such as Murabaha, Mudaraba and Musharaka. The Murabaha is a contract between the bank and its customer for the sale of goods at a price that includes an agreed profit margin, either a percentage of the purchase price or a lump sum. The bank will purchase the goods as requested by its customer and will sell them to the customer with fixed profit gain usually be over time by instalments. The Mudaraba is a profit-loss sharing contract, with one party providing the capital and the other party providing its expertise to invest the capital and manage the investment project. Profits percentage is agreed and fixed at the beginning and is a way of paying the work of people that did not invest in the project. In case of losses, there is a loss of time from the part that brought their expertise and a loss of capital for the bank. The Musharaka involves a partnership between two parties who both provide capital towards the financing of new or established projects. Both parties share the profits on a pre-agreed ratio, allowing managerial skills to be remunerated, with losses being shared on the basis of equity participation. One or both parties can undertake management of the project. However, financial products can be provided by conventional banks using specific distribution channels such as window, branch, and subsidiary. Window is operating and accounting that separated from the conventional operations such as HSBC amanah, and Lloyds. Whereas, branch similar to the window but using separate branches instead of the conventional branch network. Subsidiary, normally prepare separate annual reports and reports such as Citi Islamic Investment Bank. 1.3)Risk Management Risk management is recognising and evaluating the risks then managing the sources economically in order to minimise, observe and control the probability or effect of the unpredictable events or maximise the realisation of opportunities. Efficient risk management capability is important to allow banks to be in good position in the market by using their capital professionally. This paper discusses the way that Islamic banks faced and managed the risks different from conventional banks. The specific risks analyzed include market risk, credit risk, operational risk, liquidity risk, Sharia low risk, concentration risk and reputation risk. 1.4)Problem Statement Interest is prohibited in Islamic Sharia low which obliged Islamic banks to take part in the business and decide on sharing profits as well as losses. You read "Sample Islamic Banking Dissertation" in category "Free Dissertation Samples" Furthermore, Islamic banks might seem faced more risk in view of the fact that Islamic banks can not charge a fixed return not linked with their customer’s operations. Given that Islamic banks will have more unstable returns on their assets since they have to be the owner of the asset before lease or sale it to the customers. This paper investigates whether Islamic banks are riskier than conventional banks or not and that by looking at the profit compatibility in Islamic banks compared with conventional banks and this relationship is evaluated with respect to the risk management procedures. Gulf Cooperation Council 3.1)Background The Gulf Cooperation Council (GCC) was established in 1981 and located in middle east. GCC contains six member states with total population of 34 million and these countries are Saudi Arabia, Kuwait, Bahrain, Qatar, United Arab Emirates and Oman. The objective of GCC is to coordinate policies of various political, economic and social matters among its member countries in order to have similar regulations (Faisal 2005). GCC countries are wealthy due to the large oil reserve which is the largest in the world. In addition to, these countries economy structure rely on oil trading and governments also supporting the local investments in order to reduce the importance role of oil. 3.2)Banking in GCC and Financial Market GCC countries established their central banks between 1950’s and 1970’s and linked them to the USD. GCC countries do not have requirement of local ownership in the foreign banks accept Saudi banking system which lets a maximum of 40% ownership. However, foreign banks have to follow the central banks policy and regulations. Compared to developed countries, the financial market are new in GCC and foreign investments have just been allowed to trade in the stock market in recent years. Moreover, it is common to finance GCC governments projects by providing government bonds and T-bills. Research Methodology 4.1) The Aim This paper introduces the definite risk management procedures of Islamic banks and investigates empirical data to observe whether these procedures are sufficient or not. There will be special focus in this paper profitability ratio in the Gulf banks. The data has been collected to estimate the profitability ratio is the return on equity ROE and the return on asset ROA for Islamic and conventional banks. 4.2) The Data There are 100 banks have been collected from bankScope. The study of profitability compares 37 Islamic banks to 63 conventional banks in the Gulf between 2002 and 2008. However, the number of banks is not the same in the whole period due to the fact that the banks have established in different time during the period. 4.3) The Model ROE and ROA have been used as dependent variables in two models; one model to distinguish among years and another to distinguish among the countries in the Gulf. Each model includes a dummy to distinguish between the Islamic and conventional banks. The dummy gives the value one if the bank is Islamic and gives zero if it is conventional. The model which is for the year has seven dummies, one for each year. For example, if the ROE or ROA is in 2008 then the dummy which is for the year 2008 gives the value one and the other dummies give zero and the same for all the other dummies. This model helps to observe the changes during the period from 2002 until 2008. Where is the coefficient of the year 2002 but it has been used as constant in order to compare it to all the other year to see whether there is an increase or decrease in following years or not. However, there are six dummies in the model which distinguish among the countries; there is one for each country. So, the dummy of Saudi gives only Saudi banks the value one and the other dummies give zero and the same in all the dummies. 4.4) The Dependents Variable 4.4.1) Return on Equity Return on equity (ROE) specifies the profit that the bank earns from investing shareholders money. Additionally, it shows the efficient of the bank management using shareholders investment. ROE calculated by net income divided by equity shareholders. 4.4.2) Return on Assets Return on Assets (ROA) is useful indicator of the bank efficient management on create profits from each monetary unit of investment. ROA is calculated by net income divided by total assets. 4.5) Hypothesis Testing The aim of the hypothesis is to test the efficiency of risk management procedures result in commercial viability of banking activities. Therefore, ROE and ROA for Islamic and conventional banks have been collected in order to see what is the different between the Islamic and conventional banks in the profitability. Then, calculating the variance for ROE and ROA of each bank in order to see whether Islamic banks have the same risk that conventional banks have or different. Findings and Results There is two steps to analyse the differences between the Islamic and conventional banks. The first step is to analyse the profitability for Islamic and conventional banks using ROE and ROA in the period between 2002 and 2008. Then, look at the differences among the Gulf countries in the same period. The second step is to analyse the risk for Islamic and conventional banks by calculating the variance of ROE and ROA in the period between 2002 and 2008 for each of the 100 banks then observe the differences among the Gulf countries. 6.1)The Different in the Profitability: First, the ROE model for the years: Table 1 Prob. (t-test) constant 15.07338 (1.351064) 0 Islamic -2.70161 (0.953205) 0.0041 Year08 -0.6461 (1.734848) 0.0166 Year07 5.252066 (1.71731) 0.3614 Year06 4.803732 (1.743603) 0.0115 Year05 6.359871 (1.774068) 0.0365 Year04 1.837861 (1.848711) 0 Year03 -0.58218 (1.868266) 0.0041 R-squared 0.07971 Mean dependent var 16.85381 Adjusted R-squared 0.067439 S.D. dependent var 10.63519 Sum squared resid 55376.72 Prob(F-statistic) 0.000097 The coefficient of the Islamic dummy gives negative sign and t-test shows that the Islamic dummy is significant which means that the ROE in the conventional banks are higher than in the Islamic banks by 2.70%. The relationship between deposits and the ROE explained by Bashir and Hassan (2004) and Faisel (2005), helps demonstrate the results above, which is positive for conventional banks and negative for Islamic banks. Additionally, Islamic banks do not have variety of financial instruments in the short term like the conventional banks which force them to have high liquidity. The constant coefficient representing the year 2002 where the ROE was 15.07%. By making the coefficient of the year 2002 constant we can just concentrating on the changes during the period from 2003 to 2008. The coefficients of the year 2003 show that ROE in most of Islamic and conventional banks decreased by 0.58% and one possible explanation for this fall is that banks were cautious of the war in Iraq. Then, started to recover in 2004 – after the war has finished – with 1.83% and this is due to the increase in the oil price and the stock markets in the Gulf. The coefficients of the year 2005 and 2006 show that there were high increase in the ROE (6.35% in 2005 and 4.80% in 2006) and they are significant statistically under t-test. This is refer to the increase in the governments spending in the Gulf due to the increase in the oil price which is reflect in ROE of the banks and the stock markets in the Gulf. The coefficients of the year 2007 shows that there was an increase by 5.25% in ROE but this coefficient is insignificant under t-test and this gives an idea about the changes in the income of banks which appear clearly in 2008. The coefficients of the year 2008 show the decrease in the ROE due to the fact that Gulf banks activities have been affected by the financial crisis in 2008. This also gives an idea about the banks investments outside the Gulf. The period has been separated to two sub-periods in order to examine the robustness of the Islamic dummy and to check whether the results would be the same or not. One of the sub-periods starts from 2002 to 2005 and another from 2006 to 2008: Table 2 Prob. (t-test) constant 18.25633 (0.737579) 0 Islamic -2.788691 (0.967584) 0.0041 Year05 3.20889 (1.335078) 0.0166 Year04 -1.319631 (1.444487) 0.3614 Year03 -3.744061 (1.475989) 0.0115 Year02 -3.165236 (1.509765) 0.0365 R-squared 0.047673 Mean dependent var 16.85381 Adjusted R-squared 0.038637 S.D. dependent var 10.63519 Sum squared resid 57304.5 Prob(F-statistic) 0.000097 Table 3 Prob. (t-test) constant 17.1756 (0.696724) 0 Islamic -2.31887 (0.964229) 0.0165 Year08 -2.90314 (1.283861) 0.0241 Year07 3.005798 (1.260971) 0.0175 Year06 2.559091 (1.297937) 0.0492 R-squared 0.044414 Mean dependent var 16.85381 Adjusted R-squared 0.037174 S.D. dependent var 10.63519 Sum squared resid 57500.59 Prob(F-statistic) 0.000079 The tables above proved that the coefficients of Islamic dummy in sub-periods are almost the same as in whole period which means it is robust. Furthermore, the other coefficients in the sub-periods give the same result as in whole periods and there is no changes in R-squared and adjusted R- squared or in the tests. Second, the ROE model for the countries[2]: The test results are similar to the one for years and the coefficient of the Islamic dummy almost the same. The range of ROE of Gulf banks is between 14.70% and 19.34%. Kuwaiti banks had the highest ROE (19.34%) followed by Qatari banks with 19.16% Then Saudi banks with 18.33%. Afterwards, Emirates banks had 16.91% and we can see clearly the gap between Saudi and Emirates banks in ROE. Bahrain came next with 15.37% then Omani banks which got the lowest ROE in the Gulf by 14.70%. The t-test shows that all coefficient are significant. Table 4 Prob. (t-test) Islamic -2.47002 (1.052489) 0.0193 Saudi 18.33551 (1.254086) 0 Oman 14.70265 (1.874979) 0 Qatar 19.16886 (1.441722) 0 Kuwait 19.34724 (1.445981) 0 Emirates 16.91736 (0.917708) 0 Bahrain 15.37403 (1.039737) 0 R-squared -0.04485 Mean dependent var 16.85381 Adjusted R-squared -0.05677 S.D. dependent var 10.63519 Sum squared resid 62872.03 Durbin-Watson stat 1.562729 This differences between the Gulf countries is due to the different policy they have used. For example, we can see that Saudi banks did not affected by the financial crisis like Emirates and Bahraini banks. This because of the close economy policy that Saudi central bank use whereas Emirates and Bahraini central bank use open economy policy. Furthermore, the Saudi government spending was very high comparing with the other Gulf countries. Third, the ROA model for years: Table 5 Prob. (t-test) constant 1.983087 (0.548057) 0.0003 Islamic 2.241809 (0.389) 0 Year08 -0.92146 (0.699029) 0.188 Year07 1.788613 (0.695931) 0.0104 Year06 1.894682 (0.715132) 0.0083 Year05 2.062882 (0.723348) 0.0045 Year04 0.922792 (0.745526) 0.2163 Year03 0.148001 (0.750172) 0.8437 R-squared 0.121093 Mean dependent var 3.588051 Adjusted R-squared 0.109825 S.D. dependent var 4.492388 Sum squared resid 9808.95 Prob(F-statistic) 0 The coefficient of the Islamic dummy gives positive sign and t-test shows that the Islamic dummy is significant which means that the ROA in the Islamic banks are higher than in the conventional banks by 2.24%. This is can be explained by the relation between total asset and profitability, the relation between total equity and profitability, and the relation between total expenses and profitability in the Gulf banks that figured by Faisal (2005) which is negative for conventional banks and positive for Islamic banks. So, when total expenses, capitalisation, and size of a bank increase the profitability increase in if it is an Islamic bank and decrease if it is conventional bank. In other words, Islamic instruments such as Istisna, Ijarah, Mudaraba and Musharaka accounted as assets which means the increase in these types of financing lead to higher ROA. The year 2002 used as constant coefficients in order to compare 2002 among the whole period and focusing on the changes in the ROA. The coefficients of the year 2003 and 2004 show slight increase in the ROA in the Gulf by 0.14% and 0.92 respectively, but they are insignificant. Then, ROA increased rapidly in 2005, 2006 and 2007 by 2.06%, 1.89 and 1.78% and became statistically significant. This increase due to the rise in the oil prices. However, the coefficient of the year 2008 shows decrease in ROA by -0.92% in the Gulf banks because of the financial crisis. The same technique of separating to two sub-periods has been used in order to examine the robustness of the Islamic dummy. One of the sub-periods starts from 2002 to 2005 and another from 2006 to 2008: Table 6 Prob. (t-test) constant 2.874444 (0.300776) 0 Islamic 2.242753 (0.397574) 0 Year05 1.171183 (0.549906) 0.0336 Year04 0.031175 (0.584339) 0.9575 Year03 -0.74357 (0.593025) 0.2104 Year02 -0.891543 (0.616993) 0.149 R-squared 0.078455 Mean dependent var 3.588051 Adjusted R-squared 0.070047 S.D. dependent var 4.492388 Sum squared resid 10284.8 Prob(F-statistic) 0 Table 7 Prob. (t-test) constant 2.81072 (0.277333) 0 Islamic 2.366673 (0.389844) 0 Year08 -1.79641 (0.509244) 0.0005 Year07 0.914638 (0.505101) 0.0707 Year06 1.018571 (0.531234) 0.0557 R-squared 0.103778 Mean dependent var 3.588051 Adjusted R-squared 0.097249 S.D. dependent var 4.492388 Sum squared resid 10002.19 Prob(F-statistic) 0 The tables above proved that the coefficients of Islamic dummy in sub-periods are approximately the same as in whole period which means it is robust. Furthermore, the other coefficients in the sub-periods give the same result as in whole periods and there is no changes in R-squared and adjusted R- squared or in the tests. Fourth, the ROE model for the countries: the coefficient of the Islamic dummy almost the same. The range of ROE of Gulf banks is between 3.86% and 2.04%. Bahraini banks had the highest ROA (3.86%) followed by Qatari banks with 3.02% Then Kuwaiti banks with 2.73%. Afterwards, Emirates banks had 2.60% then Saudi came next with 2.33%. Omani banks had the lowest ROA in the Gulf by 2.04%. The t-test shows that all coefficient are significant. Table 8 Prob. (t-test) Islamic 2.029741 (0.415863) 0 Saudi 2.33044 (0.500783) 0 Oman 2.044595 (0.712912) 0.0043 Qatar 3.022825 (0.566836) 0 Kuwait 2.73999 (0.556167) 0 Emirates 2.601632 (0.357261) 0 Bahrain 3.862964 (0.409867) 0 R-squared 0.078317 Mean dependent var 3.588051 Adjusted R-squared 0.068207 S.D. dependent var 4.492388 Sum squared resid 10286.34 Durbin-Watson stat 0.976295 The table above shows that there are no significant differences between the banks in Gulf countries in ROA. Moreover, the different between Bahraini banks which were the highest and Omani banks which were the lowest is less than 2%. 4.2.The Different in the Risk Analysing the profitability is not enough to say whether the Islamic or the conventional banks have effective risk management procedures or not without analysing the risk. The variance for each bank during the period have been calculated in order to see the whether Islamic and conventional banks have the same or different risk. First: calculating the variance of ROE for Islamic and conventional banks: Table 9 Prob. (t-test) Islamic -42.4969 (17.63172) 0.018 Saudi 93.67778 (23.59077) 0.0001 Oman 34.00545 (32.77482) 0.3022 Qatar 65.8434 (26.34869) 0.0143 Kuwait 99.83715 (23.19668) 0 Emirates 67.42153 (16.44457) 0.0001 Bahrain 81.53135 (16.80893) 0 R-squared 0.08429 Mean dependent var 62.20235 Adjusted R-squared 0.023913 S.D. dependent var 81.25905 Sum squared resid 586507.1 Durbin-Watson stat 2.087805 The sign of the coefficient of Islamic dummy is negative which means that Islamic banks have less risk in ROE than conventional banks in the Gulf. This is because of the PLS system that Islamic banks use which allow them to share the profit and losses with the depositors which decrease the risk Islamic bank taking. This findings agree with the relation between deposits to assets and ROE that explained by Bashir and Hassan (2004), and Faisel (2005) which is positive in conventional banks and negative in Islamic banks. Moreover, the findings illustrated why conventional banks receive higher ROE than Islamic banks in the Gulf. From the table above it is observed, Kuwaiti banks were the most risky banks in the Gulf followed by Saudi, then Bahraini banks. The banks, however, had high risk due to the massive changes in the ROE that they received every year during the period. This indicates that their ROE was instable and more risky during the period. Comparatively, Emirates and Qatari banks faced less risk then the banks in the previously mentioned banks. Among all the banks, mentioned in the above table, Omani banks were the most stable banks and, thus, faced the least risk. However, the t-test result, found for Oman is not statistically significant. Second: calculating the variance of ROA for Islamic and conventional banks: The positive sign of the coefficient of Islamic dummy show that Islamic banks have higher risk in ROA than conventional banks in the Gulf. This is due to the fact that Istisna, Ijarah, Mudaraba and Musharaka finance have high risk because banks are in ownership and they share the risk as well as the profit and these types of finance appear as assets in the balance sheet. The table below shows that Kuwaiti banks were the most risky banks in the Gulf then Bahraini banks came next. After that, Emirates and Omani banks came next with much less risk then the previously mentioned banks. The gap between Bahraini and Emirates is enormous which gives us an idea about the instability in the ROA that Kuwaiti and Bahraini banks received. In contrast, Among all the countries, mentioned in the above table, Saudi and Qatari banks faced the least risk due to the stability they have in the ROA. However, the results of all previously mentioned banks are insignificant. Table 10 Prob. (t-test) Islamic 21.57855 (10.44977) 0.0417 Saudi -3.97466 (14.14604) 0.7794 Oman 1.989429 (19.66142) 0.9196 Qatar -6.86578 (15.79286) 0.6648 Kuwait 24.89889 (13.62678) 0.0709 Emirates 2.439974 (9.855151) 0.805 Bahrain 15.46982 (10.01932) 0.126 R-squared 0.109403 Mean dependent var 16.10476 Adjusted R-squared 0.051945 S.D. dependent var 49.46225 Sum squared resid 215706.9 Durbin-Watson stat 1.759712 The reason behind the high risk in Bahraini banks is due to the fact that Bahrain is the fastest growing financial centre in 2008 according to the City of London’s Global Financial Centres Index. The high increase means that there is great changes every year in the ROE and ROA. However, most of Kuwaiti banks are international and have presences in many countries, such as the national banks of Kuwait who has more than 12 presence all over the world, which effected by the financial crisis. Emirates attract the investors all over the world by the open economy policy. Therefore, Emirates banks have been effected by financial crisis but less than Kuwait due to that Emirates banks focusing more in financing investments rather than housing. In contrast, Saudi, Qatar and Oman are less free market and open economy than previously mentioned countries. Consequently, Saudi, Qatar and Oman are much less effected by the international economy than Bahrain, Kuwait and Emirates. Conclusion 5.1) The different between Islamic and conventional risk management procedures This paper concentrating on studying efficiency of the risk management procedures for conventional and Islamic banks result in commercial viability of banking activities in the Gulf. The paper started by analysing the profitability for conventional and Islamic banks using ROA and ROE in the Gulf between 2002 and 2008. Then, analyse the risk in conventional and Islamic banks by calculating the variance for ROA and ROE between 2002 and 2008. The results show that Islamic banks have higher profit in ROA than the conventional banks and by calculating the variance for ROA it has been noticed that Islamic banks have higher risk in ROA than conventional banks. This is due to the fact that Istisna, Ijarah, Mudaraba and Musharaka accounted as assets which gives positive relation between total asset and profitability. Moreover, that Istisna, Ijarah, Mudaraba and Musharaka finance have high risk because banks are sharing the risk as well as the profit and Islamic banks have to balance the management and control rights in order to be in save. However, Islamic banks have lower profit in ROE than the conventional banks. This is due to the relationship between deposits and the ROE which is positive for conventional banks and negative for Islamic banks. Additionally, Islamic banks do not have variety of financial instruments in the short term like the conventional banks which force them to have high liquidity. On the other hand, is Islamic banks have less risk in ROE than conventional banks because of the PLS system that Islamic banks use which. The findings shows that both Islamic and conventional banks in the Gulf have adequate risk management procedures. Furthermore, both Islamic and conventional banks are profitable, however, the ROA and ROE is different Islamic and conventional banks. This different is due to the different risk they face. 5.2)The different between the Gulf countries Qatari banks seems to had the best economic environment because they were the most profitable and the least risky. Then, Saudi and Emirates banks came next. Saudi banks had higher profitability in ROE and less risk in ROA than Emirates banks. Whereas, Emirates banks have higher profitability in ROA and less risk in ROE than Saudi banks. Bahraini and Kuwaiti banks had very high profitability and risk in both ROA and ROE comparing with banks from other countries. However, Omani banks have very low risk and profitability comparing with banks from other countries. The reason behind the difference between the Gulf countries is due to the difference policies they are using, whether they have international banks and if they effected by the financial crisis or not. 5.3)The different between the year The profitability had the highest increase in the year 2005 and this is due to the increase in the financial market in the Gulf, oil prices and government spending. In contrast, profitability had increased two times; one in the year 2003 because of the war in Iraq and another in the year 2008 due to the financial crisis. [1] Iqbal Z. Mirakhor A., (2007), â€Å"An introduction to Islamic finance†, John Wiley Sons, Asia. [2] There is no Islamic banks in Oman but it has been included because it is one of the Gulf countries. 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Judging A Politicians Worth By Sex Essays - , Term Papers

Judging A Politician's Worth By Sex Judging a Politician's Worth by Sex Is it fair to measure a politician's public worth by his/her sexual behavior? This a question which has been brought before me and requires an answer, or a position on which I stand, fair or unfair? Well, I think it is fair. After a two-year scandal involving President Bill Clinton and his sexual escapades with different women besides his wife, I can't help but see a direct comparison in this question. Using President Clinton works as an excellent example as to why I take the position I do. For obvious reasons a politician's public worth should not only be measured by his/her sexual behavior, but this should be an important consideration. Every time a new president is elected they are sworn in, they raise their right hand and swear to approximately 272 million people to uphold certain duties as president. Each time a president neglects to uphold one of these duties or if he/she is found to be committing a crime, a process is followed to decide whether or not the president should be impeached. If the act is found to be minor or not an impeachable offense, business continues as usual, but the dignity or public worth of this individual has to be questioned by the public, because as the employers of these po liticians it is our duty. Now even though it might not seem relevant to use the president, or any politician being sworn in as a valid example, in comparison to marriage vows, I think it is valuable. Along with marriage comes a word called fidelity, this is usually touched upon at the ceremony or even before, this means to be faithful and loyal. When a person such as President Bill Clinton, or any politician professes his/her love and fidelity to his/her life partner, which is only one person, then without any regret, completely disregards those promises. How can a politician like this make a promise or swear to uphold certain duties to approximately 272 million strangers and be trusted? In my opinion that is the exact definition of public worth. ? Whatever goes on between consenting adults in private is nobody's business but their own, and that holds for sex as for anything else. Why should anybody even care whether Mary has fifteen lovers or none, whether Jack prefers sex with Bill to sex with Jane, or whether married couples like to ?swing' with other married couples. Just because you personally disapprove of such things doesn't make them wrong. We all have the right to live our lives as we see fit as long as we don't interfere with the rights of others to live their lives as they see fit. Promiscuous people, homosexuals, and swingers don't tell you how to live your life. Don't tell them how to live theirs.?(Olen & Barry pg.82) In essence I completely agree with this statement, but for a politician whose personal life is completely in the eye of the public especially when there is a scandal involving his/her sexual endeavors, this becomes a measurement of their public worth. These politicians are well aware of how their li ves will be affected in the world of politics and this is something they must keep in mind when entering a situation that might compromise their worth to the public which elected them. I feel strong on my position and think if the economy wasn't doing as well as it is the Bill Clinton scandal would have been worse for him. I'm not a political buff or analyst by any means but before the Bill Clinton sex scandal my opinion of his public worth and his principals were much greater than after the scandal. That might not be completely fair but it is my opinion.