Extend Profits, Not Product Lines Essays - Brand Management

Extend Profits, Not Product Lines Extend Profits, Not Product Lines Market Segmentation To compete successfully in today's volatile and competitive business markets, mass marketing is no longer a viable option for most companies. Marketers must attack niche markets that exhibit unique needs and wants. Market segmentation is the process of partitioning markets into groups of potential customers with similar needs or characteristics who are likely to display similar purchase behavior. Market segmentation is the foundation on which all other marketing actions can be based. It requires a major commitment by management to customer-oriented planning, research, implementation, and control. The overall objective of using a market segmentation strategy is to improve your company's competitive position and better serve the needs of your customers. Some specific objectives may include increased sales, improves market share, and enhanced image. The authors, John A. Quelch and David Kenny do confess the lure of product line extensions. Line extensions come closer to meeting the needs of smaller and smaller market groups. Such products allow for something different. They sanction pricing breadth, aiming higher prices at select markets, with superior quality. They aid in fixing the excess capacity many firms are experiencing today. They offer short-term (short-lived) gain at low cost, catering to the desires of today's managers. They help to assure sufficient shelf space. Product line extensions also help to meet retailer's demands, providing packaging that will suit their particular marketing needs. Product Optimization Today, more than ever, the ability to develop and launch new products successfully and quickly is the key to business success. What makes a new product a success? What can be done to improve the odds of winning at new products in your company? A highly regarded success factor is product superiority. Premium products that deliver real and unique benefits to users are far more successful that me too products. It is impossible to pursue every market opportunity so you must make strategic choices based on customer needs, competitive opportunities, corporate objectives, and your firm's financial, technical, and marketing resources. Product Positioning You may accomplish an effective position by searching out unique marketing advantages, seeking new market segments that competitors are not, or developing new approaches to old problems. Your position must be based on real (e.g., lower cost, superior quality) or intangible (e.g., company reputation) competitive advantage. Product positioning is an important strategy for achieving differential advantage. Positioning reflects the place a product occupies in a market or segment. A successful position has characteristics that are both differentiating and important to consumers. Every product has some sort of position-whether intended or not. Positions are based upon consumer perceptions, which may or may not reflect reality. A position is effectively built by communicating a consistent message to consumers about the product and where it fits into the market-through advertising, brand name, and packaging. Positioning is inextricably linked with market segmentation. You can't define a good position until you have divided the market into unique segments and selected your target segments. Brand Equity and Image Assessment The most important assets of any business are intangible-including its base of loyal customers, brands, symbols, and slogans-and the brand's underlying image, personality, identity, attitudes, familiarity, associations, and name awareness. These assets-along with patents, trademarks, and channel relationships-comprise brand equity, and are a primary source of competitive advantage and future earnings. The brand is a distinguishing name and/or symbol (logo, trademark, or package design) intended to identify the origin of the goods or services-and to differentiate those goods or services from those of competitors. A brand signals to the customer the source of the product-and protects both the customer and producer from competitors who would attempt to provide products that appear to be identical. By developing strong and consistent images, well-regarded brands generate hidden assets-or brand equity-that give them distinct advantages. Brand equity is a form of wealth that is closely related to what accountants call goodwill. A brand is a promise made to its customers and shareholders. Promises that are kept yield loyal customers and produce steady streams of profits. Brand equity is initially built by laying a foundation of brand awareness-eventually forming positive brand images-and is ultimately maximized by high levels of brand loyalty. Brand image is everything. It is the sum of all tangible and intangible traits-the ideas, beliefs, values, prejudices, interests, features,

Writing introductions and endings to grab attention and leave an impression

Writing introductions and endings to grab attention and leave an impression Writing intros and endings We remember firsts and lasts much more than we remember in betweens. Most people can remember their first day at school, or what they had for dinner last night, for example. Thats why introductions and conclusions are perhaps the two most critical parts of any document. Unfortunately, theyre also often the weakest. Most people have no idea how to write an introduction that grabs the readers attention. And even more people neglect to write a conclusion altogether. But there are four basic types of intro and ending that you can use for most documents. Here are two of them. Getting started Many people follow the misguided advice to start somewhere in the middle and write the introduction last. But getting your introduction right doesnt just attract the reader, it also helps your document flow as you write. So begin writing your introduction first. One of the most effective types of introduction is the historical beginning. This type of introduction contrasts what used to happen last year/century or whenever with whats happening now, and creates a real sense of movement in your readers mind. For example: Ten years ago, the marketing budget was 3 million a year. Now that figure has almost tripled. Now youve got your readers attention, theyll almost certainly be eager to know why the budget has increased so much. Start telling them, and theyre hooked. Closure The conclusion is your opportunity to leave a lasting impression and keep what youve written in the readers mind. One good way to do this is to look forward, or predict the future. For example: The annual report shows that growth has been steady, but sales still need to improve for the upturn to continue. You can find out more about effective intros and endings on an Emphasis in-company or public course. Or you can email to ask us about how we can help your organisation. Back to High-impact business writing course.

Growing trend in online education Research Paper

Growing trend in online education - Research Paper Example e and usage of computers started to decline and more focus was given to those devices which were more capable of ensuring communication between more than two individuals. For example, it was also intent that, in the clinical advancement, there should be electronic mechanism between patient, doctor, nurse and other medical staff who was directly or indirectly connected with the health of the patient. As a result of such expectations, the recent advancement in the shape of online education has not only facilitated the electronic communication between nursing students and health teaching hospitals facilities but also increased an opportunity for studying and learning through using the medium of the Internet. Overall, this transformation has considerably increased opportunities for online nursing learning and also enabled to adjust their routine study schedule as they want to. In the following parts of this paper, first description about online education has been provided. Moreover, this part also elaborates on the general significance of online education. Subsequently, Significance of online education for nursing students has also been provided. After that part, merits of online education has been included in which accessibility and affordability features have been mainly emphasized and elaborated as well. It is followed by demerits of online education part in which education quality and lack of concentration have been detailed. Before the conclusion part, the significance of magnet status for hospitals and the nursing students has been included. Online education is growing across the world (Shelton and Saltsman, 2005.p.146). Online education is defined as an education mechanism in which information communication technology is used for the purpose of studying different subjects. Fundamentally, there are three different activities used in the online education system: online education provider, medium and online education receivers (students). In addition, online

Learning protfolio Essay Example | Topics and Well Written Essays - 1500 words

Learning protfolio - Essay Example The three components that influence this include are the intellectual; the physical; and the emotional or motivational. The validation of this concept owes to the fact that I have always looked forward to know the reasons why some employees or even companies become rivals in work related settings, which answers my question that cultural intelligence exist within the body, the heart, and the head. In depth, communication is a key factor in realizing any objective, especially in long-term missions. Cross-cultural communication is an important factor in companies that need to have an edge over their competitors (Peterson, 2004). On the other hand, my research shows that both cultural intelligence and emotional intelligence have a strong coalition since they both work together to apply to the social affairs amongst individuals as well as their significance to modern establishments. The topic explores the essentiality of different cultural backgrounds versus emotional quotient in an organization and the manner in which they interrelate to find a perfect equilibrium through human perspectives. The focus deals with decision-making actions, the manner of intervening with emotions in management and building capacities for the development of a common resolution that eventually becomes an extra importance in personal associations (Peter & John, 1990). Evidently, an individual that poss esses a high emotional intelligence combined with cultural intelligence makes him or her a rational being and concurrently makes every individual different from another. The topic also illustrates that companies experience cross-cultural behaviours, which are frequently very differentiating. For example, any new employee who joins an organization always takes an opportunity in the first few days, weeks or months to interpret its cultural code. In any big firm, sparring subcultures also tend to encroach in their activities. 3. What

Sustainability in Neo-Classical Economics Coursework

Sustainability in Neo-Classical Economics - Coursework Example The notion of sustainability relates to the creation of economic and social conditions through activities of the present generation for their own existence and maintenance of these conditions in such way that the future generations are able to maintain their own existence (EPA 2013). The following section defines the basic concepts of sustainability and provides an explanation of these concepts, which would allow an in-depth understanding of the issue of compatibility of the neoclassical theory of economics that has been studied in detail in the latter part of the paper. ‘Sustainable development’ is a concept that has gained importance in the late 1990s. It encompasses a vast area of understanding of the path of development of modern economies. However, in common understanding, the ‘sustainable development’ or simply sustainability refers to the path of development for the current generation in these countries. It signifies the way in which the current generation utilizes the resources for satisfying its necessities without indulging in excessive consumption of the resources that the interest of the future generation is hampered. In 1987, the World Commission on Environment and Development implemented this notion in the political agenda of the Commission (Mulder and Bergh 2001). Since then politically the concept of sustainable development has become an important issue in the development process of the countries around the world.   The world has experienced severely rising interest on the issue of sustainable development in the past two decades. Although it came into political light after the 1990s, economists have been devoting huge to the phenomenon of interaction between the ecology and the economy since the 18th century (Mulder and Bergh 2001). In this context, development means that the resources are utilized in a conscious manner in the current period so that enough resources are preserved for the future generations for the fulfilling of their interests (Asheim 1994, 35). The purpose of taking such a development initiative is to allow all generations to come to live a standard life. However, human activities involving the three interfaces; society, environment, and economy create a range of opportunities for the optimization of profit objectives of business organizations, but in most cases, the core concept of sustainability is ignored while performing this pure economic optimization exercise.

The Growth Of The Takaful Industry Economics Essay

The Growth Of The Takaful Industry Economics Essay Takaful is derived from an Arabic word â€Å"Kafala† which means mutual guarantee, whereby a group of participants agree to mutually guarantee among themselves against a defined loss. This simple concept of takaful is the foundation of the takaful business, which is the present Shariah-compliant insurance Takaful is â€Å"a scheme based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for that purpose† The contemporary jurists acknowledge that the foundation of Takaful was laid down in the system of â€Å"Aaqilah†, which was an arrangement of mutual help or indemnification customary in some tribes at the time of the Prophet (peace be upon him). Takaful provides solidarity in respect of any tragedy in human life and loss to the business or property. The elements present in the conventional insurance viz; Gharar (uncertainty), Riba (interest) and Maisir (gambling) are against the tenets of Islam. Muslim Scholars do not object to insurance per se but only to certain weaknesses in the insurance contract (which weaknesses render the insurance contracts fasid). It is for this reason, 1972 Fatwa by National Council for Islamic Religious Affairs of Malaysia that life insurance is not lawful as it contains gharar, Maisir and riba. Hence, takaful tries to remove all these facets present in the conventional insurance and works within the guidelines of Shariah. The concept of tabarru makes the transaction permissible and valid according to Islamic law. It changes the basis of contract from an exchange contract (muawadat) which is bilateral in nature, to a charitable contract, which is unilateral. 2.0 Takaful Industry overview Globally, the takaful industry has been growing rapidly, appealing to both Muslims and non-Muslims. Currently, there are more than 110 takaful operators worldwide. As per the Ernst Youngs World Takaful Report 2009, global Takaful contributions have risen to $3.4bn in 2007 as compared to $2.5bn in 2006 (36% Growth). The new projections for 2012 for Takaful Market are US$ 7.7 bn and US$ 11.0 bn by 2015. Saudi Arabia was the biggest market in the Gulf Cooperation Council (GCC), with contributions totaling USD 1.7 bn in 2007, and Malaysia the largest takaful market in Southeast Asia with contributions of USD 800 mn. Malaysia has achieved significant milestones in the development of its takaful industry. With the enactment of the Takaful Act 1984, the first takaful company was established in 1985. Since then, the industry has been gaining momentum and increasingly recognized as a significant contributor to Malaysias overall Islamic financial system. There are currently eight takaful operators and two re-takaful operators, with five foreign participations from the UK, Bahrain, Germany and Japan. These takaful operators conduct both domestic and foreign currency business. 2.1 Current Trends and Future prospects With the expanding demographics of Islamic countries and that of the Islamic population globally, the prospect of takaful looks promising. The Accounting Auditing Organization for Islamic Financial Institutions (AAOIFI) has been playing a key role in framing and reviewing the regulatory standards governing takaful companies. With improved standards of living and increasing awareness of Takaful, the market is expected to see steady growth in per capita spend on Takaful premiums and also in terms of market share in comparison with conventional insurance. 2.2 Strategic Issues and Challenges With projected growth as described above, the industry will experience much change. As with all new product offerings, success will depend on several factors, both internal and external. Highlighted below are a number of strategic issues and challenges that providers will contend with as the industry expands. Distribution Challenges New entrants should create synergies that can be used to leverage existing distribution channels, banc-Takaful and strategic alliances across geographies. This will also enable the operators to increase premium volumes to improve profitability; a key factor in surviving the ‘start-up years. Developing Innovative Products Developing attractive and competitive products that meet diverse customer needs will be a major challenge for Takaful operators. Though Takaful operators cater to a very specific and presently unsatisfied market, they still need to create product offerings that are as sophisticated and innovative as their conventional competitors. Improving Marketing and Branding Tactics The present brand value of Takaful is relatively limited particularly in non-Islamic countries. Analysts have suggested that Takaful has enormous potential for Islamic and non-Islamic populations, offering an ‘ethical insurance alternative. Experts also propose that Takaful can potentially be a useful mechanism for poverty alleviation. Raising the Standards in Customer Service As the industry grows and becomes more competitive, building customer service skills and developing best practices will become increasingly important. At present, general customer service standards are average among Takaful providers, relative to their conventional counterparts. IT Solutions for Takaful Issues such as innovative product development, time to market, servicing of policies and claims within acceptable time lines, accuracy of calculations, cost containment, and improvement in service standards can all be facilitated by the implementation of robust and flexible IT solutions. Takaful compliant IT solutions serve an important purpose from a regulatory compliance standpoint and can help operators avoid susceptibility to unfavourable regulatory decisions and the possibility of increased regulatory compliance costs. 3.0 Takaful Models A takaful model depicts the relationship between the company and the participants. Based on the nature of relationship between the company and the participants, there are various models like Wakalah (agency) Model, Mudarabah Model and the combination of agency and Mudarabah models. In Mudarabah model that is practiced mainly in the Asia Pacific region, the policyholders get profit on their part of funds only if Takaful Company earns profit. The sharing basis is determined in advance and is a function of the developmental stage and earnings of the Company. In Wakalahmodel, the surplus of policyholders funds investments net of the management fee or expenses goes to the policyholders. The shareholders charge Wakalah fee from contributions that covers most of the expenses. In order to give incentive for good governance, management fee is related to the level of performance. 4.0 Takaful Categories 4.1 General takaful The general takaful provides protection on a short-term basis, normally covering a period of one year. It commonly provides protection for property loss or damage, liability arising from damage. In general Takaful, the company raises a fund, which called as ‘tabarru fund or account, where the participants pay to the fund. The company will invest the remainder of the fund after deducting the operational cost of the scheme. Any profit or return from the investment will be returned back to the fund. If there is any participant who faced loss or damage to his property or belonging, then the particular participant will be compensated from this fund. 4.2 Family takaful The family takaful is a combination of protection and long-term savings, usually covering a period of more than one year. It provides benefits if the insured is inflicted by a tragedy as well as potential profits. Risks covered include premature death, illness and permanent disability, and regular income during retirement. 5.0Shariah issues in Takaful: As is the case with any industry in its nascent stages, the takaful industry too is facing its own set of teething problems. Whenever we go to conferences (or) read the literature and article related to takaful, the general and the most common allegation (or) complaint is that, â€Å"Inconsistency in the interpretations of certain Shariah rules or standards is said to be an issue of the Takaful Industry†.Some of the commonly discussed Shariah issues relating to takaful are: which is the right model to follow?, who are the real owners of the takaful fund?, the methodology and the process to be adopted to share the surplus between the participants, the issue of hibah (gift) in a takaful policy, the issue of insurable interest and whether underwriting in concordant with the principles of maqaasid as-Shariah etc. So, let us analyse these issues in the light of Shariah to understand the arguments for and against each of these issues to get a clear idea on the issue. Finally, we will also try to analyze if the issue of inconsistency is as serious as it is being projected and what are the areas which need to be standardized, if at all it is required. 6.0 Issue #1: The dilemma of choosing the right takaful model In many of the takaful conferences and literature available, the question that is manifested is regarding the different takaful models existing in the world market. Some people express a desire towards a standardisation of takaful products as this will avoid confusion, facilitate regulation etc. Before we analyze the pros and cons of this thought, let us understand the modus operandi of the mudarabah model. Some people, usually criticize the mudarabah model since the operator too shares the underwriting surplus which should ideally belong to the participant. 6.1The modus operandi of the mudarabah model Generally, many Takaful companies (especially those using the Mudaraba principle) claim that their operations are based on the concept of mutual or co-operative insurance as approved by the Muslim jurists. This claim is on the basis that: They receive the premium or contribution from the insured on the basis of the Mudaraba principle, whereby the company becomes the entrepreneur (Mudarib) and the insured party the capital provider (Rab al-Mal). The insured party agrees to donate a certain percentage (or in some cases as in General Takaful the whole of the amount paid) of the premium/contribution to a special fund used to pay compensation or benefits to contributors. Any surplus left in the fund after settlement of all claims is shared by the company and the insured as profit in a ratio as agreed in the contract. An insured party who has received compensation, the amount of which is greater than what he could have received as a share of the surplus had he made no claim, is not entitled to share such a surplus. The company uses normal actuarial principles to calculate risk and premium. 6.2The industry practice Until recently, the Mudaraba model adopted by Malaysian takaful operators refers to profit as the underwriting surplus, which is the excess of premiums over claims, plus investment returns. This arrangement marks a departure from the original Mudaraba model, which will entitle the takaful operator a ratio in the investment returns, without sharing in the underwriting surplus. The modified Mudaraba model justified the sharing of the underwriting surplus on the grounds that such an arrangement would allow takaful operators to withstand competition and avoid overpricing, which may eventually sway takaful participants from takaful, and be attracted to conventional insurance, with all its non-Shariah compliant elements. This is further justified by the fact that there is nothing haram in sharing the underwriting surplus, in the view of the absence of any textual or general Shariah principle disapproving such a practice. 6.3Modes of surplus distribution Generally the surplus which is generated after paying all the claims and other expenses is distributed in the following ways. Pro-rata mode: Whether the surplus is underwriting surplus plus profit or underwriting surplus only, it is distributed in proportion to the premium paid by the participants, without differentiating between claimable and non-claimable accounts. Selective mode: This mode tends to indemnify non-claimable accounts only. Takaful operators tend to deprive claimable accounts, so that they become more prudent in the future. 0ff-setting mode: This mode tends to offset the rate of underwriting surplus from the amount claimed. This is applicable only on accounts whose underwriting surplus less than the claims. If the underwriting surplus is equal or more than the claims, then the participant does not share in the surplus. 6.4Do Takaful models need to converge? While the positive desire towards a standardisation of takaful products to avoid confusion, facilitate regulation etc, are welcome, the other side of the coin is that takaful is an Islamic phenomenon and should be viewed through the prism of fiqh and socio-cultural context. We should realise that takaful per se is not a product, and thus should not be equated with insurance. It is described as a system, rather than a product, which aims at the joint-guarantee between the contributors in a risk-covering scheme. We should not lose focus of the source of the inspiration of takaful. It is primarily to spread a risk to alleviate financial burden when it inflicts a person in a spirit of humanism. Unlike in the past, presently money is contributed in advance. This element of philanthropy should also be reflected in takaful to differentiate it with insurance, which is a pure tug of war between maximising premium to be paid and minimising the compensation to be paid. If one adulterates the spirit of takaful and treats it as a pure standardised commercial venture then the Shariah spirit may be lost. The different models in fact create a space to reactivate the juristic acumen. For any legal system to survive, especially in an era of globalisation and universalism, one should allow the system to evolve. This evolution is in turn influenced by many external factors such as politics, schools of law, tax implication etc, which differ from country to country. For instance, many multinational banks offer different home financing products in different jurisdictions. May be in one country Ijarah (lease) will best suit everybody while in another country the Murabaha (differed payment). This shows the versatility of Islamic law. The same spirit should prevail for takaful. One cannot replicate these products on the basis of Islamic law and then try to standardize the Islamic products developed on the premise of conventional products. This should not be the case, a change in mind set is required because Islamic financial products should have its own features ultimately. Standardization is good in a way as it brings in more certainty. However, one should ponder on Imam Maliks attitude towards standardization of Islamic law when Ibn Muqaffa asked the caliph of that time to standardize Islamic law. But he refused on the basis that the jurisprudence developed by other imams also had their proofs from Shariah. Hence one cannot accept only Maliki school of law. In other words Islamic law must preserve its legal elasticity. By standardizing Islamic finance one will lose the legal beauty inherent in Shariah. Therefore by accommodating various models different branch of fiqh is revived. 7.0 Issue #2:The issue of surplus distribution The most critical issue in takaful is the issue of surplus distribution. Being a taawuni instrument to provide a mutual guarantee for possible risks, surplus arises as an issue of what to do with it if such risks are dealt with through risk transfer or indemnification. A recorded surplus at the end of the financial year of a particular takaful operator is an issue that invokes both Shariah and legal scrutiny. As far as surplus distribution is concerned, two juristic views have surfaced and dominated the takaful industry in the Middle East and Malaysia. The first one categorically prohibits the sharing of the underwriting surplus between the takaful operator and the participants, but the other view validates the sharing, based on ratios that differ according to the line of products offered. The opponents of sharing the underwriting surplus back their contention by decisions taken by highly acclaimed institutions, such as AAOIFI, whose standard on takaful reads: â€Å"The Takaful operator does not share in the (underwriting surplus)†. The AAIOFI Standard on takaful states: â€Å"The underwriting surplus and its returns, less expenses, and payment of claims, remain the property (milk) of the policyholders, which is the distributable surplus. This is not applied in commercial insurance, where the premiums become the property of the (insurance) company, by virtue of contract and acquisition, which would make it revenue and a profit for commercial insurance† This statement by AAOIFI raises the issue of ownership claimed on the premium paid. On one hand, the participant has donated the premium as tabarru, hence, losing title over it, as prescribed by the rules of hibah in the Shariah, but on the other hand, he still holds claim over it in the form of getting the whole underwriting surplus or a part thereof. Hence, let us analyse the ownership issue element in hibah and the extent of its Shariah compliancy. There are a number of jurists who emphasized that pure hibah leads the wahib to relinquish his ownership over the object of hibah. Ibn Qudamah asserts that â€Å"al-hibah tamalik†- a hibah which requires the wahib to enable the beneficiary to claim title of the object of hibah. Al Imam al- Shirazi points out that â€Å"Al-hibah tamlik bighayri ‘iwadd â€Å"- a hibah which enables the beneficiary to own the object of hibah without an exchange. In such a case, the juristic implications of hibah, as Ibn Nujaym al- Hanafi asserts, will be the transfer of hibah to the beneficiary, entitling him to hold title over the object of hibah (thubut al-Milk lil mawhubi lahu). Generally speaking, the Shafi‟is view hibah as transferring the ownership of an asset without exchange during ones lifetime, on a voluntary basis. The other mazahib (schools of jurisprudence) refer to the same meaning, with a special emphasis on the element of â€Å"no exchange†, i.e.: bi ghayri ‘Iwadd. This transfer of ownership would be effective, either by way of acquisition (qabd) on the part of the beneficiary, which is the view of the Shafi‟is and Hanafis, or by way of ijab and qabul (offer and acceptance),, which is the view of the Malikis. This juristic approach is an evidence that tabarru requires the relinquishing of ownership over the object of hibah. Since the latter entitles tamlik to the beneficiary, we can rightly say that the mutabarri (donor) does not hold any legal right or claim over the asset donated. Having said so, the takaful operators are at liberty to stipulate conditions on how the underwriting surplus should be distributed, invoking the doctrine of shurut (conditions) in contracts, as articulated in Islamic jurisprudence. The only shroud of right that the donor may still enjoy to hold title of his hibah is when he donates it in exchange for a counter value, a principle known as â€Å"hibah al-thawab† Contemporary scholars like al-Qurdaghi are of the view that the principle of hibah al-thawab (a gift for on exchange) is a good premise to justify the confinement of surplus to the participants only. It is true that some of the Prophetic hadiths referring to hibah al-thawab have secured some right of ownership to the donors after donation. Abu Hurairah narrated that the Prophet (s.a.w.) said: â€Å"The donor holds an exclusive right of ownership over his hibah, provided he is not rewarded for it†. This hadith is the only piece evidence attesting to a conditional ownership of the hibah by the wahib, allowing him to retract his hibah if he is not rewarded or satisfied with the reward. However, as clearly understood from the hadith, this evidence only gives conditional retraction of the same gift, not a surplus of it. In the case of Islamic insurance (takaful), this hadith is not applicable to surplus distribution, rather it is about retraction of hibah. Another hadeeth which is given as an argument for confining the surplus distribution to the participants only is the hadith of Nahd/Nihd. It has been mentioned in Saheeh Al-Bukhari, (Book of Sharikah) that â€Å"Muslims did not see any harm in Nahd†. The latter, as Ibn Hajar explains, is â€Å"The allocation of a fund in proportion to the number of participants (in the fund)†. Although this arrangement was more useful and practical in journeys to provide mutual coverage of expenses, it has been viewed as a mechanism to transfer risks, whether in a journey or otherwise. After citing the same hadith, the appendix of AAOIFI Standard on Takaful provides an explanation to Ibn Hajar‟s definition of Nahd. The Standard states that Ibn Hajars definition of Nahd refers to the underwriting surplus, which should be redistributed to the participants, so that it could be used in another journey. Revising Ibn Hajars view in his Fath al-Bari, it can be hardly understood that Ibn Hajars definition and explanation of Nahd does not refer in any way to surplus redistribution to the same participants. The hadith, is thus, completely silent about surplus, opening the doors for ijtihad to be exercised, in view of the maqasid al-Shariahand general Islamic financial principles. Another issue raised by those who oppose the sharing of surplus to the takaful operator is that Sharing in the underwriting surplus is a kind of taking peoples property unjustly. This contention is held by prominent scholars like Hussein Hamid Hassan and Al-Qurgaghi. The contention seems to go beyond the accepted parameters of justice. Although there could be plausible grounds for such a view, in light of the practices of some takaful operators that seize the lions share of the underwriting surplus, there should not be any shred of doubt that, in light of our earlier juristic analysis, sharing the underwriting surplus is Shariah-compliant as long as it falls within the parameters of accepted conditions (shurut), as well as the principle of the rida (satisfaction), featuring such contracts. With the existence of sound regulatory framework that caps the percentage of the distributable surplus, takaful operators will not be in a position to take peoples property unjustly. 8.0 Issue #3: Distribution of death benefit in family takaful Another Shariah issue (or) concern raised is in family takaful on to whom should be the death benefit is paid after the death of the participant. One group of scholars and Takaful operators say that it should be given entirely given to the beneficiary as in the case of conventional insurance and the other group feels that the beneficiary should act as a executor of the deceased and the benefit should be distributed to the legal heirs of the deceased. So, let us analyse the arguments put forth by the two sides in the light of Shariah. 8.1The concept of mal in the light of Takaful benefit The Arabic word mÄ l, or property, originates from the root word mawala that literally means to finance. ZuhaylÄ « defines mal literally as being anything a man owns that is in his actual possession and this includes corporeal and usufruct. The classification of mÄ l by Dr. Muhammad Daud Bakar, which is suitable to the modern context, appears to adopt the majoritys definition. According to him, mÄ l or property can be classified into three types: Tangible assets like landed property, present items and stock including Islamic bonds that are asset-based such as ijÄ rah, musyÄ rakah and mudarabah bonds. Intangible assets such as copyright and royalty, trade name, trademark etc Financial rights (haqq mÄ liyy) such as rights to receive (receivable) that include Islamic bonds, deferred dowry maintenance, right to damages, the right to takaful compensation, etc. In the modern application, takaful benefit is also treated as mal (property). According to Sec.2 Takaful Act 1984, takaful benefit includes any benefit, pecuniary or not which is secured by a takaful certificate, and â€Å"pay† and other expressions. In family takaful, there are two accounts, namely the Participant Account and the Special Participant Account. The premium is paid into both accounts based on a ratio agreed by the takaful operator and the participant. The Participant Account is considered to be the deposit account of the participant whereas the Special Account is for the sole purpose of making donations. When a participant dies, there is no question regarding the heritability of the money in the Participant Account as it is part of the deceaseds estate. However, the money payable by the takaful operator taken from the Special Participant Account for the death benefit is still questionable. It is a standard practice in Malaysia that the payment of the money by the takaful operator to the nominee appointed by the deceased participant is subsequently distributed among the participants legal heirs in accordance with the farÄ `id law. The distribution of the proceeds among the legal heirs of the deceased participant has seemingly become standard practice in Malaysia. Section 65(1) of the Malaysian Takaful Act, 1984 stipulates that the payment of takaful benefits is made to the proper claimant. Section 65(4) explains that the ‘proper claimant is a person who claims to be entitled to the sum in question as executor of the deceased or who claims to be entitled to that sum under the relevant law. 8.2The concept of ownership in Takaful benefit Islamic law provides four legitimate means for acquiring absolute ownership[13]: (i) The contract of exchange such as trading and leasing contracts, and unilateral contracts such as wasiyyah, hibah and waqf, (ii) the replacement, or khalafiyyah, i.e. inheritance, the payment of diyyah and compensation, (iii) the control over permissible things such as fish in the sea and birds in the sky and (iv) The growth and the production of things owned such as eggs, milk, etc. Takaful benefit falls under the second part of the first category, i.e. unilateral contract (tabarruat). It could be contended that without the participation of the policyholder, the takaful operator would never pay the money. In other words, it is the contract entered into by the policyholder for family takaful, which generates the benefits. This contention is based on the fact that ones effort becomes a justification for ownership. As a result, the money is divisible among the heirs of the policyholder according to the law of farÄ `id. 8.3The takaful benefit to sole beneficiary vs. to the legal heirs Takaful contracts realize the obligation upon the company to pay. They do not create wealth in the insureds ownership, but rather they create an obligation to ease the burden suffered due to the losses of fellow participants. The participants contribution is his or her donation for the good of others, not for himself. The proceeds payable belong to the fund of the participants, not the takaful operator. Therefore, even though it is the deceaseds effort, the money is more appropriately to be regarded as an obligation upon the takaful tabarru fund to pay on behalf of other participant as financial assistance to the insureds family in case of death. This is the importance of considering a legal and financial entity for the fund. This monetary obligation is directly based on the agreement or promises of mutual assistance stated in the contract. In other words, the tabarru fund managed by the takaful operator on behalf of the participants agrees to pay the proceeds, and the matter of to whom they are paid should be freely and totally left to the agreement or the stipulation made by the policyholder to the company. This is similar with the condition made by the performer of wakf as he stipulated condition is binding. The primary objective of takaful is to provide financial assistance to the participants family. If the payment is payable strictly only to the heirs of the participants or insured, it implies that it is the property of the deceased. If this is so, the money is subject to the fulfilment of certain rights that must be carried out before distribution to the heirs, such as the payment of burial expenses, the deceaseds debts. This would mean that the compensation is not being used to ease the burden of the family but rather it seems that other fellow participants are under an obligation to settle the debts of the dead participants. In this regard, the creditors would have prior rights over the participants dependants. The dependants would only receive the benefits after the creditors claims have been satisfied. As such, inserting a clause legally and strictly imposing a duty on the appointed nominee to distribute the money among the legal heirs of the dead participant seems to contradict the objective of both the takaful. Inserting such a clause as currently practiced in Malaysia is not based on valid arguments. Furthermore, by considering it an estate for inheritance purposes, the takaful and insurance activity becomes a source of income. This is contradictory to the purpose of takaful i.e. mutual cooperation to ease a burden. Interestingly there are a number of contemporary fatwas allowing the distribution of takaful benefit to a particular beneficiary which is the common practice in the conventional insurance. The SAC of Bank Negara in its 34 meeting held on 21st April 2003 resolved: Takaful Benefit can be used for hibah since it is the right of the participants. Therefore the participants should be allowed to exercise their rights according to their choice as long as it does not contradict with Shariah. The status of hibah in takaful plan does not change into will (wasiah) since this type of hibah is a conditional hibah, in which the hibah is an offer to the recipient of hibah for only a specified period. In the context of takaful, the takaful benefit is both associated with the death of the participant as well as maturity of the certificate. If the participant remains alive on maturity, the takaful benefit is owned by the participant but of he dies within such period, then hibah shall be executed. A participant has the right to revoke the hibah before the maturity date because conditional hibah is only deemed to be completed after delivery is made (qabd). The Participant has the right to revoke the hibah to one party and transfer it to other parties or terminate the takaful participation if the recipient of hibah dies before maturity The takaful denomination form has to be standardized and must stipulate clearly the status of the nominee either as a beneficiary or an executor (wasi) or a trustee

Justification of the Corn Laws Essay -- Politics History Political

Justification of the Corn Laws The Corn Law was a potentially dangerous bill introduced in 1815 after three years of good harvests. It was instigated with the support of Lord Liverpool the current Prime Minister who saw the Corn Laws as a temporary measure to create stability in the agricultural sector in the immediate post-war years. The Corn Laws were potentially disastrous because they, along with the abolishment of Income tax and the creation of the Game laws, were seen as a return by the ultra-Tory's to a single-issue, single class government. That issue being the wants and needs of the landed classes. I believe that the Corn Laws led large groups of the urbanised population to become unreasonably politicised in their demands to parliament. The catalyst for these potentially revolutionary actions being the starvation of the working classes - the Corn Laws. Lord Liverpool's justification for the Corn Laws was the appalling state of agriculture in England in the post war period. England faced a unique set of financial and economic problems bought about by the end of the war. The harvest of 1813, 14 and 15 were extremely good leading to a fall in prices by almost half. The end of trade sanctions after the end of the Napoleonic Wars flooded the British market with cheaper corn that made British Corn uncompetitive. Agriculture still exceeded manufacturing as the country's largest single economic interest. Therefore the Corn Laws were justifiable in this sense because they still supported the largest single category of labour provider. But while choosing to secure one social group Liverpool and his cabinet had provided immedia... ...for a slim chance of economic recovery in a single sector of the country's economy-agriculture. The British Government had decided to choke one group of citizens, the urban based working classes, to create a wealthier group of large land owners-ironically the largest group of MP's. In my eyes protecting no part of the economy would have been the best idea. No economic area would flourish but neither would any industry be choked. A free market mentality would be painful but would result in more efficient techniques in manufacturing and agriculture. All the Corn Laws seemed to do was underline the injustices that were allowed to happen because of the lack of universal suffrage. It also highlighted how inward looking and self centred the Ultra-Tory's were as well as highlighting urban electoral under representation.

Past and Future

The article â€Å"Missing the past, embracing the future† by Gayatree Siddhanta Sarma is about a women who has a long-last childhood. However, her beautiful memories were brought back through the vacation with her daughter at the county fair. In addition, reading this article reminds us how important our childhood is that can directly influences our thoughts and behaviors. Therefore, our childhood memories play an importatn role in our adult lives. Even though few of us have the same childhood as the author’s, we have our own one which is either idyllic or complicated. According to the article, the author had a very idyllic and precious childhood which was full of happy memories with her dad. They planted trees, took care of their garden such as growing flawless cauliflower, 12-inch dahlias and organic food. Moreover, she also had her own corner plot to grow kohlrabi and sweet peas with a passion like her father. Besides, the spring came turning the garden into a fragant bouquet of flowers. All of the details in the article give us an idea that the author’s childhood was full of fresh and fragant air. Likewise, my childhood was lots of fun. In Vietnam, our neighborhood is close and friendly. In addition, our houses were nearby, so I could come to visit theirs even everyday. When I was young, my neighbors and I usually went around the area playing traditional games such as jumping-rope, hide and seek, and chopstick-ball which you have to catch the chopstick while the ball is in the air. Furthermore, I missed our New Year which is in mid-Febrary. We always gathered in my grandparent’s house to celebrate, get lucky money from our aunts and uncles, and play cards. Overall, those sweet memories affected our way of living now. While the author grows flowers with her daughter to recall her childhood, I teach my nices to play those games. One way or the other, we all remember our childhood memories by showing them to others in different methods. Other than that, I do believe our behaviors are affected by the way we were treated, and educated. As an English literature professor, the author’s father not only had passion for teaching but also for growing trees and flowers. Gently, he showed her how to grow a garden with full of beautiful flowers. In other words, one can not do that without patient, so her behaviors were built up since she was young. As a result, the author now know how to build her family traditionally although it is in a diffrent country. Similarly, I was grow up in a poor country, so all the games we played were communion. We did not have our own toys, but rope, balls, and chopticks which was from each of us. We shared and played together. Therefore, I leanred not to be selfish and jealous, but love others. In addition, I had many activities in church to help the elders, the orphange and the poor. All of that, I were leanred from my childhood memories. Our childhood memories totally influenced our lives today. It was a base for us to build a new future. Overall, it inspired us to create a beautiful childhood not only for our beloved ones but also for other kids.

american ethics essays

american ethics essays American Beauty is a very intricate film portraying the sarcasm intertwined within American values, or beauties. Every scene within American Beauty influences each character in the movie as well as other scenes. The structure of this flick is as if it were not possible to remove one scene from the work, otherwise the entire movie would collapse like a domino effect. People Magazine writes a solid review of the movie analyzing the flick to the limits of a one-page review, and recommending an older audience because of the understanding of society, and Americans in general that an older audience would comprehend. The film is able to take in many facets of American life within its two-hour viewing and really push the viewer to ask some serious questions about American life how it is, and American life how it should be. It becomes obvious that everyone in the movie is hiding something from all or most of the rest of the characters because the truth would cause pandemonium. This is w hy every scene in American Beauty has such meaning towards the all characters in the flick because every scene seems to be showing us how each character hides an aspect of their lives, and how they go about hiding them. The film is a very sarcastic film in which the characters are constantly hiding things from one another, and working so hard to portray an image they feel best portrays them, rather then plain and simple living. The characters of the flick go about hiding things, and pretending their life away making American Beauty the comedy that got everyone laughing. What really puts us for a spin is when we ask ourselves if we are really laughing at the characters in the film, or if we are really laughing at ourselves subconsciously? ...

Laws Against Discrimination in the Workplace

Laws Against Discrimination in the Workplace Free Online Research Papers While discrimination in the workplace has become more difficult to identify, Americans can rely on several federal laws that prohibits job discrimination. In the hiring and terminating process, employers need to be fully aware of the correct legal course of action to avoid discrimination practices. John is an employee in a private sector organization that has strong resistance to enforcement of existing discrimination laws. He wants to file a discrimination complaint against his employer. Based on this scenario, the entire discrimination complaint and civil litigation process will be discussed as it applies to an employee and employer in a private sector organization. In the case of John filing a discrimination complaint against his employer there are certain steps he has to follow. When an employee of a private sector organization believes that he or she have been discriminated against, he or she can file a charge or claim with the Equal Employment Opportunity Commission (EEOC). Private sector employee claims must be filed within 180 days of the event, after the complaint is filed with EEOC, within 10 days the employer is served notice of the charge (Author Unknown, 2008). An employee with a discrimination complaint against his or her employer will begin his or her journey of reconciliation with the EEOC. The EEOC is made up of five commissioners and a General Counsel appointed by the President and confirmed by the Senate. The collective EEOC is responsible for the enforcement and litigation process of the Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the Age Discrimination in Employment Act, and the Americans with Disabilities Act (Author Unknown, 2008). Based on the initial evidence, the EEOC will determine if a priority investigation will be assigned. For charges that support a violation of a law, a higher priority is set, for charges not so obvious; a follow-up investigation will be needed. A settlement can be sought at anytime during the investigation, but if no settlement can be found, the investigation continues. When the EEOC has finished an investigation, the information will be discussed with the charging party and the employe r. At this time, options are considered on how to proceed with the discrimination complaint. The EEOC may dismiss the charges if further investigation will not produce any evidence that a violation of the law has occurred or if discrimination has been established, the EEOC will inform the employer and attempt a resolution between the charging party and employer. The EEOC offers mediation as an alternative to the traditional investigative or litigation process (Author Unknown, 2008). The mediation process is voluntary by both the employer and complainant, in which a third party will facilitate the opposing party’s negotiation process to reach a resolution. This gives both parties an informal platform to work out their issues, differences, and misunderstandings. It is important to know the mediator does not resolve the issue, but helps the parties agree to a common resolution that will benefit both the employer and employee. The mediation process is free, confidential, and most important, avoids the litigation process. If all avenues have been exhausted and the charge warrants due process, than a civil suit may need to be filed. The apposing parties may request either a trial by jury or trial by Judge only. In a jury trial, a selection of peers will decide the validity of the complaint and the damages awarded, whereas a bench trial a Judge will decide on the issues presented. Once the case has been decided, the losing party has the right to appeal the decision. The appellant must prove that an error has been made and the decision needs to be overturned. At this point, three Judges working together will read the briefs from the opposing parties and either make a decision or recommend oral arguments in the courtroom. The appeals court usually has the final word unless a petition for a writ of certiorari (Appeals process) is filed asking the Supreme Court to review the case (Author Unknown, 2008). This however, is not always granted. The Supreme Court usually gets involved in important legal issues or when two appellate courts give apposing views. In very few cases, the Supreme Court may be required by law to h ear the case; otherwise, the review may be turned down. Conclusion Knowledge of the legal process and discrimination is power to the success of a business. To protect both the employee and employer, organizations should be fully aware of the discrimination process and its laws. Additionally, organizations should conduct an orientation on ethics and discrimination to express to its employees that his or rights are valued. To discriminate does not only occur in the hiring process, but can occur throughout employment and the firing process. Upon filing a discrimination complaint against an employer, people can expect the process to be quite lengthy. However, the laws are put in place for all to use in the event people truly feel violated against. It is, after all, the strong will and desire that people stand up for what he or she believes in and hope that justice prevails. References Author Unknown (2008). EEOC: U.S. Equal Employment Opportunity Commission. The information was retrieved from the World Wide Web on May 21, 2008: eeoc.gov/ Author Unknown (2008). U.S. Courts: The Federal Judiciary. The information was retrieved from the World Wide Web on May 21, 2008: uscourts.gov/ Research Papers on Laws Against Discrimination in the WorkplaceMoral and Ethical Issues in Hiring New EmployeesTrailblazing by Eric AndersonTwilight of the UAWThe Fifth Horseman19 Century Society: A Deeply Divided EraPETSTEL analysis of IndiaThe Project Managment Office SystemAnalysis of Ebay Expanding into AsiaNever Been Kicked Out of a Place This NiceAppeasement Policy Towards the Outbreak of World War 2

Business situation Essay Example | Topics and Well Written Essays - 1250 words

Business situation - Essay Example s in this industries however for the past eighteen months the currency exchange rate for the company’s headquarters branch in Australia has experienced a steady reduction. This has come with a lot of implication on the price of production in Australia branch and thus the ability of the company to compete with emerging-market producers from Australia production facilities. This report aims clearly to define this problem or situation for the business and keenly analyze the situation to compare the implication from planning and organizing perspective. The report will then provide its recommendation in a form of a step-by-step action plan that the CEO of the company should take. The world market today is a global village (Cadle & Eva, 2014). This means every business in its planning today faces a lot of constraints that must be incorporated in these ventures. Some of these problem comes with differences in price of a currency of the mother firm’s country and those of other countries with it has business relations. Exchange rate is defined as the cost or worth of one currency as compared to other currencies (Cadle & Eva, 2014). This price can either rise or reduce depending on the prevailing economic atmosphere in the country. A fall or reduction in exchange rate in a country is mostly referred to as depreciation or devaluation depending on the kind of exchange rate system adopted by the country in which the business is established (Cadle & Eva, 2014). Reduction in currency exchange rate, therefore, makes the currency of the country in question lower in value as compared to currencies of other countries. A decrease in currency exchange rate, therefore , will mean that the county’s export becomes cheap in a global market as compared to imports of the same country from other countries (Cadle & Eva, 2014). Bronxe Yachtstm, a privately owned business, has in the recent past faced this interesting problem through their headquarters branch in Australia. The company

Experimental versus Non-Experimental Research Assignment

Experimental versus Non-Experimental Research - Assignment Example They produce different research results and findings and this helps to draw conclusions and different responses to given studies. The purpose of this study is to compare and contrast experimental and non-experimental quantitative research approaches. In order to complete this research, the following objectives are going to be explored: Quantitative research is a systematic empirical investigation of a given social phenomenon and it employs various statistical and mathematical techniques to define the variables and measure them in order to draw a conclusion (Nykiel, 2012). Quantitative research is an empirical research that seeks to use mathematical and other statistical methods to evaluate a given research topic. Quantitative research involves the development of an appropriate method and an appropriate approach to study a given phenomenon. Measurement is a distinct and unique aspect of quantitative research. This is because quantitative research involves finding ways and means to measure a given set of data objectively in order to draw a conclusion on the research variables (Carter & Thomas, 2010). This is done by formulating a hypothesis and evaluating the hypothesis through the observation of specific elements and aspects of interest (Macnee & McCabe, 2012). Therefore, there is the need for some kind of variables that can be numerically measured and analyzed in order to draw a conclusion on the subjects at hand and the matter being studied. Therefore, quantitative research is an empirical observation and a mathematical expression of the relationship between the variables (Lodico, Spaulding, & Voegtle, 2012). The main approach that is used in quantitative research is to define a hypothesis and operationalize the research. Operationalization of a research is done through the definition of variables and putting the variables in a way and manner in which they can be measured and matched against each other.  Ã‚