Islamic Modes For Home Ownership Finance Essay - Free Essay Example

Sample details Pages: 18 Words: 5459 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Home is a basic necessity for human life. Everyone needs a shelter for rest, sleep, comfort and protection from sun and rain. It is a place to dwell in comfort with family. Don’t waste time! Our writers will create an original "Islamic Modes For Home Ownership Finance Essay" essay for you Create order Therefore, owning a good home is an aspiration of everyone. People fulfill this need by building a home on their own, purchasing it or renting it from others. Indeed, payment for home mortgage normally takes a good chunk of ones monthly income. Conventional home mortgages are, of course, interest-based and forbidden in Islam. Accordingly, Islamic financial institutions have introduced a number of Shariah-compliant modes for home ownership, the dominant of which are the al-Bay Bithaman Ajil (BBA) and the Musharakah Mutanaqisah Partnership (MMP) contracts. The BBA is the popular concept in countries like Malaysia, Indonesia and Brunei whereas the MMP is widely practiced in the Middle East, United States, Canada, United Kingdom and Australia. The Middle Eastern Shariah scholars disapprove of the BBA contract, citing that it is similar to the conventional loans. Indeed, theory of finance predicts that the Islamic modes like BBA to converge to ties conventional counterpart due to the law- of-one-price. This convergence has caused Islamic finance to evolve greatly; from being a profit-and-loss banking to fixed-rate murabahah financing, and now towards a floating rate financing mode. The Central Bank of Malaysia, for example, has approved a floating-rate BBA where the customer pays a monthly installment amount that is on the higher end but thereafter gets a rebate based on the prevailing market interest rate. Indeed, many BBA customers have shown dissatisfaction over its implementation. Caught without much choice, the widespread application of the BBA in this part of the world, has however, put customers as well bankers in jeopardy particularly during volatile economic conditions. This is because BBA is similar to fixed rate debt financing. During the 1997 East Asian financial crisis, for example, when interest rates were soaring up, the Islamic banks were unable to react, thereby causing huge arbitrage opportunities. Additionally, this also caused liquidity and risk management problems. Accordingly Islamic banking and finance is being forced to change further; to be one that is Shariah-compliant and friendly to the customer while also bearing liquidity and other risks comparable to the conventional banking. The BBA is basically a sale contract which provides the buyer the benefit of a deferred payment, whereby the deferred price of the sale object carries and additional profit. It is an extension of the murabahah (cost plus) contract, whereby the commodity exchanged is delivered immediately but the sale price (with profit) is paid in installments, over a long period (the murabahah itself being generally for short period). While the BBA is widely used in Malaysia, Indonesia, Brunei and few other countries, it has been subjected to much controversy among the fuqaha worldwide with regards to its permissibility; where most of the Middle East scholars have rejected it. Even through some Shariah councils have agreed on its permissibility, a guideline from the Council of Islamic Ideology (Pakistan) in its report on the elimination of interest states that: However, although this mode of financing is understood to be permissible under the Shariah, it would not be advisable to use in widely or indiscriminately in view of the danger attached to it of opening a back door for dealing on the basis of interest. In the conventional system, home financing is, of course, usually interest-based and is forbidden in Islam. The current BBA home financing, however, does not alter much the above equation. Instead of charging the customer interest, financiers charge a profit derived through a buy-and-sell contract which is permitted in Islam, but regretfully, the profit rate is dependent on the market interest rate due to arbitrage activities. Therefore, while the BBA is practiced as Shariah compliant in some countries, it is, nonetheless converging to the conventional mode where the computation formulas are similar to the conventional and where the profit rate tracks the market interest rate. The current difference between the fixed-rate BBA and the conventional mode is that once the profit rate is fixed in the BBA, say 7% per annum, it will remain the same for the entire duration of financing. This, in fact, causes problems for the financiers as it is difficult to estimate accurately the cost of funds and hence the appropriate profit rate over long periods like 20 years, due to the volatility of economic conditions. This encourages customers to refinance their home from BBA to conventional during low interest periods and vice versa. 1.1 Al-Bay Bithaman Ajil Legal Documentation To further discuss the legal documentation of BBA and how the option of defect came into effect, it is important understand the nature of the BBA legal documentations. A BBA legal documentation must reflect the true nature of sale (al-bay) contract. The terms and conditions of al-bay such as the purchase and selling prices, the rights and duties of a seller and buyer, consideration, etc. must be included. Any uncertainties and ambiguities about the principles of a sale contract can tantamount to a contract to be rendered null and void. Likewise, the terminologies used in the sale contract must reflect the rules and principles governing it; such expression such as loan, fixed returns must be strictly avoided. Equally important is the issue of ownership. The main purpose of a sale contract is to transfer ownership from the seller to the buyer. As such, this is the basic consideration that the buyer is getting in return to the money he has paid to the seller. The ownership should be unq ualified/unconditional; any attempts to qualify it could make the sale contract invalid at the option of the buyer. In addition, the issue of liability is also paramount important in a sale contract. Both parties, seller and buyer should be liable to each other and they must comply with their respective rights and obligations. Under no circumstances that one party can transfer all the risks and liabilities to the other as this can cause hardship to the other party while leaving the other free from any risks and liabilities whatsoever. Shariah advocates the principle of equal bargaining power whereby all the contracting parties are deem to be equal at the eyes of Allah and the transaction they are involved in. As such, legal documentation should be able to translate all the principles of al-bay in conformity to Shariah. The rule of construing and interpreting the provision must be obvious and clear. If it is a BBA transaction, ipso facto it must be construed as one, thereby all the r ules and requirement of a sale contract will follow suit. Under no circumstances, that the provision allows that the contract to be construed otherwise. This next section attempts to elucidate how legal documentation of BBA has been formulated and to discuss whether such practice is acceptable by Shariah and if not, to offer some remedy to it in view of reform. 2.0 Al-Bay Bithaman Ajil (BBA) in Malaysia In our Malaysia context, the Islamic Banking and Finance growth in Malaysia is very encouraging. The central bank of Malaysia or Bank Negara Malaysia (BNM) has set a target of 20% of all deposits and financing in the banking industry to be under Islamic Banking by 2010. As of June 2006, the assets of Islamic banking in Malaysia were RM 143 billion or 12% of the total assets of the banking industry. Islamic banking deposit amounted to RM 107.5 billion while its share of financing was RM 81.5 billion (representing 12.8 % of the total banking deposits and 13.3 % of the total financing respectively as at 30th June 2006).1 The assets of Islamic banking continue to develop at a double digit growth of 18% in the recent five years. The Islamic sukuk market has now exceeded RM120 billion and represents the largest Islamic bond market in the world. The predominant concept for Islamic home financing currently in Malaysia is al-Bay Bithaman Ajil (BBA). It has been practiced by almost all financial institutions in this country since it was implemented by Bank Islam Malaysia Berhad (BIMB) in 1983. The BBA is a deferred installment sale whereby bank capitalizes its profit up front in the sale of the property to the customer who in turn is required to pay a fixed sum until the tenure ends. It is similar to debt financing, which results in high cost and poses a burden to ones family obligation. The BBA practiced in Malaysia is seen not to be in compliant with the Shariah principle as the bank does not take the risk of ownership and liability on the property Rosly (2005) Sanusi (2006) and thus not acceptable by international scholars. In addition, BBA is dependent on market interest rate as its bench mark. This causes problem in product pricing and marketing for Islamic home financing as when the market interest rate is low, the amount financed will be more expensive than the conventional loan. Thus, customers may withdraw from Islamic banks and transfer its facility to conventional loan. Consequently, when the market interest rate is higher than BBA profit rate, Islamic banks suffer losses as it cannot increase the profit rate in BBA due to its fixed selling price. Siddiqi (1983); Ahmad (1984); Siddiqui (2001); Rosly and Bakar(2003) and others argue that a financial system built dominantly around debt based modes of financing cannot be superior than the existing interest-based system on the basis of equity, efficiency, stability and growth. This is because these modes of financing are actually similar to the conventional banking modes and thus cannot remove the injustices of the interest based system. Profit making is not the sole objective of Islamic banks as it also has to incorporate social responsibility into their objectives (Ahmad 2000). Ahmads view is supported by many other scholars Chapra (1985); Siddiqi (1983, 1985); Ahmad (1984); Siddiqui (2001); Haron (1995, 2000); Rosly and Bakar (2003); Haron and Hashim (2003) and Naqvi (2003). They opined that Islamic banks must also take care of the society and promote Islamic norms and values as well. This reasoning is in line with the philosophy of Islam as way of life (Al-Din) and hence Islam ic banks should not limit their scope to financial activities only. Customers are apparently not happy with the current implementation of BBA home financing as many of its features mirror that of conventional mortgage financing. BBA is essentially structured as a long term debt obligation whereby the price is fixed based on the market interest rate. This makes the overall cost of financing higher compared to the conventional financing which is able to vary its price based on changes in the market interest rate. As such the product poses a financial burden to individual and affects ones family budget. Similarly when it comes to early redemption or in the event of default, the BBA contract always carries a higher financing balance compared to the conventional loan of similar annual percentage rate (APR). The recent Affin Bank vs. Zulkifli4 is a land mark case. When work in progress to construct a house is abandoned by the developer or due to calamity, the customer still has to pay monthly installment even though the property cease to exist. For the ban kers, the BBA mode of financing brings in liquidity management problems. This is because its cost of funds, particularly the deposit rate is based on floating rate while its income is predominantly based on fixed long term rate causing fund mismatch in the duration. The use of BBA is not limited to the Muslim customers as some Non-Muslim customers do engage in BBA to finance their home buying. Given the weaknesses associated with BBA, it is of interest to see if the views are shared by both Muslim and Non-Muslim customers. The knowledge of such information would have a direct impact onto the alternative financing mode that could be used to overcome the inherent weaknesses in BBA. With those objectives in mind, this paper attempts to analyze the perception of Muslim and Non-Muslim customers with regard to certain features of BBA notably those that are rather controversial in nature. 2.1 Example of al-Bay Bithaman Ajil (BBA) Financing There are several types of financing in al-Bay Bithaman Ajil (BBA). They are home financing, land financing, shop and shophouse financing, Umrah and Ziarah financing, tour package financing, Naqad overdraft facility, vehicle financing, golf financing, and education financing. But today we will focus on BBA home financing. For example, assume that a customer wishes to buy a houses priced at RM200,000. The customer puts a down payment of 10 percent, RM20,000 and finances the remaining 80 percent, RM180,000 using the BBA method. Also assume that the Annual profit Rate (APR) charged by the bank is 10 percent per annum and the duration of financing is for 20 years. The Islamic bank would first buy the house for RM180,000 and then sell the house to the customer at a profit, with deferred payment over the 20-year period. The monthly payment for the above financing is RM1,735.04, payable for 240 months which adds up to RM416,889.35 in total. The difference between this figure and the original financing of RM180,000 which equals RM236,889.35 is capitalized upfront in the BBA mode, unlike under the conventional mortgage is that of the balance of financing remaining before the expiry of the duration of financing. For our example, the BBA balance after 10 years is the total of the remaining 120 payments, RM208,444.80 whereas under conventional mortgage, this amount would represent the total interest paid for the early repayment, but the amount of rebate is determined at the discretion of the bank. Since the selling price is a price, indeed, Shariah prohibits the rebate to be stated as part of the contract. Note that even after ten years of repayment, the balance under the BBA mode can even exceed the original financing of RM180,000. Nevertheless, considering all the socio-economic effects of fiat money, w e regretfully assert that Islamic banking within the fractional reserve system can, indeed, be very damaging to the economy. While both the Islamic bank and the conventional bank create the original principal amounts through fractional reserve banking system, a customer owes more money in the Islamic mode than the conventional mode at any time thereafter until the loan is settled. This fact alone is very attractive for even the conventional bankers to provide Islamic mode financing. But, nonetheless, considering the serious negative socio-economic implications of fiat money-based fractional reserve banking, we regretfully conclude that Islamic banking under fractional reserve system is likely to accelerate the said effect-default rates, transfer of wealth and sovereignty. 2.2 Operational issues of BBA Home Financing BBA is a facility provided by the financier to assist the customer pay the cost of financing. For example a house, over the tenor of financing, 20 years at a fixed rate determined by the financier. The financier initially buys the house from the customer (cost of financing amount) and sells it back to the customer, plus of its profit margin. As the seller of the property, the Shariah requires the bank to hold ownership of the property and to hold all liabilities arising, including defects. But currently, BBA documentations show that the bank merely acts as a financier rather than a seller and excludes itself of all liabilities. This, of course, ignores the Shariah principle of al-Ghorm bil Ghonm (no reward without risk), Ikhtiar (value-addition or effort) and al-Kharaj bil Daman (any benefit must be accompanied with liability), thereby rendering the BBA profit to be implicated with riba. The issue of concern here is the availability of iwad (counter value) in BBA financing. According to Rosly (2005), the Quran uses trade (al-bay) because the profit generated from trading incorporates risk-taking, while the contractual profit from loan transactions (riba) is risk-free. It further asserts that al-bay implies the existence of iwad required by the Shariah to be a lawful profit in Islam. Three elements of iwad that should exist are risk (ghorm), work and effort (ikhtiar) and liability (daman). Iwad is the basic trait or the conditio sine quo non of a halal or lawful sale (al-bay), because a sale is necessarily an exchange of value against an equitable return and compensation for the goods or services exchanged. According to Ibn al-Arabi (d.543H/1148), every increase which is without an iwad or equal counter value, is riba. Iwad is the necessary requirement to be fulfilled in trading (al-bay) as it brings along a sense of equity and justice into a business that rendered it superior to an interest-bearing system. Rosly (2005) also opined that there is no risk taking in the current BBA financing, and, hence, does not merit the Quranic concept of al-bay. Daman (liability) should also exist in a trading transaction whereby the supplier provides guarantees on the goods sold. However in the current BBA home financing, the customer is forced to face the financial burden of paying for the house even before it is completed, as he has engaged in a debt contract with the bank at the outset. By ignoring the concept of iwad, the BBA contract is not seen as conforming to the maqasid al-Shariah that removes hardship (raf al-haraj) and preventing harm (daf al-darar) in the economic sphere, thereby leaving the welfare of people unprotected a possible crime when the transaction is done under an Islamic label. Another issue that arises from the long-term BBA financing is the mismatching of the BBA funds against its short-term deposit tenor. Whilst conventional financing has the ability to address this mismatch in the cost of funds through the variable interest rate (BLR + a spread), BBA financing cannot do this since customers are charged a fixed profit rate for the entire period of financing. 2.3 Different Interpretation between Malaysia and Middle East Rosly (2005) pointed out that bay al-nah generally involves two contracts of sale simultaneously which includes spot and credit sales such as al-Bay Bithaman Ajil notes. The secondary notes are contractual coupon profits, which is included in the repayments that are made by the issuance of Islamic bonds and can only be achieved by implementing the bay al-inah. This transaction is like a loan given by a creditor to a debtor. A company is more likely to obtain capital by issuing a bond rather than taking a loan directly from a bank because the coupon rate to be paid in bonds is cheaper than interest charge by banks. Rosly also stated that bay al-inah contract is a loan in the form of a sale. The sale is an appearance only to show the permissible transaction for debtor to get the money. To legalize the loan transaction under Islamic law point of view, the creditor use subterfuge technique by creating a fictitious object or asset and sells at higher price payable by installment in the fu ture. However, the parties who are involved do not have intention to use the object of sale for consumption purposes. Rosly (2005) cited from Rayner, such kind of transaction is considered valid in Malaysia but not in the Middle East countries. The possible reason behind this is that Malaysia and Middle East follows different schools of thought. The Malaysian shariah scholars follow the Shafie school of thought while the Middle East scholars follow the Hanafi, Hanbali and Maliki schools of thought as the basis for their opinion on certain rulings in the operations of Islamic banking. According to the Hanafis, Hanbalis and Malikis, bay al-inah is not permissible, thus Middle East investors consider it as unlawful practices. Indeed, the Hanafi, Hanbali and Maliki scholars agreed that the object of sale created to allow a loan with interest and the intention among the parties is dishonest because they do not utilize the object. Hanafi, Hanbali and Maliki put a niyyah (intention) as an important element in determining the validity of contract. Hanbali scholars emphasized that the nature of the sale and purchase contract is valid but when the contract results in riba, the contract is void. Furthermore, Hanbali gives priority on real intention (in heart) rather than declared intention (in the contract). Hanafi and Maliki scholars agreed that there is no difference between real and declared intention and dishonest motives depend on the particular persons act. This means that when they are involved in an illegal contract, it proves that their acts are also illegal and therefore, not allowed under Islamic law. This has been accepted by Middle East jurists for not allowing bay al-inah. Shafie scholars said the niyyah is an immaterial element and bay al-inah is acceptable. This opinion was taken up by Shariah scholars in Bank Negara Malaysia and Securities Commision, when they considered bay al-inah as a valid and permissible contract (Rosly and Sanusi; 1999). In addition, Shafie emphasized more on declared intention as included in the contract or agreement between the parties involved. This is because nobody knows what is contained in the hearts of others (Rosly; 2005). Rosly stated, Shafie regarded it as perfectly valid on the basis that one has the right to sell an object at a diminished price to that which he himself paid. Example, Mr X sells an object worth RM 1,000 for RM 800 cash to Mr. Y and buys it again from Mr. Y at RM 1,000 payable by installment. The different interpretation between these two schools of thought was taken from the marriage contract, where the real and declared intentions are an important element under Shariah. The marriage contract is known as muta. This contract is invalid, according to Shafie, when the parties declared their intention and agreed that their marital status is only for certain period of time. Hanbali, Hanafi and Maliki schools of thought considered this contract invalid even though the parties involved did not make any declaration about their intention of divorce after an agreed period of marital life. According to the Shafie school, real intention cannot be used as evidence in determining the validity of contract but the important element is the declared intention (written in the contract). However, Hanafi, Hanbali and Maliki schools of thought prohibit the immoral act as precedent over real intention. Thus, the bay al-inah was applied under same mechanism. The Islamic financial system employs the concept of participation in the enterprise, utilizing the funds at risk on a profit and loss sharing basis. Profit and loss sharing is a concept which encourages better resource management. Islamic banks are structured to retain a clearly differentiated status between shareholders capital and clients deposits in order to ensure correct profit sharing according to Islamic Law. Hence, musharakah mutanaqisah partnership is introduced to inspire the element of sharing in terms of capital and liability between financier and customer. Meera and Razak (2005) pointed out Musharakah Mutanaqisah Partnership (MMP) contract that consists of musharakah (partnership) and ijarah (lease) contracts is a better alternative to the BBA. It is purely based on rental payments of property and the redeeming of the financiers shares. Musharakah Mutanaqisah is based on a diminishing partnership concept. It has two portions of contracts. Firstly, the customer and the ba nk or financer enters a partnership under the concept of shirkah al-milk (joint ownership). Then, the customer will redeem the banks share gradually in predetermined time (at the beginning of an agreement) until the customer fully owns the asset such as a house. Secondly, in the procedure of redeeming the banks share, the bank leases the ownership of the house to the customer under the concept of ijarah by charging a rent. At the same time, the customer will pay periodic rentals to the bank for using the banks share of the asset. Consequently, the customers share ratio would increase after each rental payment until the asset is eventually fully owned. The MMP is widely practiced in the Middle East, United States, Canada, United Kingdom and Australia. Bendjilali and Khan (1995) and Taqi Usmani (2002) agreed that the product could help people to rely less on BBA. Moreover, the MMP can be implemented for housing financing and machinery financing whereby the assets can be leased out according to agreed rental payments (Taqi Usmani; 2002). Besides that, MMP is suited to be practiced by housing cooperatives, where the funds are provided by the members for benefit of the members themselves. This concept provides cheaper housing payments and it also provides returns from the rentals and the sale of asset Shariah scholars have compromised on the permissibility of MMP contract internationally. It can be implemented to avoid interest (riba) totally and reduce the cost of assets and the duration of financing. MMP is not like BBA where the balance of finance will not exceed the original price of asset. Furthermore, MMP is a fair instrument compared to the conventional loan and the BBA where no interest is charged in the contract (Meera and Razak; 2005). 2.4 The Differences between the BBA and the MMP Contracts In summary, the main differences between the joint ownership MMP and debt-type BBA financing are as follows: 1. There are two separate contracts under the MMP method. The first is a musharakah where the client is a partner and the second one is an ijarah which involves the leasing of the property. The BBA, on the contrary, follows the murabahah concept of buying and selling of property. 2. Under BBA, the selling price of the house does not reflect the market value since the mark-up for the deferred payment is quite substantial. On the contrary, the value of the house under MMP always reflects the market price and the rental is determined by the market rental values. 3. The return to the BBA is based on a fixed selling price (that uses the prevailing interest rate as the benchmark). But under MMP, the financer need not be tied to a fixed profit rate throughout the financing tenor. This is because the rental rate can be revised periodically to reflect current market conditions. Indeed, as argued earlier, the rental can be tied to some economic variables like Rental Index, House Price Index etc. 4. The financier can manage the liquidity risks better as rental payments can be adjusted at the end of each subcontract period. This is not possible under the current fixed-rate BBA as the profit rate is a constant throughout the entire tenor of financing. 5. Even compared with a floating-rate BBA, the MMP still differs in the balance of financing at any point in time before the end of the contract. Under MMP the balance can never be larger than the original price/finance of the house. Rebates for early redemption under BBA cannot be specifically stated in the contract. 6. The MMP is a more flexible financing structure than the BBA as the customer can own the property earlier by redeeming faster the principal sum of the financier, without the need to compute rebates as in BBA. 7. In the event of payment defaults, the penalty charges under BBA can be challenged, while under MMP, defaults will cause the equity of financier to remain constant and therefore entitled to higher rental portions when payments made later. 8. Currently many customers opine that the BBA is similar to the conventional loan with some disadvantages for the customer particularly for early redemptions. 9. The MMP is accepted internationally as Shariah-compliant whereas the BBA is recognized predominantly in the east, i.e. in Malaysia, Indonesia, Brunei etc. 3.0 Conclusion Since the introduction of Islamic banking in Malaysia, BBA has enjoyed the privilege of being the most predominant concept of Islamic home financing. BBA is however, based on debt concept which results in high cost and poses a burden to ones family obligation. Besides, BBA as practiced in Malaysia is seen not to be in compliant with the Shariah principle as the bank does not take the risk of ownership and liability on the property (Saiful 2005) (Sanusi 2006) and thus not acceptable by international scholars. Given the controversial features of BBA home financing, there is high dissatisfaction among the present and potential customers of BBA. However, such evidence had been absent or had not been collected systematically to assess the acceptance level of BBA. This paper has filled the gap by examining the perception of Muslim and Non-Muslim customers toward BBA. The findings suggest a high level of dissatisfaction among the customers as evidenced by their low intention to use BBA in the future home financing choice. Muslim customers in general are concerned about the features of BBA notably its compliant with Shariah as well as its inability to fulfill the broad objective of justice, equality and societal well being. The Non-Muslim customers however seem to have greater beliefs in BBA and its ability to fulfill socially desirable objectives. BBA has certainly overstayed its welcome and there is a dire need to find an alternative to BBA. Bankers should be looking for a viable alternative especially one that could overcome the Shariah compliant issues well. Diminishing Partnership is one of the newly emerging concepts that fulfill the Shariah requirements and is fast gaining acceptance. Bankers should be reading the strong signal sent by findings of this study and consequently prepare for another level of battle in Islamic home financing. At the last part, comparative analysis between the al-Bay Bithaman Ajil (BBA) and Musharakah Mutanaqisah Partnership (MMP) contracts as means for home ownership. While a home is basic necessity, it consumes a large chunk of peoples income for long periods. In the present interest-based fiat monetary system, owning a home is increasingly becoming burdensome. Indeed, mortgages are one of the significant causes of bankruptcies. While price of homes keep rising, the mortgage duration also keep rising, till two-generation mortgages are even being talked about. In this regard, this paper attempted to argue in favour of the MMP as a better alternative to the conventional mortgage and the Islamic BBA. The BBA is a murabahah contract, that is based on a buy-and-sell principle while the MMP consists of a musharakah (partnership) contract and an ijarah (rental) contract where the equity of the financier follows a diminishing balance method. Shariah scholars are consensus on the permissibility of the MMP contract internationally, but only scholars in the east generally permit the BBA contract. The paper concludes that the MMP has several advantages over the BBA for the customer. Apart from being consensus Shariah-compliant, it can be made to avoid interest (riba) totally and can reduce the cost of homes and the duration of financing. The balance of finance, at any point in time, never exceeds the original price of the asset, unlike under the BBA where it can. When a home is purchased from a developer and financed using the present conventional or Islamic BBA, the customer would end up paying about four times the original cost (both the developer and the bank are assumed to make a gross 100 percent mark-up). This, undoubtedly, can burden particularly the low income group. But, Musharakah Mutanaqisah Partnership is in line with the objectives of Shariah as it allows people to own homes with limited initial capital. In doing so, it promotes the welfare of the people. Anything that protects or promotes these is considered as serving the maslahah and hence desirable. As al-Ghazzali remarked: The very objectives of the Shariah are to promote the welfare of the people, which lies in safeguarding their faith, their life, their intellect, their posterity and their wealth. Whatever ensures the safeguarding of these five serves public interest and is desirable Admittedly though, the MMP is less attractive to the banker compared to the BBA. For that matter, a viable avenue to implement the MMP is through a cooperative setting. When implemented through cooperatives, the MMP can also provide an investment avenue for members while substantially reducing the price of house and the duration of financing. The concept has a positive impact on the economy and reduces inflation as no additional money is created in the system compared to debt-financing, as currently done under the fractional reserve banking system. The MMP is just and fair compared to the conventional loan and the BBA as there is no interest charge or advanced profit involved in the Musharakah Mutanaqisah Partnership contract. It is purely based on rental payments of property and the redeeming of the financiers shares. As a benchmark, the paper suggested the use of a Rental Index or House Price Index in determining the rental to be charged for each specified ijarah contract period. The MMP concept is a viable alternative to the conventional floating rate financing since the rental rate can be adjusted if there are fluctuations in the economy. Hence, it is more flexible, wherein the Islamic bank will not be faced with too many uncertainties due to variations in economic conditions. As for the society, the MMP brings stability into the economy by promoting positive partnership instead of negative indebtedness thus assisting in the equitable distribution of societys wealth; minimizing the large number of debt defaults and bankruptcies that are observed in the current financial system.

The Theory Of Evolution By Natural Selection - 1486 Words

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Many people have always been interested in their origins and have found explanations using evidence that validates the story, but where is the proof? In 1859 a man by the name of Charles Darwin wrote a novel called the Origin of Species basically expressing the theory of evolution by natural selection. An extremely complicated story, but a very effective explanation of life as weRead MoreThe Theory Of Evolution By Natural Selection1027 Wo rds   |  5 PagesPart A: Evolution of Polar Bears Introduction The theory of evolution by natural selection (Darwinism), first formulated in Darwin s book On the Origin of Species in 1859, is the process by which organisms change over time as a result of changes in heritable physical or behavioural traits. Changes that allow an organism to better adapt to its environment will help it survive and that have more offspring. The first three ideas were already under discussion among earlier and contemporaneous naturalistsRead MoreThe Theory Of Evolution By Natural Selection1726 Words   |  7 PagesDiscussing Darwinian and Modern Evidence in Support to The Theory of Evolution by Natural selection Evolution is the gradual development of life on Earth. It is responsible for the unusual carnivorous plants (species such as Dionaea muscipula), the beautiful coloured plume of the male peacock, even the possibility of cells adapting to protect against continual low exposure to radiation (Russo, GL. et al 2012). Without it, the lavish diversity of organic life we interact with every day would be non-existentRead MoreTheory Of Evolution By Natural Selection896 Words   |  4 PagesSummary Theory of Evolution by Natural Selection. According to history, Charles Darwin is the first scientist to frame the theory of evolution by natural selection. It was publish in his book title On the Origin of Species 1859†. Darwin express the theory of evolution by natural selection as a process by which species change over a period of time. This change take place because of the changes in genetic and behavioral traits. The ability of the organisms to change over time or adjust to fit environmentalRead MoreThe Theory Of Evolution By Natural Selection926 Words   |  4 Pages Charles Darwin was the creator of Darwinism which is, â€Å"the theory of evolution by natural selection† (Junker 1). In school we are often taught that natural selection is survival of the fittest or the strongest wins. What seems to be a simple topic is actually one of the leading theories on the side of evolution in the highly controversial debate on Darwinism vs. Creationism. Darwinism states that certain genes in a population change thro ugh individuals. These â€Å"strong† genes are then produced moreRead MoreThe Theory Of Evolution By Natural Selection1692 Words   |  7 PagesDarwinian Theory of Evolution by Natural Selection Background information Even though evolution is an ancient concept, Charles Darwin brought up a new idea focusing on naturalistic modification of a population over time. He believed that species differ over time and space. In other words, after a period of time creatures undergo genetic mutations in their genetic code in which the beneficial mutations are preserved and the disadvantage mutations are eliminated. This concept he termed as natural selectionRead MoreThe Theory Of Evolution By Natural Selection Essay1774 Words   |  8 Pagesinvariance and stability. Darwinism rejects all supernatural phenomena and causations. The theory of evolution by natural selection explains the adaptedness and diversity of the world solely materialistically. It no longer requires God as the creator or designer .Darwin pointed out that creation, as described in the bible and the origin accounts of other cultures, was contradicted by almost any aspect of the natural world. Randolph M. Nesse George C. Williams. Mayr believed that Lamarck did not holdRead MoreThe Theory Of Evolution By Natural Selection1692 Words   |  7 PagesDarwinian Theory of Evolution by Natural Selection Background information Even though evolution is an ancient concept, Charles Darwin brought up a new idea focusing on naturalistic modification of a population over time. He believed that species differ over time and space. In other words, after a period of time creatures undergo genetic mutations in their genetic code in which the beneficial mutations are preserved and the disadvantage mutations are eliminated. This concept he termed as natural selection

Marriage of Figaro Act 1 Essay Example For Students

Marriage of Figaro Act 1 Essay This opera we watched as a class was quite an experience. It was initially a bit hard on the eyes to see in the dark as I was not able to take proper notes for the one page summary submission. This opera was composed by Wolfgang Amadeus Mozart and premiered in Vienna at the Burgtheater on May 1st 1786. The Marriage of Figaro was considered an instant success. The Marriage of Figaro was considered an instant success for not only being composed by Mozart, its bubbling overtures (orchestral composition forming the prelude or introduction to an opera), its brilliantly created arias (elaborate melody sung solo with accompaniment) and Mozart’s masterpiece of a score gave life to a tale of profound betrayal, love and forgiveness. We saw Act 1 where the setting was a room where Figaro and his fiancee Susanna were having discussion on their new bedroom and where the bedroom is located in perspective to that of the Count and Countess. They are also trying to build their nuptial bed. Susanna explains how the Count is plotting with her music teacher the as the middle person to be seduced by his promise of adoration. It is after this initial scene, I became a bit confused as to what else transpires during the Act. They were many repetitive sentences that were captions to correspond with each person during the opera. It was easier to read the emotion portrayed by each cast member than to try to keep up with the captions. I did enjoy the moment when both the Count and the young boy were hiding in the same location separated by sheets. At that very moment you the audience felt for the young boy as he was told to leave the castle. The confusion I had was to understand the difference between the issue of the dowry and a tradition the Count abolished. I was not sure during the opera what they were talking about. I had to research a bit to get clarity to put the opera in perspective. This opera did have a lot of betrayal and plot lines within one another. I think the best translation to understand this opera is if your native tongue is Italian. It would be easier to grasp the nuances, emotions and local customs that Mozart was trying to convey. The custom that Figaro was talking about was specifically called â€Å"feudal droit du seigneur. † This is where the custom or right of the Lord (Count) of the manor/castle to sleep with his servant’s bride on her wedding night. It now makes sense how that scene being a tense moment of the Count, Susanna, the music teacher, the young boy and Figaro all comes together now. Figaro asks the Count for his blessing in having him present the bridal veil on Susanna. Among all the peasants, gifts being showered upon them and in all of that confusion that one moment embodies the title of the opera. Overall watching Act 1 was a bit confusing, repetitive and at times boring. Once I understood what was taking place on stage, I enjoyed Mozart’s opera. Bibliography: Le Nozze Di Figaro: Act I, Scene 1. Jennifer Sgroe, n.d. Web. 10 June 2015. Schwarm, Betsy. The Marriage of Figaro | Opera by Mozart. Encyclopedia Britannica Online. Encyclopedia Britannica, 21 Oct. 2014. Web. 11 June 2015.

The Republican Party Essay Example For Students

The Republican Party Essay IntroductionThe Republican Party, since its first convention in Michigan in 1854, has had a philosophy that has remainedrelatively unchanged. Its oath entices Americans to believe that good government is based on the individual andthat each persons ability, dignity, freedom and responsibility must be honored and recognized How do theRepublican philosophies hold up to the ideas of some of the political thinkers that we have discussed in class. In theselection to follow, I will examine the Republicans main philosophies and will describe how Rousseau would agreeor disagree with their position. I will be using the Republican Platform of 1996 to aid in my discussion. Ideas thatwill be of focus will be the role of the government, property rights, and freedom of the individual. We will write a custom essay on The Republican Party specifically for you for only $16.38 $13.9/page Order now The Role of the GovernmentWe are the party of small, responsible and efficient government? We therefore assert the power of the Americanpeople over government, rather than the other way around. The view of the Republicans across the Nation is that the role of government should be kept to a minimum. In thissection, I will discuss certain views of the Party and how they would be accepted or rejected by Jean-JacquesRousseau. The Republican notion has been that less government is better. Rousseaus notion was that of extrication. He states that the fundamental political problem is to find a form of association that defends and protects the personand the goods of each associate with all the common force, and by means of which each one uniting with all,nevertheless obeys only himself and remains as free as before (Cahn, 367). The Republicans would agree withRousseaus idea. They (Republican Party) state that the Tenth Amendment to the United States Constitution shouldbe the basis for the role of government. The Tenth Amendment states:The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved tothe States respectively, or to its people. Republicans, while holding the majority in both the House and Senate have taken it upon themselves to apply alllaws to Congress, so that those who make the rules have to live by them. Rousseau agrees in respect that noassociation should be above the laws it makes. In his treatise entitled Of the Social contract or Principles of PoliticalRight, Rousseau states, Indeed, each individual may, as a man, have a particular will contrary to, or divergent from,the general will which he may have as a citizen (Cahn, 426). What Rousseau is suggesting is that a person may feelone way, but he/she must act in accordance with the general will of his/her fellow citizens. The Republicans wouldinsist that the proper role of the Government is to provide only what can be considered critical functions that cant bepreformed by individuals or private organizations; and that the best government is that which governs least. Theyplan to streamline the government and make it more effective by !competition and p rivatization. Rousseau agrees by saying that simple government is best, because it is simple. Democracy. On the subject of Democracy, Rousseau would point out that there has never been, nor will there everbe a true Democracy. He says, It is contrary to the natural order that the greater number should govern and thelesser number should be governed (Cahn, 448). Republicans would tend to lean towards the fact that people in theUnited States need to have more say in how the government is ran. Signs of a Good Government. Rousseau says that there is no way to find out the best Government, because there areas many solutions as there are combinations. He does give people an idea on how to determine if when aGovernment is working. All other things being equal, the Government under which, without naturalizations,without colonies, the Citizens become populous and multiply most is infallibly the best (Cahn, 456). .uedf3b0fbb973ff57dade251f4521674a , .uedf3b0fbb973ff57dade251f4521674a .postImageUrl , .uedf3b0fbb973ff57dade251f4521674a .centered-text-area { min-height: 80px; position: relative; } .uedf3b0fbb973ff57dade251f4521674a , .uedf3b0fbb973ff57dade251f4521674a:hover , .uedf3b0fbb973ff57dade251f4521674a:visited , .uedf3b0fbb973ff57dade251f4521674a:active { border:0!important; } .uedf3b0fbb973ff57dade251f4521674a .clearfix:after { content: ""; display: table; clear: both; } .uedf3b0fbb973ff57dade251f4521674a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uedf3b0fbb973ff57dade251f4521674a:active , .uedf3b0fbb973ff57dade251f4521674a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uedf3b0fbb973ff57dade251f4521674a .centered-text-area { width: 100%; position: relative ; } .uedf3b0fbb973ff57dade251f4521674a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uedf3b0fbb973ff57dade251f4521674a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uedf3b0fbb973ff57dade251f4521674a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uedf3b0fbb973ff57dade251f4521674a:hover .ctaButton { background-color: #34495E!important; } .uedf3b0fbb973ff57dade251f4521674a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uedf3b0fbb973ff57dade251f4521674a .uedf3b0fbb973ff57dade251f4521674a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uedf3b0fbb973ff57dade251f4521674a:after { content: ""; display: block; clear: both; } READ: Child abuse EssayPropertyThe subject of property and the rights to it have instigated many heated debates over time. Rousseaus argument isfor that of first occupant. The right of the first occupant, altough more real than that of strongest, becomes a trueright only after the establishment of property (Cahn, 428). Rousseau goes on to explain that the right ofthe individual over his/her property is subordinate to the right which the community has over it. The Republicansoppose the view of Rousseau. They consider private property rights to be the cornerstone in America. They plan tosafeguard those rights by the Fifth Amendment. This Amendment states that no man shall be depr ived of propertywithout compensation. Rousseau agrees with the Republican Party claim by saying that, Every man has by nature aright to all that is necessary to him (Cahn, 428). He agrees that the seizure of land without compensation is in itself,not in the best interest of the government. In conclusion, the r!ight of property to Rousseau was not as important as it is to the Republican Party. Freedom of the IndividualMany people believe they have their freedom, but most do not know how much they have lost. In this section, I willdiscuss the view of the freedom of individuals. Slavery. Rousseau states from the beginning that every man born into slavery is born for slavery. He continues bysaying, force made the first slaves? (Cahn, 421). What Rousseau is arguing is man has no right to bind his fellowman. He says that a man giving up his freedom, to him was an absurd idea. He also states that a person is not in theirright mind for doing so. To renounce ones liberty is to renounce ones quality as a man (Cahn, 423) Rousseaucloses his argument on slavery by stating the following:Thus, in whatever way we view things, the right of slavery is null, not only because it is illegitimate, but because it is absurd and meaningless. These words, slavery and right, are contradictory; they are mutually exclusive. Whether addressed by a man to a man, or by a man to a people, such a speech as this will be equally foolish: I makea convention with you wholly at your expense and wholly for my profit, which I shall observe as long as I pleaseand which you also shall observe as long as you please (Cahn, 424). The philosophy of the Republican Party has been to renounce the act of slavery. They have fought for the freedomof individuals through the Civil War and as well as with the Civil Rights Era of the 1960s. They believe that anindividuals right to equality was important. This is one area where Republicans have remained solid. General Will. The final aspect of freedom is the will of the people. Rousseau believes that the general will of thepeople make the social contract possible. According to him, it is possible not to just act in self-interest, but for theinterest of people of the state. Rousseau goes on to state that you gain civil liberty in a social contract. He agreeswith the philosopher Spinoza in that we are slaves to our passions. With respect to the Republican Party, theybelieve, like Rousseau that the will of the majority should take precedence. In regards to justice, the RepublicanParty states the following:The delicate balance of power between the respective branches of our national government and the governments ofthe 50 states has been eroded. The notion of judicial review has in some cases come to resemble judicial supremacy,affecting all segments of the public and private endeavor. .ua1dd9b0c27a7fee3ceeb23a8d103b860 , .ua1dd9b0c27a7fee3ceeb23a8d103b860 .postImageUrl , .ua1dd9b0c27a7fee3ceeb23a8d103b860 .centered-text-area { min-height: 80px; position: relative; } .ua1dd9b0c27a7fee3ceeb23a8d103b860 , .ua1dd9b0c27a7fee3ceeb23a8d103b860:hover , .ua1dd9b0c27a7fee3ceeb23a8d103b860:visited , .ua1dd9b0c27a7fee3ceeb23a8d103b860:active { border:0!important; } .ua1dd9b0c27a7fee3ceeb23a8d103b860 .clearfix:after { content: ""; display: table; clear: both; } .ua1dd9b0c27a7fee3ceeb23a8d103b860 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ua1dd9b0c27a7fee3ceeb23a8d103b860:active , .ua1dd9b0c27a7fee3ceeb23a8d103b860:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ua1dd9b0c27a7fee3ceeb23a8d103b860 .centered-text-area { width: 100%; position: relative ; } .ua1dd9b0c27a7fee3ceeb23a8d103b860 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ua1dd9b0c27a7fee3ceeb23a8d103b860 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ua1dd9b0c27a7fee3ceeb23a8d103b860 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ua1dd9b0c27a7fee3ceeb23a8d103b860:hover .ctaButton { background-color: #34495E!important; } .ua1dd9b0c27a7fee3ceeb23a8d103b860 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ua1dd9b0c27a7fee3ceeb23a8d103b860 .ua1dd9b0c27a7fee3ceeb23a8d103b860-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ua1dd9b0c27a7fee3ceeb23a8d103b860:after { content: ""; display: block; clear: both; } READ: Harriet Tubman EssayConclusionIn closing, Rousseau envisioned several different forms of government. They were based on certain principles thatwould make each one run effectively. The criteria of size and population mattered just as importantly as anythingelse that has been discussed. He would probably think that the United States was not best ran in a democraticstructure due to its size and the diversity of its population. The Republican Party, contrary to Rousseaus claim,believes that the form of government is not the problem, but how that government has been ran ineffectively. Theycontinue by stating that their philosophy has been to let government, by which its people are free, run withoutintervention of its representatives. Those people, who represent, should follow the laws that are made for theprotection of citizens. Works CitedCahn, Steven M. Classics of Modern Political Theory. Oxford University Press. New York. 1997

Marketing Plan Cocacola Vietnam free essay sample

It consists of examining market research, auditing situation analysis and carefully scrutinizing the soft drink industry and possibilities for Coca Cola in the market. We have carefully analyzed the internal and external business environments and critically examined the industry in general, considering all external threats and opportunities. 2. Introduction In  1886,  Coca-Cola  was first  introduced  to the public, which  attracted  the attention  of most people  who enjoy the  colorful and unique beverage. Today, the  name Coca-Cola  soft drinks  is regarded as  a symbol  of America,  not  just in America but almost  200  countries around the world. Demographic analysis Vietnams population is currently around 86 million people, an average annual increase of 947 thousand people. Vietnam is a country of many races: there are 54 ethnic groups, in which the Vietnamese are the most numerous. The Vietnamese account for about 86% of the population throughout the country and people live in the delta, while most other ethnic group living mainly in midland areas and mountainous areas. We will write a custom essay sample on Marketing Plan Cocacola Vietnam or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Results from a sample  survey figures showed today, Vietnam is in a period of demographic bonus, the period that the population of working age more than twice that age groups population depends. However, our country also began to enter the period of aging. In addition to the youth market factors, consumer incomes in urban Vietnam have increased significantly in recent years. In a certain extent, this will continue to affect consumer habits and lifestyles of the people of Vietnam. Large population and increasing every year, the population concentrated in the plains, and large cities, so this area is the primary market. Population structure of gold will bring opportunities for companies in the industry have been the source of child labor, skilled. 2. SWOT Analysis: Coca-Cola contains caffeine and caramel which can adverse effects on the teeth (if prolonged) which is an issue for health care. It also has got sugar by which continuous drinking of Coca-Cola may cause health problems. Being addicted to Coca-Cola also is a health problem, because drinking of Coca-Cola daily has an effect on your body after few years. . c) Opportunities: Brand recognition is an important factor in affecting Cokes competitive position. Coca-Colas brand name is known well throughout 94% of the world today. The main concern of Coca Cola Marketing Strategies has been just to improvise its system and make it even more recognizable. The bottling system of Coca Cola allows the company to take advantage of its growth opportunities. d)Threats: The main threat is Price. A small increase in price, let’s say just 1 rupee will have a drastic effect on sales. Only because people will go for the next available substitute i. e. Pepsi so price change is a major factor in affecting Sales of coca cola and in marginal profits. Coca Cola can face major losses if it goes for a sudden increase or decrease in price. 4. Market objectives Cocacola_tap maker the worlds largest fresh water it has been successful in many countries around the world so as to penetrate into Vietnam market cocacola has chosen a strategy to serve the entire market. Initially, cocacola focus on market segments that demand characteristics and population density have higher rates. In the period of market access in Vietnam based coacola respectively north (Hanoi), central Da Nang), south (Ho Chi Minh) and gradually expand to the neighboring city. After having studied the Vietnam market, cocacola identified these cities that are capable of very high consumption of their products Overall beverage market in Vietnam is considered high potential. So, that Coca Cola has begun to penetrate from 1960, and until December 2 / 1994 shall continue to come back (after the embargo on American trade. ) Estimated market will continue to grow significantly  in the coming years (2012 will increase 46% over 2007). Coca Cola assessment Vietnam will grow dramatically in the next 10 years, maybe the top 25 markets most of its potential. So make coacacola market segments primarily by geography (focus on large cities where the population density and high frequency of use) and demographic (primarily youth-type objects  demand for high). It is also a target market of cocacola. Coca-Cola only works in the field of beverages, including drinking water, drinking alcohol and carbonated drinks. The company has created a lot of drinks with flavor, different models to meet the diverse needs of customers, such as low gas Coke, Sprite, Fanta, Coke and Vanilla flavor, Coke, juice,. In recent years, the company has research and development constantly adding new products to serve consumers Vietnam Joy as bottled water, energy drink Samurai, Sunfill fruit pulp, and add more flavor  new position for the traditional products to meet the tastes and the tastes of Vietnam as Fanta Lemon, Fanta Strawberry, Lemon Soda, etc. Coca-Cola Company continues to do long-term commitment in Vietnam and innovation to meet the increasing demand in the beverage market dynamics and potential in Vietnam 5. Price strategy Cocacola product price is based on buyer perceptions of value. They see the buyers perception of value rather than the sellers cost which is an important basis for pricing. They use the cost factor prices in the marketing mix to build perceived value in the minds of buyers. Rates are set also based on the perceived value. Cocacola pricing has strategy of market penetration: unlike the high pricing strategy to refine market strategy, business valuation cocacola new products to the relatively low market penetration, in the hope that will attract  a large number of customers and gain a large market share. Discount pricing: most enterprises cocacola will adjust its prices to commercial customers who prepay, buying large quantities of cash payment discount. In other words, a discount is given to customers who buy products in bulk. The price of the product regardless of the form: according to models and the product of Cocacola items are priced differently, but the rate of stocking differs. Price may depend on product category: cocacola enterprises often produce many types of products and goods. They vary in brand, form, size, and signal power so that they are priced at different scales. Currently, the price of Coke products in the market is higher than that of same products, respectively, but the difference in price is not high. 6. Distribution The  products  Coca-Cola  are produced in  three  bottling plants  located in  Ho  Chi Minh  City, Hanoi  and Danang. In 2001,  Vietnam government  agreed to allow  three  bottling plants  merged  under  the centralized management  structure,  in which  the  Coca-Colabottling plants were built  in Vietnam . Two  bottling plants  in Hanoi and  Da  Nang  are operating  as  two branches  of  Coca-Cola  Company  in northern and in middle part of Vietnam. With  three  manufacturing plants  in the  north, central and south  enabling  companies  to expand  the distribution network  in the  area,  to provide adequate  product  for  the  subsidiaries  in  this area. For  beverage products,  the distribution  is important,  the  Pepsi  on  the Vietnamese owns more than  Coca  distributors, so  Coca  continues to  expand  distribution network through  cafes, restaurant,  and  attract  dealers  by increasing  the  support of  agents  such as accompanying gifts ,  decorating  shop  support,  financial support†¦ 7. Advertising One of the secrets for the success of Coca-cola is advertising activities. Everyone knows that the quality and taste of Coca-Cola has not changed for more than 100 years. However, they take advantage of advertising activities, marketing to build a popular brand. Coca-Cola is one of the few companies spend an amount equivalent to the cost of production to polish brand right from the start. In addition, the confidence of the Coca-cola is what makes the brand today, which is expressed in their advertising slogans. The motto such as The great national temperance beverage (1906), 6 million a day (1925), The only thing like Coca-Cola is Coca-Cola itself (1942), What you want is a Coke (1952)  Coke is it (1982) and Always Coca-Cola (1993) have demonstrated ambition and confidence of the brand. Coca Cola has always invested in the advertising strategies of its products. At the retail stores and in supermarkets, Coca Cola products are always eye-catching. To obtain this privilege, Coca Cola has to pay a huge amount of money. They always take an active priority for advertising their products to people through television, newspapers, activities and games. According to media companies and market research TNS Vietnam, Coca-Cola in Vietnam has spent about U. S. $ 1. 5 million for product advertisements on television and in newspapers in 2008. The advertising of Coca really attracts the attention of people with unique ideas, creativity. New commercials of Coca came up with Mr BRRRRRRRrrrr, the Happiness Factory and most recently with ad ideas on how to celebrate the victory of the famous football star with the official song of World Cup 2010. 8. Promotion For the success of Coca-cola on the Vietnam market today, these marketers have taken advantages of communication tools. Understanding the psychology of consumers, Coca-cola is aware that promotional activities are one of the best tools to promote the image of the product to consumers. Coca-Cola Company has recently launch promotions across the country for young dynamic â€Å"Flip Win.   The difference of this program with other promotions is that they consider group rather than an individual. This spirit is reflected from a winning formula: pair of cans to bottle caps or rings to win prizes that young people are interested in . Customers purchasing the product bottles and beverage cans produced by Coca-Cola Vietnam, such as Coca-Cola, Fanta Orange, Sprite, Samurai, Thums Up will have a chance to win the attractive prize Piaggio LXV  125, mobile phone Sony Ericsson W700i, T-shirts, clocks and Coca-Cola The awards are not merely objects but also show how to use young people as well as expressing the personality style of life they enjoy. Young people drinking bottles or cans of Coca-Cola products will have bottle cap ring shaped half of the prize. If they put together 2 cans lids or two rings to make a prize sign they will win. So chances of winning will be higher if the customer are together to coordinate and collect information of luck. The use of other forms of promotion not only allows the companys sales increase, but it captures the value that the company gives its customers. This is a powerful communication tool not only for Coca-cola but most companies to grow its market share. 9. Multi-strategies Coca-Cola Vietnam often organizes interesting activities and meaningful to customers, especially for the youth. These activities create an innovative, dynamic, optimistic, happy image. These activities can enhance the relationship between Coca-Cola and consumers. One of the successful campaigns is Happiness Factory campaign: to show the world is full of passion and a bottle of Coca-Cola can inspire consumers, which are held in many creative activities. On this occasion, Coca-Cola also spent nearly a million of trial products to consumers in big cities like Hanoi, Ho Chi Minh City and Can Tho. Another one is Sing with Coca-Cola the opportunity for young people to sing and discover new talents. As one of the celebrated series of operations of the campaign is BRRRR drink Coca-Cola is being implemented nationwide contest  SUMMER BRRRR-KOOL is organized to encourage the spirit of experiencing new things in life which is full of joy and inspiration. Coca-Cola would like to bring a fresh and entirely new, unique and like no other experience to consumers. Coca-Cola campaign organization Coca-Cola There are always delicious dishes: to promote the culinary culture of Vietnam through many fun activities including reality TV program cooking competition  . Meal is an opportunity for people to gather, chat and enjoy delicious food together. A delicious meal with a fun atmosphere increases the emotional bond between family members, friends, colleagues Thus, Coca-Cola made the Coca-Cola There are always delicious dishes to promote and enrich the cultural cuisine Vietnam as well as combine food and enjoy a mix to bring your appetite and bringing people closer together. Coca-Cola has sponsored the reality TV showcooking competition: 9 am Sunday aired weekly on Channel HTV9 starting 18/10, replay at 10h20 on Saturday  HN1 channels and Friday 20h30, 10h30 Saturdays on Channel HTV3. This is not just an entertaining program, but also a knowledge of food supplements, to help you have more information to choose foods that are good for your health, know how to prepare favorite dishes, as well  as there are exciting moments with friends and family. Coca-Cola also provides professional culinary sites with useful information on Channel 14 at: http://duataiamthuc. kenh14. vn/: Here, the young participants can register and update about the cuisine compete with Coca-Cola, answer questions to win weekly prizes and share with friends about the delicious food, the specialty of each region along  addresses the national cuisine. On this occasion, Coca-Cola also provides 300,000 free trial samples at restaurants, cafes in two urban areas of Hanoi and HCMC. The program Sharing the same one the best? For Coca-Cola beginning in the people you love : send hundreds, thousands of good wishes to the people all over the country. Special programs beginning in Coca-Cola will spend the same amount of 233,420,000 corresponding to 46,684 words of love you have given the close friends during the time of the program to support community programs for Clean Water  the same. With this significant program, this years New Years clients not only share the love with coca, but also contributes to the community. Cokes new campaign inspired, especially the activities celebrating winning a complete improvisation. Fans can share the joy of victory through music, interactive events. In addition, the programs parade trophy World Cup (Coca-Cola FIFA World Cup Trophy Tour) will be the focal point in this chain of events. The message of this activity is: Together Coca-Cola Celebrate South Africa win the World Cup.   Gold Cup through the journey through 86 countries before handing the championship team in South Africa in the summer. Vietnam is the 2nd stop of the official journey around the world, after the departure earlier this month in India, 1 / 2010. Coca-Cola to bring our customers and also football fans the chance to see firsthand and take photo with the most prestigious gold trophy this planet. The activities of the festival called on fans to express the spirit of optimism and passion for football to harmony with the spirit of sports enthusiasts worldwide. With this event, fans have  opportunity to see firsthand the most prestigious gold trophy planet, also participate in recreational activities such excitement: take photo with the gold trophy, watch 3D movies on the exciting moments of  FIFA World Cup, a battle of the game exciting challenge, Coca-Cola is served free of charge and many other exciting activities. As World Cup approaching, Coca-Cola Vietnam for fans Vietnam contest Celebrate Endless fun with attractive award final. Thereby, on 15 / 3 until 31 / 5, fans will post the clip to celebrate goals penned http://www. coca-cola. zing. vn/ website. Persons with impressive clips celebrating goal have highest number of votes on this web page will be rewarded to South Africa with a capacity of 12 young football talent in The Global Football Camp Coca-Cola  South Africa 2010 in June. TV viewers will decide which 12 will face South Africa won the power to participate in The Global Football Camp Coca-Cola South Africa 2010 in June to come through the reality television program by VTV  implementation, training records images, challenges and competition of 24 applicants and broadcast on VTV3. All recruitment activities, training, and daily challenges of the children in The Global Football Camp Coca-Cola South Africa 2010 as well as in 4-day training will be focused this broadcaster  Vietnam and the recording into a 12 episode reality TV, broadcast on VTV3 each week at 7 pm, and again on Thursday next three weeks on VTV6 at 20h45 with time approximately 30 minutes per file. Over 12 episodes, outside activities and challenging training, viewers will see the story with the emotional and happy and sad memories of the children throughout the program. Team with highest number of votes from viewers during the broadcast will win South Africas capacity to participate in The Global Football Camp Coca-Cola South Africa 2010 in June to come. Through the program, they meet and exchange with brand ambassador of Coca-Cola is the field of music singer Phuong Vy. In addition, they also see the video clip celebrating goals of the players, the team known for creating a way to celebrate the unique goals of the individual and the team. In four days of training under the guidance of coach Trieu Quang Ha, professional groups and two representatives of VFF brand ambassador of the sport in the Coca-Cola is the national players and the football players of Binh Duong club player Philani South African, 24 children were divided into two teams (each team 12 children) to be trained in basic professional football, pass the loopchallenge and compete directly antagonistic. Conclusions After completing our project we have come up with following recommendations for the Coca Cola Company, which are following: †¢ So the Coca-Cola Company should think about bringing innovations in their products for example new diet flavors or maybe more juices so as to fulfill the need of local market. †¢ Marketing team should try to increase the availability of Coke in rural areas. †¢ Coca Cola Company should think about producing Coke Can locally. Because currently coke Cans are only smuggled from abroad and sold at high prices. The Coca Cola Company can capitalize on this factor.

Analysis Of Karl Marx And Communism Essays - Political Philosophy

Analysis Of Karl Marx And Communism Essays - Political Philosophy Analysis of Karl Marx and Communism Karl Heinrich Marx was born on May 5, 1818, in the city of Trier in Prussia, now, Germany. He was one of seven children of Jewish Parents. His father was fairly liberal, taking part in demonstrations for a constitution for Prussia and reading such authors as Voltaire and Kant, known for their social commentary. His mother, Henrietta, was originally from Holland and never became a German at heart, not even learning to speak the language properly. Shortly before Karl Marx was born, his father converted the family to the Evangelical Established Church, Karl being baptized at the age of six. Marx attended high school in his home town (1830-1835) where several teachers and pupils were under suspicion of harboring liberal ideals. Marx himself seemed to be a devoted Christian with a ?longing for self-sacrifice on behalf of humanity.? In October of 1835, he started attendance at the University of Bonn, enrolling in non-socialistic-related classes like Greek and Roman mythology and the history of art. During this time, he spent a day in jail for being ?drunk and disorderly-the only imprisonment he suffered? in the course of his life. The student culture at Bonn included, as a major part, being politically rebellious and Marx was involved, presiding over the Tavern Club and joining a club for poets that included some politically active students. However, he left Bonn after a year and enrolled at the University of Berlin to study law and philosophy. Marx?s experience in Berlin was crucial to his introduction to Hegel?s philosophy and to his ?adherence to the Young Hegelians.? Hegel?s philosophy was crucial to the development of his own ideas and theories. Upon his first introduction to Hegel?s beliefs, Marx felt a repugnance and wrote his father that when he felt sick, it was partially ?from intense vexation at having to make an idol of a view [he] detested.? The Hegelian doctrines exerted considerable pressure in the ?revolutionary student culture? that Marx was immersed in, however, and Marx eventually joined a society called the Doctor Club, involved mainly in the ?new literary and philosophical movement? who?s chief figure was Bruno Bauer, a lecturer in theology who thought that the Gospels were not a record of History but that they came from ?human fantasies arising from man?s emotional needs? and he also hypothesized that Jesus had not existed as a person. Bauer was later dismissed from his position by the Prussian government. By 1841, Marx?s studies were lacking and, at the suggestion of a friend, he submitted a doctoral dissertation to the university at Jena, known for having lax acceptance requirements. Unsurprisingly, he got in, and finally received his degree in 1841. His thesis ?analyzed in a Hegelian fashion the difference between the natural philosophies of Democritus and Epicurus? using his knowledge of mythology and the myth of Prometheus in his chains. In October of 1842, Marx became the editor of the paper Rheinische Zeitung, and, as the editor, wrote editorials on socio-economic issues such as poverty, etc. During this time, he found that his ?Hegelian philosophy was of little use? and he separated himself from his young Hegelian friends who only shocked the bourgeois to make up their ?social activity.? Marx helped the paper to succeed and it almost became the leading journal in Prussia. However, the Prussian government suspended it because of ?pressures from the government of Russia.? So, Marx went to Paris to study ?French Communism.? In June of 1843, he was married to Jenny Von Westphalen, an attractive girl, four years older than Marx, who came from a prestigious family of both military and administrative distinction. Although many of the members of the Von Westphalen family were opposed to the marriage, Jenny?s father favored Marx. In Paris, Marx became acquainted with the Communistic views of French workmen. Although he thought that the ideas of the workmen were ?utterly crude and unintelligent,? he admired their camaraderie. He later wrote an article entitled ?Toward the Critique of the Hegelian Philosophy of Right? from which comes the famous quote that religion is the ?opium of the people.? Once again, the Prussian government interfered with Marx and he was expelled from France. He left for Brussels, Belgium, and ,

Analysis Of Pete Thamels Writing Style Essay Example | Topics and Well Written Essays - 500 words

Analysis Of Pete Thamels Writing Style - Essay Example Thamel makes use of the proper grammar and syntax to make his writings more logical and comprehensible. The general ethos evident in Thamel’s writings points out that he is knowledgeable about his field and knows what he is talking about. He tends to use an informal sentence structure to reach out to a maximum number of people which shows his consideration towards his audience. He does not mess with fancy words and difficult sentences, rather he writes in a way to get his message through to his audience. The sentence structure he chooses to display in his column is the loose sentence form mainly. Thamel uses a relaxed and casual tone in his writings mixed with a playful but serious take on the issues he is addressing. Thamel’s writing style does not demonstrate much of pathos. He has however often shown distress over the issues he discusses in an offhanded way.  He has made use of informal diction in all of his columns. Thamel’s literary techniques include fram ing, imagery, irony, and a narrative hook. Students can and do share their writings, projects, and assignments through such medium. Another Californian high school teacher states that the students are more willing to share with each other rather than with their teachers which are yet another step towards learning and sharing. If organizations such as the CTA have their way and get the school boards to lift the ban from social networking, this may yet be the greatest revolution the world would ever see. It would change the meaning of education.

Accounting and capital markets Essay Example | Topics and Well Written Essays - 2000 words

Accounting and capital markets - Essay Example In the above assessment, the expected value of dividend for 2013 has been measured by taking into account a dividend growth rate that has been proposed by board of each company which is atleast few percentage above the prevailing inflation rate. The expected value has been calculated using Gordon’s formula: D1=D0 (1+g); where g is the dividend growth rate. The dividend growth rates have been sourced from annual report of each company for 2012 (Pennon Group Plc, 2012; Severn Trent, 2012; United Utilities, 2012; National Grid, 2012). The risk free return value has been obtained by taking into account yield on 10 year UK government bonds. It was considered risk free because only government bond investments are considered absolutely safe. The data has been sourced from Open Knowledge (2015) and annual value has been taken into account. The beta represents systematic risk of an organisation. In this paper, the beta value of each company against all FTSE shares has been considered (Caldwell, 2013). The price earnings (P/E) ratio reflects healthy prospects of a company in the stock market. It is calculated as: Market price of share/ Earning per Share. As per instruction of the paper, the market price of share of each company has been calculated on 01 October 2012. However, the EPS value was measured from the respective annual reports. The expected market return has been calculated as reverse of the price earnings ratio. The cost of equity herein has been calculated as: Ke = Rf + ÃŽ ² * (Rm – Rf) and Stock valuation can be largely categorised as absolute valuation model and relative valuation model. For absolute valuation, the paper has considered dividend discount model. One of the important dividend models is Gordon’s dividend growth model. This model is essentially utilised for valuation of equity stocks and is based on the notion that

Writing to Local Community about Steve Jobs Essay

Writing to Local Community about Steve Jobs - Essay Example From this paper it is clear that  many individuals aspire to become Apple’s employees based on the different experience it offers. In addition, Apple employees are one of the most accommodating and helpful individuals. Apple’s work policy and ethics always considers the client as the â€Å"boss† therefore, their needs are always addressed. This principle is always customer oriented and as an Apple’s employee, an individual must be ready to serve. The employees play an important role in addressing the clients’ issues.As the research stresses  the company has highly qualified employees based on the past and present performance of the company in the highly competitive market. In addition, the company’s board members   have numerous individuals that they can consider for the position of Chief Executive Officer. Given Steve Jobs’ personality and successful career life, there is much information about him and therefore this will make i t easy for me to acquire relevant information that I will use to answer my questions. Therefore, there will be no need to schedule an interview with him, which can be a challenge because of his busy lifestyle. Published materials and videos will provide the required insight about him and the author will incorporate the information from these sources.  The audience for this profile will target individuals who aspire to be successful entrepreneurs. Students will also find this article relevant since Steve Jobs is one of the prominent members in the contemporary world that young people look up to.  

Facility Operations

Facility Operations Introduction Facility Operations is a discipline of management devoted to provide care, maintenance, development of skills to facility the daily operations public, hospitality, educational and leisure venues. The activities of facility operations include from very basic activity like cleaning to a high skilled and technical jobs like maintenance of air conditioning system. It is the duty of facility operations team to coordinate with the organisation management to oversee the cost effective, safe, secure and environment friendly maintenance of the organisational assets and long term care and preservation of those assets value. The goal of facility operation management is to provide â€Å"end user† satisfaction, and also considered as the success criteria for the evaluation of facility operation team. In this assignment the requirement is to assess the responsibilities of facilities manger in an organisation like hospital, hotel, educational institution or super market etc, what are the legal, health and safety obligations in performing the duties as facilities manger, identification of the strengths in current facilities operations and what are the weak areas to be addressed in the current business and in the new establishment which the management is planning to start. The organisation I have chosen to complete the assignment task is â€Å"Serena Hotels, Islamabad Pakistan†. Serena Hotel The Islamabad Serena Hotel is at a very prominent location at the door step of Margalla hills on fourteen acres of areas with beautiful gardens and near the Rawal Lake in the young and dynamic city of Pakistan â€Å"the Islamabad†, one of the natural beautiful cities of the world. The architectural and interior structure of the hotel is a good combination of the heritage of Pakistani culture equipped with the latest technology. The hotel is having nine cuisine restaurant and roof top swimming pool, providing all the luxury facilities and health clubs. The Serena Hotel Islamabad contain 387 rooms including suite with function halls to accommodate about five thousand people, and all other facilities that of a five star hotel. What is Facilities Operations Facilities operations and maintenance encompasses all that broad spectrum of services required to assure the built environment will perform thefunctionsfor which a facility was designed and constructed. Operations and maintenance typically includes the day-to-day activities necessary for the building and its systems and equipment to perform their intended function. In broad perspective the facility operation is merged with maintenance known as Operations and Maintenance (O M) because facilities cant be provided efficiently without it is properly maintained, therefore these two terms are discussed as one term (Facilities Operation and Maintenance). Facilities Operations at Serena As a five star hotel the Serena Hotel provide all the services to their customers to keep them satisfied and accomplish the organisational goals and objectives. To have good services they have a very structured Facilities Operations and Maintenance system, which involve all the dimensions of facility operations. Some of the major operations of this department in Serena Hotel Islamabad are following. Building Maintenance As described above that Serena is having a very good looking prominent building at a very attract full and expensive location at the city, so the hotel management is very much focused about the maintenance of the building, as this is the main resource of the business. Catering As Serena is having nine restaurants within the complex, each restaurant offer different meals, like South Asian, African and Arabian foods, so this area of the business is also included in the work duties of the facility operational staff. Cleaning Is the one of the core functionality of the operational staff and support staff at every organization, at Serena Hotel this is a separate department for cleaning the hotel premises, the cleaning staff is 24/7 on duty to provide clean and neat environment at hotel. Consultancy continuous improvement Continuous improvement is a very significant area of facilities operations, so at Serena there is proper system of consulting for the operational staff and very structured program for continuous improvement. Gardens Maintenance At Serena there are multiple gardens with beautiful plants and flowers, to maintain the beauty of these gardens there is a well trained team to take care. Procurement Is a key activity in facilities operations, to procure all the requirements of the hotel, maintain sufficient stock of all required items and remain in contact with supplier to have on time delivery of the required items. Projects relocation Facility Operations and Maintenance also look at the areas which need immediate focus and also plain the long terms goals of their department. They start new projects and relocation of current projects like outsourcing some operations of the hotel. Mechanical Electrical Services Mechanical and Electrical services are also the responsibility of families operation management staff, to look after the machineries and electrical devices and supply there is a trained staff available at Serena. Security Services To provide security to customers and staff members the security services are outsourced by Serena, private company guards remain at duty all the time, while there is a latest setup of CCTV which remains in operation all the time to keep eye on any suspected terrorist activity. Waste environmental management To keep environment clean is a very big issue in todays world, so to properly dispose the wastes and remain the hotel environment clean there is a team of cleaners who work on disposing the wastages of the hotel, clean the rooms, gardens and corridors, kitchen and other premises of the hotel. Responsibilities as Facility Manager As facility management is a very vast field, and a diverse range of specialism and responsibilities in different combinations, depending on organizational structure. Facilities managers are involved in both strategic planning and day-to-day operations, particularly in relation to buildings and premises. Some of the main responsibilities and duties of Facility Manger at Serena Hotel Islamabad are stated below Skillful management of administrative activities like procurement, purchase of equipments, housekeeping, safety and health, security, employee induction etc. Maintaining monthly reports for the expenses incurred for maintaining office infrastructure and facilities. Monitoring of budget and cost controlling Provide assistance in project management and cost optimization Managing repair, maintenance replacement of office equipments, appliances, furniture, furnishings, vehicles, building etc. Purchase and implementation of security tools and surveillance cameras. Event Management, organizing meetings, conferences, making travel arrangements and hotel reservations for guests foreign delegates. Acting as info-hub for providing administration related information and supervising administrative activities like general admin, verification of stationery stock, petty cash, courier, florist, pest control, housekeeping, etc. Arranging for relocation of employees from different parts of country which includes arrangement for their home and family related needs such as school admission, transportation and taking care of their household requirements. Arranging accommodation for onsite employees by co-ordination with various companies providing accommodations and to continuously improve the quality of services. Legal, Health and Safety (H S) Obligations Anobligationis a requirement to take some course of action, whetherlegalormoral, so at Serena Hotel there is a proper system of carrying out care of legal, health and safety obligations. It is the responsibility of the organization management and Facility Manager to ensure the health and safety of their employee during their work. Facility Mangers responsibility also include to do risk assessment and analysis, purchasing compulsory employers liability insurance if they dont already have it, ensuring equipment is fit for its purpose, testing, certifying and maintaining electrical equipment, ensuring computers can be used comfortably and easily, making sure the availability of first aid boxes are easily accessible locations at work premises, avoiding the use of trailing electricity cables to reduce the risk of fire and electric shocks, ensuring staff are suitably trained to work safely, keeping records of, and if necessary reporting,any serious accidents, illnesses or injuries experien ced by hotel workers. At Islamabad Serena Hotel to provide the basic healthcare treatments there is a dispensary working round the clock with qualified doctor and other paramedic staff, the hotel has its own ambulance service to shift any casualties to hospitals in case of emergency. Health and Safety at Serena At work place the health and safety obligation is to keep your employees and yourself safe from all of the emergencies like fire, any terrorist activity and safety during work. At Serena Hotel employees of facility staff and operational staff are advised to Follow the instruction given by facility manger regarding health and safety Get trained about using personal protective equipments Not willfully or recklessly interfere with or misuse anything provided for workplace health and safety at the workplace. The manger ensures that the workplace is safe and employee; customers can visit the hotel without any risk. the workplace is safe and without risk of illness or injury from any plant or substance used properly in the course of work The environment of the workplace must be such that it does not put the health of the workpeople at risk. Perform the risk assessment activities to minimize the risk involved in health and safety at the work environment. The facility manger continuously monitors and reviews the health and safety standards at the hotel. Constantly the activates of Safety sampling is done which involves inspecting the whole work area but looking only for particular types of hazard i.e. the sample, and Safety audits which Endeavour to obtain a numerical measure of the number of examples of each hazard found. A key element in achieving and maintaining high levels of safety is knowledge of the hazards, their effects and the techniques to avoid or ameliorate those effects. So at Serena the facility management team and co workers are constantly updated with latest tools and trainings to enhance their skills and capabilities. Administrative Systems at Serena There are two types of administrative computer systems operational at Serena Islamabad. The first one is Management Information System (MIS) and the second one is Security system. Management Information system is a big software system having different modules for each and every department; it includes modules like from room reservation to bill calculations, and dividing staff duties to procurement, recruitment and selection. All the management related activities are done through this software system at Serena. How can Serena improve the Facilities Operations As far as Serena is the best in providing facilities operations at their premises as compare to other competitors at hotels market, but I will suggest Serena that they is possibilities of improvement, as Facility Manager at Serena I will suggest the administration to take the following steps in order to improve the standard of facilities operations. At Serena Hotel there is a computerized system which I will suggest to improve it to Computerized Maintenance System (CMS). Computerized Maintenance Management Systems (CMMS) enable the facility manager, subordinates and customers to track the status of maintenance work on their assets and the associated costs of that work. CMMS are utilized by facilities maintenance organizations to record, manage and communicate their day-to-day operations. The system can provide reports to use in managing the organizations resources, preparing facilitieskey performance indicators (KPIs)/metrics to use in evaluating the effectiveness of the current operations and for making organizational and personnel decisions. In todays maintenance world the CMMS is an essential tool for the modern facilities maintenance organization. I will suggest the administration to keeping in mind the current security situations at Pakistan, instead of having own guards, outsource the security, and also apply to the Govt of Pakistan to provide security commandos during the stay of elite in the hotel. The HR department is required to consult the facility manager in hiring the facility staff and operation staff. The facility manger is required to clearly identify the job descriptions and responsibilities of all manger and staff members in order to streamline the process, and provide the best facilities at the hotel customers and staff. Conclusion Facility managementis aninterdisciplinaryfield primarily devoted to the maintenance and care of commercial or institutional buildings, such ashotels,resorts,schools,office complexes,sports arenasorconvention centers. Duties may include the care ofair conditioning,electric power,plumbingandlightingsystems;cleaning;decoration;groundskeepingandsecurity. Some or all of these duties can be assisted by computer programs. These duties can be thought of as non-core or support services, because they are not the primary business (taken in the broadest sense of the word) of the owner organization. At Serena Hotel Islamabad the Facility Manger and Management of the hotel is very much focused about the facilities operations and maintenance. But some recommendations are provided for the management of the hotel to improve the facilities operations at Serena hotel. References http://www.facilities-management-companies.co.uk/index.php/types-of-facilities-management/ http://en.wikipedia.org/wiki/Facility_management http://www.wbdg.org/om/om.php http://www.serenahotels.com/serenaislamabad/default-en.html http://www.citehr.com/99200-admin-facility-management-responsibilities.html http://www.prospects.ac.uk/p/types_of_job/facilities_manager_job_description.jsp http://www.healthandsafety.co.uk/emplyr.htm http://www.businesslink.gov.uk/bdotg/action/detail?r.s=scr.l1=1073858799r.lc=enr.l3=1074402501r.l2=1074402480r.i=1074403745type=RESOURCESitemId=1074403738r.t=RESOURCESlang=_w http://www.deir.qld.gov.au/workplace/rights/yourobligation/who/index.htm