Development in Moroccan Economy Essay Example for Free

Development in Moroccan Economy Essay Economic Environment Development of the Moroccan Economy The Moroccan economy is known for its macroeconomic stability. Inflation rates have always been relatively low, mainly due to the country’s restrictive currency regime. Morocco has been characterised by moderate to high growth rates. The country has benefited from its low labour cost and strategic location near the European mainland. Morocco has experienced a stronger growth than usual since the year 2000, caused by improved weather conditions, a strong export growth and various liberalizing policies. These liberalizing policies have been introduced by King Mohammed VI in 2003. He came up with a number of economic reforms resulting in a growth of the small modern manufacturing sector and the development of the tourism industry. He has put his main focus on the European Union since the Free Trade Agreement in the year 2000. Morocco’s Gross Domestic Product (GDP) has steadily gone up since 2002. According to statistics of â€Å"Datamonitor 360† the GDP in 2002 was about 40 billion dollar, in 2010 the GDP had grown to approximately 60 billion dollar. That is a rise of 50% in only eight years time. The World Factbook from the CIA mentions that in 2010 Morocco ranked number 58 in the world when it comes to the GDP. The real GDP growth rate has not been negative since 2002. In 2010 Morocco ranked number 77 in the world of real GDP growth. The lowest growth rate was about 2,5% in 2005 and 2007 and peeked with 7,5% in 2006. This could have possibly been caused by the Free Trade Agreement with the United States of America, which was introduced in 2006. I will further explain the results of the Free Trade Agreement with the EU and the USA later on in this chapter. The three main sectors: industry, service and agriculture, all grew steadily the past ten years. In 2009 the service sector was the biggest sector and contributed 49,4% to the GDP, the industry sector came second with 31,3% followed by the agriculture with 19,2%. Morocco has a profitable industry sector, mainly because of its large amounts of phosphate. Tourism plays a big role in the service sector. The tourism industry has remained vibrant despite the Casablanca bombings in 2003 and 2007. Morocco’s external trade has also been increasing steadily, with only a slight decrease in 2009. However, the total external trade still grew from 25,7 billion dollars in 2002 to 77,6 billion dollars in 2009. This is a growth of 51,9 billion dollars, which is a growth percentage of approximately 202%. Even though Morocco’s economy has been doing well the past decade, the unemployment rate is still relatively high. During the period from 2002 to 2008 the unemployment rate was at least 11%. In 2007 a small decrease of unemployment of 300 thousand took place, still leaving 1,1 million people unemployed. By the end of 2008 the unemployment rate was 9,6%. In 2009 a total of 93,000 new jobs got created resulting in a decrease to 9,1% by the end of 2009. We can conclude that the overall Moroccan economy has shown a fairly good development, but there is still a lot more to improve. The government has been working on new reforms that should lead to better business conditions in the country. International Financial Crisis Morocco together with Algeria and Tunisia has been one of the least affected countries by the international financial crisis. The international financial crisis started with the credit crunch in the US. Morocco has not been affected by this so-called credit crunch, because Morocco does not have the kind of credit that caused the American credit crunch. Besides this Morocco had minimal exposure to foreign assets. Morocco did however get affected by the international financial crisis as soon as it hit Europe. The Western European crisis resulted in diminishing growth rates. The crisis in Europe did not only slow down Moroccan export rates, but also the tourism industry. As European unemployment rates increased, many Moroccans working abroad lost their jobs, causing a decline in remittances. Morocco has been able to keep the negative effects of the international financial crisis to a minimum due to its good macroeconomic policy, an open economy, clear trade policies and several investment opportunities with emerging countries in Asia, Latin America and Africa. Because of the effects the financial crisis has had in Europe and the US, Gulf investors are expected to invest in African countries and the Middle East. At the end of 2008 Gulf investors announced a 1,7 billion US dollar investment in real estate in Morocco. These investments and planned reforms will make sure the Moroccan economy will continue to grow in the future. Effects FTA US and EU Morocco’s economy has largely benefited from the free trade agreements it has made with the European Union and the United States. In 1996 Morocco signed an association agreement with the European Union. The association became effective on March 1, 2000. The free trade agreement with the EU is mainly applied on industrial products and hardly any agricultural products. The objective is to have completely free trade between Morocco and the EU by 2012. In 2010 the EU proposed a new trade deal with Morocco to include duty-free trade in agricultural, food and fisheries products. On June 15, 2004 Morocco also signed a free trade agreement with the USA, which became effective on January 1, 2006. For America this was the second Arab-US free trade agreement and the first African-US free trade agreement. During a video of the ‘Moroccan American Trade and Investment Council’ the counsellor to King Mohammed VI for financial and economic affairs says about the FTA with the US: â€Å"We want to put Morocco as a platform for business with Europe, with the US, with Asia, China, Africa, Middle East. It was part of a global vision of Morocco. † Mr. Hassan, the president of the Moroccan Business Association says during the same video â€Å"The Morocco – US free trade agreement is a great opportunity for the Moroccan economy. † Due to the free trade agreements many American and European businesses have opened establishments in Morocco. These businesses have employed thousands of Moroccans causing a decline in the unemployment rate of the country. Both free trade agreements have been a huge step in the right direction for Morocco. The country still has a lot of poverty and unemployment; much more is needed to solve the country’s issues. However, the country is one of the most stable African and Arab nations. Current Economic System Morocco has a relatively liberal market economy regulated by supply and demand. From 1993 onwards there has been a policy of privatization. The heritage foundation, a research and educational institution, has come up with an index of economic freedom. This index makes it possible to measure the economic freedom in countries around the world. The world average score on the index of 2011 is 59. 7 out of 100 points. Morocco’s overall score is 59. 6, only a tenth point under the world average. Morocco is the 93rd country on the 2011 world rank of economic freedom. The regional average of the Middle East and North Africa is 60. 6, which makes Morocco the 10th country on the list of 17 regional countries. The overall score is determined by ten economic freedoms. In figure below the ranking of all ten separate economic freedoms of Morocco compared to the world average is shown. The most important economic freedom for this specific country report is business freedom. The business freedom represents the procedures for setting up and registering a private enterprise and the possibilities of private investment and production. In figure you can clearly see the Moroccan business freedom compared to the Dutch business freedom. King Mohammed VI has come up with many economic and non-economic reforms over the years. The two largest current reforms are the â€Å"Plan Maroc Vert† (Green Plan) and the â€Å"Plan Emergence†.

Bjs Restaurant Brewery Group Project Marketing Essay

Bjs Restaurant Brewery Group Project Marketing Essay Introduction For 32 years BJs Restaurants and Brewhouses have expanded from one small Chicago style pizzeria to over ninety-two chain foodservice establishments. Over these years, Paul Motenko and Jerry Hennessy, the companys duel owners, have expanded the companys concept from a small family owned restaurant to a full service casual dining restaurant. Today BJs Restaurant and Brewhouse has more that 100 menu items including appetizers, specialty salads, soups, pastas, sandwiches, entrees and desserts. (www.bjsbrewhouse.com) Over ten years ago, in 1996, BJs introduced their hand crafted homebrewed beers into the mix adding a unique and lucrative spin on the concept while further distinguishing themselves from other competitive restaurants in their segment market. BJs restaurant further went on to fully engulf themselves in this new concept by changing their name from BJs Restaurant to BJs Brewhouse and BJs Restaurant and Brewery. Since then BJs has been recognized by many different brewing associations and competitions by earning medals and high remarks. To fully submerge themselves in this new beer market BJs has opened several microbreweries, which help produce and distribute BJs hand crafted beers throughout their restaurants. Throughout the years that BJs has been in business they have gone through and successfully accomplished many of their strategic directions. They have over taken several objectives including transitioning BJs Restaurant concept to a premium casual or sometimes called casual plus sit down dining experience. Also, BJs general net revenues tend to increase about twenty to forty percent each year which is a great entity for their current share and stockholders and will help new investors choose BJs over other players in their business segment. Because of a result of the failing economy, recent mass foreclosures and rising interest rates and gasoline prices another one of BJs Restaurants strategic directions has somewhat skewed their goals to be more of a higher quality, more approachable casual dining restaurant. They believe that the main stream customers are now more likely to cut back on their participation in more of the mediocre mass market casual dining and change their dining behaviors to more of a higher quality concept that will offer a better overall dining experience and also better value for their money. Today BJs Restaurant and Brew house current strategic direction is to have a passionate desire to provide extraordinary value for their guests in a high-energy, fun, child-friendly environment, along with a sincere commitment to support the communities in which they do business goes to the heart of what differentiates BJs from other restaurants. They are committed to ethical business practices and strong corporate governance standards. The Board of Directors and management believe sound corporate governance principles are important to ensure that the Company is managed for the long term benefit of its key stakeholders investors, guests and employees. (www.bjsbrewhouse.com) Along with BJs current strategic direction the company strives to differentiate themselves by being a huge cash donor to many different philanthropic organizations and charities. For example BJs Cookies 4 Kids program has raised millions for the Cystic Fibrosis Foundation by donating a portion of all Pizookies, a fresh baked cookie of choice served with two scoops of cold ice cream, to this great cause. This year round fundraising event strives to help BJs by showing their customers and investors how much they care for their community and by creating a strong competitive advantage over other similar markets. BJs Environmental Analysis Restaurant industry Analysis: Figure 1-1 The food dollar Source: National Restauramt Association Inc. The restaurant industry is a competitive one, every year thousand of restaurants open and close. But lifestyle changes, demographics, and trends continue to fuel its steady growth. More and more people have less time, resources, and ability to cook for themselves. The average American spends 15% of his/her income on meals away from home. People are eating out more because of convenience, making the industry sky rocket. According to the National Restaurant Association the industrys sales are expected to reach $580 billion in 2010 over 2009 sale (Figure 1.2).  Even though the industry has been hit hard these past two years, Dawn Sweeney, President and CEO of the National Restaurant Association, supports the industry by stating, With a total economic impact of more than $1.5 trillion, the restaurant industry is a strong player in the economic recovery. Restaurants are the cornerstone of communities across this nation and we are a key player in propelling job retention and creation acr oss the United States. Despite the losses the industry has outperformed the national economy, expecting job growth in 2010. The restaurant-and-foodservice industry still remains one of the nations largest employers. Today almost one in 10 working Americans work in restaurants, employing nearly 13 million people and expected to grow further by 2020. There are still challenges that the industry continues to face such as future economic recessions, competition, maintaining sales volume, recruiting and retaining employees, and labor costs. Therefore restaurants will continue to keep their eye on new consumer and menu trends to stay in competition since socioeconomic trends and demographic changes have a great impact. Figure 1.2 Restaurant industrys sales BJs Broad Environment Analysis: Sociocultural influences on BJs restaurant have grown as the restaurant industry compete and become sensitive to consumers wants. Society expects money making business to give something back to it. Besides monitory contributions BJs has created a foundation that helps out the community where they do business in. As stated in their BJs foundation page, The BJs Restaurants Foundation is a non-profit organization dedicated to support charities benefiting childrens healthcare and education, with primary focus on the Cystic Fibrosis Foundation. In addition, [their] Foundation recognizes and rewards the volunteer efforts of BJs Restaurants team members across the country as they help to give back to the communities in which our restaurants do business. In 2009 BJs received the Restaurant Neighbor award given by the National restaurant Association because of BJs continuous contributions to the communities; some examples are: BJs TASC Force program has helped to fulfill the wishes of special needs kids, placed flags in a national cemetery by the graves of fallen soldiers, painted over unsightly graffiti and helped clean up beaches, parks and school grounds. In addition, have hosted blood drives, worked with Special Olympics, painted houses for elderly citizens, supported Habitat for Humanity and re-built playgrounds. [Their] teams have also worked at food banks, participated in fundraising runs and walkathons and delivered food to families in need on Christmas morning. All this is possible by the TASC team members who work and donate their personal time for such causes. They claim to do it because it is the right thing to do and inevitably come away as better individuals and more responsible citizens. Many other charities are benefitted through the work of BJs TASC team. BJs keeps thinking of new ways to raise money and society awareness BJs also makes charitable contribution from new restaurant opening to the Cystic Fibrosis Foundation. Fundraising events are also supported by BJs restaurants. One of BJs major fundraising events directly benefiting the Foundation is a yearly charity golf tournament. BJs Foundation page states that All proceeds from the tournament go to the foundation which then disperses funds throughout the year to designated charities defined by [their] mission statement.  Ã‚  This years tournament will take place on Monday, June  7, 2010  at Dove Canyon Country Club in Orange County. Other programs such as the Cookie 4 Kids have raised millions. The program donates portion of all Pizookie dessert sales to the Cystic Fibrosis Foundation. BJs Signature Pizookie is a fresh baked cookie [topped] with two scoops of vanilla bean ice cream and served hot, and cold, a favorite for thousands of BJs guests making it a wonderful fundr aising campaign for their charity. It is a goal for BJs to continue to be a good corporate citizen to satisfy society needs. Through any way possible, as you can see, BJs focuses greatly in contributing to its community. And since customers may view BJs as an unselfish corporation this could be a value added to the name of the company. It may also be a competitive advantage against competitors whose major focus is making money for themselves and its investors. Besides the sociocultural influences, BJs has adjusted to the technological innovations that are becoming more and more popular in the industry. The Idea of Online ordering is a new one and BJs is not staying behind. They are currently doing online ordering which is easy and convenient. You find the location nearest you by typing in your zip code, click on the online order link and place your order, and last but not least pick it up inside or curbside, delivered right to your car. Technology for BJs doesnt stop there one of the challenges for restaurants is training employees so one of the first things a new server at a BJs Restaurant Brewery does is put on a headset and spend a few minutes in front of a POS monitor, working through an interactive video training module. Then the trainer reviews and demonstrates the tasks and works with new hire in a live session. This combination of high-tech and high-touch training has helped BJs Restaurants Inc. control turnover among its 4,000 employees and reinforces its ranks in anticipation of growth. BJs has also adopted technology through its dà ©cor. Flat panel televisions are displayed throughout their restaurants, making it a fun and entertaining environment for the customers. Even though the economic downturn did not have a big impact on BJs restaurant, they have come up with new ways of maintaining and attracting its customers. On March 2, 2010 the companywide updated its menu offerings. It includes the introduction of a new BJs Snacks and Small Bites menu category, along with five new lunch specials. These menu creations are big in flavor and small on price, yet still delivering the good value BJs guest expect. This was done to give guest the opportunity to try something new at a good value. BJs new Snacks and Small Bites ranges from $2.95 $3.95 that can be eaten as an appetizer or added to your entrà ©e. Through such promotion BJs tries to reach customers who are afraid of spending too much money. Yet some of the threats BJs may face may be changes in consumer spending trends for casual dining occasions. For example trends change to quick service or fine dining. If that was the case restaurants like BJs would suffer a big loss, but since there is big industry for casual diners it is very unlikely for that to happen. Examination of Key External Stakeholders: Key external stakeholders include supplier and customers, maintaining a good relationship with its suppliers is crucial for BJs Success. An annual award is presented by BJs to its biggest quality product contributors. Supplier partner awards for the year 2009 are Jacmar Foodservice Distribution, Nestle USA, Fresh Point Inc. and RR Advertising. The award is give to the most significant contributors for the quality, differentiation and value that BJs restaurant concept requires to give the consumer. Some of the threats BJs may face as stated in their forward looking statement is, the [variable] commodity costs and availability of food in general and certain raw materials related to the brewing of their handcrafted beers and energy. Nevertheless such threats are present for most restaurants in general. Customers are also a very important external stakeholder whose feedback is appreciated. Attracting customers is a goal for all businesses but for BJs as their BJs Gold Standard of Operational Excellence states it is, [their] genuine commitment is to take pride in passionately connecting with every guest, on every visit, through flawless and relentless execution of every detail during every shift to create and keep fanatical fans of BJs concept and brand. The company does not only want to attract customers but keep them so they become fans of dining experience at BJs. Given that customers and sales are strongly correlated, the objective of the industry is to maintain both. The loss of consumers means a loss in sales as well therefore customers are affected and can affect BJs success. Organizational Resource Analysis BJs has always had a desire to provide extraordinary value for their guests. They strive on providing excellent food with great customer service. They not only strive to live up to the expectations of their guests but they work hard to provide a high energy, fun loving, child friendly environment. They also try and support their communities with full commitment so everyone involved understands that BJs is different from other restaurants and is concerned for their stakeholders. As BJs definition states that to be the very definition of WOW for the casual dining experience but BJs also strives to WOW not only with their dining experience but also with their customer service and quality of food. Their promise is to be the best and never to compromise! They take immense pride in what they do. They take pride in passionately connecting with every guest so they understand what the customer actually wants so they can provide them with the utmost care and attention. We are excited to introduce additional menu creations that are big on flavor and small on price, and that deliver the high quality and good value that our guests have come to expect from BJs, said Matt Hood, BJs Chief Marketing Officer. By expanding our popular lunch specials, we are giving our guests the opportunity to try something new at a good value. Our new Snacks and Small Bites menu category offers outstanding value and portion sizes that are perfect as individual appetizers or as additions to a favorite entree. (www.bjsbrewhouse.com) BJs financial situation has also been improving. According to BJs official website, Total revenues for the fourth quarter of fiscal 2009 increased approximately 13.5% to $112.6 million compared to $99.3 million for the same quarter last year. Comparable restaurant sales such as The Cheesecake factory decreased by 0.2% during the fourth quarter of fiscal 2009 compared to a decrease of 0.7% during the same quarter last year. Net income and diluted net income per share for the fourth quarter of fiscal 2009 were $1.7 million and $0.06, respectively. Jerry Deitchle is the Chairman and CEO of BJs brew house. He is a CEO who is very concerned and involved with his company. His leadership and management style has led to BJs financial performance which has been very successful. With the nature of todays economy and its continuing pressure on consumer spending for restaurant occasions BJs reported profits for the financial year of 2009 and this is largely because of Jerry Deitchles performance as CEO. BJs popularity is a solid testament to how strong their performance has been over the years. Casual dining customers are preferring BJs style over competitors such as the Cheesecake factory and Chillis. Another reason for BJs success is the ease of approachability and the ability to consistently and correctly execute the routine within the four walls of the restaurant. That includes front of the house, back of the house, chefs, servers, cooks, bus boys, managers, etc. This is a statement the CEO made at a recent press conference where he talks about the impact of the economy on consumer spending for 2010. While we do not expect consumer spending for restaurant occasions to significantly recover during 2010, we remain confident in BJs ability to gain market share in the estimated $80 billion casual dining segment, said Deitchle. Our 2010 new restaurant development pipeline is in excellent shape as of today, and we are already working on potential locations for 2011 openings. Additionally, we will continue to make prudent investments in the core of the BJs concept to further strengthen its competitive advantages of quality, differentiation and value for the casual dining consumer.(www.bjsbrewhouse.com) The company has been advancing since it has started. BJs has excelled in customer service and in quality of food. BJs strengths has been its phenomenal attention to customers needs while at the same time providing them with great tasting food and a huge variety of self brewed beers. The variety of beers has definitely been BJs great strength over the years as competitors such as The Cheesecake Factory only have company brews. They also have great happy hour deals which other restaurants do not. BJs weakness is hard to define as they dont have many. They have been very successful as they have grasped on to the essential elements of great food along with great customer service. The only weakness they probably have is that there menu is not as extensive as compared to the cheesecake factory. They have a very good continental cuisine but they lack variety of ethnic foods. But they are working on that. It is also hard to spot a weakness for this institution as they have doubled profits and plan on investing more into the company. Future Strategic Direction The future strategic plan of BJs Restaurant Group is to expand globally, and ultimately sell their beers to public from grocery, liquor, or beverage Distribution Companys instead of only offering them in restaurant. Internal Analysis: BJs has the resources to produce beer that so many people enjoy while dining at BJs Restaurants Brewhouse. Diversifying their business to provide a line of beer sold in stores is a great opportunity for the company. The company already operates several microbreweries, which produce and distribute BJs hard crafted beers within the chain, so promoting it to other distributors and stores would be the next step for them to branch out. Some of their first place award winning beers include, BJs Brewhouse Blonde , A light and refreshing pale beer in the style of a German Kolsch. Slightly malty with delicate hopping to balance. Bottom-fermented and well-conditioned for exceptional smoothness. and Harvest Hefeweizen, Not just another wheat beer [it is] fermented with authentic Bavarian weizen yeast to produce its unique flavor profile fruity, spicy, and refreshing. These beers would make great candidates for distribution, resulting in greater revenue for the company and jo b enlargement for current and future employees. Since it would be a big expense for other restaurants to make and sell their own beer if they dont already do; it gives BJs a sustainable competitive advantage. Competition would most likely arise from current beer companies whose brands have been sold in stores for year and are widely known by consumers. External Analysis Distributing BJs beer and Expanding BJs globally would also greatly increase sales and brand recognition. Some of the benefits in choosing to expand globally can be the extra resources available for the companys operation, cheaper labor, and the economies of scale access to more customers and markets. However it may also tempt BJs to import beer to the United States instead of making it there since resources and labor would be a lot cheaper in other countries. Exploiting other countries resources might be viewed as unethical by consumers and investors, leading to decrease in consumer loyalty. BJs needs to be careful in not taking away the quality it currently provides to its own country by commoditizing their brand. Besides the threats of expanding an advantage BJs has is the new trend for microbrewery beer. Microbreweries are limited to small batches of hand-crafted beer resulting in enhanced taste. Due to this trend people are willing to pay more for better beer such as New Belgium beer brands. Some examples of the most popular microbrewery and future competitors in the U.S. for BJs include: Anchor brewing Company (San Francisco, CA), Full Sail Brewing Company (Hood River, OR), Real Ale Brewing Company (Texas), and Stone Brewing Company(San Diego, CA). Focusing in external distribution as mention before is a great opportunity for BJs to expand into a different segment. It would allow for BJs name to expand nationally using the distribution as a marketing tool for their restaurants. Along with their microbrewery BJs has been extremely successful in California. There style and service has attracted thousands and has led to massive profits and numerous advantages for the stakeholders. BJs should be very smart about their future direction and should pounce on any opportunity and they should make sure that all the rules and regulations are implemented. BJs should focus on embarking in the international market for the future. Their direction should be to crack the tough European Market as American beer is very popular in Europe and BJs can really pounce on the idea of opening an American Brew House in Europe. Apart from the beers, BJs can also attract a lot of European customers with its cuisine. They can introduce every entrà ©e as a dish from a different region of the United States. BJs should also look to focus on making their menu more extensive as it is important to have variety of food, especially if you want to attract customers in such a culturally diverse place as Europe. BJs goal should not change, but their vision should be broadened onto a bigger scale as they should try and implement their success story in some other part of the world and should take advantage of a growing hospitality market around the world. It does not necessarily have to be in Europe but places like Malaysia and Thailand have a booming tourism economy and these places could be an ideal place for BJs to jump start their international career. Overall, BJs future strategic direction should be directed towards the world! They should focus on bringing the elements of classic and delicious American dining along with great customer service to different parts of the world where this style would be appreciated. A lot of brands have expanded into the global market as BJs should do the same as they have been very successful in the way they have implemented their strategies.

Constraints to Islamic finance growth

Constraints to Islamic finance growth Contents INTRODUTION: The global financial system: Facing the challenge: Reaching critical mass: THE REGULATORY CHALLENGE: Malaysia as case of study: CONCLUSION: Reference INTRODUTION: The Islamic financial industry today is an important component of the global financial world, the total Islamic assets ballooned from US$150 billion in the 1990s to US$1 trillion in 2010.The most successful and fast developing sector of Islamic financial industry is namely –SUKUK, Islamic banking, TAKAFUL, and fund management. SUKUK market at the end of 2010 was estimated to reach US$143 billion; the Islamic banking sector worldwide is valued at US$850 billion in term of assets, while Islamic fund industry under management grew by 15% globally. The IFSB expects the value of global Islamic financial assets to reach US$1.6 trillion by 2012. Islamic finance has demonstrated its competitiveness and resilience during the global financial crisis. Today Islamic finance is in transition to the next stage of development, greater international integration and Islamic finance institution to mobilize a higher level of global cooperation will help to further propel the prospects of Islamic finance moving forward. Several countries now in the race to become Islamic finance hubs such as –London, Hong Kong and Singapore, also new market such as-Luxembourg, South Korea and Australia, in addition they aspire to become Islamic finance centers. The global financial system: Global wealth currently held by 4.4 billion people has increased 72% since 2000 to reach US$195 trillion driven by robust growth in emerging markets, many of which are comprised of large, diverse Muslim populations. Global wealth is estimated to grow 61% to US$315 trillion by 2015. On the other hand, US banking assets are valued at approximately US$13.3 Trillion at the end of 2010.while global banking assets reached US$85 Trillion by end of 2011.The value of global Islamic across all asset closes remains minuscule in comparison to that of their conventional counterpart .Total Islamic financial assets make up less than 1% of the total global financial assets. Facing the challenge: Nowadays market capitalization of Islamic banking dwindles in comparison to their conventional counterpart, the capitalization was only 4.1%, and actually Islamic banks were much less affected by the global financial crisis. The Islamic banks are facing a larger challenge as the conventional banks recapitalize and merge. Conventional banks have been able to return to profit in NO time in 2010 only, the ten top conventional banks (by –Pre-crisis market capitalization) net profit increase by 139% year on year. Meanwhile the Islamic banks suffered 55% decline in net profit during the same period. Reaching critical mass: Islamic finance needs to reach the critical mass and cannot be underestimated. It has been identified as the number one for Islamic finance to become truly competitive with the conventional system, ways to get this goal could include reaching out to untapped markets and audiences or build an entity can influence multiple areas of the market with expertise and capital. Large –scale institutions which will have all the capabilities to penetrate the various segmented markets with expertise and knowledge while providing Shariah- compliant financial solutions. Another often mentioned challenge in the Islamic finance industry is the issue of liquidity. The Islamic finance markets currently lack the liquidity , but in the last ten years Islamic financial institutions (IFI) developed rapidly to meet the demand from both retail and corporate entities, and IFIs still face the challenge of a lack of instruments to manage liquidity as a result product being short -term given under the current constraints. But the large Islamic finance institutions can enhance market liquidity and hence offer product pricing by integrating their global and regional market operations. Also Islamic finance needs to meet the human capital requirement. Many Islamic banks still have limited capabilities and expertise to consistently create, therefore increase with development of Islamic financial product and services need for high skilled staff. Further areas of focus in capacity building and talent development include: The need for practitioners and stakeholders to be highly qualified. The need for specialized training and educational institutions. The development and adoption of industry best practices. The collaboration and exchange of knowledge across jurisdictions and supplementary research into and development of key specialized areas. Second area for reaching critical mass is Islamic microfinance, currently there are more than 200 Islamic microfinance institutions around the world, the main countries are Indonesia, Bangladesh and Afghanistan; but Islamic microfinance is still in its nascent stage. A 2007 global survey on Islamic microfinance undertaken by the (GAP) group to assist the poor shows that only 350.0000 customers and accounts for only around 0.005% of total microfinance outreach. Although 2010 estimates now put this figure at 0.05%, the slow growth in Islamic microfinance is due mainly to the fact that the facilities were usually provided by specialized institutions such as non-government organization (NGOs) and not by Islamic banks. Islamic microfinance should be integrated into countries mainstream banking and financial system, this will help to: Create greater awareness of product. Encourage product innovation Improve access to microfinance. Widen and strengthen the distribution channels. Standardize regulation and improve transparency. THE REGULATORY CHALLENGE: Global financial sector lost almost US$ 1.8 trillion as a result of the financial crisis and a big part of the recent financial crisis can be blamed on regulatory failure .The absence of rules during the global depression resulted in many economists to reconsider their views on the model based on market in economic theory and is continuous in current communities in conventional banking. Many governments all over the world have introduced financial and economic reforms as a kind of government intervention to produce well- regulated financial systems, Malaysia as case of study: Malaysia was resilient against the global financial crisis due to strong fundamentals and inherently sound financial regulatory framework. Islamic banking in the country was well protected from the effects of the crisis because of the Islamic financial institution strict commitment to Islamic principles, which prevents high level of benefit speculative activities. The regulatory authorities have introduced a comprehensive regulatory and supervisory framework for Malaysia’s dual financial system. Stronger standards have been set for corporate transparency governance, accountability, disclosure, risk management, customer protection, and market discipline. Below are some of the introduced internal regulations: 1- Corporate Governance Guidelines 2-Rate of Return Framework 3-Guidelines on Financial Disclosure 4_Sharia Committee Guidelines 5-Islamic Money Market Guidelines 6-Capital Adequacy Standards 7-Musharakah and Mudarabah 8-Firewalls for Islamic Window Operations. Generally, these initiative and regulation have the following effects on the Malaysian Islamic financial system: System, maintain the confidence of the public with IFIs as the custodians of public funds. Strengthen a competitive financial system which offers efficient and reliable services. Ensure the health of each IFI for development Prevent the risk of a contagion and methodology failure of the financial system Promote good market practices and high standards of corporate governance Protect customer and shareholders interest. CONCLUSION: There are some elements that are likely to comprise the growth of Islamic finance as below: The present Islamic banking is based on reproduction of conventional banking products, this is lacking to achieve the overall aims of Islamic finance system which is based on impartial distribution of economic advantages and makes Islamic finance less effective than their conventional counterparts. Not all the conventional products have an Islamic finance identical treasury and liquidity management tools. Islamic finance needs changes in the legal regulatory and tax environment to absorb finance without incurring additional cost to the customers. The different interpretations of sharia provisions have resulted in the absence of unification; common understanding is required to merge local market with the global market. Shortage of necessary tools to manage liquidity Expertise and human resource in Islamic finance are rare. For Islamic finance to get good stage of growth should be extended to reach critical mass, chances to get there include: 1-Large scale institutions have the possibility and capability to penetrate the different fragmented markets with experts while providing sharia compatible with financial solutions. 2-Microfinance has ability to find opportunities for the untapped SME market of the emerging economies and to capture interest in Islamic microfinance. 3-Sound regulation, to make sure that Islamic finance has a decent opportunity of growth and development while expending to critical mass. Some of the remaining challenges to be overcome include the development of human capital. Reference www.dawn.com/news/641420/comment-and-analysis-growth-constraints-in-islamic-financial-sector IFSB 4th public lecture on financial policy and stability, lecture by Baljeet Kaur Grewal- Amman- Jordan -2011 1

Missing in Action: The Female Work Force in Nazi Germany :: European History Research Papers

The Female Work Force in Nazi Germany Unlike the examples of the United States, Great Britain, Italy, and the Soviet Union, Nazi Germany refused to mobilize its female work force behind their war effort. Even as Germany was starving from attrition in a lack in war supplies as well as civilian essentials such as food, Nazi officials declined from enlisting the female force as laborers. All of Europe struggled to survive throughout the brutality of World War Two by using every resource available, except for Germany. Germany struggled as well, but stubbornly denied its full capacity in fighting the war by declaring the workplace unsuitable for women. Yet women around the world supplied munitions to the men at the front in order to succeed militarily as well as domestically. Germany did not have the luxury of maintaining a male dominated work force during the war, yet they tried to do so and found disaster. The reasons that Germany chose not to mobilize "racially acceptable" German women into the work force were complex and varied, but can be categorized into four primary categories. Firstly, Nazi expectation about World War II influenced not only how they dealt women, but also the entire German community. Nazi belief and behavior supported a "racially" superior nation inhabited by a war weary people. Subsequently, they feared losing support should Germany become involved in a protracted war or if the government asked too many sacrifices from its people. Secondly, German history paints a continuous prejudice toward women and their role in society. Nazis understood the prejudice, based their ideologies and policies on it, and then expanded from this base to more radical and limiting policies toward women. Thirdly, the enactment of Nazi policies and ideologies toward women were incompatible with including them in the war-stressed industrial force. Nazis had mapped out women's role in the Third Reich before the war, and were inflexible to altering it to include the necessary hardships of war. Finally, Germany used a pool of labor in their industry that was unique to Nazi Germany. Germany had the luxury of pulling from the populations of occupied Europe to fill its factories, and when even they were not enough, Nazis finally used the "inferior" forces of the inmates of concentration camps. Nazi Germany's failure to mobilize its female work force behind its war effort was a flaw that eventually became fatal. Germany is a country traditionally preoccupied with status and titles.

Dissociative Identity Disorder Essays -- Biology Essays Research Paper

Dissociative Identity Disorder, commonly known as Multiple Personality Disorder, is estimated to afflict at least a tenth of the American population. Patients with this disorder suffer from constant memory loss due to the presence of two or more other personalities that "take over" the patient's consciousness at random times of the day. This switching of personalities may last for a couple minutes, a couple hours, to up to several weeks at a time (1). In the past 30 years, the prevalence of Dissociative Identity Disorder has sky rocketed. The term dissociation refers to the disruption of one or more agents that constitutes "consciousness", such the formation of memories, making sense of them and maintaining a sense of identity (1). Dissociation results from forces beyond the patient's control. Proponents of Dissociative Identity Disorder believe memory loss occurs because the patient's consciousness is taken over by alter personalities believed to be formed during childhood (2). Personalities are usually found to be extremely different from the personality of the patient. The patient is usually shy, introverted and insecure, whereas some of her personalities may be flirtatious, outgoing, confident; and yet others may have issues surrounding anger management. Personalities may be older than the age of the patient, younger, or may have lived over a hundred years ago (1). Patients who suffer from DID are usually women who have had a history of sexual or extreme physical abuse, or who have experienced repeated trauma beyond her control (3). Because the child cannot physically escape the pain, her only option is to escape mentally: by dissociating. Dissociation is said to defend against pain by allowing the maltreatment to be ex... ...ts who come into therapy may have problems dealing with their emotions and self validation, and at the end of therapy, with the help and validation of therapists, discover multiple alter personalities. Does Dissociative Identity Disorder exist? Maybe. Yet, one who is unable to integrate various emotions and memories should have less than one personality, not multiple. References 1)Dissociative Identity Disorder: The Relevance of Behavior Analysis by Brady J. Phelps http://web3.infotrac.galegroup.com/ 2)Multiplying the Multiplicity in the British Journal of Psychology http://web3.infotrac.galegroup.com/ 3)The Treatment of Dissociative Identity Disorder With Neurotherapy and Group Self Exploration http://www.isnr.org/index.html 4)An Analytical Review of Dissociative Identity Disorder http://serendip.brynmawr.edu/bb/neuro/neuro02/web1/www.ycp.edu

Family Interaction

Introduction This paper describes a significant learning family interaction that occurred when I was working in a community placement as a student nurse. I would be reflecting on that family interaction and use the â€Å"One Question Question† approach and analyse how this would contribute to your learning needs and nursing practice. Critical or significant interactions can be defined as situations that make an impression or have a special meaning to an individual.The analysis of such incidents, a useful reflective technique helps us to identify professional capabilities, increase knowledge of self and improve patient care outcomes (Lian, 2001) and lead to practice that is better informed than before the reflection (Usher et al, 2001). Critical reflection on one nurse-family interaction and the impact I was in my community placement where I got an opportunity to interact with an adolescent who was Insulin Dependent Type 2 diabetes and his family.The community nurse visited for the monitoring of the BGL tests and insulin administration as he had fluctuating BGLs and he had a history of not complying with the insulin. He was admitted to hospital numerous times with episodes of hypoglycaemias and hyperglycaemias. The family were very concerned about him and were worried about his erratic lifestyle. I must say the interactions I had with this family had some impact on me and I realised my shortcomings and learning needs. I used John’sIs this the right essay for you? Watch the video below to read 2 more pages now. or Sign Up for Free and read the full essay Cite This Essay APA (2011, 05). Critical Reflection on One Nurse-Family Interaction. StudyMode. com. Retrieved 05, 2011, from http://www. studymode. com/essays/Critical-Reflection-On-One-Nurse-Family-Interaction-708992. html MLA CHICAGO Welcome StudyMode. com is the web's leading learning tool. We inspire millions of students every day with over 650,000 model essays nd papers, AP notes and book note s. Learn More Related essays Weekly Critical Reflection: Week One †¦ Weekly Critical Reflection: Week One 1. a. Identify one legal rule†¦ 4 pagesJan 2012 Critically Reflective Portfolio Extract Related To One Of The Nmc (2004) Standards Of Proficiency For Pre-Registration Nursing Education, Allowing The Integration Of Theory With Practice †¦ assignment is to produce a critically reflective portfolio extract related†¦ 10 pagesMar 2011 a 2000 Word Reflection On One Specific Conversation Where Personal Communication And Interpersonal Skills Has Had a Direct Impact On The Patient's Nursing Care †¦ A 2000 word reflection on one specific conversation where personal†¦ 9 pagesMar 2012 Nursing Mentorship Critical Reflection †¦ my mentees as possible. To that end, this essay will be a critical reflection†¦ 12 pagesJul 2012 a Critical Reflection On Pshe †¦ A critical reflection on PSHE This essay will look at the teaching of an†¦ 12 pagesMay 20 11

Extempore Speaking

Important Topics for extempore speaking (in MBA admission process) Why you should be selected? Focus on what strengths you bring to the table. These should be consistent with the four things most Institutes are looking for in students during the admission selection: competence, adaptability, enthusiasm, and never say die attitude. Remember, they are looking for chemistry between you and your future employer. Be prepared to summarize in short time why you are the best candidate for the seat. Also, let the institute know you want the admission and you will enjoy being with them.A lack of interest in the program may indicate a lack of enthusiasm for the institute as well as your future. Now that you've had a chance to learn more about us, what would you change about our institute? Be careful here. Most institutes don't want you to come in and shake up the place. At the same time, they don't want someone who says, â€Å"Nothing, everything looks great here. † Seek a middle ground by focusing on one or two non-threatening issues that may have come up in your discussions. For example, From our discussion of the problem with slow placement due to economic downturn, I think we should look into the possibility of giving more practical knowledge and exposure to the students. It will make the students more employment ready. I also think, we need to do a thorough analysis of what the companies are expecting out of the students and try to fill the gap existing between the expectations and reality. † Such an answer indicates you are open to making changes but you also have a certain non-threatening decision-making style. Your response should sound sensible and innovative.What's your dream job? This is your ideal chance to sell your aptitudes that fit the job description you would be offered after completing the program. Show an interest in finding new ways of using the skills you will acquire during the course period and also that you can be put to use in new ro les with additional responsibilities. â€Å"My dream job would include the execution of all of the theoretical and practical knowledge I will gain from the program. Also, all the responsibilities and duties in the position of a manager will be handed over to me in my dream job.I also thrive in a fast-changing environment where there's business growth. Your plans include attracting international placement during the next year, and this would satisfy one of my ultimate goals of being involved in an international corporation. † What color is your brain? Be aware that you'll probably be asked to speak on such topic. The point is not to stump you, but to find out what makes you tick. When the standard extempore topics are presented, people are prepared and it's harder for the recruiter to get to know the real person. An MBA admission panel, for example, tries to avoid repeated topics.But, different and conventional topic like the one above has no right or wrong answer. In fact, th e panel won't even really care what your answer is. He or she just doesn't want to hear something like, â€Å"I don't know, I guess it's blue because that's the way I imagine it. † The point is to see how creative you are and how you think. Be sure to explain why you answered the way you did. â€Å"My brain is red because I'm always hot. I'm always on fire with new plans and ideas. † Consider the following scenario: You are placed in a company after completion of your program. One evening you are working late and are the last person in the office.You answer an urgent telephone call to your supervisor from a sales rep who's currently meeting with a potential client. The sales rep needs an answer to a question to close the sale. Tomorrow will be too late. You have the expertise to answer the question, but it's beyond your normal level of authority. How do you respond? This response shows that the candidate is confident in his or her ability and can be counted on in an em ergency. Similarly, your answer should indicate that you're not afraid to be the decision maker in a tough situation, even if the situation's beyond your normal level of authority. I'd get all the pertinent information, taking well-documented notes. I'd answer the question based on my knowledge and the information provided. I'd leave my supervisor a note and fill him or her in on the details the next morning. I'd be sure to explain my decision, as well as the thought process behind it. † â€Å"What is change management? † Such type of question is asked, generally to check your coping mechanisms for responding to changes. It tests how systematic your approach could be in dealing with change, both from the perspective of an organization and on the individual level.A somewhat ambiguous term, change management has at least three different aspects, including: adapting to change, controlling change, and effecting change. A proactive approach to dealing with change is at the c ore of all three aspects. The response could be â€Å"Change management is a term used to refer to the introduction of new processes in an organisation, or the management of people who are experiencing change. Successful adaptation to change is as crucial within an organization and the individuals in them inevitably encounter changing conditions as they are powerless to control.The more effectively one deals with change, the more likely he or she thrives. Adaptation might involve establishing a structured methodology for responding to changes in the business environment. † Online learning In today’s world, many adults find themselves unsatisfied with their college and institution and wish for something more but demands on their time and schedule make this seem impossible. The good news is that the Internet has many online learning opportunities available that allows one to gain a higher education, learn new skills, and become more marketable.And the great thing about t he benefits of online learning and online education is that one can get an education according to their own schedule and can do it from the comfort of their own home. In fact, thousands of working professionals have been able to increase their knowledge and jobs skills without ever having to enter a classroom, thanks to online classes. By asking you to speak on this topic, the panel might check your understanding on technology and current trends.Your response towards online learning could be favorable or unfavorable, but don’t be indifferent towards this topic as this shows that you have no idea about the latest revolutions. Your response could be, â€Å"Online Learning could be considered as learning in the virtual classroom. While there are indeed many solid career opportunities available today, the market place is extremely competitive, making higher education that much more vital to successfully landing the job of one’s own dreams. But one of the leading concerns for students, as well as working class, is to consider entering the world of expensive education.Fortunately, there are plenty of distance learning courses that make it possible for willing students to learn from the comfort of their own home without having to worry about many other expenses like commutation expenses, lodging and boarding expenses, etc. Plus, these distance learning programs have been gaining a good degree of credibility throughout the professional world, so one can be confident of receiving an education that will be acknowledged by major companies. † Are MBA Salaries Still on the Rise? These questions help the panel in understanding ‘what is your actual aim- Knowledge or mere Money? If you crave for mere Money, i. e. you are driven by the high salary hype, you will not be considered a good candidate as money minded people generally don’t concentrate on effectiveness and quality. But if you are truly driven by your inner force of learning, you wil l certainly get that chance by securing a seat in your desired college. Your response to this question could be, â€Å"This depends on the situation of the individual student and other factor such as, the type of industry they are in, the company for which they are employed, and the prior skills they bring with them into the workforce.Attending an MBA school still has the potential to raise your value and increase your personal bottom line, but it is not a guarantee. However, the economy has already begun to turn around, and many financial organizations are posting large profits again and have begun to recruit MBA graduates for a variety of positions. MBA holders work in a variety of positions, including financial controllers, senior financial analysts, project managers, marketing directors, and of course as CFOs and CEOs. Salaries for these elite positions can be much higher than mid-level jobs. How has the Economic downturn changed the Outlook for MBA's? This topic again will int roduce your actual thoughts to the panel. In reality, the economic downturn has actually changed the outlook for MBA’s. Those who were sheer driven by the money behind MBA degree have taken a U-Turn and made way for those who are in real wanted to pursue this course for making an established career. This topic can earn you a definite seat in you dream college. So your response could be positive like, â€Å"It is still as good a time as any to earn an MBA.In fact, as the economy begins to turn around – and all indications point to that process already beginning – more opportunities for management specialists will be available. Most companies were forced to decrease their staffs using steps such as early retirement and lay-offs in order to survive the economic downturn. As the economy begins to swing upward, these companies will be seeking managers that are not only experienced, but are also knowledgeable about the many legal changes that have been instituted uri ng the crisis. This means if one undergoes earning an MBA today, he or she will likely be taught the legal changes as they are implemented. The goal of the MBA is to provide the company with the experience and knowledge that will put oneself in high demand in corporate world. MBA programs around the world are adapting their curriculums to reflect the changes made in today’s business world. An MBA will strive to provide the company with a better understanding of the new economy. †