Roman Imperial Succession in the Julio-Claudian Era

Roman Imperial Succession in the Julio-Claudian Era The Imperial time frame is the hour of the Roman Empire. The first head of the Imperial time frame was Augustus, who was from the Julian family of Rome. The following four rulers were all from his or his wifes (Claudian) family. The two family names are consolidated in the formâ Julio-Claudian. The Julio-Claudian period covers the initial scarcely any Roman emperors, Augustus, Tiberius, Caligula, Claudius, and Nero.​ Antiquated Roman history is separated into 3 periods: RegalRepublicanImperial In some cases a fourth period is incorporated: Byzantine Period. The Rules of Succession Since the Roman Empire was new at the hour of the Julio-Claudians, it despite everything needed to work out issues of progression. The main head, Augustus, made a big deal about the way that he was all the while adhering to the guidelines of the Republic, which allowed tyrants. Rome loathed rulers, so despite the fact that heads were lords in everything except name, an immediate reference to the progression of the rulers would have been an abomination. Rather, the Romans needed to work out the principles of progression as they went. They had models, similar to the refined street to political office (cursus honorum), and, at any rate to start with, anticipated that heads should have celebrated predecessors. It before long became clear that a potential rulers guarantee to the seat required cash and military support. Augustus Appoints a Co-Regent The senatorial class generally went along their status to their posterity, so progression inside a family was satisfactory; be that as it may, Augustus did not have a child to whom to go along his benefits. In 23 B.C., when he figured he would bite the dust, Augustus gave a ring passing on magnificent capacity to his confided in companion and general Agrippa. Augustus recouped. Family conditions changed. Augustus embraced Tiberius, his wifes child, in A.D. 4 and gave him proconsular and tribunician power. He wedded his beneficiary to his little girl Julia. In 13, Augustus made Tiberius co-official. At the point when Augustus kicked the bucket, Tiberius previously had supreme force. Clashes could be limited if the replacement had the chance to co-rule. Tiberius Two Heirs Following Augustus, the following four heads of Rome were completely identified with Augustus or his significant other Livia. They are alluded to as Julio-Claudians. Augustus had been extremely mainstream thus Rome felt loyalty to his relatives, as well. Tiberius, who had been hitched to Augustus little girl and was the child of Augustus third spouse Julia, had not yet transparently concluded who might tail him when he kicked the bucket in A.D. 37. There were 2 prospects: Tiberius grandson Tiberius Gemellus or the child of Germanicus. On Augustus request, Tiberius had received Augustus nephew Germanicus and named them equivalent beneficiaries. Caligulas Illness The Praetorian Prefect, Macro, bolstered Caligula (Gaius) and the Senate of Rome acknowledged the regents competitor. The youthful head appeared to be encouraging from the start yet before long experienced a genuine sickness which he developed a dread. Caligula requested outrageous distinctions be paid to him and in any case embarrassed the Senate. He estranged the praetorians who executed him following 4 years as sovereign. Obviously, Caligula had not yet chosen a replacement. Claudius is Persuaded to Take the Throne Praetorians discovered Claudius groveling behind a drapery after they killed his nephew Caligula. They were scouring the castle, however as opposed to murdering Claudius, they remembered him as the sibling of their much adored Germanicus and convinced Claudius to take the seat. The Senate had been grinding away finding another replacement, as well, however the praetorians, once more, forced their will. The new head purchased the proceeded with devotion of the praetorian watchman. One of Claudius spouses, Messalina, had created a beneficiary known as Britannicus, yet Claudius last wife, Agrippina, convinced Claudius to receive her sonwhom we know as Neroas beneficiary. Nero, the Last of the Julio-Claudian Emperors Claudius passed on before the full legacy had been cultivated, however Agrippina had support for her child, Nero, from the Praetorian Prefect Burrus whose troops were guaranteed a money related abundance. The Senate again affirmed the praetorians decision of replacement thus Nero turned into the remainder of the Julio-Claudian heads. Later Successions Later heads frequently assigned replacements or co-officials. They could likewise give the title of Caesar on their children or other relative. When there was a hole in the dynastic principle, the new ruler must be broadcasted either by the Senate or the military, yet the assent of the other was required to make the progression authentic. The head likewise must be acclaimed by the individuals. Ladies were expected replacements, however the main lady to lead in her own name, Empress Irene (c. 752 - August 9, 803), and alone, was after our timeframe. Progression Problems The principal century saw 13 sovereigns, the second, 9, yet then the third delivered 37 (or more the 50 Michael Burger says never made it to the moves of the history specialists). Commanders would walk on Rome where the unnerved senate would proclaim them sovereign (imperator, princeps, and augustus). A large number of these heads with just power legitimating their positions, had death to anticipate. Sources: A History of Rome, by M. Cary and H.H. Scullard. 1980.Also J.B. Burys History of the Later Roman Empire and The Shaping of Western Civilization: From Antiquity to the Enlightenment, by Michael Burger. For more data on supreme progression, see: The Transmission of the Powers of the Roman Emperor from the Death of Nero in A.D. 68 to That of Alexander Severus in A.D. 235, by Mason Hammond; Memoirs of the American Academy in Rome, Vol. 24, (1956), pp. 6163-133.

Ethical issues in Packaging Practices Research Paper

Moral issues in Packaging Practices - Research Paper Example The present reality has advanced towards being more customer situated. One of the most significant parts of advertising is bundling essentially since it depicts the cause of a specific item. From a promoting point of view guarantee that the bundling is with the end goal that it charms the expected clients and builds the deals of the item. It is critical to introduce adequate data about the item on its bundle with the goal that the clients have enough data before choosing to purchase a specific item. In any case, a few moral issues surfaces with the part of bundling since so as to guarantee appropriate deal esteems a few variables are undermined with prompting exploitative practices. Shrimp present four distinctive moral issues that are associated with bundling. The four issues basically incorporate portrayal designs, data present on the spread or the name, wellbeing of the bundling material and natural issues. Designs first off, is the key factor which speaks to the item implied available to be purchased. A few makers and advertisers use pictures on the bundling case which don't suitably speak to the real item and by and large perhaps deceptive and present a bogus portrayal of the item. Marking and giving data on the names is another indispensable part of bundling a specific item. The data imprinted on the body is intended to give adequate subtleties to the likely clients.

Backwood Mail Order Case Essay

Boondocks is a mail request organization that is into outdoors supplies and open air attire. Gerald Banks, the tasks chief of the client assistance division, is keen on preparing his 40 representatives in the client orders gathering to be increasingly compelling in taking care of client objections and issues. The authoritative structure is as per the following: The client orders division has 40 representatives and four managers while the delivery division has 32 workers and 3 directors. The representatives are equally partitioned into two movements †A day move and a night move. The client orders division is liable for recording client requests and check accessibility of every thing requested. The requests are then moved to the transportation division which is accountable for guaranteeing the item is sent to the clients. The requirement to be remembered before planning the preparation program is that administration ought not stop to their clients. The issues as recognizes by a requirements appraisal indicate that greater part of the blunders bringing about product return is a result of off base passage of size in the PC. In view of this the objectives of the preparation program incorporate diminishing merchandize returns and making a positive picture of woodlands in the brains of its clients and workers. Questions 1. Compose a few clear, quantifiable destinations for the preparation to be conveyed to the representatives in the client request gathering. The requirements appraisal yield demonstrates issues to be tended to as indicated by the hierarchical and assignment investigation. Prior to setting quantifiable yields, the organization first needs to perform individual examination too to distinguish whether there are a few representatives who are incredible with specific qualities however need at certain distinctive perspective. Since the client request bunch is the central matter of contact for the clients, it is basic that the nature of client connection ought to improve. Aside from phone behavior preparing, the client request gathering ought to likewise have profound information about the item portfolio. Remembering this, we recommend the accompanying goals for the preparation. a. Improvement of inside and out information about the item portfolio: This target should ensure that each client care delegate is side by side on the items and the diverse SKU’s of that item. This will require collaboration with the items group, and periodical assessment will be required for the equivalent. b. Guaranteeing better information section by reviewing client information on sizes: Because 78% of the product returns are because of issues with size, highlights, and additionally shading choices, delegates must be prepared in information passage, just as request check. A large portion of the issues can be wiped out by request confirmation and likely an example, or depiction of the item. Additionally a propensity for being curious should be taught among the representatives with the goal that they guarantee that the client knows about the various sizes in the various items. c. Being well mannered and brief in dealing with client objections: A courteous and brief reaction from the worker will help in improving client experience and would along these lines help in making a superior picture of the organization. Additionally this will lessen the messiness that is caused in the work environment which willâ further increment efficiency and improve request time. d. Improving the organization picture and boosting worker assurance The organization marking must be improved among the clients so that there can be a lot more recurrent requests. To this degree, agents must be prepared on the rebate/special offers, item prevalence and so on. Vocation openings must be clarified and execution audits ought to be arrangement with the goal that representatives are content too. 2. Build up a proposal for the preparation plan that incorporates the preparation methods that ought to be utilized and the length of preparing Since client orders division communicates with clients consistently, the preparation strategy will basically comprise of an off the activity preparing program directed in clusters so client requests can be all the while satisfied. Off the Job preparing stage in groups: a. Reenactment and Virtual Reality methods are suggested with each worker getting an opportunity to confront a recreated client objection call and based on their presentation, criticism would be given. b. The preparation program ought to have study hall directions and pretends. This will be useful in client collaborations, and phone decorum. The study hall instructional course ought to incorporate agents from the item division, wherein the members have a chance to explain genuine inquiries. Pretend would incorporate managing troublesome clients, call sending and so forth. Since every hour of homeroom preparing would require 6 hours of structuring, this is a perfect blend. c. It ought to have an e-learning part. This will remember data for the item portfolio and item utilization. This part can likewise incorporate information passage strategies to encourage auspicious feed and recovery of information. d. There ought to be a companion preparing part as well, wherein star entertainers in the activity would be approached to prepare newcomers and freshers. e. Cross practical preparing ought to be offered to the request handling just as delivery division, since every office ought to know about the procedures in theâ other. f. Prizes ought to be anticipated in the preparation program for the most improved representative. This would help boosting the procedure. A clump plan is suggested, since anytime of time, we can't have all the client agents occupied in preparing. Recognizable proof of schedule vacancies with lesser burden ought to be done, and bunches of 5 would be perfect so the floor wouldn’t be totally vacant anytime. Allowed a 8 hour window, a preparation of 1 hour consistently for about fourteen days would be perfect to cover the necessary goals. This will at that point be caught up with the hands on segment. Hands on preparing stage: This is basically a subsequent stage wherein a portion of the calls of the representatives would be recorded and criticism will be given on the equivalent. There will likewise be incidental astonishment calls from HR acting like clients. Finally cards with learning of the preparation program ought to be set on the work area of every worker. This will likewise go about as a powerful method to assess the preparation program. 3. Offer an arrangement for assessing the preparation program. Depict the measures that will be utilized and the structure you will utilize. We propose the broadly acknowledged four-level system for assessment of the preparation program. Stage 1: Reaction of learners: A straightforward poll can be utilized to record the reaction of the learner with his appraisals on the preparation program. A couple of test questions could be: a. What were your desires out of the program? Is it true that they were met? b. How might you rate the time dispensed to the preparation program? c. How might you rate the teacher? d. How might rate the plan of the program? Stage 2: Learning of the students: The exhibition of the students can be checked and recorded before the preparation program. The assessment models would be the normal number of mistakes in the previous month and information about item. These scores would then be able to be contrasted with post preparing scores with assess the adequacy of the preparation program. Stage 3: Observation of prepared workers: This should be possible by recording a portion of the calls of the representatives and infrequent shock calls from HR acting like clients. The improvement in their presentation as for immediacy and amenability of reaction can help in assessing the preparation program. Client collaboration and correspondence adequacy ought to likewise be assessed by directors. Additionally criticism can be taken from clients too. Stage 4: Return on venture: The arrival on venture can be estimated by ascertaining the reserve funds in cost because of decrease in the quantity of profits. Likewise expanded number of requests because of better consumer loyalty can be considered in considering the result from the preparation program. This would then be able to be contrasted and the expense of the preparation program to quantify adequacy.

Southwest Still Flies High free essay sample

A contextual analysis on Southwest Airlines the executives procedure. Submitted To Group †K Roll Name Q: Name at any rate two things that Southwest is doing effectively. Name at any rate two things that Southwest is doing viably. In what ways do proficiency and adequacy bolster each other at Southwest? In what ways do they negate one another? Answer: Efficiency at Southwest Airlines: Efficiency or being proficient in business terms implies utilizing an organization’s assets (Human, Finance, Physical and Informational) admirably and in a practical way. Productivity is utilizing administrative abilities to limit misfortunes and lessen consumption while boosting the organization’s benefits. From this point of view Southwest Airlines has indicated productivity in several variables. This are-Point-to-point plan Standard airplanes Carefully picked courses Carrier activity Point-to-point plan: Southwest didn't receive the center point and-talked framework favoring a short-pull, highlight point plan. Bearer activity: The transporter works out of littler, more affordable air terminals in many significant markets. We will compose a custom exposition test on Southwest Still Flies High or then again any comparative subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Viability in Southwest Airlines:Effectiveness in business terms implies settling on the correct choices and effectively actualizing them. Southwest Airlines have demonstrated viability in the accompanying parts-Successful minimal effort bearer Use of HR Successful ease transporter: Southwest Airlines is one of the greatest ease transporters on the planet. It utilizes less capital than some other bearers in United States and keeps up their minimal effort thought flawless. Analyst’s gauges that significant bearers would need to lessen costs by 18. 6 billion to coordinate its minimal effort performance.Most other of its rivals can not adequately deal with their bearers to counter against Southwest’s techniques. In this way, it has effectively accomplished the majority of its objectives and is a stride ahead in the opposition. Utilization of HR: Although Southwest is exceptionally unionized; it has never encountered a work strike. That implies Southwest utilize human asset successfully. Fruitful associations are both productive and compelling. The Business of Ethics features the effect organizations can have when they offset proficiency and viability with social mindfulness about their job in ensuring the regular environment.Efficient activities which are powerful: 1. As referenced, Southwest is a minimal effort transporter. The organization utilizes its assets deliberately. The organization flies just one sort of fly (which is standard), favors a short-pull highlight guide calendar and attempts toward chop down their use however much as could be expected. In this way, the organization coordinates its assets proficiently and satisfied the associations objectives as a minimal effort bearer. 2. Southwest spotlights incredibly on their clients. Consumer loyalty is a top need at Southwest. It keeps up customized administrations and client loyalty.This encourages them achieve more client and increment prominence and benefits. 3. Southwest’s human asset arranging notwithstanding being unionized end up being effective. They haggle each association contract actually, never experienced work strike and only from time to time have clashes. This demonstrates they settled on the correct choices in worker the executives and has effectively actualize them accordingly making the arranging and deciding strategies part of the executives successful. Activities which were inadequate: 1. As indicated by the entry, Southwest’s stock cost is down and there are just a couple of benefits to be shared only now.So, there may some situation in the association. Predicaments as a rule demonstrate that the overseeing isn’t compelling. 2. It’s been said that Southwest has a nitty gritty model. In spite of the fact that this is an approach to keep the laborers diligent it may negatively affect workers now and again. This finishes up the assumptions of productivity and viability in Southwest’s business activities. Q: Based on the data for the situation, depict the administrative aptitudes that Colleeen Barrett and Jim Parker use in their positions at Southwest. Answer: Colleen Barrett:She first joined as a secretary in the association. Later she was selected to human asset administrator and in the end became president and head working official. She and Jim Parker have made a praiseworthy showing of conveying the on the transporters custom of progress. Jim Parker: Jim Parker was the company’s corporate guide. In 2001 when organizer and CEO Herb Kelleher resigned from his position he expected the job of CEO and VP of the top managerial staff. He and Colleen Barrett have made an excellent showing of conveying the on the bearers custom of success.The essential administrative aptitudes are-Skill Name Definition Technical abilities Understanding the particular sort of work being done in an association. Relational aptitudes The capacity to speak with, comprehend and persuade the two people and gatherings. Reasonable aptitudes The manager’s capacity to think in the theoretical. Indicative aptitudes The capacity to picture the most suitable reaction to a circumstance. Relational Abilities both to successfully pass on thoughts and data to other and to adequately get thoughts and data from others. Dynamic skillsThe manager’s capacity to accurately characterize issues and openings and to then choose a proper strategy. Time-Management aptitudes The manager’s capacity to organize work, to work proficiently, and to designate properly. By contemplating these fundamental abilities we discover the aptitudes that Jim Parker and Colleen Barrett use in their occupations as top chiefs. Which are-Decision-Making aptitudes: Jim Parker and Colleen Barrett utilized their dynamic abilities by perceiving certain defects in the manner their forerunners dealt with specific parts of the business.E. g. their choice to execute a short-pull, highlight point plan rather than center and-talked framework plan just as working out of a littler more affordable air terminal. The choice that end up being most proficient was their choice to restrict their activity to only one kind of Jet which went far to reducing expenses in three significant territories: buying, support, and preparing. Theoretical abilities: Both CEO and COO are appeared to have the psychological ability to comprehend the general work and handle the ideas of crafted by the organization.Colleen Barrett summarize the carrier’s culture by saying â€Å"We aren’t in the ‘airline business’; we are in the ‘Customer administration business’ and we simply happen to fly planes. † Diagnostic aptitudes: Jim, Colleen utilized their commendable analytic abilities by flying just one sort of (standard) Jet and diminishing its costs in each region from buying to support to preparing. This has given them long haul efficient preferences over different transporters. Relational abilities: CEO Jim Parker, COO Colleen Barrett and rest of the Southwest group have d emonstrated astounding correspondence skills.Although Southwest is exceptionally unionized, it has never encountered a work strike. The firm’s the board plunks down by and by to haggle each association contract. Representatives have a few advantages, for example, broad preparing, a no-cutbacks strategy and liberal benefit sharing and stock possession. These can delineated as the administrative aptitudes which Jim Parker and Colleen Barrett has appeared in their jobs of being top level chiefs. Q: Neither Colleen Barrett nor Jim Parker has proper training in the board. Clarify then how they can be successful managers.Would formal instruction help them to be better troughs? Why or why not? Answer: It has been clarified that Southwest CEO Jim Parker and COO Colleen Barrett don’t have any proper training in the board. Jim Parker was the firm’s legal counselor and Colleen Barrett was the human asset trough. In any case, in spite of not having any conventional instruction in the board the two of them are compelling administrators. Right off the bat, Jim Parker and Colleen Barrett have been in the organization for quite a while and know about the methods regulations.They have a striking thought of how to do run the organization from all the encounters they had working there. Experience is a significant factor in the fields of the executives. The directors ought to have a layout of how the organization runs and ought to be overseen. For instance, Colleen Barrett’s information on human asset makes her fit for taking care of workers capably. Also, the thoughts they have assumed control throughout the years has help the organization to accomplish a great deal of hierarchical objectives. They have indicated extraordinary capability in their administrative duties.They have appeared to think in digest and envision the most proper reaction. It is consistently fundamental for administrators to think about the most ideal approach to deal with obligations and Jim Parker and Colleen Barrett have effectively done that. In this way, it could be said they are compelling troughs. Obviously, they despite everything need formal administration instruction. Furthermore, they may really be progressively capable administrators on the off chance that they had formal administration instruction. Broad information on the executives gives one the fundamental administrative abilities to deal with predicaments effectively. It can help comprehend the administrative jobs better and the science and specialty of the board. Be that as it may, as Southwest’s top level administrators they have performed exceptionally and have made a model showing of carrying on the carrier’s convention of accomplishment. From this we can see that Jim Parker and Colleen Barrett are capable administrators of Southwest even without having formal instruction in the executives. Despite the fact that having broad information on the board may widen their arranging more, they are more than equipped for performing their responsibilities as top level chiefs at Southwest without it. Southwest Still Flies High free exposition test

POLK Surname Meaning and Origin

POLK Surname Meaning and Origin The Polk last name most ordinarily began as a truncated type of the Scots family name Pollack, Gaelic Pollag, which means from the little pool, pit or lake. The name gets from the Gaelic word survey, which means pool. Last name Origin: Scottish Substitute Surname Spellings: POLLACK, POLLOCK, POLLOK, PULK, POCK Where the Polk Surname Is Found The Polk last name is by a long shot the most widely recognized in the United States, concurring to WorldNames PublicProfiler, particularly in the province of Mississippi. Polk is commonly basic all through the southern U.S., including additionally the conditions of Louisiana, Texas, Arkansas, South Carolina, Tennessee, Alabama, Georgia, North Carolina and the District of Columbia. Outside of the United States, the Polk last name is discovered most habitually in Canada, Germany (particularly Baden Wã ¼rttemberg, Hessen, Sachsen, and Mecklenburg-Vorpommen),â and Poland. Family name appropriation information from Forebearsâ agrees that the Polk last name is found essentially in the United States, yet it is really found in the most noteworthy thickness dependent on the level of the populace in Slovakia, where the family name positions as the 346th most basic family name in the country. It is likewise to some degree basic in Poland, Germany, and the Philippines. Inside the United Kingdom, where the name by and large began, it is was generally pervasive in Surrey, Devon, and Lancashire during the period 1881â€1901. The Polk family name didn't show up in 1881 Scotland, in any case, the first Scottish adaptation Pollack was generally normal in Lanarkshire, trailed by Stirlingshire and Berwickshire. Celebrated People with the Last Name Polk James K. Polkâ -eleventh leader of the United StatesBenjamin Polkâ -American draftsman and designerEzekiel Polkâ - American assessor, warrior, and pioneer; granddad of President James K. PolkCharles Polk Jr. - American rancher and lawmaker; individual from the Federalist Party, trailed by the Whig Party Family history Resources for the Surname Polk Polk-Pollock DNA Project: Learn progressively about the history and starting points of the Polk last name by joining this Polk Y-DNA family name venture. Gathering individuals are attempting to join DNA testing with customary ancestry research to get familiar with shared Polk ancestors.President James K. Polk Home Museum: About the Polks: Learn about the childhood and genealogical home of U.S. President James K. Polk, alongside the historical backdrop of his better half Sarah.How to Trace Your Family Tree in England and Wales: Learn how to explore through the abundance of records accessible for examining family ancestry in England and Wales with this early on guide.Presidential Surname Meanings and Origins: Do the last names of U.S. presidents truly have more eminence than your normal Smith and Jones? While the proliferance of infants named Tyler, Madison, and Monroe may appear to point toward that path, presidential last names are extremely only a cross-area of the American softenin g pot. Polk Family Crest - Its Not What You Think: Contrary to what you may hear, there is nothing of the sort as a Polk family peak or escutcheon for the Polk surname. Coats of arms are allowed to people, not families, and may legitimately be utilized distinctly by the continuous male-line relatives of the individual to whom the emblem was initially conceded. FamilySearch - POLK Genealogy: Explore more than 440,000 verifiable records and ancestry connected family trees posted for the Polk last name and its minor departure from the free FamilySearch site, facilitated by the Church of Jesus Christ of Latter-day Saints.Polk Family Genealogy Forum: Search this well known lineage gathering for the Polk family name to discover other people who may be inquiring about your progenitors, or post your own Polk query.POLK Surname Family Mailing Lists: RootsWeb has a free mailing list for specialists of the Polk last name. Post a question about your own Polk precursors, or search or peruse the mailing list archives.DistantCousin.com - POLK Genealogy Family History: Explore free databases and parentage joins for the last name Polk.The Polk Genealogy and Family Tree Page: Browse ancestry records and connections to genealogical and authentic records for people with the well known last name Polk from the site of Genealogy Today. References Cottle, Basil. Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967.Dorward, David. Scottish Surnames. Collins Celtic (Pocket release), 1998.Fucilla, Joseph. Our Italian Surnames. Genealogical Publishing Company, 2003.Hanks, Patrick, and Flavia Hodges. A Dictionary of Surnames. Oxford University Press, 1989.Hanks, Patrick. Dictionary of American Family Names. Oxford University Press, 2003.Reaney, P.H. A Dictionary of English Surnames. Oxford University Press, 1997.Smith, Elsdon C. American Surnames. Genealogical Publishing Company, 1997.

Project managment Assignment Example | Topics and Well Written Essays - 3250 words

Task managment - Assignment Example Organization will provide food premium item in hot drinks and will cover various kinds of teas and espressos. Shop will likewise give praising items like cupcakes, baked goods and other bread kitchen things. Individuals can have easygoing visits and appreciate the beverage. Little gatherings can likewise be held by the expert in the agreeable condition of the outlet. Shop will however give remove remembering that experts of Murphy Street are occupied the vast majority of the occasions. The name of the shop will be Tã © y cafã ©. The outlet won't center around a solitary item, yet it will concentrate on both tea and espressos. Along these lines tã © y cafã © won't miss any expert in the Murphy Street. The task will be to build up the shop in Murphy Street. In the event that the business fire up is fruitful, at that point more market will be secured with entering different districts and markets. A web based requesting framework will likewise be constructed. This will be useful in providing food the clients who are occupied in any event, during lunch hours and can't come to tã © y cafã © to purchase their drink. The online framework will convey the espresso and tea to the workplace of the client and will gather money. This framework will be money down. Client can put in a request for their redid drink through the email framework. When the request is set, the item will be arranged and conveyed on a prompt premise. Venture the executives is characterized as the arranging of the organization’s human asset and other asset so as to accomplish a particular objective or complete a particular undertaking (Gray, Larson and Desai, 2006). Undertaking the board is an errand angle where the association uses its asset to accomplish one time task (Kerzner, 2013). It isn't progressing work yet rather is one time venture which is accomplished by sorting out, arranging, rousing and controlling various assets (Brotherton, Fried, and Norman, 2008). A

The islamization of the economy and the development of islamic banking in pakistan - Free Essay Example

The Islamization of the Economy and the Development of Islamic Banking in Pakistan 1. Introduction The purpose of this paper is to analyse the efforts that have been made and measures that have been taken to Islamise the Pakistan economy, especially in field of the banking and financial. This analytical study is composed of four major sections. Section 1 explains the objectives and purposes of the study. In Section 2, I have made a step by step examination of the nature, effectiveness and implications of strategic policies and measures taken to Islamise the banking and financial institutions prior to the historic judgment of the Lahore High Court that the Islamic Shariahwas the supreme law of the land. After the evaluation I have point out some of the factors that have hindered the Islamisation process in Pakistan. In Section 3, I have examined the strategies and efforts made into the re-launch of the establishment process of Islamic banking after the judgment of the Supreme Court. Finally, Section 4 I have expressed some future expectations about Islamic banking and recommend some directions for the development of Islamic banking. 2. A Historical Perspective of Islamisation Measures Taken Prior to the Judgment of the Supreme Court Islam was the basis for demanding a separate and independent country within the British ruled Indian sub-continent. The freedom movement of Pakistan was based on the two-nation philosophy, which stated that the Hindus and Muslims of India were two different nations each having her own religion, customs and lifestyle. Pakistan was created so that its people could live according to Islamic teachings and principles. Today the world is beginning to recognize the significance of the Islamic finance industry, but in Pakistan the importance of adopting an Islamic economic system was stressed soon after its independence sixty years ago. Muhammad Ali Jinnah (Founder of Pakistan) emphasized the virtues of Islamic principles. In his historic address at the inauguration of the State Bank of Pakistan on July 1, 1948, he said: I shall watch with keenness the work of your organization in evolving banking practices compatible with Islamic ideas of social and economic life. We must work towards our destiny in our own way and present to the world an economic system based on the true Islamic concept of the equality of manhood and social justice. Soon after the independence several strategic measures, both at constitutional and institutional levels were taken for the inducement and implication of Islamic principles in the state affairs. In following sub-sections we will examine these measures in a gradual order. 2.2 Measures Taken at the State Bank of Pakistan During the first decade of the establishment of the State Bank of Pakistan, no substantive research work could be done for the promotion or development of an Islamic economy [State bank of Pakistan as there was no economist in the country well acquainted with both the basic principles of Islamic fiqh and contemporary economics [State Bank of Pakistan 2000: 609]. In 1963, the State Bank prepared a comprehensive note for the benefit of the Council of Islamic Ideology (CII) on various issues related to the problem of riba. The council gave its views in 1969, stating that modern interest falls under the definition of ribaand therefore must be abolished from all banking and financial institutions. In 1978, the Islamic Economics Division of the State Bank of Pakistan completed an in-depth study of various ingredients of the Islamic financial system including mudarabah, shirkah(shirkah, shirakahor musharakah: a specific device of Islamic finance similar to Joint venture), salam(a specific f inancial mode of Islamic finance where the seller undertakes to supply specific goods to the buyer at a future date in exchange of an advanced price fully paid at spot. The price is in cash but the supply of purchased goods is deferred), murabahah, zakat usherand other related issues. This Division served as the hub of the national effort to mark out an overarching financial system compliant with Shariahprinciples. It served as the secretariat of the meetings of the Council of Islamic Ideology (CII), the Panel of Economists and Bankers, and six special work groups that were entrusted with the job of hammering out the details for transforming the financial system. 2.2.1 Formation of Special Working Groups at the State Bank In a meeting on the April 8th, 1979, six work groups were formed to study in-depth the issues for the abolition of ribaand to transform the financial institutions. These work groups were to cover the following fields of finance: Government transactions. State Bank of Pakistan: Domestic transactions and bank monetary policy. Bank deposits, Inter-Bank relations and bank management. Loans for fixed investment in industry, agriculture, construction, etc. Financing of working capital requirements. Co-operative credit system. In February 1980, the Panel of Economists and Bankers, established under the supervision of the State Bank of Pakistan, gave its detailed final report which was submitted to the government, through the CII, in June 1980. This report prescribed a time frame, according to which the process of eliminating interest in Pakistan was to be completed by July, 1982. 2.2.2 Development of Permissible Modes of Finance For conducting Islamic banking operations in practice, the State Bank of Pakistan issued its Circular No. 13; dated June 20th, 1984 and approved the following twelve modes of finance to be used by all banks carrying out banking activities in Pakistan. These financial techniques or modes can be classified into three categories: A. Trade related/type modes of financing mark-up/cost plus sale mark-down buy-back leasing hire-purchase development charges B. Investment related/type modes of financing musharakah equity participation participation term certificate (PTCs) rent sharing C. Loan related modes i.e. financing by lending loans carrying service charges qard-ul-hasan(beneficiary loan) 2.4 Judgments of the Supreme Court on Banking Practices The procedure adopted by banks after July 1985 was based largely on mark-up techniques with or without a buy-back arrangement. Consequently it was eventually declared un-Islamic by the Federal Shariah Court (FSC) in a judgment in November 1991. The government appealed against the Federal Shariah Courts judgment to the Shariah Appellate Bench (SAB) of the Supreme Court of Pakistan. The Supreme Court too, in its historic judgment on December 23rd, 1999, rejected the governments appeals and asked the government to remove all laws involving interest before June 30th, 2001 [SAB Supreme Court of Pakistan 2000: 468]. The Court declared many of the prescribed modes of investment and finance designed by SBP, and the practices of the commercial banks using these modes as un-Islamic. The judgment of the court concluded that: All prevailing forms of interest, either in banking transactions or in private transactions fall within the definition of riba. Any interest stipulated in government borrowings acquired from domestic or foreign sources are ribaand clearly prohibited by the Holy Quran. The present financial system, based on interest, is against the injunctions of Islam as laid down by the Holy Quran and Sunnah, and in order to bring it into conformity with the Shariah, it has to be subjected to radical changes. The court asked the government to set up a Commission for Transformation of Financial System (CTFS) and for two task forces to be set up to plan and implement the process of this transformation. Thus, the CTFS was constituted in January 2000 by the SBP under the chairmanship of I.A. Hanfi, a former governor of the SBP. A task force was set up in the Ministry of Finance to suggest ways in which interest could be eliminated from government financial transactions. Another task force was set up in the Ministry of Law to suggest amendments to the legal framework to implement the courts judgment. However the government, working through a public sector bank, went to court to ask for an extension of the date until 2006. The court gave only a years extension to its earlier June 30th, 2001, deadline. The government constituted a high level commission and a number of task forces and committees to study the prospects of transforming the interest based financial system of the time into a Shariahcompliant system and to format the transformation plan. However they all arrived at the obvious conclusion that the transformation of the financial system as a whole was not possible in the short term due to a variety of factors. In fact, the complexity of the branch networks of national, foreign and state-owned and private commercial banks, an absence of committed and sustained efforts, and a lack of genuine support from various segments of society resulted in the failure of Islamization process. Indeed, developing a successful, workable and complete model of Islamic banking was a complex and difficult task for the government, especially in the case a developing country like Pakistan. Therefore, it was decided in the year 2001 to compromise by promoting Islamic banking on a parallel basis wi th the conventional banking system. The worse was yet to come. All the efforts that had been made to introduce Shariahcompliant Islamic banking received a serious blow when on June 21st, 2002, while reviewing a petition by United Bank Limited (UBL), the Supreme Courts SAB set aside all the previous judgments in this regard, including its own historic decision of December 23rd, 1999, and the November 1991 decision of the Federal Shariah Court (FSC). Horrified by this turn of events, the Shariah Appelates Bench (SAB) of the Supreme Court asked the FSC to re-hear the original case. Since then, the case has been collecting dust in a long line of cases still waiting to be reviewed. Consequently, the efforts to transform the banking and financial institutions of Pakistan took a new turn, which in time lead the State Bank and other authorities to mark out a new strategy for altering the existing practices of the countrys financial institutions. It should be remembered throughout all this that the commandments and views of Hol y Quran on the prohibition of ribaare clear and unequivocal. Moreover, the constitution of Pakistan 1973, in its Article 227 states that all existing laws shall be brought into conformity with the injunctions of Islam as laid down in the Holy Quran and Sunnah. Article 37 of the same (1973) constitution dealing with the Principle of Policy states that it is the duty of the State to eliminate ribaas early as possible. There is complete unanimity among all schools of religious thought that the term ribacovers interest in all its manifestations. 3. Post Judgment Measures Taken for the Re-launching of Islamic Banking Since the measures undertaken for the transformation of state owned banks from the existing conventional system to a Shariahcompliant system could not be brought to a satisfactory outcome, it was decided to establish an independent statutory body for this purpose. The Commission for the Transformation of the Financial System (CTFS) was constituted in January 2000 in the State Bank of Pakistan [State Bank of Pakistan 2002: 192]. A task force was set up in the Ministry of Finance to work out ways to eliminate interest from the governments financial transactions. Another task force was set up in the Ministry of Law to draw up amendments to the legal framework to implement the courts judgment. The CTFS constituted a Committee for the Development of Financial Instruments and Standardized Documents in the State Bank to prepare model agreements and financial instruments for the new system. The First Interim Report of the CTFS submitted in October 2000, identified a number of prior actions w hich needed to be taken in order to prepare the ground for the transformation of the countrys financial system. The Second Interim Report submitted in May 2001, identified major Shariahcompliant modes of financing, mapped out their essentials, drafted a seminal law captioned The Islamization of Financial Transactions Ordinance, 2001, drew up model agreements for major modes of financing, and wrote guidelines for the conversion of the products and services of banks and financial institutions. The Final Report, made by combining the two above mentioned reports, was sent to the government in August 2001. The Commission also dealt with major products of banks and financial institutions, both assets and liabilities, such as letters of credit or guarantee, bills of exchange, term finance certificates (TFCs), State Banks refinance schemes, credit cards, interbank transactions, underwriting, foreign currency forward cover and various kinds of bank accounts. This report contained a recommend ation for forestalling willful default and safeguarding the banks, their depositors and their clients against such losses. According to the Commission, prior/preparatory works for the introduction of a Shariahcompliant financial system in brief included creating a legal infrastructure conducive to the working of the Islamic financial system, launching a massive education and training program for bankers and their clients and an effective campaign through media to create an awareness among the general public about the implications of an Islamic financial system. 3.2 Measures Taken at the State Bank of Pakistan It was decided that the shift to an interest free economy would be made in a gradual and phased manner so as not to cause any disruptions. The State Bank of Pakistan took the essential steps and adopted the following strategy to promote Islamic banking in Pakistan. SBP expressed its commitment to introducing Islamic banking in the country on a parallel basis [SBP Annual report of 2001-2002: 194]. The following measures were taken in this regard: For the establishment of Islamic banks in the private sector SBP issued detailed criteria for the setting up of a Scheduled Islamic Commercial Bank to conduct business based on the principles of the Shariah. In order to promote Islamic Banking, the existing scheduled commercial banks were allowed to open subsidiaries for Islamic banking operations. With the objective of promoting Islamic banking SBP prepared a detailed guideline for the opening of Stand-alone Islamic Banking branches by existing commercial banks. Furthermore, SBP has taken a number of initiatives since this judgment: A detailed set of criteria for the establishment of Islamic commercial banks in the private sector was issued in December 2001. A new, fully dedicated Islamic bank, Meezan Bank Limited, has been issued a license and the bank has started its business. In order to allow existing banks to set up subsidiaries for Islamic banking, draft amendments in Section 23 of the Banking Companies Ordinance 1962 have been submitted to the government for approval. A new Islamic Banking Division has been established in the Banking Policy Department for the regulation and promotion of Islamic banking. Existing Prudential Regulations have been reviewed by SBP for their application to Islamic banks, and revised regulations are being prepared. The Export Finance Scheme of SBP is being revised to conform to a musharakahformat. Courses on Islamic economics, banking and finance have been included in the curricula of the Institute of Bankers in Pakistan. The International Islamic University, Islamabad, has conducted a teacher training course on the Islamic Financial System in April 2002. SBPs staff along with the staff of other banks attended the course. SBP has reviewed its forms of bank financial statements in the light of newly developed accounting standards. A Shariah Board comprising two Shariahscholars and three experts in the fields and professions of banking, accounting and financial law has been established in the State Bank of Pakistan to advise on modes, procedures, laws and regulations for Shariahcompliant Islamic banking. 3.3 The Present Picture of Islamic Banking in Pakistan There are 6 full-fledged Islamic and 13 conventional banks conducting Islamic banking in Pakistan at present. The names of the six Islamic banks are: Meezan Islamic Bank, Al-Baraka Limited and First Dawood Islamic Bank. According to the quarterly report of the State Bank of Pakistan, the total assets of these Islamic banks now stands at PRS 136 billion, the assets growth rate of Islamic banks is estimated at 10.5% over the period. The assets share of Islamic banking in the overall banking system is estimated to be 3.2% at present. The total of number of Islamic banking branches at Islamic banks and conventional banks is 173. These 173 Islamic banking branches count for less than 1.5% of more than 8500 banking branches of the country. The number of branches and the number of banks offering Islamic banking are tabulated as followings. Table 1: Islamic Banks and Islamic Banking Branches in Pakistan According to the state bank of Pakistans quarterly report of July 2007, total assets of these banking branches now stands for more than 136 billion Pak-Rupees. The assets growth rate of these banks is estimated more than 10% over the period. The assets share of Islamic banking in overall banking industry is more than 3.2%. These figures indicate that each Islamic banking branch posses more than double worth of assets as compared to conventional banking branch. Name of Bank Category No. of Branches Al-Baraka Islamic Bank Islamic bank 11 Bank Islami Pakistan Limited ,, 13 Dubai Islamic Bank Pakistan ,, 15 Emirates Global Islamic Bank ,, 6 First Dawood Islamic Bank ,, 1 Meezan Islamic Bank ,, 69 Subtotal: 6 A 115 Askari Commercial Bank conventional bank 6 ABN AMRO Bank Limited ,, 1 Bank Al-Habib ,, 3 Bank Al-Falah ,, 23 Bank of Khyber ,, 5 Habib Bank Metropolitan ,, 4 Habib Bank Limited ,, 1 MCB Bank Limited ,, 6 National Bank of Pakistan ,, 1 Prime Commercial Bank Limited ,, 2 Soneri Bank Limited ,, 2 Standard Chartered Bank ,, 3 United Bank Limited ,, 1 Subtotal: 13 B 58 Total: 19 A+B 173 Source: State Bank of Pakistan Quarterly Report July.2007 Table 2: Progress of Islamic Banks and their Market Share in Pakistan Description March-07 Dec-06 Dec-05 Dec-04 Dec-03 Total Assets 136 118 72 44 13 % of Banking Industry 3.2 2.9 2.1 1.4 0.5 Deposits 93 83 50 30 8 % of Banking Industry 3.0 2.8 1.9 1.2 0.4 Finance Investment 78 72 48 30 10 % of Banking Industry 2.5 2.4 1.8 1.3 0.5 Source: State Bank of Pakistan Quarterly Report July. 2007 3.4 Factors Supporting the Development of Islamic Banking in Pakistan (a) Decentralization of Administrative Power The responsibility for the adaptation of the market economy, the decentralization or privatization of loss making state-owned financial enterprises and the task of establishing Islamic banks was transferred to the State Bank of Pakistan. The State Bank of Pakistan took the initiative to launch Islamic banking in gradual phases. The emphasis was to promote and establish new full-fledged Islamic Banks rather than continue the transformation of existing conventional banks towards Islamization. Since the year 2000, the State Bank of Pakistan has followed various strategies to promote Islamic Banking such as; (a) the setting up of the criteria for establishing independent Islamic branches or subsidiary branches of Islamic banking; (b) The formation of the Islamic Banking Division at the State Bank of Pakistan and; (c) The establishment of a Shariah Scholar Board at the State Bank of Pakistan. All these above measures have imparted a positive impact on the effective working of Islamic Bank ing. (b) Commendable Developments in the Economy after the Year 2000 Despite a series of domestic and external shocks of an unprecedented nature, the economy of Pakistan has made commendable progress since the year 2000. It is a well-established fact that the decade of the 1990s was a lost decade for Pakistan. While many developing countries made substantial economic progress Pakistan lurched from one economic crisis to another mainly of its own making [Ashfaq 2004]. Commercial banks and other financial institutions became the instruments of political patronage and profit for certain sub-sections of society. The average economic growth was between 3-4% per annum. During the years 2000-2005 the average economic growth increased to 7-8% per annum. The depth and efficiency of financial intermediation in Pakistan has improved. The bank assets to GDP ratio rose from 49.1% in 1997 to 55.6% in 2005 and the deposit to GDP ratio an indicator of the level of financial savings- rose from 38.7% in 1997 to 43.1% in 2005. More significantly, equity market capitali zation grew from a mere 10.3% of GDP in 2000 to 37.1% of GDP in 2006. (c) Participation and Sharing of Islamic or Religious Parties in Political Power When Pakistan became an independent nation, the Ulema(Religious leaders or Muslim Scholars) did not wait long to demand their share of power in running the new state. Jamat-i-Islami made the achievement of an Islamic Constitution its central goal. In February 1948, Maulana Maududi, while addressing the Lahore Law College, demanded that the Constitutional Assembly should unequivocally declare: That the sovereignty of the State of Pakistan is vested in Allah and the government of Pakistan shall be only an agent to execute the Sovereigns Will. That the Islamic Shariahshall form the inviolable basic code for all legislation in Pakistan. That all existing or future legislation which may contravene, whether in letter or in spirit, the Islamic Shariahshall be null and void and be considered ultra vires(beyond the legal capacity) of the constitution. That the powers of the government of Pakistan shall be derived from, circumscribed by and exercised within the limits of the Islamic Shariahalone. On January 13th, 1948, Jamiat-al-Ulema-i-Islam, led by Maulana Shabbir Ahmad Usmani, passed a resolution in Karachi demanding that the government appoint a leading alim(Islamic scholar) to the office of Shaikh al-Islam, with appropriate ministerial and executive powers over the qadis (Islamic judges) throughout the country. On February 9th, 1948, Maulana Shabbir Ahmad Usmani, addressing the Ulema-i-Islam conference in Dacca, demanded that the Constituent Assembly Should set up a committee consisting of eminent Ulema(Islamic scholars.) and thinkers to prepare a draft for an Islamic state and present it to the Assembly. The declaration of Pakistan as an Islamic Republic in 1953 was also the result of the struggle of these Islamic parties. All of the above and other Islamic parties also take-part in politics actively, and their share of power is increasing gradually. The struggles of these parties to establish an Islamic state is beginning to bear fruit now. The Islamization Program o f Zia-ul-Haq, Islamization amendments in Pakistans constitution, and the Islamization of the economy is the result of the efforts of these Islamic or religious parties. (d) The Prudential Performance of Islamic Banks and the Risk Taking Attitude of Investors When compared to conventional banks the performance of Islamic banks is more commendable because Islamic banks distribute higher profits. 80.9% of respondents said that Islamic banks distribute higher profits when compared to conventional banks in Pakistan [Hassan 2007: 210-17]. In same study we found that investors were prepared to take a risk in the case of Islamic banks, with 88.48% of respondents saying that they would continue their financial dealing with Islamic banks, even though the risk with these banks was higher than the conventional banks. 4. Conclusion and Expectations Soon after the independence of Pakistan several efforts and strategic measures were taken to induce and implication the Islamic principles in state affairs, such as: Efforts to introduce Islamic principles into the constitution. At theoretical level, several debates were held focusing on the elimination of ribafrom the economy in these debated some unanimity was achieved. At institutional level, a number of constituent bodies such as the Federal Shariah Court, the Commission for the Islamization of Economy and the Council of Islamic Ideology were formed to formulate the suggestions and recommendations for the elimination of interest from the economy. Some important lessons have emerged from Pakistans experience through the Islamization efforts of the 1980s. First, the policy of transforming the financial and banking sectors in at once or in one-step did not brought the desired results. Most of the measures were later reversed or, at least, further enhancement of the Islamization of the economy was halted. Second, decentralization or privatization of state owned banks and financial institutions was initiated and measures to establish a market economy were adopted. This policy helped the government to get rid of loss generating financial institutions and allowed it to concentrate on the process of Islamizing the economy. Third, an evolutionary (step-by-step) process, rather than a revolutionary (at once or sudden) approach was introduced in order to nurture the acceptability and development of an Islamic financial industry. The State Bank of Pakistan wisely adopted a gradual approach to establishing Islamic banking in Pakistan. Und er this policy, Islamic banking is being promoted in parallel with the conventional finance industry, in an integrated, gradual and steady way. In addition, SBP allows conventional banks to set up Islamic banking subsidiaries or dedicated Islamic banking branches to offer a range of financial services. SBP has put into place a comprehensive and robust multi-tiered Shariah compliance mechanism to increase customers and investors confidence in the Islamic banking industry. The Shariahcompliance mechanism has three main pillars: a Shariah Board at SBP which approves policies and guidelines as well as fitting and proper criteria for its advisors; Shariah advisors in each bank to provide guidance to the bank staff and comfort to its customers on Islamic financial services; and a Shariah Audit System. Although the process of re-launching Islamic banking in Pakistan started just four years ago the assets share of Islamic banks in the overall banking sector of Pakistan is remarkable. Now Islamic banks in Pakistan have more than 3.2% of the total deposits of the countrys entire banking and financial sector. Islamic banks have more than 25000 borrowers now. These figures are noteworthy to show the prudential performance of Islamic banks because the risks involved are relatively different. Investors of Islamic banks face greater risks than investors of conventional banks. The progress of Islamic banks indicates that their popularity is growing and these banks are becoming attractive to investors. Furthermore, these banks have developed several new modes and instruments of finance and investments and now offer 75% of the financial instruments available at conventional banks. The present emphasis of the Shariah Advisory Board and the Islamic banks business development managers is on Shar iahcompliance. Keeping in mind the future of Islamic banks, it is hoped that this emphasis will shift to introducing a variety of financial instruments and modes of investment, and that continued financial development will increase the share of Islamic banks in banking and financial market. Presently, almost all Islamic banks are operating exclusively in the mega cities and big business centers of the country, but they are still noticeably absent from urban and rural areas where many potential customers with an urgent need for Islamic banking are waiting. It is suggested that opening operations in secondary and rural areas will foster the future development of Islamic banking.