Freedom based of the book the white tiger Essay

Opportunity based of the book the white tiger - Essay Example Let the individuals of the nation not permit any association to which they have a place, to turn out to be free and wasteful and let them remain faithfully arranged to the reason for perfect of work. Be that as it may, the rich class won't permit this to occur and they wish to keep the poor area of the general public to stay poor for their personal stakes. The rich and the amazing need the normal resident to stay mild and enmeshed in destitution and enslavement, and keep occupied to tackle household and monetary issues. The poor buckle down; the rich work insightfully and know the craft of exchanging over each circumstance for their potential benefit and deny the chance to the persecuted to liberate themselves from the shackles. Returning to the issue Balaram Halwai, who styles himself as a business visionary, announces, â€Å"Please comprehend, Your Excellency, that India is two nations in one: an India of Light, and an India of Darkness.† (12)He is arguing for the poor of India, when contrasted with the overly rich to whom glorification of riches is the lifestyle. Balaram has genuine protests against the working of vote based system in India. Lion's share of the Indians are not free in the genuine sense. Established arrangements and passing enactments for the sake of the poor won't bring opportunity and monetary success. The creator refers to the agent case of his town and contends, â€Å"These individuals were building homes for the rich, however they lived in tents secured with blue canvas sheets, and apportioned into paths by lines of sewage. It was much more dreadful than Laxmangarh.†(222) Elections, the very procedure of majority rules system, are fixed. Balram declares, â€Å"I am Indi a’s most dedicated voter, and I have still not seen within a democratic booth.†(86) He contrasts the procedure of political decision and haziness in light of the fact that, the procedure isn't reasonable and numerous acts of neglect occur during the political decision, regularly with the intrigue of the individuals who are responsible for directing the

I Went To The Rochester Philharmonic Orchestra Concert At Eastman Thea Essay Example For Students

I Went To The Rochester Philharmonic Orchestra Concert At Eastman Thea Essay tre on Thursday night, February 12, 1998. Four determinations were performed. Two were by Wolfgang Amadeus Mozart, the suggestion to Don Giovanni, K. 527 and Piano Concerto No. 22 in E-level major for piano and ensemble, K. 482. Different pieces were Theme and Variations: The Four Temperaments for piano and string ensemble by Paul Hindemith and Rounds for string symphony by David Diamond. The piano soloist for the Hindemith and Mozart Piano Concerto was Emanuel Ax and Robert Bernhardt led. The primary piece, the Overture to Don Giovanni, composed by Mozart in 1787, was performed by a littler estimated ensemble with some metal instruments and one lot of kettle drum drums. It was made in the Viennese old style. The piece is written in an A B A structure and is a happy, simple listening piece particularly when you consider the drama it presents. The subsequent piece was Theme and Variations: The Four Temperaments, composed by Paul Hindemith in 1940. It required a bigger symphony, however no metal or percussion areas. Additionally, the piano was the performance instrument for this piece. Hindemith has the piano player play takes note of everywhere throughout the console, and Emmanuel Ax has the virtuosity to oblige the arranger. On occasion the strings and the piano soloist would hurl the topic between themselves. The subject was organized and not ready to be murmured or sung without any problem. The subject is academic and scholarly, altogether different from the piece by Diamond that had a progressively melodious tune that could be murmured. This is average of the expressionist and neoclassicist styles that Hindemith writes in. The ensemble initially presents the topic and afterward four varieties of it are played to and fro between the piano and symphony. Every variety of the subject invokes an alternate feeling. Variety I - Melancholic is tragic sounding and starts off in a moderate rhythm with a piano performance and afterward a piano/violin two part harmony. It at that point increments in rhythm and the strings overwhelm until the piano rejoins them and the development finishes in a moderate beat. Variety II-Sanguine is a somewhat happy three step dance in triple meter in the piano with the string segment going with. In Variation III-Phlegmatic, the piano again is the most significant instrument despite the fact that there are a few performances in the string segment. Indifferent methods drowsy or unexcited, yet the beat is at a tolerably quick pace. Variety IV-Choleric, is an enthusiastic development where the music sounds nearly unsettled. The rhythm eases back down and afterward accelerates commonly during the development. The third piece, Rounds for String Orchestra, was composed by David Diamond in 1944. This piece was written in three developments for a fairly huge and full ensemble. Notwithstanding having them play pizzicato, one thing Diamond had the string players do that was decidedly twentieth century was to tap the wood of their bows on their cello or string bass. This delivered a fairly fascinating striking sound. David Diamond formed in the neoromantic style and the song is more sexy than that of the Hindemith piece. This piece is additionally in A B A structure with the first and third developments being Allegros and the center development an Adagio. The developments are played just after one another with no respite. The subject that is presented in the primary development is expressed first by the violas and afterward rehashed by the cellos and basses. This subject is then rehashed a similar path in the third development. The subsequent development is progressively melodious and being in a more slow beat, it goes about as a cradle between the two quick developments. .u43da7ac3e4ec717b40f472b2f662155c , .u43da7ac3e4ec717b40f472b2f662155c .postImageUrl , .u43da7ac3e4ec717b40f472b2f662155c .focused content territory { min-tallness: 80px; position: relative; } .u43da7ac3e4ec717b40f472b2f662155c , .u43da7ac3e4ec717b40f472b2f662155c:hover , .u43da7ac3e4ec717b40f472b2f662155c:visited , .u43da7ac3e4ec717b40f472b2f662155c:active { border:0!important; } .u43da7ac3e4ec717b40f472b2f662155c .clearfix:after { content: ; show: table; clear: both; } .u43da7ac3e4ec717b40f472b2f662155c { show: square; change: foundation shading 250ms; webkit-progress: foundation shading 250ms; width: 100%; murkiness: 1; change: mistiness 250ms; webkit-progress: darkness 250ms; foundation shading: #95A5A6; } .u43da7ac3e4ec717b40f472b2f662155c:active , .u43da7ac3e4ec717b40f472b2f662155c:hover { obscurity: 1; change: haziness 250ms; webkit-change: darkness 250ms; foundation shading: #2C3E50; } .u43da7ac3e4ec717b40f472b2f662155c .focused content zone { width: 100%; position: relative ; } .u43da7ac3e4ec717b40f472b2f662155c .ctaText { fringe base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: intense; edge: 0; cushioning: 0; content enrichment: underline; } .u43da7ac3e4ec717b40f472b2f662155c .postTitle { shading: #FFFFFF; text dimension: 16px; textual style weight: 600; edge: 0; cushioning: 0; width: 100%; } .u43da7ac3e4ec717b40f472b2f662155c .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; outskirt: none; fringe span: 3px; box-shadow: none; text dimension: 14px; textual style weight: striking; line-stature: 26px; moz-outskirt sweep: 3px; content adjust: focus; content adornment: none; content shadow: none; width: 80px; min-stature: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/basic arrow.png)no-rehash; position: supreme; right: 0; top: 0; } .u43da7ac3e4ec717b40f472b2f662155c:hover .ctaButton { foundation shading: #34495E!important; } .u43da7ac3e4ec717 b40f472b2f662155c .focused content { show: table; stature: 80px; cushioning left: 18px; top: 0; } .u43da7ac3e4ec717b40f472b2f662155c-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .u43da7ac3e4ec717b40f472b2f662155c:after { content: ; show: square; clear: both; } READ: Deaf President Now EssayThe fourth choice was another Mozart piece, his Piano Concerto No. 22 in E-level major for Piano and Orchestra, K. 482, written in 1785. The concerto had three developments and required a moderate estimated ensemble with just one lot of kettle drum for percussion utilized uniquely in the first and third developments furthermore, clearly, a performance piano again played by Mr. Hatchet. The piece is in an A B A structure. The main development, an Allegro, is in fourfold meter and in the significant key, E-level. The subsequent development is an Andante in triple meter in the minor key, C minor. The last deve lopment is a Rondo Allegro additionally in the significant key however in triple meter. All around the show was a charming encounter. I think my preferred piece was the Overture to Don Giovanni. The song of the Diamond piece was absolutely substantially more melodious than that of any of different pieces. The Hindemith piece had a troublesome topic to follow; that was the sort of piece that would turn out to be progressively agreeable to me the more I tuned in to it. I additionally delighted in the Mozart piano concerto, particularly since it is in the traditional style that I am inclined toward. All things considered, it was a charming night at the RPO, and with the modest seats that are accessible, I would consider returning to another show, and presumably on a weekday night when it isn't extremely packed and stopping is truly accessible!

Imperfections of modern society Essay Example for Free

Blemishes of present day society Essay Design might be depicted as the dominating style at some random time because of ones method of articulation or introduction. Ones character might be characterized by the garments they have chosen to wear. Big names and style advertisements appear to exhibit that it is adequate to wear amazingly uncovering garments and advance their outfits. Explicitly provocative individuals with solid characters may decide to wear garments with unseemly insinuations or expressions composed on them. Present day design represents the social acknowledgment of provocative garments, which reflects upon our societies strong conduct. see more:why style is significant It is believed that the garments society decides to wear characterizes ones expectations, character and gives others a premise on the best way to decipher character. Individuals have striking practices in view of what they wear. Many are excessively open with what they wear causing it to appear as though present day style is for the most part about sex advance. Current culture is principally worried about how others will decipher them and their appearance. In this manner society utilizes this to make oneself additionally engaging. If somebody somehow managed to dress in uncovering apparel, others will translate this as they are attempting make themselves as explicitly engaging as could be expected under the circumstances. Nonetheless if somebody somehow happened to dress in less uncovering garments they would not be in to the promotion of sex bid. This shows how present day culture ponders the garments being worn. These individuals who are just stressed over uncovering themselves through outfits plainly have striking practices since they care what society considers them. Individuals will in general act all the more friendly when they are dress in garments that they are happy with wearing. Regardless of what sort of apparel an individual wears it very well may be an impact that changes others impression of the character of an individual. Uncovering garments that is uncovered by media can be risky to people’s contemplations on present day style. Big names feel that it adequate to wear whatever they please. Miley Cyrus is an amazing case of this. She has as of late had a propensity of wearing unseemly apparel in front of an audience and in her music recordings. Her character reflects how she dresses by demonstrating the amount she couldn't care less about what individuals think about her. Miley is uncovering in her recordings and her verses give her character of being so thoughtless of what others think. â€Å"Its our gathering we can do what we need to†¦ Its my mouth I can say what I need to†(Cyrus). In her verses, she is deriving that she is exempt from the rules that everyone else follows. This is the implicit end all through her tune. She shows her reckless demeanor in her verses yet in addition in her music recordings. Miley is a good example to numerous yet she moves around on the floor wearing only clothing and a tank top creation it appear as though this is adequate as she has a youthful, credulous crowd that doesn't know among good and bad. She likewise dances moves that are wrong to such an extent that little youngsters ought not watch this. Miley used to dress regularly and she was a symbol for some, little youngsters growing up featuring as Hannah Montana. Presently she has changed character by representing it through her style. Dress with sexual or wrong expressions composed on them has gotten progressively well known in current culture in view of the famous icons. Individuals with forward characters will in general purchase garments that think about the way that one would need to be judged. Select social orders with indiscreet mentalities wear apparel that can be hostile to others. Shirts with expressions, for example, â€Å"Orgasm Donor† and â€Å"Drink Up Bitches† are some of numerous instances of the unsavoriness that individuals show through their apparel. Individuals who wear dress like this are regularly explicitly provocative individuals who attempt to take after the vibes of their objects of worship. Society feels the need urge to others that it is socially adequate to look explicitly engaging. As a general rule this kind of garments is unsavory and thinks about inadequately present day culture by giving it an awful mark. The fame of wearing hostile dress has expanded because of individuals attempting to â€Å"fit in†. Individuals who are uncertain of what kind of character they have are frequently the ones who go with the most recent and most famous design. Our societies active conduct depends on the social acknowledgment that advanced design depicts. It is accepted that the garments that an individual may wear can think about their character. Famous people who wear exorbitantly uncovering attire will in general set a picture that cutting edge culture needs to follow. Miley Cyrus is one of the numerous famous people who add to this. Individuals who have brassy characters are typically ones to attempt to stay aware of current design. These individuals have apparel with explicitly provocative articulations composed on them. Design can be characterized as the predominant style or manners. Society may dress to help emotions, activities or how others ought to decipher their character. Works Cited Cyrus, Miley. MILEY CYRUS WE CANT STOP LYRICS. Directlyrics. N. p. , n. d. Web. 26 Sept. 2013.

Definition Essay (Definition of Good Student)

What Defies Us All for a mind-blowing duration you here the fact that it is so critical to concentrate hard, avoid inconvenience, and to remain concentrated, yet there is much more with regards to being a decent understudy and when the meaning of good is â€Å"of an ideal character or tendency† and the meaning of understudy is â€Å"one who goes to school,† you’re going to have a wide assortment of definitions for what a â€Å"good student† truly is. Additionally, is a decent understudy the child that sits in the front, focuses and buckles down, yet at the same time battles to keep a C in addition to average?Or is it the child in the back messaging endlessly and still gets similarly as passing marks if worse? Considering the perplexity of the subject it very well may be both and I trust it involves a more profound importance than how astute you are in school. Most importantly, being a decent understudy has nothing to do with how keen you are at first. Ther e are a wide assortment of characters in today’s society which impacts the manner in which we learn and we end up having various purposes of perspectives on pretty much everything.Not just is that an enormous factor in the manner we carry on towards our schoolwork, however it likewise influences us in the study hall. No educator can effectively show a gathering of understudies to their full capacity as a result of the way that there are such a significant number of various manners by which individuals learn best. Here and there individuals may have totally different sentiments toward the educator or potentially the subject. Whichever way individuals are increasingly disposed to improve in something that intrigues them. Something else I accept we can concur on is the wide assortment of mental inabilities that are increasingly more typical in today’s society. From A. D.D to Down condition there is an impact on your mind, yet the manner in which I take a gander at is that somebody with an extreme instance of chemical imbalance can be a superior understudy than somebody with no psychological incapacity. Many individuals with incapacities need to fight ordinarily to get the hang of something that comes simple to the vast majority and in this way a few people would take a gander at them as not being a decent understudy for their insight, however the route some of them exceed expectations in specific territories causes me to accept in an unexpected way. In my eyes that causes my languid delaying to appear to be practically wicked to somebody with a learning incapacity, despite the fact that pretty much everybody is blameworthy of stalling a period or two.Another quality that has an impact in characterizing a very much established student is how much drive the individual in question needs to finish the main job. Regardless of what you’re doing you need to recollect that there is more than one approach to do anything and there is a stunt to even th e least complex of things. It doesn’t matter if you’re burrowing trench or analyzing a frog, in the event that you focus and put forth a concentrated effort you can gain proficiency with the top mystery stunts of your exchange by figuring out how not to do it. Like when Thomas Edison aced the light he originally needed to get some answers concerning the a great many fibers that didn’t work before he found the ones that did.Another thing that makes being a â€Å"good student† so intricate is the point at which somebody hears the word understudy they as a rule consider somebody in a school type setting. In all actuality an understudy can be anything from a youthful baseball player to somebody seeking to be a celebrated craftsman to an architect. Whichever way you are getting the hang of something and to get the hang of anything admirably you must be a decent understudy. Like to go ace in baseball or some other game you need to kick your own rear end regular ly to be better than most others and an incredible craftsman or performer needs to devote dominant part of their opportunity to ace the instruments of their art.Now we as a whole realize that it’s not all that much fun with your nose covered in the books constantly, so in this manner a few of us will in general do some celebrating to ruminate. A great deal of the time I think it is insubordinately acceptable to party down each now and again and make some great memories, simply nothing excessively insane. I trust it will in general keep us normal and somewhat less pushed while additionally offering us a reprieve from that feared schoolwork. Keep in mind, I didn’t say anything regarding an ideal understudy, so that’s another sweet explanation about being a decent student.Also a reasonable researcher can be wild and brave here and there and it doesn’t host to be a gathering that the person in question looks for shelter from the school work that is accumulati ng continuously. They can take a walk or go skydiving, yet regardless of what you do I accept it’s great to get away from the apparently ceaseless book work now and then, as long as you keep on being sheltered and avoid inconvenience. It additionally doesn’t matter where you are, there are a huge number of chances that anticipate us consistently and being a decent understudy doesn’t possibly impact how we act in the class room.Like on the off chance that you start great investigation promotion work propensities, than things will in general be simpler for you over the long haul. It can help us in needing to use each open door that could be valuable to us, regardless of if it’s hard or harrowing. Opportunity occurs in a split second and on the off chance that you don’t intellectually set yourself up to attempt your best regardless of what the circumstance, than you can pass up a great deal of extraordinary encounters. So whether you are a virtuoso or debilitated you should will in general test yourself to increase a bigger measure of sense of pride and the regard of others which can gain you the title of a decent individual not to mention a decent student.Overall the idea of being a decent understudy isn’t in every case how well you do in school and it doesn’t mean you must be the best, however you do need to put forth a concentrated effort in any event enough to life with the goal that you discover some new information consistently. Despite the fact that a decent understudy has a mind boggling meaning I accept that it tends to be summarized as, â€Å"anyone who makes a decent attempt to discover some new information consistently for learning and lighting up their point of view. †

Revenue Streams in Business Model Canvas

Revenue Streams in Business Model Canvas REVENUE STREAMSThis building block elaborates the earnings a business gets by subtracting the costs from the revenue generated from each customer segment. Where customers are generally considered the heart of the business, revenues are automatically likened to the arteries. Organizations must evaluate the worth of the value they provide to each customer segment. An accurate evaluation of this worth will result in multiple revenue streams being gained from a single customer segment.It isn’t just enough for a business to cite ‘keeping customers happy’ as their business mandate. Most businesses focus just on their customer policy, resulting in incomplete canvases where revenue streams are entirely ignored. It is important to differentiate that this building block represents the cash, not the profit, that the business has flowed in, at present.Revenue streams need to be as clearly defined as possible. Hence, it is not just enough to list the sources for your various revenue streams but equally important to specify their pricing and projected lifecycles too. The reason for listing these details is to evaluate whether it is profitable for your business even to opt for a revenue stream or not. If the cost of designing and producing a product is more than what the customer is willing to pay for it or greater than the revenues the product will rake in before its lifecycle ends, then it does not make business sense to go ahead with the product.Many businesses hesitate to conduct a full analysis of their revenue streams because they feel unable to price it right without creating a complete prototype of the solution. However, a smarter more effective way to price a product is to understand how big a role the problem plays in the customer’s life and what they are willing to pay to solve the problem.Revenue streams are differentiated by differences in pricing mechanisms; fixed list prices, bargaining, auctioning, market dependent, volume dependent or yield management .DEVELOPING YOUR REVENUE MODELThe most important aspect of understanding the revenue streams of your business is through forecasting. This is an exercise carried out throughout the life of your business because as the business climate and industry evolve, so does your forecast. Typically there are two types of forecasts being carried out by organizations; top down and bottom up. Listed below are the most important factors to consider when deciding on the revenue model your organization will follow:Choose the Closest FitSelect a revenue model that is the closest fit to your organization and its context. Your revenue model should essentially help set the direction of your development efforts. Hence, if your organization is characterized by a heavy presence of engineers, it may be prudent to invest in a technology model where research and development take the lion’s share of the organizational effort and focus. You can also choose between having linear projections or exponential ones .Magnify Your ValueThe revenue model you pick must magnify the value your organization has to offer. Your revenue model should highlight what sets your organization apart and how you are unique in providing value to your target consumer.Attract the Right InvestorsThe revenue model you select is also key to attracting the right kind of investors to your business. When you pick development areas, it helps to know which of these areas are close to your target investors’ hearts and develop pitches around these areas. This helps cement the legitimacy of your business in the investors’ eyes. Fundamental to being successful in finding a good potential investor is to ensure that the investor takes a holistic view of the business and is in it for the long haul as opposed to the typically myopic investor looking to make a quick buck.It is an undeniable reality that all investors are looking for when their investment will yield returns and it is just as important for the entrepreneur to kn ow when the business will really start making money and become self-sustaining. Despite this, entrepreneurs should set a time limit on their forecasts. Any predictions that go beyond 1 to 2 years are unrealistic and represent data that cannot be depend on.Be FlexibleFlexibility is a key characteristic of new businesses, and this extends to the revenue model. Your entire business structure may not change, but one must constantly be looking at whether the revenue model is working for the business or not, and if not, what the necessary adjustment should be done. Hence, an entrepreneur needs to spend a great deal of time forecasting and re-forecasting and looking at which permutation of the revenue model will support his business in the most lucrative way.Your business hinges on a lot of variables and it is essential to know how these variables impact the bottom-line, and what factors have the most effect on these variables. Variables are dependent on a number of things such as your pro cesses and lifecycle. Each variable must be looked at separately, and one way to do this is through a sensitivity graph, which will help show where the revenue improves or worsens when manipulating the variables.It would be silly to have your head in the sand about your variables and their possible impact on your business. They are a risk and being aware of risk is key to having a successful business. Hence, as an entrepreneur your aim should be to mitigate for the variables. Mitigating for variables lends a degree of transparency to your business. This transparency is not just important for you as a business owner but is also of great interest to your investors.TYPE OF REVENUE STREAMSRevenue streams can be divided into two categories;1. Transaction RevenueThese revenues are earned from the customer making a one-time payment for the product or a rendering of a service.2. Recurring RevenueThe recurring revenues are earned from consistent ongoing payments rendered to the company for e ither the delivery of the value proposition of after sales care for the customer.PRICING MECHANISMPricing mechanisms refer to the effect of the pricing of a product on its expected demand and supply. This is essentially a tool to match buyers to the sellers of a product. Each revenue stream in a business can have its individual pricing mechanism. The pricing mechanism selected has a significant impact on the revenues generated by the revenue stream in question. Pricing mechanisms can be divided into two types; a) fixed pricing and b) dynamic pricing.1. Fixed PricingThis kind of pricing, as the name suggests, remains uniform due to the lack of variability in the inputs that go into the product.Fixed List PricingFixed list pricing is the pricing mentioned by the manufacturer for a product, service or value proposition of an organization.Product feature dependentWhen a product has a number of value propositions important to the customer, it may be priced according to the amount of such features.Customer segment dependentThis kind of pricing takes the target customer segment and their various traits into account.Volume dependentAs the name suggests, the more quantity a customer purchases, typically the lower the price will be.2. Dynamic PricingThis type of pricing changes according to the variables that go into the product as well as the conditions prevalent in the market.BargainingThis refers to when a price is negotiated between two or more parties. The outcome of the negotiation is dependent on who holds the power at the negotiation table as well as the relative skills of the parties involved.AuctioningIn this kind of dynamic pricing, the final price is dependent on the customers and their perception of the worth of the value the product or service holds. Usually, the product or service, goes through a process called bidding where target customers share what they are willing to pay for the product or service. The customer proposing the highest price gets the pr oduct or service.Yield ManagementIn yield management, the price is completely dependent on inventory and the time of purchase. It is a kind of variable pricing where the product or service has a time limit on it, and companies use customer intelligence to create revenues. Airlines and hotels are the most common adopters of this pricing model.Real-time marketIn this kind of pricing, the onus of responsibility goes to the supply and demand for a particular product. The price keeps fluctuating depending on how much customers want the product and how much is available to sell.WAYS TO GENERATE REVENUE STREAM1. Asset saleThis kind of sale refers to the transfer of ownership rights of a physical product from the seller to the buyer. At Amazon.com ownership rights of a myriad of products such as books, music and electronics are sold to the buyers. Similarly, Honda sells the ownership rights of the cars it manufactures to the buyers after which the buyer has complete freedom to rent out, use or even total the car.2. Usage feeThis kind of fee is usually charged by service providers to customers for the use of the service. Hence, an internet provider will probably charge a customer for using their line for a certain number of minutes during the day or month. A beautician may charge her customer according to the number and nature of treatments the customer undergoes while under her care.3. Subscription feesWhen a user requires long-term or continuous access to the products of a company, they pay a subscription fee. Hence, a gym may sell a yearly membership subscription to its customer. Cable providers may charge a subscription fee to its users based on the time for which they will pay upfront.4. Lending/ renting/ leasingSome organizations provide their customers with exclusive rights to their product for a limited amount of time for a set fee. Upon the end of this period, the organization regains ownership of the product. This kind of revenue model represents a number of advantages both for the company and the customer. The company enjoys recurring revenue from the customer for the mentioned period. On the other end of the coin, the customer has exclusive access to the product for the time he/ she require it without having to make a hefty investment. Hence, zipcar.com a popular car renting service in North America allows customers to rent their cars for a specified time period. This has become a very popular service in the cities it is available because it provides customers with the advantage of a car, without having to invest in buying one.5. LicensingLicensing is generally used when we are talking about products, services or ideas that fall under the parameter of intellectual property. This opens up a revenue stream for rights holders, who would otherwise have had to invest in manufacturing as well. It is common in the Technology industry for patent holders to license the use of patents to other companies and to charge a licensing fee for it.6. B rokerage feeWhen a company acts as an intermediary to ease the communication and transaction between two or more parties, they charge a brokerage fee. An example of this is when a headhunting firm matches a candidate to an organization looking for a particular skill set. The firm usually charges a percentage of the gross salary from the organization, the candidate or both.7. AdvertisingCompanies that earn a fee through promoting another organization, product or service, charge an advertising fee for their service. Traditionally this kind of revenue was common only in the advertising industry. However, in recent times, with the boom of the internet and e-commerce, many websites are also using this as a main revenue stream.KEY REVENUE MODEL AND MARKET QUESTIONSFollowing are some key questions that can help an entrepreneur fill out the revenue stream building block more effectively:What benefits will encourage customers to pay more for?What benefits are customers currently paying for?H ow are they paying for these benefits right now?What mode of payment would be preferable to them?What percentage of the total revenue does each revenue stream represent?CASE STUDY © Entrepreneurial Insights based on the concept of Alex OsterwalderOne of the building blocks of Business Model Canvas is Revenue Streams. In this building block, we explore what revenue streams represent for the entrepreneur and how to ensure that this building block is adequately addressed. We will explore the two types of revenue streams available which are either transaction based or recurring revenues. We will look at 1) revenue streams, 2) developing your revenue model, 3) types of revenue streams, 4) pricing mechanism, 5) ways to generate revenue stream, 6) key revenue model and market questions, and 7) two case studies.REVENUE STREAMSThis building block elaborates the earnings a business gets by subtracting the costs from the revenue generated from each customer segment. Where customers are generally considered the heart of the business, revenues are automatically likened to the arteries. Organizations must evaluate the worth of the value they provide to each customer segmen t. An accurate evaluation of this worth will result in multiple revenue streams being gained from a single customer segment.It isn’t just enough for a business to cite ‘keeping customers happy’ as their business mandate. Most businesses focus just on their customer policy, resulting in incomplete canvases where revenue streams are entirely ignored. It is important to differentiate that this building block represents the cash, not the profit, that the business has flowed in, at present.Revenue streams need to be as clearly defined as possible. Hence, it is not just enough to list the sources for your various revenue streams but equally important to specify their pricing and projected lifecycles too. The reason for listing these details is to evaluate whether it is profitable for your business even to opt for a revenue stream or not. If the cost of designing and producing a product is more than what the customer is willing to pay for it or greater than the revenues the product w ill rake in before its lifecycle ends, then it does not make business sense to go ahead with the product.Many businesses hesitate to conduct a full analysis of their revenue streams because they feel unable to price it right without creating a complete prototype of the solution. However, a smarter more effective way to price a product is to understand how big a role the problem plays in the customer’s life and what they are willing to pay to solve the problem.Revenue streams are differentiated by differences in pricing mechanisms; fixed list prices, bargaining, auctioning, market dependent, volume dependent or yield management.DEVELOPING YOUR REVENUE MODELThe most important aspect of understanding the revenue streams of your business is through forecasting. This is an exercise carried out throughout the life of your business because as the business climate and industry evolve, so does your forecast. Typically there are two types of forecasts being carried out by organizations; top down and bottom up. Listed below are the most important factors to consider when deciding on the revenue model your organization will follow:Choose the Closest FitSelect a revenue model that is the closest fit to your organization and its context. Your revenue model should essentially help set the direction of your development efforts. Hence, if your organization is characterized by a heavy presence of engineers, it may be prudent to invest in a technology model where research and development take the lion’s share of the organizational effort and focus. You can also choose between having linear projections or exponential ones.Magnify Your ValueThe revenue model you pick must magnify the value your organization has to offer. Your revenue model should highlight what sets your organization apart and how you are unique in providing value to your target consumer.Attract the Right InvestorsThe revenue model you select is also key to attracting the right kind of investors to your busine ss. When you pick development areas, it helps to know which of these areas are close to your target investors’ hearts and develop pitches around these areas. This helps cement the legitimacy of your business in the investors’ eyes. Fundamental to being successful in finding a good potential investor is to ensure that the investor takes a holistic view of the business and is in it for the long haul as opposed to the typically myopic investor looking to make a quick buck.It is an undeniable reality that all investors are looking for when their investment will yield returns and it is just as important for the entrepreneur to know when the business will really start making money and become self-sustaining. Despite this, entrepreneurs should set a time limit on their forecasts. Any predictions that go beyond 1 to 2 years are unrealistic and represent data that cannot be depend on.Be FlexibleFlexibility is a key characteristic of new businesses, and this extends to the revenue model. Your entire business structure may not change, but one must constantly be looking at whether the revenue model is working for the business or not, and if not, what the necessary adjustment should be done. Hence, an entrepreneur needs to spend a great deal of time forecasting and re-forecasting and looking at which permutation of the revenue model will support his business in the most lucrative way.Your business hinges on a lot of variables and it is essential to know how these variables impact the bottom-line, and what factors have the most effect on these variables. Variables are dependent on a number of things such as your processes and lifecycle. Each variable must be looked at separately, and one way to do this is through a sensitivity graph, which will help show where the revenue improves or worsens when manipulating the variables.It would be silly to have your head in the sand about your variables and their possible impact on your business. They are a risk and being aware of r isk is key to having a successful business. Hence, as an entrepreneur your aim should be to mitigate for the variables. Mitigating for variables lends a degree of transparency to your business. This transparency is not just important for you as a business owner but is also of great interest to your investors.TYPE OF REVENUE STREAMSRevenue streams can be divided into two categories;1. Transaction RevenueThese revenues are earned from the customer making a one-time payment for the product or a rendering of a service.2. Recurring RevenueThe recurring revenues are earned from consistent ongoing payments rendered to the company for either the delivery of the value proposition of after sales care for the customer.PRICING MECHANISMPricing mechanisms refer to the effect of the pricing of a product on its expected demand and supply. This is essentially a tool to match buyers to the sellers of a product. Each revenue stream in a business can have its individual pricing mechanism. The pricing mechanism selected has a significant impact on the revenues generated by the revenue stream in question. Pricing mechanisms can be divided into two types; a) fixed pricing and b) dynamic pricing.1. Fixed PricingThis kind of pricing, as the name suggests, remains uniform due to the lack of variability in the inputs that go into the product.Fixed List PricingFixed list pricing is the pricing mentioned by the manufacturer for a product, service or value proposition of an organization.Product feature dependentWhen a product has a number of value propositions important to the customer, it may be priced according to the amount of such features.Customer segment dependentThis kind of pricing takes the target customer segment and their various traits into account.Volume dependentAs the name suggests, the more quantity a customer purchases, typically the lower the price will be.2. Dynamic PricingThis type of pricing changes according to the variables that go into the product as well as the co nditions prevalent in the market.BargainingThis refers to when a price is negotiated between two or more parties. The outcome of the negotiation is dependent on who holds the power at the negotiation table as well as the relative skills of the parties involved.AuctioningIn this kind of dynamic pricing, the final price is dependent on the customers and their perception of the worth of the value the product or service holds. Usually, the product or service, goes through a process called bidding where target customers share what they are willing to pay for the product or service. The customer proposing the highest price gets the product or service.Yield ManagementIn yield management, the price is completely dependent on inventory and the time of purchase. It is a kind of variable pricing where the product or service has a time limit on it, and companies use customer intelligence to create revenues. Airlines and hotels are the most common adopters of this pricing model.Real-time marketI n this kind of pricing, the onus of responsibility goes to the supply and demand for a particular product. The price keeps fluctuating depending on how much customers want the product and how much is available to sell.WAYS TO GENERATE REVENUE STREAM1. Asset saleThis kind of sale refers to the transfer of ownership rights of a physical product from the seller to the buyer. At Amazon.com ownership rights of a myriad of products such as books, music and electronics are sold to the buyers. Similarly, Honda sells the ownership rights of the cars it manufactures to the buyers after which the buyer has complete freedom to rent out, use or even total the car.2. Usage feeThis kind of fee is usually charged by service providers to customers for the use of the service. Hence, an internet provider will probably charge a customer for using their line for a certain number of minutes during the day or month. A beautician may charge her customer according to the number and nature of treatments the customer undergoes while under her care.3. Subscription feesWhen a user requires long-term or continuous access to the products of a company, they pay a subscription fee. Hence, a gym may sell a yearly membership subscription to its customer. Cable providers may charge a subscription fee to its users based on the time for which they will pay upfront.4. Lending/ renting/ leasingSome organizations provide their customers with exclusive rights to their product for a limited amount of time for a set fee. Upon the end of this period, the organization regains ownership of the product. This kind of revenue model represents a number of advantages both for the company and the customer. The company enjoys recurring revenue from the customer for the mentioned period. On the other end of the coin, the customer has exclusive access to the product for the time he/ she require it without having to make a hefty investment. Hence, zipcar.com a popular car renting service in North America allows cust omers to rent their cars for a specified time period. This has become a very popular service in the cities it is available because it provides customers with the advantage of a car, without having to invest in buying one.5. LicensingLicensing is generally used when we are talking about products, services or ideas that fall under the parameter of intellectual property. This opens up a revenue stream for rights holders, who would otherwise have had to invest in manufacturing as well. It is common in the Technology industry for patent holders to license the use of patents to other companies and to charge a licensing fee for it.6. Brokerage feeWhen a company acts as an intermediary to ease the communication and transaction between two or more parties, they charge a brokerage fee. An example of this is when a headhunting firm matches a candidate to an organization looking for a particular skill set. The firm usually charges a percentage of the gross salary from the organization, the cand idate or both.7. AdvertisingCompanies that earn a fee through promoting another organization, product or service, charge an advertising fee for their service. Traditionally this kind of revenue was common only in the advertising industry. However, in recent times, with the boom of the internet and e-commerce, many websites are also using this as a main revenue stream.KEY REVENUE MODEL AND MARKET QUESTIONSFollowing are some key questions that can help an entrepreneur fill out the revenue stream building block more effectively:What benefits will encourage customers to pay more for?What benefits are customers currently paying for?How are they paying for these benefits right now?What mode of payment would be preferable to them?What percentage of the total revenue does each revenue stream represent?CASE STUDYGoogleGoogle is one of the leading internet names in the world. For the purpose of this post, we will conduct an analysis of Google’s revenue streams.As we all know, Google’s ser vices are provided for free for the individual user. So Google’s revenues are derived from advertising that companies pay to have done to reach its bulk of online users. Google helps advertisers create advertisements through its auction-based program â€" Google Adwords. Advertisers then pay Google based on when customers click on the advertisements available. Google also provides advertisers with access to its network members through its Google Adsense program. Another option available to advertisers is Google’s DoubleClick technology through which audio and video advertisements are made available on Google Network member sites.Google has generated 96% of its revenues from advertising for the past several years as opposed to Apple, that has earned 70% of its revenues through the sale of its products. Google has been experimenting with other possible revenue streams by evolving its search offerings, extending into Mobile space and attempting its hand at a Google-based operating s ystem. It has even expanded into Enterprise based solutions. However, none of these avenues have resulted in major revenue streams for the company.Gore FabricsGore-Tex is a waterproof breathable fabric membrane that is trademarked by Gore, the company.Gore generates revenue through the sale of laminated fabrics. Additional revenue generators for Gore is the seam sealing materials and machinery it owns. Hence, Gore sells the fabric but there is some hardware associated with the fabric that also results in sales and profitability for the company.

Role of a Risk Manager - 825 Words

Role of a Risk Manager (Essay Sample) Content: Role of a Risk ManagerAuthorà ¢Ã¢â€š ¬s NameUniversity AffiliationRole of a Risk ManagerIntroductionRisk management is an activity, which aims at identifying and evaluating a firmà ¢Ã¢â€š ¬s risks, and consequently devising strategies of protecting the firm against the risks. Risk managers are the responsible personnelà ¢Ã¢â€š ¬s for the task. Apart from the responsibility, risk managers have other crucial roles in an organization. As such, risk managers help the organization in analyzing the potential risks to balance potential benefits against losses to avoid expensive mistakes. Risk managers, therefore, serve an important position, which is central to devising preventive measures rather than reactive measures. Therefore, all organizations must consider the essence of having a risk manager in their line of duties (Agrawal, 2009).Integrating the Risk Management ProgramRisk managers are the responsible position for devising the risk management program and subsequen tly integrating the risk management program within the organization. Risk managers have to approach the integration efforts strategically to ensure success. First, they take the role of issuing the organization with a statement, which employees should access. The same should include a proposed timetable and procedures involved in the risk management process. In addition, risk managers will initiate training because the organization is on the verge of having new practices. Considering that, the risk management-implementation process will include a plan; the risk manager will allocate specific responsibilities to different people. Such a move will aid in the implementation process.Risk managers must also devise strategies to ensure employee-compliance with the risk management program within the organization. The risk manager appoints an individual whose main role is handling complaints in relation to suspected violations. However, during the training of employees, the risk manager edu cates employees concerning compliance, including how to raise compliance concerns. In addition, the appointed individual performs compliance risk evaluations with the employees. As a measure, in line with the risk management program, there should be an incident reporting system, where the appointed individual captures, tracks and monitors compliance issues (Garvey, 2008).Challenges when Implementing a Risk Management ProgramDeveloping the ProgramWhen developing the risk management program, risk managers often face a number of challenges. In some cases, organizations often become reluctant to accept and address issues that the risk managers identifies as they assess the organization for risks. Failure of willingness from the administration predisposes the organization to significant risks, which after they occur; the risk manager becomes the blame. When developing a risk management program, there is a need to conduct a comprehensive analysis of the organization to identify the possib le risks. As such, the team chosen may fail to identify all the risks in the organization adequately, only to encounter such challenges during the implementation stages.Due to inadequate understanding of the concept of risk management, some organizationà ¢Ã¢â€š ¬s stakeholders may find it unnecessary; hence, this lack of support undermines subsequent stages of the risk management program. Inadequate funds could also hinder the development of the program because the process requires money and resources. Even within the risk management team, it is possible to face conflicts, which could hinder the development of the program. When the program is not linked to the organizational goals, development becomes a problem, and there is significant wastage of time (Brown, 2008).Communicating the ProgramA common communication challenge in the development of risk management programs is central to resistance. Training is one way of communicating the program, and some employees may fail to attend the training, which will hinder successful implementation. Apart from this, others may fail to understand the objective of the program; hence, cause time wastage when trying to explain the programà ¢Ã¢â€š ¬s objective. Proper communication of the program requires the use of sub-committees or meetings. In the meetings, however, some of the members may fail to attend, which causes a lag to the timeline provided. Currently, the quickest way of communicating is using techn...

Managerial Problems For Training The Staff In Islamic Banking Finance Essay - Free Essay Example

Sample details Pages: 13 Words: 3904 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Introduction As we know interest is strictly prohibited in Islam so basic motive of Islamic banking is to remove the interest factor in businesses and applying the Islamic laws and regulation according to the Quran the holy book and the Sharia laws (Islamic laws). Islamic finance is emerging in many parts of the world as an alternative financing concept to the conventional orthodoxy of paying interest on borrowings and deposits. An investing approach based on Sharia or Islamic law, Islamic finance is concentrated in Muslim parts of the world the Middle East, North Africa, and Southeast Asia but now adopted in Europe and America as well. Modern Islamic financing techniques were developed in Muslim parts of Asia, notably Malaysia, but the boom since the mid-1990s has come from the large oil revenues flowing into the Gulf region. Now, the ideas and concepts of Islamic finance are highly attracting conventional issuers and investors seeking to tap into new investment opportunities. Don’t waste time! Our writers will create an original "Managerial Problems For Training The Staff In Islamic Banking Finance Essay" essay for you Create order Aim To understand the managerial problem while working in Islamic banking and train the staff coming from conventional banking Research question:- How do the Islamic bank manager train staff ? Objective How the Islamic bank managers train their staff coming from conventional banking system? To conduct a review of Islamic banking concept and working. To investigate the main issues that are difficult to understand by the staff who came new or from conventional banking system to Islamic banking system Analyse the steps that are helpful for solving the key problems. Literature review Islamic banking presupposes from another banking system which is not Islamic. The one which is not Islamic has been in use for the last several centuries, in almost all the world, including the Muslim World. Several countries of the Muslim world are now trying to switch over to the Islamic banking system, and some of them have succeeded in introducing the Islamic banking order in their economy. Pakistan is one of them. Several other Muslim countries have allowed the implementation of an Islamic Bank in their territories but they have not fully switched over to an Islamic banking system because its a big and large scale process. This means the Islamic Banks are functioning in these countries side by side with other banks following the other banking system. More or less all other banks of all other countries follow broadly a single system that is the system of charging interest or Riba. During medieval times (1,000 1,500 AD), Middle Eastern tradesmen would engage in financial transactions on the basis of Shariaa, which incidentally was guided by the same principles as their European counterparts at the time. The Arabs from the Ottoman Empire had strong trade relationships with the Spanish, and established financial systems without interest which worked on a profit- and loss-sharing basis. These instruments catered for the financing of trade and other enterprises. As the Middle Eastern and Asian regions became important trading partners for European companies such as the Dutch East India Company, European banks started to establish branches in these countries, which typically were interest-based. With the increasingly important role Western countries started to play in the world economy, conventional financial institutions became more dominant. On a small scale, credit union and co-operative societies based on profit- and loss-sharing principles continued to exist, but their activities were very much focused in small geographical areas. Although it was not until the mid 1980s that Islamic finance started to grow exponentially, the first financial company in recent history based on Shariaa principles was the Mit Ghamr savings project in Egypt. Mit Ghamr was a co-operative organisation in which the depositors also had a right to take out small loans for productive purposes. In addition, the project attracted funds to invest in projects on a profit-sharing basis. 1(Financial services review August 2008) Forty year ago there was no proper channel of Islamic banking but in early 1970s especially after the first international conference of Islamic economics arranged by the king Abdul Aziz University in Makah Saudi Arabia and the establishment of the first commercial Islamic Bank, Dubai Islamic Bank (DIB) in the United Arab Emirates followed by the establishment of the international Islamic Development Bank (IDB) in Jeddah, Saudi Arabia and the many private and semi-private commercial Islamic banks that were established after that in, Sudan, Kuwait, Egypt, etc. Selected paper of the conference are being published in two volumes one in English and other in Arabic .studies in Islamic Economics, which contains some of the English papers, has been edited khurshid Ahmed ,who was also Vice-President of the conference. The companion Arabic Volume contains selected Arabic Paper and has been edited by Dr Muhammad Saqr, who also acted as secretary of the steering committee of the conference .king Abdul Aziz University its international centre for the Research in Islamic Economics[2](Dr Abdullah Omar Nasif) The major areas covered were as follows Concept of Methodology of Islamic Economics Production and Consumption in an Islamic Economy The Role of the state in an Islamic Economy Insurance within the Framework of the Shariah Interest-free banking Zakat and fiscal policy Economic development in an Islamic framework Economic co-operation among Muslim countries. That Islamic banking established itself not only as a feasible and viable alternative of financial intermediation but also as fast and productive way of undertaking financial intermediation between surplus and deficit economic units.[3] ( MUNAWAR IQBAL and PHILIP MOLYNEUX) Since then Islamic banking start growing very fast with double digit average annual rate of growth. Today Islamic baking isnt only a negligible of merely temporary phenomenon but its here to stay and there are signs that it will continue with growth and expand (Ariff, 1988). Now at the moment it is one of the speedy growing industry starts from some hundred thousand dollar in 1975 to reach hundred of billion dollars by 2010. The practice of Islamic banking is not only limited in Arab or Muslim countries but has spread all over the world including America and Europe .Not only that by observing the growth many of the conventional bank start their Islamic products in conventional banking which really shows the success and powerful future of Islamic banking. Today there more than 280 Islamic bank in almost 50 countries moreover more than 300 conventional banks which open branches windows or provide Islamic products. Despite of all these fact if the assets of all Islamic banks were pooled, they would still be less than those of any single bank in the top 50 banks in the world, and the assets of the largest Islamic bank are equal to only 1 percent of the assets of the largest bank in the world (Al-Hayat Al-Iqtisadiyah 2005)[4] Before the details of Islamic modes of financing are discussed, it seems necessary to explain some points concerning the basic principles that govern the whole economic set-up in an Islamic way of life. Belief in Divine Guidance The foremost belief around which all the Islamic concepts revolve is that the whole universe is created and controlled by One, the only One God. He has created man and appointed him as His vicegerent on the earth to fulfil certain objectives through obeying His commands. These commands are not restricted to some modes of worship or so-called religious rituals. They, on the contrary, cover a substantial area of almost every aspect of our life. These commands are neither so exhaustive that straiten the human activities within a narrow circle, leaving no role for human intellect to play, nor are they so little or ambiguous that they leave every sphere of life at the mercy of human perception and desire. Far from these two extremes, Islam has a balanced approach to govern the human life. On the one hand, it has left a very wide area of human activities to mans own rational judgment where he can take decisions on the basis of his reason, assessment of facts and expedience. On the other ha nd, Islam has subjected human activities to a set of principles which have eternal application and cannot be violated on superficial grounds of expediency based on human assessment.[5](Taqi Usmani ) Thus we find there are, broadly, two systems of banking prevalent in this world, the interest or Riba-oriented banking and Riba-free banking. Riba-oriented banking is age-old and has been in circulation for several centuries, at least from the days when the Muslims went into oblivion after they lost their power and influence. That the Muslims once ruled this world and shaped its destiny for almost one thousand years is a fact of history. It was they who invented banking; another fact of history. Most of the banking terms like cheque derived from the Arabic word sooq, zero or cypher from the Arabic world sefar.[6] There are many products in Islamic banking which are nowadays in very successfully and some of them are in evaluation mode. So although these all product are new so first main problem for manager is to understand these problems by themselves then make sure that staff has got the full sense and understanding of working and background of the product. The third step is to teach the customer about the product working with all aspect so as there is no point left to fully educate the people. The most common product use in Islamic banking are Ijarah, Murabaha, Musharaka, Mudarabah and the insurance use in Islamic banking is called Takaful. Because Islamic banking still in developing condition so there are many production with having still which still need to be solved and still in developing stages Gharar: It means any element of absolute or excessive uncertainty in any business or a contract about the subject of contract or its price, or mere speculative risk. It leads to undue loss to a party and unjustified enrichment of other, which is prohibited Ijarah: Letting on lease. Sale of a definite usufruct of any asset in exchange of definite reward. It refers to a contract of land leased at a fixed rent payable in cash and also to a mode of financing adopted by Islamic banks. It is an arrangement under which the Islamic banks lease equipments, buildings or other facilities to a client, against an agreed rental. Istisnaa: It is a contractual agreement for manufacturing goods and commodities, allowing cash payment in advance and future delivery or a future payment and future delivery. A manufacturer or builder agrees to produce or build a well described good or building at a given price on a given date in the future. Price can be paid in instalments, step by step as agreed between the parties. Istisnaa can be used for providing the facility of financing the manufacture or construction of houses, plants, projects, and building of bridges, roads and highways. Mudarabah: A form of partnership where one party provides the funds while the other provides expertise and management. The latter is referred to as the Mudarib. Any profits accrued are shared between the two parties on a pre-agreed basis, while loss is borne by the provider(s) of the capital. Murabaha: Literally it means a sale on mutually agreed profit. Technically, it is a contract of sale in which the seller declares his cost and the profit. This has been adopted by Islamic banks as a mode of financing. As a financing technique, it can involve a request by the client to the bank to purchase a certain item for him. The bank does that for a definite profit over the cost which is stipulated in advance. Musharakah: Musharakah means a relationship established under a contract by the mutual consent of the parties for sharing of profits and losses in the joint business. It is an agreement under which the Islamic bank provides funds which are mixed with the funds of the business 6 enterprise and others. All providers of capital are entitled to participate in management, but not necessarily required to do so. The profit is distributed among the partners in pre-agreed ratios, while the loss is borne by every partner strictly in proportion to respective capital contributions.[7](Muhammad Ayub) Training of Banking Professionals in the Use of Islamic Financial Products Lack of qualified manpower is one of the biggest hurdles in the advancement of Islamic banking. Pioneers in Islamic banking developed their financial instruments and painstakingly trained their staff. There is no training institute to meet manpower needs of existing and future Islamic banks. Some of the reasons for this lacuna are understandable. For example, lack of consensus on form and details of Islamic financial instruments and nonexistence of Islamic reporting and accounting procedures. Some work has been done. But a lot more is still needed, especially on the fundamentals. Nevertheless, there is enough material to offer short training courses in Islamic banking. It is pertinent to note here that bank staff shall need a different orientation in the Islamic framework. At present, financial institutions are mainly interested in safe recovery of their principal along with a return. Evaluation criteria for processing funding requests and security provisions in agreements with clients, serve this purpose. But the said goals and process have resulted in a particular psyche and business culture in the financial world. Bank functionaries at the branch level mostly act passively. They entertain requests for financing rather than going out and seeking investment avenues. As far as we can understand, the root cause for this situation is dichotomy between financing and the actual use of funds due to the financial instruments being loan-based. In Islamic banking industry, the nature of financial instruments will affect banking in two ways: (1) Islamic bankers will be forced to adopt an outreach approach in pursuit of economic applications of funds in the marketplace. (2) Follow-up of financing, such as delivery matters in trade-based financing or monitoring Musharakah financing. The need for aggressive marketing of Islamic financial products and the follow-up considerations will add a new dimension to training programs for Islamic bankers. Training After properly documenting all policies and procedures, Islamic financial institutions must educate their personnel to understand the tenets of Islamic law. However, training for employees on both general and Islamic banking principles does not have to be a costly or time-consuming process. E-learning is a cost-effective way to educate employees on general banking principles as well as Islamic banking law. E-learning eliminates or greatly reduces the cost of travel, instructor time, materials and lost work days. And e-learning provides a program that can be used for refresher training and new-hire training. Training will not only help bank employees to become familiar with general banking principles, it will also teach them about the complex regulations that apply to Islamic products and services. Through these training programs, employees will gain the knowledge and tools needed to benefit the customer-bank relationship. By providing training for employees on the policies and procedures of conventional and Islamic banking, banks will experience the following benefits: Documentation The first step an Islamic financial institution can take to become compliant with traditional and Islamic banking principles is documentation. Policies and procedures cant work effectively unless they can be quickly referenced by all bank staff. By providing clearly written, readily available policies and procedures, financial institutions can provide proof that they are remaining compliant with general banking principles and the laws of Shariah. Documentation is an especially important tool for a financial institutions Shariah board. The board of Shariah experts and scholars can use documentation to record their established guidelines for the policies and procedures with which the Islamic bank must comply. Through proper documentation, the board can more effectively advise and audit the Islamic financial institution. Documentation can also act as a resource for employees at the bank. By providing documentation, the policies and procedures will be more easily accessible to bank emplo yees, helping them to quickly find answers to their questions. Standardisation Training for all employees will guarantee that standard procedure is being taught and practiced across the bank. Unlike classroom training, e-learning sessions are identical, creating consistency in training. Additionally, standardisation will ensure that all Islamic banking customers receive a consistent standard of personalised customer service each time they enter the bank. Increased Employee Confidence By receiving proper training, associates will learn about conventional and Islamic banking principles in a self-paced, safe and nonthreatening learning environment. Through the use of motivating, challenging and interactive content and activities, employees will be more confident when applying complex Shariah regulations. They will be more knowledgeable about Islamic products and services and will be better prepared to serve their customers. Reduced Risk Training for employees on the principles of general and Islamic banking will help financial institutions reduce risk to their bank. By creating a more knowledgeable and confident group of employees, fewer mistakes and costly errors will occur. Excellent Customer Service Banks that train their employees on the principles of Islamic banking will be more prepared to deliver excellent customer service and provide the most up-to-date products and services to their banking clients. Having an educated, knowledgeable staff at an Islamic financial institution will help customers feel reassured and satisfied with their banking experience, keeping them coming back. Through excellent customer service, Islamic banks will also be able to attract new clients. Increased Employee Confidence By receiving proper training, associates will learn about conventional and Islamic banking principles in a self-paced, safe and non-threatening learning environment. Through the use of motivating, challenging and interactive content and activities, employees will be more confident when applying the complex Sharia regulations. They will be more knowledgeable about Islamic products and services and will be better prepared to serve their customers. Certification Through training, Islamic financial institutions can objectively assess the individual progress of each employee and his or her understanding of policies and procedures. Upon completion of the training program, students should be awarded with ongoing certification to attest to their mastery of the content. Financial institutions can use these certifications as a reference for compliance officers and customers to demonstrate their adherence to general banking principles and the requirements of Islamic banking.[8](Dr Linda Eagle) Financial Instruments and Their Documentation: It is difficult to think of identical documentation for all Islamic financial institutions in Lieu of a given Islamic financial instrument. This is because practical concerns may vary from institution to institution, practical needs may not always be the same, and, last but not least, door for financial innovation in emergent situations will always remain open. Nevertheless, there has to be some measure of standardization in financial instruments for speedy migration to Islamic financial system in the Muslim world. This is almost a must for regulatory purposes. Legal Framework At present Islamic banks are working in many Muslim countries without proper legal cover. Of course, Iran, Sudan and Malaysia are exceptions. In general, legislative needs for Islamic banking can be minimized by legislating the Shariah principles and the Shariah restrictions for contracts, while leaving practical details for adjudication by the courts. Nevertheless, attention will also have to be paid to the following and similar other points. Murabahah financing means purchase and resale, i.e. two trading transactions. This need not be seen as such for sales tax purposes because Islamic banks do not buy things under financing for their personal needs. Registration requirements associated agreements need to be simplified as the associated costs may impede lease financing. There is also need for special legal cover in order to facilitate and implement Musharakah (partnership) agreements by Islamic banks. Adjudication of recovery of bank receivables is presently interest-based. Its alternatives need to be developed and provided for in the law. One issue that will continue to be relevant in the foreseeable future is prospect of Islamic banks working in the prevalent interest-based framework. It is obvious that Islamic financial instruments and their documentation and accounting requirement would be different. Therefore, the room for putting Islamic financial norms into practice in the existing framework would be limited. This, in turn, implies that Muslim countries should consider providing separate legal cover for Islamic financing. (Dr Linda Eagle) Current Issues in the Practice of Islamic Banking Be more versatile and efficient. But it faces problem of general acceptability. This is mainly due to unfamiliarity with the various Islamic modes of financing. This problem is likely to be solved over time. Same when the person come into Islamic banking he feel it difficult to understand the term and working of these products. But pace of development of Islamic banking can be expedited through the following: (1) Public education campaigns, (2) Inclusion of Islamic banking concepts in school curriculum, (3) Making Islamic financing course a part of business administration programs and (4) offering fully fledged degree programs in Islamic financing. There are some already in progress. Methodology Both qualitative and quantities methodology will be used in my report. Qualitative Research I believe that qualitative research has special value for investigating complex and sensitive issues so for this sake i am going to Interviewing the manager of Islamic banks in Pakistan to find out their difficulties regarding training their staff coming from conventional banking system. I shall interview three Islamic banking manager using telephone and Skype and will record the conversation then transcribe and analysis that information and find out the problems and their solution. In interview ill ask the detail information of problem that manager face when the new staff coming from conventional banking and what sort of courses or wt sort of step they took to resolve these issues. How the train them what type of difficulties they face. One advantage of qualitative methods in exploratory research is that use of open-ended questions that will give me opportunity to respond in their own words, rather than forcing them to choose from fixed responses, as quantitative methods do. Open-ended questions have the ability to evoke responses that are: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Meaningful and culturally salient to the participant ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Unanticipated by the researcher ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Rich and explanatory in nature Another advantage of qualitative methods is that they allow that i can ask the question why and how and by this way i can collect the best information about my topic to understand the problem. I shall also able to collect data on my needs that how the managers arrange and what they arrange for the staff to understand the Islamic banking concept and the difference from the other conventional banking. Quantitative Research Statically analysis will be considered to find out the difference between the policies applied and their result to find out the best rules for the solution of these problems. I shall take some statistical data to find about some key figures and ratio of the people who inspire by the Islamic banking and how much they able to understand with how long time. Similarly well use the statistical data to find out the growth of Islamic banking in past how they are grooming recently and future of this business. Conclusion so the conclusion of my report will be the finding the problem and key issue regarding Islamic banking when people from convention banking system and conventional mind come to know about Islamic banking how they feel what sort information they require on the first step what type of difficulties they face to understand the concept and same on the other hand how the professional manager of these organization deal with them how they make them understand and make clear concept of Islamic banking.