Background On Islamic Banking Example For Free - Free Essay Example

Sample details Pages: 19 Words: 5835 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Tags: Banking Essay Did you like this example? Since the 1970s, Islamic banking has emerged as a new reality in the international financial scene. Its philosophies and principles are however, not new, having been outlined in the Holy Quran and the Sunnah of Prophet Muhammad (p.b.u.h) more than 1,400 years ago. The emergence of Islamic banking is often related to the revival of Islam and the desire of Muslim to live all aspects of their live in accordance with the teachings of Islam. Don’t waste time! Our writers will create an original "Background On Islamic Banking Example For Free" essay for you Create order The Islamic Banking System (IBS) is defined as a banking system whose principles underlying its operation and activities are founded in Islamic or Shariah rules. The main factor that distinguishes Islamic banks from conventional banks is that all transactions are administered without involving elements of interest or Riba. The principles objective of the establishment of Islamic banking is to cater the needs of Muslims in banking transactions. The success of the Islamic bank in catering the deposit and credit needs of clients proved that Shariah principle were still applicable and could be adopted by modern-day business. In Malaysia, split Islamic legislation and banking regulations exists side-by-side with those for the conventional banking system. The legal basis for the establishment of Islamic banks was the Islamic Banking Act (IBA) which came into effect on 7 April 1983. The IBA provides Central Bank of Malaysia (BNM) with powers to supervise and regulate Islamic banks, si milar to the case of other licensed banks. The Government Investment Issue (GII), which are government securities issued based on Shariah principles. As the GII are regarded as liquid assets, the Islamic banks could invest in the GII to meet the prescribed liquidity requirements as well as to invent their surplus funds. The first Islamic bank established in the country was Bank Islam Malaysia Berhad (BIMB) which commenced its operations starting from 1 July 1983. In line with its objectives, the banking activities of the bank are based on Shariah principles. After more than a decade in operations, BIMB has proved to be a practicable banking institution with its activity expanding rapidly throughout the country with a network of 112 branches. The bank was listed on the Main Board of FBM KLCI formerly known as Main Board of the Kuala Lumpur Stock Exchange on 17 January 1992. The long-term objective of BNM is to create an Islamic banking system operating on a parallel basis with the conventional banking system. However, similar to any banking system, an Islamic banking system requires three fundamental elements to qualify as a viable system, i.e.:- A large number of players; A broad variety of instruments; and An Islamic money market. In addition, an Islamic banking system must also reflect the socio-economic values in Islam, and must be Islamic in both substance and form. Recognizing the above, BNM adopted a step-by-step approach to achieve the above objective. The first step to spread the virtues of Islamic banking was to disseminate Islamic banking on a nationwide basis, with as many players as possible and to be able to reach all Malaysians. After a careful consideration of various factors, BNM decided to allow the existing banking institutions to offer Islamic banking services using their existing infrastructure and branches. The option was seen as the most effective and efficient mode of increasing the number of institutions offering Is lamic banking services at the lowest cost and within the shortest time frame. Following from the above, on 4 March 1993 BNM introduced a scheme known as Skim Perbankan Tanpa Faedah (Interest-free Banking Scheme) or SPTF in short. In terms of products and services, there are more than 40 Islamic financial products and services that may be offered by the banks using various Islamic concepts such as Mudharabah, Musyarakah, Murabaha, Nai Bithaman Ajil (Bai Muajjal), Ijarah, Qardhul Hasan, Istisna and Ijarah Thumma Al-Bai. To link the institutions and instruments, the Islamic Interbank Money Market (IIMM) was introduced on 4 January 1994. In October 1996, BNM issued a model financial statement for the banking institutions participating in the SPI requiring the banks to disclose the Islamic banking operations (balance sheet and profit and loss account) as an additional item under the Notes to the Accounts. As part of the effort to streamline and harmonize the Shariah interpretati ons among bank and Takaful companies, BNM established the National Shariah Advisory Council on Islamic Banking and Takaful (NSAC) on 1 May 1997 as the highest Shariah authority on Islamic banking and Takaful in Malaysia. The conceptual development of Islamic banking gained momentum after the mid-1940s. Islamic scholars such as Qureshi (1946), Ahmad (1952), Uzair (1995), Maududi (1961), Al-Arabi (1996), Siddiqi (1967), and Al-Sadr (1974) made significant contributions to the evolution of the Islamic banking model. Islamic banking has made steady progress over recent decade. In recent years it has emerged as the fastest-growing segment of global finance. There has been an unprecedented growth and deepening of Islamic banking products Sukuks or Islamic bonds, Takaful or Islamic insurance services, equity funds, hedge funds, assets and wealth management, risk and liquidity management, real estate and corporate finance. In contrast, conventional banking has been established much l onger than Islamic banking. In terms of experience and product choices conventional banks are more advanced. Conventional banking is based on a pure financial intermediation model, whereby banks mainly borrow from savers and then lend to enterprise or individuals. They make profit from the margin between the borrowing and lending rates of interest. They also provide banking services, like letters of credit and guarantees. A proportion of their profit comes from the low-cost funds that they obtain through demand deposits. Conventional banks are prohibited from trading and their shareholding is severely restricted to a small proportion of their net worth. Standard Chartered Bank Malaysia Berhad (SCBMB) is a member of the Standard Chartered Group was established in Malaysia in 1875 when its first branch opened for business at Downing Street, Penang. The bank was locally incorporated as a Standard Chartered bank Malaysia Berhad on 29 February 1984. As Malaysias first bank with over 1 30 years of history, SCBMB employs more than 5,000 employees within its Malaysian operations which covers more than 30 branches across the country, a global market shared service centre, a wholly owned subsidiary Price Solutions which markets its retail financial products, an offshore facility in Labuan. SCBMB leads the way through product innovation, consistent and strong growth performance and sustainability initiatives. It provides a comprehensive range of financial products and services including retail, Islamic and wholesale banking for individuals, small and medium-sized enterprise, as well as corporate and institutions. Malayan Banking Berhad (Maybank) is Malaysia largest financial services group and has a strong regional presence in South East Asia. Maybank aim to maximize value for their shareholders by staying diversified across geography and business units and capturing growth opportunities in high growth markets. Malayan Banking Berhad or also known as Maybank Group is the leading financial services provider in Malaysia catering the needs of consumers, investors, entrepreneurs, non-profit organizations and corporations. The Group, which has expanded international, has the largest networking among Malaysian banks of over 1,750 branches and offices in 14 countries, employing 40,000 workers and serving over 18 million customers. This study are been carried out to examine and analyze the experience with Islamic banking of Bank Islam Malaysia Berhad (BIMB), in order to evaluate the Islamic banks performance in comparison with the Conventional banks in Malaysia, in this case are Standard Chartered Bank Malaysia Berhad (SCBMB) and Malayan Banking Berhad (Maybank) through financial ratios and tested by Descriptive Statistics and ANOVA by using Minitab version 15.0. This study is performed to measure the performance of BIMB, SCBMB and Maybank for the period of 10 years ranging from 2000 until 2009. 1.2 Differences between the Islamic Banking and Conventional Banking One must refrain from making a direct comparison between Islamic banking and conventional banking. This is because Islamic banking and conventional banking are extremely different in many ways. The main difference is that Islamic Banking is based on Shariah foundation. Thus, all dealing, transactions, business approach, product feature, investment focus, responsibility are derived from the Shariah law, which lead to the significant difference in many part of the operations the conventional banking. The foundation of Islamic bank is based on the Islamic faith and must stay within the limits of Islamic Law or the Shariah in all of its action and deeds. The original meaning of the Arabic word Shariah is the way to the source of life and is now used to refer to legal system in keeping with the code of behavior called for by the Holly Quran. Among the governing principles of an Islamic bank are: The absence of interest-based (Riba) transactions; The avoidance of economic activi ties involving domination (Zulm); The avoidance of economic activities involving speculation (Gharar); The introduction of an Islamic tax, Zakat The discouragement of the production of goods and services which contradict the Islamic value (Haram) On the other hand, conventional banking is essentially based on the debtor-creditor relationship between the depositors and the bank on one hand, and between the borrowers and the bank on the other. Interest is considered to be the price of credit, reflecting the opportunity cost of money. Islamic law considers a loan to be given or taken, free of charge, to meet any contingency. Thus in Islamic banking, the creditor should not take advantage of the borrower. When money is lent out on the basis of the interest more often that it leads to some kind of injustice. The first Islamic principle underlying for such kind of transactions is deal not unjustly, and ye shall not be dealt with unjustly [2:279] which explain why commercial banking in an Islamic framework is not based on the debtor-creditor relationship. The other principle pertaining to financial transactions in Islam is that there should not be any reward without taking a risk. This principle is applicable to both labor and capital. As no payment is allowed for labor, unless it is applied to work, there is no reward for capital unless it is exposed to business risk. Thus, financial intermediation in an Islamic framework has been developed on the basis of the above-mentioned principles. Consequently financial relationships in Islam have been participatory in nature. REVIEW OF THE RELATED LITERATURE 2.1 Islamic Banking and Conventional Banking In 1963, Islamic banking came into existence on an experiment basis on a small scale in a small town of Egypt. The success of this experiment opened the doors for a separate and distinct market for Islamic banking and finance and as a result, in 1970s Islamic banking came into existence at a moderate scale and a number of full-fledge Islamic banks was introduced in Arabic and Asian countries. Most of these Islamic banks were in Islamic countries. Having started on a small scale, Islamic banks and non-banking financial institutions are now operation even on more intensive scale. Today, Islamic banks are operating in more than sixty countries with assets base of over $166 billion and a marked annual growth rate of 10%-15%. In the credit market, market share of Islamic banks in Muslim countries has risen from 2% in the late 1970s to about 15% today. These facts and figures certify that Islamic banking is viable and efficient as the conventional banking. (Aggarwal and Yousaf 2000). Islamic banking is regarded as a fastest growing market, on the other side, it is not free from issues, problem, and challenges. Numerous studies have been performed since the inception of the modern Islamic banking and finance. Conceptual issues underlying interest free financing (Ahmad 1981, Karsen 1982) have been the prime focus of these previous studies on Islamic banks. It is hard to find enough coverage in the existing literature on the issues of viability of Islamic banks and ability to mobilize savings, pool risk and facilitate transactions (Hassan Basher 2005). However, there are few studies that have focused on policy implications of eliminating interest payments. (Khan and Mirakhor 1987) 2.2 Ratio Analysis Kader Asarpota (2007) applied financial ratio analysis to assess the performance of the Malaysian Islamic bank and UAE Islamic banks respectively. Similarly, to measure efficiency of Islamic banks in Bangladesh, Sarkar (1999) utilized banking efficiency model and claimed that Islamic banks can stay alive even within a traditional banking architecture in which Profit-and-Loss Sharing (PLS) modes of financing are less dominated. Sarkar (1999) further claimed that Islamic financial products have different risk characteristics and consequently different prudential regulations should be in place. Samad (1999) evaluated the relative efficiency position of the Islamic bank during 1992-1996, and compared it with the conventional banks in the country. His finding was that Bank Islam Malaysia enjoyed relatively higher managerial efficiency than the conventional banks. Samad and Hassan (2000) evaluated inter-temporal and interbank performance in profitability, liquidity, risk and solve ncy, and community involvement of an Islamic bank (Bank Islamic Malaysia Berhad (BIMB) over 14years for the period 1984-1997. The study is inter-temporal in that it compares the performance of BIMB between the two time period 1984-1989 and 1990-1997. This is not a new method (Elyasiani 1994). To evaluate interbank performance, the study compares BIMB with two conventional banks (one smaller and one larger than BIMB) as well as with 8 conventional banks. Using financial ratios to measure these performance and F-test and T-test to determine their significance, the results show that BIMB make statistically significance improvement in profitability during 1984-1997, however, this improvement when compared with conventional banks is lagging behind due to several reasons. This result is consistent with that of Samad (1999) and Hassan (1999). The study also revealed that BIMB is relatively less risky and more solvent as compared to conventional banks. These results also conform to risk-ret urn profile that is BIMB is comparatively less profitable and less risky. Performance evaluation of BIMB indicates that it is more liquid as compared to the group of 8 conventional banks. Results of the primary data gathered by surveying 40% to 70% bankers identify that lack of knowledgeable bankers in selecting, evaluating and managing profitable project is a significant cause why Musharaka and Mudarabah are not popular in Malaysia. Abdus Samad (2004) in his paper examined the comparative performance of Bahrains interest-free Islamic banks and the interest-based conventional commercial banks during the post Gulf war period 1991-2001. Using nine financial ratios in measuring the performances with respect to (a) Profitability, (b) liquidity risk, and (c) credit risk, and applying Students t-test to these financial ratios, the paper concludes that there exists a significant difference in credit performance between the two sets of banks. However, the study found no major difference in probability and liquidity performances between Islamic banks and conventional banks. Kader and Asarpota (2007) utilized bank level data to evaluate the performance of the UAE Islamic banks. Balance sheets and income statements of 3 Islamic banks and 5 conventional banks in the time period 2000-2004 are used to compile data for the study. Financial ratios are applied to examine the performance of the Islamic banks in profitability, liquidity, risk and solvency, and efficiency. The results of the study show that in comparison with UAE conventional banks, Islamic banks of UAE are relatively more profitable, less liquid, less risky, and more efficient. They conclude that there are two important implications associated with this finding. First, attributes of the Islamic profit-and-loss sharing banking paradigm are likely to be associated as a key reason for the rapid growth in Islamic banking in UAE. Second, UAE Islamic banks should be regulated and supervised in a different way as the UAE Islamic banks in practice are different from UAE conventional banks. According to Munawar Iqbal (2001) there is a serious lack of empirical studies on Islamic banking. This research attempts to fill that gap to some extent. Using data for the 1990-1998 periods, several hypotheses and common perceptions about the practice of Islamic banking have been tested. The performance of Islamic banks has been evaluated using both trend and ratio analyses. For this purpose, some objective benchmark for various ratios has been developed for the first time. The performance of Islamic banks has also been compared with a control group of conventional banks. It has been found that in general Islamic banks have done fairly well during the period under study. Studies which used financial ratio analysis have generally found, contrary to the earlier hypotheses, that Islamic banks are more efficient than conventional banks in terms of resource use, cost effectiveness, profitability, asset quality, capital adequacy and liquidity ratios than conventional banks (Iqbal 2001, Hassan and Bashir 2005). Commercial banks, however, have a more favorable operations ratio. (Hassan and Bashir 2005). According to Muhammad Jaffar and Irfan Manarvi (2011), the study examined and compared the performance of Islamic and conventional banks operating inside Pakistan during 2005 to 2009 by analyzing CAMEL test standard factors such as capital adequacy, asset quality, management quality, earning ability, and liquidity position. The financial data for the study was mined from the banks financial statements existing on state bank of Pakistan website. A sample of 5 Islamic banks and 5 conventional banks were selected to measure and compare their performance. Each year the average ratios were considered, because some of the young Islamic banks in the sample do not have 5 years of financial data. CAMEL test which is a standard test to check the health of financial institutions was used to d etermine the performance of Islamic and conventional banks. The study found that Islamic banks performed better in possessing adequate capital and better liquidity position while conventional banks pioneered in management quality and earning ability. Asset quality for both modes of banking was almost the same, conventional banks recorded slightly smaller loans loss ratio showing improved loan recovery policy whereas, UNCOL ratio analysis showed nominal better performance for Islamic banks. Jill Johns, Marwan Izzeldin and Vasileos Pappas, examined efficiency in Islamic and conventional banks in the GCC region (2004-2007) using financial ratio analysis (FRA), Islamic banks are less cost efficient more revenue and profit efficient than conventional banks. Siti Rochmah Ika (2008) investigated whether the financial performance of Islamic banks in the period before fatwa is different from that in the period after fatwa. Furthermore, this study intends to examine the comparative financi al performance of Islamic banks and conventional banks in the period both before fatwa and after fatwa. In evaluating banks performance, this study used various financial ratios categorized as profitability, liquidity, risk and solvency, and efficiency. To determine the difference, this study used t-test. The result of this study indicates that, in general, comparison of financial performance of Islamic banks in the period before fatwa and after fatwa does not show statistically difference. Likewise, the result of interbank analysis also indicates that there is no major difference in performance between Islamic banks and conventional banks in the period both before fatwa and after fatwa. Studies which use financial ratio analysis have generally found, contrary to the earlier hypotheses, that Islamic banks are more efficient than conventional banks in terms of resources use, cost effectiveness, profitability, asset quality capital adequacy and liquidity ratios than conventional ba nks (Iqbal 2001, Hassan and Bashir 2005). Commercial banks, however, have a more favorable operations ratio (Hassan and Bashir 2005). PROBLEM DEFINITION AND OBECTIVES OF THE STUDY 3.1 Problem Definition Islamic and conventional bank was different from each other from many aspects in which the Islamic bank have to follow the Shariah rules, while the conventional bank have no constraint in their transactions and day to day operation. Besides that, conventional bank offered high interest rate to the customers. Many are skeptical about Islamic banks performance. There are several reasons for this. First, Islamic banks are non-conventional financial institution since interest is the corner stone of conventional banks. Second, Islamic banks operate under dual-constraints. While operating as a commercial bank, Islamic banks obey not only conventional business laws of the land, but also the Islamic laws. They have to sacrifice many profitable investment opportunities because those are not permitted under the divine laws of Islam. Given the afore-mentioned scenario, how has Islamic bank in Malaysia performed as compared to its counterparts in the banking sector? 3.2 Objectives of the Study The present study attempts to examine, analyze and compare the performances of Islamic bank and two conventional banks in Malaysia in terms of the following: Profitability; Liquidity; Risk and solvency; and Efficiency SIGNIFICANCE, SCOPE AND LIMITATIONS OF THE STUDY Significance of the Study This study will provide information of the evaluation in terms of profitability, liquidity, risk and solvency and efficiency of an Islamic bank, Bank Islam Malaysia Berhad (BIMB) over ten years for the period ranging from 2000-2009. The study compares the performance of BIMB between the conventional banks of Standard Chartered Bank Malaysia Berhad (SCBMB) and Malayan Banking Berhad (Maybank). This research project provides useful information about the strength and weaknesses of the BIMB, SCBMB and Maybank, so that the BIMB, SCBMB and Maybank may improve its operation. The findings of this study show the performance of BIMB, SCBMB and Maybank for the period over the 10 years. Besides, this study also will provide useful information that can be used as a reference or guideline to help other researcher in conducting any similar research. The study focuses only on one selected Malaysian Islamic Bank and another two selected Malaysian Conventional Bank. These banks are Bank Islam Malaysia Berhad (BIMB), Standard Chartered Bank Malaysia Berhad (SCBMB), and Malayan Banking Berhad (Maybank). Scope and Limitations of the Study The presents study focuses on only three selected Malaysian Commercial Banks which comprise one Islamic bank and two conventional banks. These banks are Bank Islam Malaysia Berhad, Malayan Banking Berhad, and Standard Chartered Bank Malaysia Berhad included in the sample for the following reasons: Bank Islam Malaysia Berhad (BIMB) As the first Islamic bank in Malaysia As a leader in Islamic bank in Malaysia Malayan Banking Berhad (Maybank) As the largest financial service group in Malaysia. As a leader in banking industry over a 5 decades in Malaysia Largest networks among Malaysian banks over 14 countries. Standard Chartered Bank Malaysia Berhad (SCBMB) As the first bank established in Malaysia. Leading the way of Asia, Africa and Middle East. The sample period for the study is only ten years which using yearly basis ranging from the year of 2000 until 2009. The data are analyzed in terms of performances for selected banks included in the samples by the Financial Ratio Analysis (FRA) approach and tested by using Descriptive Statistics and ANOVA by using Minitab version 15.0 only. HYPOTHESES Given the objectives of the study that have been highlighted in section 3.2, the study attempts the following null hypotheses. There are no significant differences in the statistical distributions of performances among the banks included in the samples which are BIMB, Maybank and SCBMB, in terms of: Profitability; Liquidity; Risk and solvency; and Efficiency DATA AND EMPIRICAL METHODS 6.1 Data According to the Subramanyam Wild (2009) financial statement is a commonly used measure of managerial performance. Financial Statement analysis involves using the output of the standard business information system found in all businesses to judge the performance and riskiness at an instance or over time. A business may have other information systems for managers but all business must conform to generally accepted standards with their financial statements. In examining and comparing the performances of Islamic and conventional banks in Malaysia four banks are included in the sample. These banks are Bank Islam Malaysia Berhad, Bank Muamalat, Malayan Banking Berhad, and Standard Chartered Bank Malaysia Berhad while Bank Islam Malaysia Berhad and Bank Muamalat and Malayan banking Berhad are local commercial banks, Standard Chartered Bank Malaysia Berhad is a foreign bank. Two banks in this sample are listed on the Bursa Malaysia (i.e., Bank Islam Malaysia Berhad and Malayan Banking Berhad), whereas Bank Muamalat and Standard Chartered are not listed. Since the study would be based on ratio analysis, the data for the study are obtained from financial statements of the selected banks in the sample. The sample period of the study is only for ten years, ranging from 2000 to 2009. 6.2 Empirical Methods 6.2.1 Financial Ratio Analysis Using financial ratios financial performances of banks in the sample are examined from four prospective; namely, profitability, liquidity, risk and solvency and efficiency ratios. Various indexes have been provided by financial management theories for measuring banks performance. Using financial ratios is one of them. To measure performance, financial ratios have been used quite commonly and extensively in the literature. For example, bank regulators use financial ratios to evaluate banks performance (Samad Hassan 2000), Patnam (1983), Meister and Elyasiani (1988), Spindler (1991), Akkas (1994), Sabi (1996), and Samad (1999), Ali Rami (2006) gave employed ratios for evaluating a banks performance. In order to see how Islamic bank has performed in comparison with the conventional banks over 10 years, the study uses financial ratios for the banks performance. These ratios are broadly categorized into four groups: (a) profitability ratios; (b) liquidity ratios; (c) risk and so lvency ratios and (d) efficiency ratio. 6.2.1.1 Profitability Ratios Generally, accounting profits are the difference between revenues and costs. Profitability is considered to be the most difficult attributes of a firm to conceptualize and to measure (Ross, Westerfield, and Jaffe 2005). These ratios are used to assess the ability of the business to generate earnings in comparison with its all expenses and other relevant costs during a specific time period. More specifically, these ratios indicate firms profitability after taking account of all expenses and income taxes, the efficiency of operations, firm pricing policies, profitability on assets and to shareholders of the firm (Van Horne 2005). Profitability ratios are generally considered to be the basic bank financial ratio in order to evaluate how well bank is performing in terms of profit. For the most part, if a profitability ratio is relatively higher as compared to the competitor(s), industry averages, guidelines, or previous years same ratios, then it is taken as indicator of better perform ance of the bank. In measuring profitability two financial ratios would be used: Return on assets (ROA) and Return on Equity (ROE). (a) Return on Assets (ROA) Return on assets indicates the profitability on the assets of the firm after all expenses and taxes (Van Horne 2005). It is a common measure of managerial performance (Ross, Westerfield, Jaffe 2005). It measures how much the firm is earning after tax for each dollar invested in the assets of the firm. That is, it measures net earnings per unit of a given asset, moreover, how bank can convert its assets into earnings (Samad Hassan 2000). Generally, a higher ratio means better managerial performance and efficient utilization of the assets of the firm and lower ratio is the indicator of inefficient use of assets. ROA can be increased by firms either by increasing profit margins or asset turnover but they cant do it simultaneously because of competition and trade-off between turnover and margin. ROA is calculated as follows: ROA = Net profit after tax Total Assets (b) Return on Equity (ROE) Return on equity indicates the profitability to shareholders of the firm after all expenses and taxes (Van Horne 2005). It measures how much the firm is earning after tax for each dollar invested in the firm. In other words, ROE is net earnings per dollar equity capital. (Samad Hassan 2000). It is also an indicator of measuring managerial efficiency [(Ross 1994), Sabi (1996), Hassan (1999), and Samad (1998). By and large, higher ROE means better managerial performance; however, a higher return on equity may be due to debt (financial leverage) or higher return on assets. Financial leverage creates an important difference between ROA and ROE in that financial leverage always magnifies ROE. This will always be the case as long as the ROA (gross) is greater the interest rate on debt (Ross, Westerfiled, Jaffe 2005). Usually, there is higher ROE for high growth companies. ROE is calculated as follows: ROE = Net profit after tax Total Equity 6.2.1.2 Liquidity Ratios Liquidity ratios measure the ability of the firm to meet its short term obligations, maintain cash position, and collect receivables. In general sense, the higher liquidity ratios mean bank has larger margin of safety and ability to cover its short term obligations. Measures of liquidity are: Loan to Deposit Ratio (LDR) and Loan to Asset Ratio (LAR). (a) Loan to Deposit Ratio (LDR) Loan to deposit is the most important ratio to measure the liquidity condition of the bank. Here, loan means the advances for the conventional banks and financings for the Islamic banks. Because Islamic banks are prohibited to extend loans and earn interest (Riba) and restricted to follow Islamic Shariah Principles while conducting their banking business operations so the only way the Islamic banks can utilize their deposits is to provide financings through different Islamic financial products. Bank with Low LDR is considered to have excessive liquidity, potentially lower profits, and hence less risk as compared to the bank with high LDR. However, high LDR indicates that a bank has taken more financial stress by making excessive loans and also shows risk that to meet depositors claims bank may have to sell some loans at loss. LDR is calculated as follows: LDR = Loan Deposit (b) Loan to Asset Ratio (LAR) Like LDR, loan to assets ratio (LAR) is also another important ratio that measures the liquidity condition of the bank. Whereas LDR is a ratio in which liquidity of the bank is measured in terms of its deposits, LAR measures liquidity of the bank in terms of its total assets. That is, it gauges the percentage of total assets the bank has invested in loans (or financings). The higher is the ratio the less the liquidity for the bank. Similar to LDR, the bank with low LAR is also considered to be more liquid as compared to the bank with higher LAR. However, high LAR is an indication of potentially higher profitability and hence more risk. LAR is calculated as follows: LAR = Loan Asset 6.2.1.3 Risk and Solvency Ratio This is a class of ratios that measures the risk and solvency of the firm. These ratios are also referred to as gearing, debt or financial leverage ratios. The extent to which a firm relies on debt financing rather equity is related with financial leverage. These ratios determine the probability that the firm default on its debt contacts. The more the debt a firm has the higher is the chance that firm will become unable to fulfill its contractual obligations. In other words, higher levels of debt can lead to higher probability of bankruptcy and financial distress. To measure risk and solvency of the bank, measures usually used are: Debt-Equity Ratio (DER). (a) Debt to Equity Ratio (DER) It is one of the tools to measure the extent to which firm uses debt. It measures ability of the bank capital to absorb financial shocks. In case, creditors default in paying back their loans or the asset values decrease bank capital provides shield against those loan losses. A bank with lower DER is considered better as compared to the bank with higher DER. DER is calculated as follows: DER = Total Debt______ Shareholders Equity 6.2.1.4 Efficiency Ratios These ratios measure how effectively and efficiently the firm is managing and controlling its assets. These ratios indicate the overall effectiveness of the firm in utilizing its assets to generate sales, quality of receivables and how successful the firm is in its collections, the promptness of payment to suppliers by the firm, effectiveness of the inventory management practices, and efficiency of firm in controlling its expenses. Higher value of these ratios is taken as good indicator which means firm is doing well. Ratios used to measure efficiency of the bank are: Asset Utilization (AU), and Income to Expense Ratio (IER). (a) Asset Utilization (AU) How effectively the bank is utilizing all of its assets is measured by assets utilization ratio. The bank is presumably said to using its assets effectively in generating total revenues if the AU ratio is high. If the ratio of AU is low, the bank is not using its assets to their capacity and should either increase total revenues or dispose of some of the assets (Ross, Westerfield, and Jaffe 2005). Total revenue of the bank in this study is defined as net spread before provision plus all other income. AU is calculated as follows: AU = Total Revenue Total Assets (b) Income Expense Ratio (IER) Income to expense is the ratio that measures amount of income earned per dollar of operating expense. This is the most commonly and widely used ratio in the banking sector to assess the managerial efficiency in generating total income versa controlling its operating expenses. High IER is preferred over lower one as this indicates the ability and efficiency of the bank in generating more total income in comparison to its total operating expenses. Total income in this study is defined as net spread earned before provisions plus all other income while the other expenses in the income statement are treated as total operating expense for the study. IER is calculated as follows: IER = Total Debt______ Total Operating Expenses 6.2.2 Analysis of Variance The analysis of variance is a powerful and common statistical procedure in the social sciences. It can handle a variety of situations. The procedure also known as ANOVA is general technique that can be used to test hypotheses concerning means among two or more groups are equal, under the assumption that the sample populations are normally distributed. In statistics, analysis of variance (ANOVA) is a collection of a statistical model, and their associated procedures, in which the observed variance in particular variables is partitioned into components attributable to different sources of variation. In its simplest form ANOVA provides a statistical test of whether or not the means of several groups are all equal, and therefore generalizes t-test to more than two groups. ANOVAs are helpful because they possess an advantage over a two-sample t-test. Doing multiple two-sample t-tests would result in an increased chance of committing a type error. For this reason, ANOVAs are useful in comparing two, or three or more means. In this study, ANOVA is used to comparing means between the Bank Islam Malaysia Berhad, Malayan Banking Berhad and Standard Chartered Bank Malaysia Berhad. ANOVA will be calculated using Minitab version 15.0 program. CONCLUDING COMMENTS The present research project report is made up of seven chapters. Starting with chapter one, introduces the project, chapter two reviews of the related literature, chapter three identify the problem definition and objectives of the study, chapter four recognize the significance, scope and limitations of the study, chapter five cover the hypotheses of the study, chapter six discover the empirical methods of the study to be used, and chapter seven cover up the conclusion of the study. Under chapter 3 can be concludes as the performance of Islamic bank performed as compared to its counterparts, conventional banking in Malaysia. Moreover, this study has the target to achieve as listed in the objectives of the study. Finally, overall of this study reveals the important in using the results of the study, area of the study involved and the drawback in chapter 4. Since the accurate data are obtained and hypotheses have been constructing, the suggested methodology can be run to acq uire the results of the study. As suggested in chapter 6, this study interested to look the comparative analysis between the Islamic bank and conventional banks in Malaysia. The simple financial analysis ratio and Minitab version 15.0 models as suggested above have willingness to recognize the performance between both types of banks which are Islamic bank and conventional bank. RECOMMENDATION

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Have you ever had a dilemma and there was a solution to it but it was out of reach? Many people in United States suffer from sicknesses that can be help treated with marijuana. The â€Å"drug† marijuana has many benefits from minor day-to-day to life-changing benefits. Cancer, strokes, arthritis, stress, anxiety, and depression are just some instances. Marijuana has been a stigma of bias beliefs for many years. People fear that marijuana can have a negative impact on their health. Such as, breathe in smoke, brain damage, gateway to other drugs but marijuana is a safe substance that should be legalized in the United State. One of marijuana’s biggest advantage is the medical benefits you will receive from it. Medical marijuana can help many†¦show more content†¦Medicinal marijuana has made Multiple Sclerosis easy to deal with in his day-to-day activates. Another example of medical marijuana working is on a kid name Charlotte Figi. A little girl who started gettin g seizures at only three months old. As she was getting older the seizures kept getting worse, â€Å"the medication also was taking a toll† on her. At the age of two she was diagnosed with Dravet syndrome. â€Å"Dravet syndrome (SMEI) is an extremely rare disease that causes intractable epilepsy that begins at infantry† (Young). Her parents Matt and Paige Figi, brought their daughter to a dravet specialist in Chicago. The specialist put Charlotte on a ketogenic diet that was helping the seizures but it had many side effects. Such as, bone loss and depleting immune system for example. After two years of the diet the seizures returned. Charlotte â€Å"father came across an online video of a young boy in California suffering from dravet syndrome, and he was being successfully treated with cannabis. The strain of cannabis the boy was using had minimal tetrahydrocannabinol (THC), the psychoactive compound in marijuana. Cannabidiol (CBD) was high in this strain, it possess es all the medical properties and no

Advanced Auditing and Assurance Legal Operations Environment

Question: Describe about the Advanced Auditing and Assurance for Legal Operations Environment. Answer: Metcash: Relevant Background Information For the purpose of meeting to be conducted to plan the audit of Metcash group, the relevant information pertaining to the operations and legal environment has been gathered as under: Operations It is essential for the auditor to have a thorough understanding of the operations and the environment in which the company operates (Coleman, 2015). In the context of this it has been identified that the major operations of Metcash comprises of wholesale distribution, merchandising, and marketing of the grocery, liquor, and hardware items. The company operates mainly in Australia and New Zealand, while, the products are also exported to the other parts of the world such as Central Pacific, China, and Hong Kong. Accounting for 68% of the total revenues, the Food and Grocery is the most revenue generating segment of the company (Metcash, 2015). The major brands sold by the company through different segments are IGA, Cellarbrations, Bottel-O, and Mitre 10. Further, it is interesting to note that the company has a huge customer base, which is evident from the fact that it serves 2500 grocery stores, 12000 pubs, and more than 800 outlets. The company is expanding the operations for which a four expansion program initiated in the year 2014 is under process (Metcash, 2015). Applicable Laws and Regulations The understanding of the laws and regulations that the entity has to comply with is the most crucial aspect of auditing (Pickett, 2006). The laws and regulations not only govern the preparation and presentation of the financial statements, but also govern the operations of the company. In the current case of Metcash group, the most crucial laws and regulations which affect the operational aspect of the group have been identified as Environment Protection and Biodiversity Conservation Act 1999 and Australian Consumer Law (Australian Government, 2016). The Environment Protection and Biodiversity Conservation Act provides for safeguard of the environment from the hazards emanating from the companys operations. Further, there are other laws and regulations, which are also crucial for the auditors consideration while conducting audit of the group. Those laws and regulations involve product safety standards, competition laws, and foreign exchange regulations (Australian Government, 2016). It is important to note that the group has operations of export and import with the countries outside Australia, thus, the foreign exchange laws will have to be complied with. Primary Competitors Metcash operates in the highly competitive environment. The primary competitors of Metcash have been identified as Woolworths Ltd, Coles Group Ltd, and ALDI Gmbh Co. KG Essen. In the grocery segment, Metcash is receiving a tough competition from Woolworth Ltd, while, Coles group and ALDI also are big threat to the overall business of the company (Hoovers.com, 2016). Metcash: Significant Business Risk Factors Consideration of the business risk factor is critical for the auditor not only at the planning stage, but throughout the auditing process. The auditor should be alert to the event and transactions, which causes significant risk to the business of the company (ASA 315, 2013). With regard to the current case of Metcash Ltd, five crucial risk factors have been identified as under: Increased Competition: The competition in Australia in the merchandise business is getting stiffer day by day. The increased competition is one of the biggest is factor for the business of Metcash group. This is because the company may lose business in the upcoming years, which may threaten its very survival (Metcash, 2015). Foreign Exchange: Metcash group is engaged in the import and exports apart from selling the merchandise in Australia. The import and export always carry the risk of foreign exchange; however, the group has low foreign exchange exposure presently (Metcash, 2015). Operational: There have been observed a decline in the financial wealth of the individual retailers, which may affect the revenues of the group adversely. The retailers are slow to order goods to the group, which may create lags in the groups revenues in the upcoming years (Metcash, 2015). Financial: The group has written off impairment loss on the intangibles in the books of accounts in the year 2015, due which the financial performance has gone negative. There is a risk that few more assets requiring impairment may be hidden (Metcash, 2015). Compliance: The group has to comply with various laws and regulations, which includes consumer safety and environmental regulations as crucial ones. Thus, there is a risk that the company may skip in adequately complying with all the requirements (Metcash, 2015). Metcash: Accounts Susceptible to Misappropriation or Fraudulent Financial Reporting The auditor should maintain professional skepticism and remain alert to the accounts which may be misappropriated or falsified by the management (Bagshaw, 2013). In the case of Metcash Ltd following four types of accounts have been identified as susceptible to misappropriations: Revenues: The revenue account is the most susceptible to misappropriations and fraudulent financial reporting for the Metcash group. This is because the market conditions are adverse and affecting the revenues of the group unfavorably. The demand is low and the competition is stiff, which may create pressure on the management to manipulate the figure of the revenues to show good financial performance to the shareholders. Thus, it is quite probable that the management may manipulate the revenue account to show enhanced revenues and claim better performance than the competitors (Bagshaw, 2013). Account Receivables: The account receivables account is directly linked with the revenue account. Thus, if the management manipulates revenue account, the accounts receivables will automatically stand manipulated. The fake sales can not be shown in cash; therefore, it is obvious that it would be routed through receivables account (Bagshaw, 2013). Cash Account: The cash is the most susceptible asset in every organization (Bagshaw, 2013). There are greater chances that the management may manipulate the cash account along with manipulating expenditure account by showing fake payments. The management may siphon the funds of the business by manipulating the cash account and expenditure account. Further, the cash can also be manipulated through others means apart from showing fake expenditures. The management may use the cash collected from the receivables for own purpose without passing entry in the books of accounts. Inventory: Inventory is sensitive to manipulation and misappropriation in every business, but in merchandise business this gets even more critical (Bagshaw, 2013). Large quantities of inventory and numerous items make it very difficult for the top management to design suitable controls to stop misappropriation. In the case of Metcash group, it has been observed that the goods are supplied to various retails stores from the warehouses of the company. Thus, it is possible that the goods may be misappropriated from the warehouse by the lower level staff that is engaged in handing and storing. Metcash: Overall Control Environment It is within the duties of the auditor to indentify and assess the risk of material misstatement in the financial statements. For this purpose, the auditor is required to take a thorough understanding of the entity and its control environment (ASA 315, 2013). The corporate governance plays a crucial role in designing an adequate control environment which could be relied upon by the auditor. Therefore, the auditor needs to pay particular attention to the governance mechanism of the entity while assessing the effectiveness of the control environment (ASA 315, 2013). Metcash group has in place a strong governance mechanism that appears to be effective in mentoring and managing the risk of material misstatement in the financial statements. The group has formed its own governance principles and compliance with those principles was observed from the plain reading of the annual report of the year 2015 (Metcash, 2015). For the purpose of good corporate governance, the board of Metcash lays down solid foundation for the oversight of the state of affairs. This involves ensuring proper and systematic delegation of the duties, evaluation of the senior management performance, and transparent reporting (Metcash, 2015). The analysis of the five crucial factors for the assessment of the control environment in respect of Metcash is given as under: Integrity of the Management: This is the first thing which an auditor would look when assessing the effectiveness of the control environment. In the absence of an integrated management, the adequacy of the control environment can not be assured (Institute of Internal Auditors, 2011). In the case of Metcash, it has been observed that the senior management of the company comprises vastly experienced people who are attached with the company for years. Further, it has also been observed that the composition of the board has been kept balanced by having sufficient number of independent directors. Management Philosophy and Operating Style: The approach or philosophy of the management counts a lot in effectively managing the risk (Institute of Internal Auditors, 2011). In the case of Metcash, the philosophy of the management may not be modern as the most of the board of directors are old aged. However, they are experienced and capable to handle the critical situations more effectively than the young age directors. Organizational Structure: This implies the model which the company follows to achieve its objectives (Institute of Internal Auditors, 2011). The organizational structure of Metcash appears to be satisfactory. There is a board that takes part in day to day management of the business affairs. The roles and responsibilities of the middle level and lower level management seem to be adequately defined. Governance: In order to make the governance mechanism even stronger, the group has established various committees namely remuneration committee, nomination committee, and audit committee. Competency of the Personnel: The evaluation of the competency of the personnel is critical aspect in assessing the effectiveness of the control environment (Institute of Internal Auditors, 2011). In the case of Metcash, it has been observed that the company employs over 6000 employees. Further, the board asserts that the most of the personnel working for the group are highly qualified and professionally competent. Therefore, based on the above discussed factors, it could be articulated that the control environment of the company is reliable. However, it is recommended that the auditor personally conducts test checks on the internal processes and procedures while assessing the effectiveness of the control environment of Metcash. Impact on Audit of Proposed Acquisition of Woolworths Home Timber and Hardware Business The acquisition of the business is a big event that involves exchange of the resources between two concerns. In the acquisition of a business, the acquiring company pays cash or shares in consideration of receipt of the net assets to the target company. Thus, the crucial point which comes out for the auditors attention is that the transactions for business acquisition happens at a large scale, which not affect the current financial position, but may also affect the future outlook of the financial performance and position (Pwc.com, 2012). Further, one more point that the auditor needs to keep in mind is that the process of acquisition is time consuming. It may take years in finalizing the acquisition deals. Thus, the auditor should ensure that the books of accounts have been adjusted for the effect of acquisition in the period in which these should have been (Pwc.com, 2012). In the current case, Metcash group is considering acquisition of the timber and hardware business of Woolworth for $250 million. Although, the acquisition has not been finalized yet, but the auditors plan will be needed to be modified to take the matter of acquisition into consideration. Thus, in respect of this proposed acquisition of the business, the auditors plan should include discussion with the board of directors. The discussion should include the point such as terms and conditions of the acquisition, impact on the shareholders worth, and impact on the financial performance of the group as a whole. Further, the auditor should also discuss the expected date of acquisition. The date of acquisition is important because if the business is acquired between the date of balance sheet and the approval of the financial statements by the board, the auditor may be required to make certain disclosures in the audit report in respect of the acquisition. References ASA 315. 2013. Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment. [Online]. Available at: https://www.auasb.gov.au/admin/file/content102/c3/Nov13_Compiled_Auditing_Standard_ASA_315.pdf [Accessed on: 04 October 2016]. Australian Government. 2016. Australian business and environment laws. [Online]. Available at: https://www.austrade.gov.au/International/Invest/Guide-to-investing/Running-a-business/Understanding-Australian-business-regulation/Australian-business-and-environment-laws [Accessed on: 04 October 2016]. Australian Government. 2016. Department of Environment and Energy. [Online]. Available at: https://www.environment.gov.au/about-us/legislation [Accessed on: 04 October 2016]. Bagshaw, K. 2013. Audit and Assurance Essentials: For Professional Accountancy Exams. John Wiley Sons. Coleman, L.B. 2015. Advanced Quality Auditing: an Auditors Review of Risk Management, Lean Improvement, and Data Analysis. ASQ Quality Press. Hoovers.com. 2016. Metcash Ltd competition. [Online]. Available at: https://www.hoovers.com/company-information/cs/competition.metcash_limited.3691f573f8f5ef59.html [Accessed on: 04 October 2016]. Institute of Internal Auditors. 2011. Auditing the Control Environment. [Online]. Available at: https://www.iia.org.uk/media/97410/Auditing%20the%20control%20environment.pdf [Accessed on: 04 October 2016]. Metcash. 2015. Annual Report. [Online]. Available at: https://www.metcash.com/wp-content/uploads/Metcash-Limited-Annual-Report-2015.pdf [Accessed on: 04 October 2016]. Pickett, K.H.S. 2006. Audit Planning: A Risk-Based Approach. John Wiley Sons. Pwc.com. 2012. Emerging Risks and the Impact on Your Audit Plan. [Online]. Available at: https://chapters.theiia.org/san-francisco/Documents/IIA_Luncheon___Emerging_Risk_impact_on_Audit_Plan.pdf [Accessed on: 04 October 2016].

The Knight without Blemish and Without Reproach The Color of Virtue

If there is something that the English Middle Age literature is definitely famous for, these are the numerous legends about knights, beautiful damsels and King Arthur; and, one must give these legends some credit for keeping its audience well in their seats for several centuries long.Advertising We will write a custom essay sample on The Knight without Blemish and Without Reproach: The Color of Virtue specifically for you for only $16.05 $11/page Learn More However, it seems rather unfair that the legend of such a peculiar historical character as Sir Gawain has been in the shadow of more popular ones like Sir Galahad or King Arthur; just as compelling and, for that matter, more complex story of the knight who in one kind of sources is portrayed as the saving grace, and in another as a lady-killer is definitely worth taking a closer look at, which the story about Sir Gawain and the Green Knight will help in. The work belongs to the genre of poetry. Althou gh there is no actual rhyme in the given piece, the way it is structured clearly shows that this is a poem; for instance, the line â€Å"At the head sat Bishop Baldwin as Arthur’s guest of honor† (Armitage 27) breaks, and the sentence continues on the next line; the given manner of writing is typical for poetry with obvious elements of a narrative and dramatic style. Indeed, too short to be epic, it still has the tension of drama (the line â€Å"exchanging views† (27), for instance, bears a lot of hidden innuendoes) and the pace of a third-person narration. Like any other poem, Sir Gawain and the Green Knight has its evident prosodic elements; however, they are quite different from what is defined as poetry today. For instance, as it has been already mentioned, there is no rhyme (â€Å"himself –views – Guinevre† (Armitage 27)), nor is there any specific meter: â€Å"And still he stands there just being himself† (Armitage 27) does not fit into any of the existing meters. However, written in the era of the â€Å"Alliterative Revival†, it does have a lot of alliterations in every line. Indeed, taking any line, one can see the repetitive pattern: in â€Å"and at Arthur’s other side sits Agrawain the Hard Hand†, there are three clear-cut instances of alliteration.Advertising Looking for essay on british literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More First of all, the sound â€Å"a† is stressed: â€Å"and at Arthur’s†, â€Å"Agrawain† (Armitage 27); then, â€Å"s† is emphasized: â€Å"side sits†; finally, the harsh â€Å"h† sound echoes in the end of the line: â€Å"Hard Hand†. Another instance of alliteration, â€Å"Bishop Baldwin† makes it clear that this stylistic device was intended (Armitage 27). The poem also has several peculiar symbols to consider. In the given excerpt, Sir Gawain is the symbol himself – the symbol of the whole idea of knighthood, with its codes of honor, luxurious feasts and specific hierarchy. Mentioning the way the guests are seated, the author stresses the latter, showing the specific relationships between the characters. For instance, the fact that Guinevere sits next to Gawain: â€Å"Good Sir Gawain is seated by Guinevere† (37) points at the fact that there might be tension between these characters and that they are closely related to each other. However, mentioning all these characters, the real author of the story stays in the shadow, which makes the narration a true legend, the ancient myth, the veracity of which cannot be checked, and that adds certain charm to the poem. Although the author mentions the names of actual people who did exist, according to the historical record, it is rather hard to pin the actual year when the events took place. Known as the XIV-century tale, this piece is practically timeless. Ne vertheless, the elements of the given poem can relate to a number of other literature works of the given time period, mostly owing to the legendary names mentioned in the excerpt, such as King Arthur, Guinevere, and the rest of the characters.Advertising We will write a custom essay sample on The Knight without Blemish and Without Reproach: The Color of Virtue specifically for you for only $16.05 $11/page Learn More In addition, the whole idea of knighthood which the extract is shot through relates well to most of the literature works of the given time slot. Indeed, the idea of describing the life of â€Å"the nobles† (Armitage 27) is quite common for the given epoch. Despite being a translation of the original Middle English poem, the given piece is still very impressive. It helps create the atmosphere of the famous Camelot and imagine the people who lived there in the most graphic way. Telling not only about the history of England, but also emp hasizing the significance of fraternity and togetherness which ruled in the XIV century Camelot, the given poem truly is a work of art. Therefore, it is clear that the story of Sir Gawain is typical for its time period and reflects the standard set of values, yet it manages to convey the traditional messages about purity in a specific way. It is quite peculiar that the poem is not preachy in sharing the moral values of the Middle Ages with the readers; in addition, there is little of the self-appraise element in the poem, which is also quite unusual for the time period of the Knights of the Round Table. With its story which is easy to track and the pace which is easy to follow, the poem makes a perfect specimen of the English Middle Age literature. Works Cited Armitage, Simon. Sir Gawain and the Green Knight. New York City, NY: W. W. Norton Company, 2007. Print.Advertising Looking for essay on british literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More This essay on The Knight without Blemish and Without Reproach: The Color of Virtue was written and submitted by user Adam D. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

America West Airlines Essays - Airline Tickets, OpenTravel Alliance

America West Airlines America West Airlines has influenced their customers' buyer behavior with a not so pleasant track record. The airline industry is a service that satisfies customer needs for traveling. Whether for business or leisure the airline industry is an increasingly growing business. If companies are not able to compete with their rivals in an already overly competitive market, then they will not benefit financially. The market segments that we will be discussing are the business traveler and the vacation traveler. The benefits between the markets are similar between the two segments. I will discuss some recommendations that could benefit the company. Most importantly, delivering the view of the consumer and what a consumer should expect from an airline. Determining a result depends on these components. This paper will discuss some of these problems and resolutions. The airline industry started out as a luxury item. Business travel has changed this industry to a necessity. As we become a global economy and communication between international companies is a key tool, travel has increased dramatically. The vacation traveler has always had the need for the airline industry. Satisfying the customer needs today involves competitive rates along with convenience of booking flights and benefits with those flights. America West Airlines has not able to provide a quality service lately. The business travelers need competitive rates for travel. The marketing mix for business people consists of the actual flights, pricing, where and how it is promoted, and finally its distribution. America West has low-fares marketed to meet the business and travelers' needs. This full-service airline is a coast-to-coast route system and includes most major destinations across the US, with additional destinations in Mexico and Canada. America West utilizes its Phoenix and Las Vegas connections as gateways for travel throughout its destinations. America West has a code-sharing agreement with Continental, which was the first extensive alliance of its kind between two carriers. The company also has a code-sharing agreement with Mesa Airlines and Air Midwest. Some of the marketing strategy involves sponsorship with sports teams. Between these different affiliations, America West uses this in part for distribution and marketing. Some of the problems with this industry are personally experienced. The airline has a difficult time being punctual. This is lately a norm in the industry, although, it is avoided by other companies. The airline industry historically fluctuates in response to general economic conditions that are present. The airline industry is sensitive to changes in economic conditions that affect business and leisure travel. The industry is highly susceptible to situations that result in declines in air travel, such as political instability, regional hostilities, recession, fuel price escalation, inflation, adverse weather conditions, consumer preferences, labor instability or regulatory oversight. The Company's results of operations for interim periods are not necessarily indicative of those for the entire year, because the travel business is subject to seasonal fluctuations. Due to the greater demand for business and leisure travel during the summer months, revenues in the airline industry for b usiness and leisure travel in the second and third quarters is typically greater than revenues in the first and fourth quarters of the year. This has an overall impact on the industry. The next phase is making recommendations for the company. The recommendation is to gain the customer's confidence back by informing them of the changes made with their timeliness. The general experience with the company has been rescheduled departures and delays, which attributes to their failure. They have also had some maintenance issues they need to be addressed. Customers for the business travel market segment need to have reliability, punctual flights, ease of booking flights, and frequent flyer miles for needs of traveling. The needs of the market segment for leisure travel consists of all of the business segment and the company could do promos for flying to certain destinations that the airlines receives great deals on. If the company can provide the benefits and satisfactions associated with good business practice, the consumers resolve their traveling requirements with America West Airlines. The company could use a marketing strategy that would involve informing the customer how they gave the company a facelift. The company could address the fact that they have had punctual issues and resolved the

Free Essays on Jacobite Rebellion Of 1745

I. Prince Charles Edward Stuart Prince Charles Edward Stuart was born to his parents, James â€Å"III† of England and Clementina Sobieska of Poland, on December 31, 1720 in Rome, Italy. As Charles was the grandson of James II, former King of England, letters of congratulations and support immediately poured in from those who celebrated the continuation of the catholic claim to the English throne. â€Å"Bonnie Prince Charlie† was immediately baptized as a member of the Catholic faith in the presence of the Pope himself, and word spread throughout Europe of the newborn. Publicly, Charles was claimed to be a healthy, strong, well-built child who quickly mastered English, French, and Italian. Stuart supporters took great pride in this reported potential, but the stories were far from the truth. In reality, Charles was an extremely weak child who did not walk until the age of four. Even at this point Charles required assistance, which came mostly from his nurse Mrs. Sheldon, whom had been hired by James and Clementina to raise the boy. Intellectually, Charles may have been even less impressive. Although it was claimed that Charles mastered multiple languages in childhood, he never in his life quite grasped English; he was more than twenty when he began to study French, and he never learned Italian. In letters written in his adult years, Charles would exhibit horrid spelling capabilities by writing â€Å"God nose† in place of â€Å"God knows† or â€Å"gems† for â€Å"James†. His educational destitution has been attribu ted to the focus placed on physical development in his early years, but Charles never displayed an interest in mental stimulation. James recruited countless renowned educational trainers from around the world; all of them failed to inspire or instigate Charles and his less-than-gifted mind. For three years, beginning when Charles was less than five years old, the young prince’s life was plagued with familial scandal an... Free Essays on Jacobite Rebellion Of 1745 Free Essays on Jacobite Rebellion Of 1745 I. Prince Charles Edward Stuart Prince Charles Edward Stuart was born to his parents, James â€Å"III† of England and Clementina Sobieska of Poland, on December 31, 1720 in Rome, Italy. As Charles was the grandson of James II, former King of England, letters of congratulations and support immediately poured in from those who celebrated the continuation of the catholic claim to the English throne. â€Å"Bonnie Prince Charlie† was immediately baptized as a member of the Catholic faith in the presence of the Pope himself, and word spread throughout Europe of the newborn. Publicly, Charles was claimed to be a healthy, strong, well-built child who quickly mastered English, French, and Italian. Stuart supporters took great pride in this reported potential, but the stories were far from the truth. In reality, Charles was an extremely weak child who did not walk until the age of four. Even at this point Charles required assistance, which came mostly from his nurse Mrs. Sheldon, whom had been hired by James and Clementina to raise the boy. Intellectually, Charles may have been even less impressive. Although it was claimed that Charles mastered multiple languages in childhood, he never in his life quite grasped English; he was more than twenty when he began to study French, and he never learned Italian. In letters written in his adult years, Charles would exhibit horrid spelling capabilities by writing â€Å"God nose† in place of â€Å"God knows† or â€Å"gems† for â€Å"James†. His educational destitution has been attribu ted to the focus placed on physical development in his early years, but Charles never displayed an interest in mental stimulation. James recruited countless renowned educational trainers from around the world; all of them failed to inspire or instigate Charles and his less-than-gifted mind. For three years, beginning when Charles was less than five years old, the young prince’s life was plagued with familial scandal an...

The Microsoft Antitrust Case Essay Example | Topics and Well Written Essays - 500 words

The Microsoft Antitrust Case - Essay Example Real Networks' Real Player was said to be a threat to Microsoft's Windows Media Player while Sun Microsystems' Java language was said to be seen as a threat to the Windows Operating system. *** Microsoft bundles applications with its Windows operating system that renders third part producers of such software powerless. By bundling the Internet Explorer and the Windows Media Player with the Windows operating system, Microsoft has limited the share of RealNetworks and Netscape in their respective market segments. As the table above shows, the Microsoft Anti-trust case involves various entities that each has their own issues to bring against Microsoft. This scenario makes the resolution of the case more complex and difficult. A resolution that 2 parties may find appealing may not be adequate for another party. Therefore, finding a settlement for the issues at hand require large amounts of time, effort, and patience form all the parties involved as well as from the mediator who would handle the negotiations. If I was to serve as a third-party mediator in the settlement negotiations of the antitrust case against Microsoft, the first thing I would do is to call on each and every personality or party involved. This may seem like a tedious task but I believe that it is necessary because I would want to hear each side in the story.

Market-Based or Government Control Research Paper

Market-Based or Government Control - Research Paper Example America's diverse healthcare problems, such as a fully nationalized healthcare system and improving the current market-based healthcare system (Shi & Singh, 2007, p.ix). This paper seeks to explore the issues surrounding PPACA. A number of authors argued against PPCA because they assert that it is a socialist intervention that does not fit the market-run socio-economic model of modern society and it is a costly and unconstitutional infringement on individual choices and corporate rights. ObamaCare is fundamentally socialist and does not fit into the market-run socio-economic model of modern society. Williamson (2011) described PPACA as socialist because it is based on a ç” °entral planning model, with socialist features of Ã¥ ¦ ¬ncome-redistribution, economic leveling, the co-opting and nationalization of private enterprises, and the elevation of an elite planning class(p.237). He did not believe that a socialist model can resolve the underlying issues of high medical and insurance costs in the nation, and for him, it will only replicate the 1970s British healthcare issues of poor implementation and poor results. Sultz and Young (2008) highlighted the characteristics of American healthcare that evade an effective socialization process. First, the healthcare system is too large to be managed by the state alone: å… ¸he U.S. health care system is the worlds eight largest economies, second to that of France, and is larger than the total economy of Italy(p.xvii). Se cond, the healthcare system is too complex, because of its labor-intensive levels and the changing, varied roles of healthcare professionals and employees who interact with evolving medical technology and patient preferences (Sultz & Young, 2008, p.xvii). Sultz and Young (2008) argued that the size and complexity of the American healthcare system shaped problems of limited health care access, inconsistent quality, and increasing costs (p.xviii).

Continuum of Care Options Matrix Essay Example for Free

Continuum of Care Options Matrix Essay Example: This is a facility that allows clients to live in a residential setting while having personal care services and assistance, usually at all hours. Clients will generally need assistance with such functions as eating, bathing, dressing, toileting, ambulation, or help with medications. Clients living here are unable to function without this assistance. This is a facility that is equipped to care for persons unable to take of themselves, due to age or chronically illness A nursing home will have trained staff on site that will be able to assist the residents with date to date living skills. A Nursing home can be either privately owned or stated owned. Supportive housing programs are design to â€Å"develop housing services that will allow homeless person to live as independently as possible† (2013) Supportive housing programs main goal is to assist the homeless in achieving permanent residency, and increase one income. The programs is required to monitor the progress of the client and theses reports are repost to the department of housing yearly. Home care is a service which allows the elderly or disable person to remain in one home; while receiving little assistance for a medical staff. The home care worker would run errands for the clients or assistance with light housekeeping. The home care worker might even assistance with bath and dressing certain parts of the clients. Assistance living allow a resident to live a nursing home like setting that offers assistance with care and meals. Assistance living also assists the client with bathing and dressing. Assistance living facilities is for elderly and disables people that needs little to no assistance. Continuing retirement communities is a service that allows the elderly to live amongst peers of the same age group without a nursing home / assistance living setting. CRS allow the elderly to live independently in their own rental unit while offer services one can obtain in nursing home or an assistance living facility. Level of Long-Term Care Service (include differences) Example: Assisted living facilities are in the housing level of service. This level of service is more independent than many others, though clients need some type of assistance. A nursing home can be either long or short term depending on the reason one is there. The difference between supportive housing program and long term care services are; supportive housing assistance those that are able to care for oneself where long term care is for those that needs assistance with daily adl’s. Home care is more independent than a long term services, because one is still able to be in the home with little assistance from an outside source. Assistance living is more independent than a long term facility. One is no longer able to live at home. Mostly likely one require a little more assistance that can offer through home care but not enough where to one needs to be placed in a nursing home. CRS is more independent that a long term cares facility because one is still able to live on their own with no assistance.

Femininity And The World Of Semiotics Cultural Studies Essay

Femininity And The World Of Semiotics Cultural Studies Essay Semiotics is the doctrine of signs. Signs take the form of anything that society invests meaning into. Such signs as words, images, sounds, odours, flavours, acts or objects only become signs when they are interpreted as having meaning (Chandler, 2009). Roland Barthes was a French theorist who had a major contribution to structuralist semiotics. His contribution was to extend the idea of the sign into myth. He later moved towards a post-structuralist view. Barthes began to read culture from a mythic perspective, where myths were seen as connotations. (Bignell, 2002, p58)Ursula, in the film the Little Mermaid, is portrayed as a villain due to her resistance against the discourse of femininity. The discourse of femininity is the social constructions that dictate how women are expected to behave and look. Ursula desires power, which is not considered a conventional feminine trait. This positions the audience to see her as a villain. The film creators have specifically chosen everything about Ursula. The filmmakers are aware of the connotations associated with femininity. They have used this knowledge to create Ursula as a villain. Her image, gender performance and her interaction with animals are all individual signs of her rebellion against femininity. Barthes originally adopted Louis Hjelmslevs notion of orders of signification. (Chandler, 2009) After Barthe had extended the sign he began to read culture through a mythical perspective where he linked myths with connotations and ideologies. The semiotic interpretation of a myth differs to the preexisting definition of a myth being false. Myths help to make sense of experiences within a culture. A myth to Barthes supports ideologies and relates to social realities (Bignell, 2002, p58). A myths function is to make dominant cultural and historical values, attitudes and beliefs seem entirely natural and true reflections of the way things are (Chandler, 2009). Barthes linked myths and ideologies very closely as he also defined ideologies as reinforcing the existing system as appearing natural and acceptable to society (Bignell, 2002, p58). Barthes believed visual signs in media are used to trigger a range of connotations attached to the sign and that connotations came from our social ex periences. (Allen, 2003, p42) Barthes believed when signs and connotations were brought together they shaped a particular message. (Bignell, 2002, p58). Ursulas image is associated with unfeminine connotations. Every detail of Ursulas image, from her clothing to her weight represents a desire for power and resistance against femininity. This positions the audience to view Ursula as a villain due to the myth society holds regarding femininity. These myths are automatically accepted by society, as we believe the connotations associated with these signs are true reflections of reality. Parents and authoritative figures encourage young girls from an early age to speak and act in ways which displays their femininity. Behaviour like wearing frilly dresses is a symbol for appearing weaker and less aggressive than boys (Larner, 2009). Ursula wears a black revealing dress, which refers to her strength, aggression, and power that goes against femininity. Ursula has sharp angular features that she highlights with heavy eye make up, which is a symbol of an unnatural woman. (Stoll, 2005) Ursula is an overweight character who shakes her hips and m oves in an exaggerated and sluggish manner. She is languid, lacy and floppish. (Stoll, 2005) Overweight characters in Disney films have negative connotations associated with them. They are considered ugly, unpleasant, lazy and un- married (Towbin, Haddock, Zimmerman, Lund, Tanner, 2004). These connotations come from the myth that attractive women need protection because they are helpless and are therefore more likely to marry. (Towbin, et al., 2004). Ursulas hair is a disruption to the image of femininity. She has short, bleached and butch hair. (Mallan, 2000) Feminine characters are usually represented as having long, flowing hair that is often seen as sensual. Therefore Ursulas short hair is associated with resisting the discourse of femininity. Throughout the film, Ursulas image is associated with suspense and tension. (Stoll, 2005) Each time the viewer sees Ursula they are reminded she is the villain who brings evil upon others. As Barthe suggests the visual signs within The Lit tle Mermaid trigger connotations associated with femininity. These signs and connotations create a message that Ursula is a villain due to her desire for power, which is represented through her image. Ursula is conveyed as a villain through here gender performance. Gender performance, according to Judith Baxter, is the term that argues that gender norms are constructed by society. She suggests that as much as femininity is about image, femininity is an act and does not automatically come with female genitalia (Frus, P. Williams, C. 2010, p201). Performance is about the repetition of gestures, words, acts and desires. Ursula tries to teach Ariel how to preform woman by bumping her hips through sexual gestures while speaking the words dont underestimate body language. Her gestures and words refer to the connotations of sexually perversity and promiscuity, which is controversial to the image of femininity. Ursulas performance shows the disconnection between the female body of the performer and her masculine persona. Ursula is parallel to John Waters transvestite diva character, Divine. Divine was a drag queen that had a monstrous figure and attempted to resemble a female. (Hallam, 20 09) This false female who conveyed masculine acts and gestures did not fool the audiences. This is parallel to Ursulas character whose overly phallic body represents sexual perversity. The fact Ursula is sexually aware displays her masculine traits, as feminine characters in Disney films are often seen as innocent and unaware of sexuality. The innocent female ideology is reinforced through The Little Mermaid. This demonstrates Ursula is unacceptable to society because she resists this ideology. Desires are a contributing factor to gender performance. Ursula desires patriarchal authority rather than a marriage, which is an unconventional feminine trait that destabilizes gender. In accordance with Barthes theory of semiotics, and the connotations and signs associated with Ursulas performance it is evident that Ursula is an unfeminine character, who for this very reason, is portrayed as a villain. The way animals react and engage with Ursula conveys her villainous behavior and her rebellion against femininity. Wicked women in Disney films are often considered antisocial and are associated with ugly animal helpers who take pleasure in disastrous events. (Bell, Haas, Sells, 1995) Flotsam and Jetsam are Ursulas assistants. These characters demonstrate Ursulas desire for power. Her assistants appear to dedicate their life to her and display no evidence of a life of their own. Ursula fails to show gratitude towards her assistants. These two characters do wicked odd jobs Ursula doesnt want to do. They are inferior characters, yet essential to the portrayal of Ursula. (Stoll, )Ursula steals Ariels voice with the help of her accomplices. Ursula attempts to lure the prince into marrying however she fails, as the surrounding animals are not fooled by her false femininity. Her attempt to usurp male power fails and she is punished and humiliated. The animals degrade Ursula in a performanc e at the altar. Birds fly between her outspread legs, starfish smack her face and the princes dog bites her behind (Zuk, 1998). The animals hatred towards Ursula is highlighted by their love for Ariel. All women are expected to be caring from birth and desire a family. Ursula displays no caring attributes towards others and is a self indulged woman. Women are subconsciously warned of the negative consequences of stepping outside feminine sex roles as the stereotypical female is expected to be biologically maternal. This myth refers to the expectation that feminine women are expected to care and nurture animals and have an automatic bond with them. The way Ursula treats her assistants, Flotsam and Jetsam is an accurate portrayal of Ursula. The way the animals react around Ursula also highlights her wickedness, as they feel hatred towards her and are also cautious of her power. As Barthe suggests, the signs and connotations associated with Ursulas interaction with other characters por trays her as a villain. Ursula resists the discourse of femininity through her image, gender performance and her interaction with animals. Ursulas image resists femininity through her Clothing, weight, hair and make up. The connotations associated with each of these reinforce that Ursula is negatively different from the other female characters and is therefore a villain. Gender performance includes gestures, desires and words. Ursula fails at feminine performance due to her sexual awareness, which is demonstrated through her gestures and words. Her desire is to have patriarchal power over the human and underwater world is considered a male and villainous trait. The way animals react to Ursula shows her true villainous nature and unfeminine qualities. Her accomplices Flotsam and Jetsam are essential to the portrayal of Ursula as they add to her wickedness. As Barthe suggests the signs and connotations within Ursulas image, gender performance and her interaction with animals have shaped the message that Ursul a is a villain due to her resistance against femininity.

Drivers of Sustainable Supply Chain Management Essay

Drivers of Sustainable Supply Chain Management Introduction                   Sustainability in all operations of a business is a contemporary issue that ensures firms gain competitive advantage. Supply chain management is a discipline dealing with the reorganization of a firm’s extra-supply activities to achieve a competitive edge in the market and take advantage of customer value. It is also concerned with the suppliers attempt to establish and effect supply chains which are both efficient and economical for them. An organization’s supply chain is a multidimensional activity covering most aspects ranging from manufacturing, to goods and services development, and the information systems.The drivers of a sustainable supply chain management can be either internal or external. Internal sustainability drivers include internal business processes while the external are legislation, environmental drivers, customers, and social drivers (Hanuv 35).                   Legal requirements compliance is a fundamental drive in achieving a sustainable supply chain management. It is the starting point because failure to comply to regulations implies that the business is illegal (Cohen 80). Regulatory issues include general environmental laws that may give direction to products disposal and recycling. Compliance to the law enhances the supply chain and hence making it sustainable.                   Financial drivers are also vital for a sustainable supply chain management. Sustainable supply chain management leads to efficiency and effectiveness in business operations that result to good financial performance. This is brought by reversed logistics that result to cost minimization and saving.                   Sustainability is also driven by internal business processes such as offering warrants, product leases, and replacements. These activities enhance effectiveness in production to minimize replacements and hence in the long run a business attains a sustainable supply chain.                   Customers are the most important stakeholders to any business and they greatly drive firms into adopting sustainable supply chain management (Hugos 56). The clients have large number of substitute goods at their disposal, which gives them the driving force to impact the operations a firm. As firms work to accumulate customer’s pressure such as buying from companies with green image, they end up attaining sustainable supply chain management. References Cohen, Shoshanah. â€Å"Contemporary Supply Chain Management.† Strategic Supply Chain Management: The Five Disciplines for Top Performance:2nd Revised Edition. New York: Mcgraw-hill Professional, 2013. 80-132. Print. Hanuv, Mann. Drivers of Sustainable Supply Chain Management. The IUP Journal of Operations Management. Vol. IX. No. 4(2010): 1-58 Hugos, Michael H. â€Å"Sustainability in Supply Chain Management.† Essentials of Supply Chain Management. 3rd ed. Hoboken, N.J.: Wiley, 2011. 56-124. Print. Source document

The Narrative of Alvar Núñez Cabeza de Vaca

Cabeza de Vaca, the treasurer of an expedition from Spain was shipwrecked and was ultimately forced to trek several miles by natives of Hernan Cortes. Cabeza de Vaca survived by learning the language of the natives and serving them as their physician. After eight years of living with them, he imbibed the culture of the native people in the area, developed an affinity with them such that his rescue from them was not quite a welcome treat for him.He and his 600 men meandered along the interior of New Spain but they ended up to only 4 men on the journey. This compassion for the natives is quite interesting as we see how he changed his ways and some beliefs about. There are many answers to this question. Some say that maybe De Vaca truly began to respect the natives’ ways. But in the context of the work, I believe this is nothing more than an extended case of Stockholm syndrome.It shows more the changes that he experienced with the natives over the course of his years in America s uch that he has been smitten by the natives (Societal Stockholm Syndrome). What is Stockholm Syndrome? This term was used during the early 70s to denote the different reactions of bank employees to the people who hostaged them. This happened when three women and one man was hostaged in one of the largest banks in Stockholm. Instead of completely resisting these ex-convicts, the captives even resisted the government’s efforts to rescue them.They had developed an affinity with the men. It may seem puzzling at first, but when one looks at this to explain what Cabeza de Vaca experienced with the natives, one can readily say that it was largely due to the fact that the Cabeza had developed compassion to the natives who also showed him kindness while they kept him prisoner (Societal Stockholm Syndrome). In sharing of himself and what he knows as a physician, his giving was also his receiving. At such time, giving is its own reward.He was with the natives at those times in a way he will never forget, even if they were to meet again after being separated. Sharing with love and caring comes when one gives freely of himself and what he has, and one reciprocates the kindness. This is gleaned all over his writings as illustrated in one of the Chapters where he recounts. â€Å"Then, supporting us under our arms, they hurried us from one to another of the four big fires they had built along the path.At each fire, when we regained a little warmth and strength, they took us on so swiftly our feet hardly touched ground. † (Cabeza de Vaca’s Adventures in the Unknown Interior of America). This seemed like being pampered guests instead of being captives. In any relationship, there are things one appreciates. If the relationship has much depth, such as what transpired in the narratives of Cabeza de Vaca, then, it was but natural for the Cabeza to be so involved with the activities of the natives. Telling them of his fears is as much a gift as telling them of h is appreciations.Sharing these feelings opened up the natives’ innate inclination toward elasticity and trust. Genuine concern for the welfare of the people in one’s life never takes the form of violence towards them as lived by the Cabeza. He did not use violence to gain his own ends and he even convinced himself that â€Å"it’s good for them† as when the natives initially became oppressive. It is difficult for one to acknowledge acts of violence and oppression for they are statements of one’s own feelings of incompetence.Perhaps the Cabeza knew that violence ultimately leads, in most cases, to results just the opposite of those it was intended to produce.REFERENCES Cabeza de Vaca’s Adventures in the Unknown Interior of America. Translated by Cyclone Covey. Retrieved May 29, 2007 at: http://www. ibiblio. org/eldritch/cdv/rel. htm#c19Castaway: The Narrative of Alvar Nunez Cageza de Vaca. University of California Press. September 23, 1993. So cietal Stockholm Syndrome. Retrieved May 29, 2007 at: http://web2. iadfw. net/ktrig246/out_of_cave/sss. html

Lifestyles Under Means of Control in the Colonies essays

Lifestyles Under Means of Control in the Colonies essays The colony of Boston began to develop rapidly in the early 18th Century, and family life was no exception. Family life became a methodical process where each person, male and female, had a specific part that they filled to ensure the prosperity of the household. It was methods and procedures such as these that paved the way for the colonies themselves to prosper. These people must surely have known that their lives would be analyzed in the future to great extent by historians. It is interesting though that our families today dont seem to share that kind of feeling. Our lives are not as structured, and we dont write down every single thing we do. This could relate to the fact that now we have more in mail billings, expenses are not paid directly in hand, but through mail services. There is also a lot more long distance communication because of technology and the Internet. Perhaps records seemed more detailed and precise in the early 18th Century compared to now because our soc iety these days doesnt feel our lives will be analyzed in the future by historians. Records of daily life today can be found everywhere on the Internet through various peoples online journals. These may not be nearly as accurate as journals such as William Byrd, but they are journals nonetheless, and thus they do demonstrate a way of life in that they notate what is on the writers mind. A definite clause of your way of life is what is on your mind. It is evident through documents such as the Balch family probates where every possession is listed with its liquid value displayed that your familys net worth was a great factor in determining your social status. This is why the government collects taxes based on our wealth; the government also in effect is the record-keeping body performing tasks such as inventory. The only time that the family ever really takes their possessions and lists them off is when so...

Normans - Medieval Viking Rulers in France and England

Normans - Medieval Viking Rulers in France and England The Normans (from the Latin Normanni and Old Norse for north men) were ethnic Scandinavian Vikings who settled in northwest France in the early 9th century AD. They controlled the region known as Normandy until the mid 13th century. In 1066, the most famous of the Normans, William the Conqueror, invaded England and conquered the resident Anglo-Saxons; after William, several kings of England including Henry I and II and Richard the Lionheart were Normans and ruled both regions. Dukes of Normandy Rollo the Walker 860-932, ruled Normandy 911-928, married Gisla (daughter of Charles the Simple)William Longsword  ruled 928-942Richard I (the Fearless), born 933, ruled 942-996 married Hugh the Greats daughter Emma, then GunnorRichard II (The Good) ruled 996-1026 married JudithRichard III ruled 1026-1027Robert I (The Magnificent, or The Devil) ruled 1027-1035 (Richard IIIs brother) William the Conquerer, 1027-1087, ruled 1035-1087, also King of England after 1066, married Matilda of Flanders Robert II (Curthose), ruled Normandy 1087-1106 Henry I (Beauclerc) b. 1068, King of England 1100-1135 Henry II b. 1133, ruled England 1154-1189 Richard the Lionheart also King of England 1189-1216John Lackland Vikings in France By the 830s, the Vikings arrived from Denmark and began raiding in what is today France, finding the standing Carolingian government in the midst of an ongoing civil war. The Vikings were only one of several groups who found the weakness of the Carolingian empire an attractive target. The Vikings used the same tactics in France as they did in England: plundering the monasteries, markets and towns; imposing tribute or Danegeld on the people they conquered; and killing the bishops, disrupting ecclesiastical life and causing a sharp decline in literacy. The Vikings became permanent settlers with the express collusion of Frances rulers, although many of the grants were simply a recognition of de facto Viking control of the region. Temporary settlements were first established along the Mediterranean coast from a series of royal grants from Frisia to the Danish Vikings: the first was in 826, when Louis the Pious granted Harald Klak the county of Rustringen to use as a retreat. Subsequent rulers did the same, usually with the aim of putting one Viking in place to defend the Frisian coast against others. A Viking army first wintered on the Seine river in 851, and there joined forces with the kings enemies, the Bretons, and Pippin II. Founding Normandy: Rollo the Walker The duchy of Normandy was founded by Rollo (Hrolfr) the Walker, a Viking leader in the early 10th century. In 911, the Carolingian king Charles the Bald ceded land including the lower Seine valley to Rollo, in the Treaty of St Clair sur Epte. That land was extended to include what is today all of Normandy by AD 933 when the French King Ralph granted the land of the Bretons to Rollos son William Longsword. The Viking court based at Rouen was always a little shaky, but Rollo and his son William Longsword did their best to shore up the duchy by marrying into the Frankish elite. There were crises in the duchy in the 940s and 960s, particularly when William Longsword died in 942 when his son Richard I was only 9 or 10. There were fights among the Normans, particularly between pagan and Christian groups. Rouen continued as a subordinate to the Frankish kings until the Norman War of 960-966, when Richard I fought against Theobald the Trickster. Richard defeated Theobald, and newly arrived Vikings pillaged his lands. That was the moment when Normans and Normandy became a formidable political force in Europe. William the Conquerer The 7th Duke of Normandy was William, the son Robert I, succeeding to the ducal throne in 1035. William married a cousin, Matilda of Flanders, and to appease the church for doing that, he built two abbeys and a castle in Caen. By 1060, he was using that to build a new power base in Lower Normandy, and that is where he began amassing for the Norman Conquest of England. You can find lots more about William the Conquerer and the Battle of Hastings elsewhere. Ethnicity and the Normans Archaeological evidence for the Viking presence in France is notoriously slim. Their villages were basically fortified settlements, consisting of earthwork-protected sites called motte (en-ditched mound) and bailey (courtyard) castles, not that different from other such villages in France and England at that time. The reason for the lack of evidence for explicit Viking presence may be that the earliest Normans tried to fit into the existing Frankish powerbase. But that didnt work well, and it was not until 960 when Rollos grandson Richard I galvanized the notion of Norman ethnicity, in part to appeal to the new allies arriving from Scandinavia. But that ethnicity was largely limited to kinship structures and place names, not material culture, and by the end of the 10th century, the Vikings had largely assimilated into the larger European medieval culture. Historic Sources Most of what we know of the early Dukes of Normandy is from Dudo of St Quentin, a historian whose patrons were Richard I and II. He painted an apocalyptic picture of Normandy in his best-known work De moribus et actis primorum normanniae ducum, written between 994-1015. Dudos text was the basis for future Norman historians including William of Jumià ¨ges (Gesta Normannorum Ducum), William of Poitiers (Gesta Willelmi), Robert of Torigni and Orderic Vitalis. Other surviving texts include the Carmen de Hastingae Proelio and the  Anglo-Saxon Chronicle. Sources This article is part of the About.com guide to Vikings, and part of the Dictionary of Archaeology Cross KC. 2014. Enemy and Ancestor: Viking Identities and Ethnic Boundaries in England and Normandy, c.950 – c.1015. London: University College London. Harris I. 1994. Stephen of Rouens Draco Normannicus: A Norman Epic. Sydney Studies in Society and Culture 11:112-124. Hewitt CM. 2010. The Geographic Origins of the Norman Conquerors of England. Historical Geography 38(130-144). Jervis B. 2013. Objects and social change: A case study from Saxo-Norman Southampton. In: Alberti B, Jones AM, and Pollard J, editors. Archaeology After Interpretation: Returning Materials to Archaeological Theory. Walnut Creek, California: Left Coast Press. McNair F. 2015. The politics of being Norman in the reign of Richard the Fearless, Duke of Normandy (r. 942–996). Early Medieval Europe 23(3):308-328. Peltzer J. 2004. Henry II and the Norman Bishops. The English Historical Review 119(484):1202-1229. Petts D. 2015. Churches and lordship in Western Normandy AD 800-1200. In: Shepland M, and Pardo JCS, editors. Churches and Social Power in Early Medieval Europe. Brepols: Turnhout.