Eval 4 Essay Example | Topics and Well Written Essays - 750 words

Eval 4 - Essay Example The data collection process has various steps that require expertise in formulation and implementation and this is done best by properly trained data collectors. Regardless of the preference for defining data whether qualitative or quantitative, accurate data collection is important to ensure that the integrity of the research is maintained. Data collection by improperly trained data collectors leads to the inability to accurately answer the research questions, distorted findings therefore wasted resources, inability to validate or repeat the study, compromising decision in regard to public policy, misleading of other researchers pursuing the same or related research topic and causes harm to the participating agents. Improperly trained data collectors lead to poor results and if the results are used to support recommendations of public policy, it will cause disproportionate harm. Improperly trained data collectors will not comply to the research questions and may collect data that is not a true reflection of the natural situation. The goal of a research is to help improve a situation or come up with amicable solutions to a problem. This involves accurate data collection and carrying out a relevant data analysis through careful planning and thorough thoughts (Bedi, Bhatti , Gine, Galasso, Goldstein and Legovini, 2006). Collection of sub standard information and data implies that the evaluator will arrive at the wrong conclusion and that the wrong recommendations will be implemented. Outcome evaluation seeks to establish the effectiveness of the research, reaching at an accurate conclusion from the collected data and making recommendations. Thus if the data collected is inaccurate, the analysis and conclusion will be wrong. To overcome these problems, the evaluator is required to design the needs of the data collectors especially where there are multiple data collectors. The evaluator

Fire Protection Systems Research Paper Example | Topics and Well Written Essays - 1750 words

Fire Protection Systems - Research Paper Example Automatic activation can also occur in several forms, designed to a number of physical changes associated with fire. Such devices include heat detectors, smoke detectors, flame detectors, fire gas detectors and water flow detectors. Modern innovation can use cameras and computers to analyze the visual signs of fire and movement in applications inappropriate for or hostile to other detection methods (Greenman, 2003). Notifications from fire alarms to alert the occupants of the need to evacuate premises or take appropriate actions due to fire emergencies can be in audible, visible, tactile, textual or even olfactory (odorized) forms. Emergency signals are automatically intended to be distinct and understandable in order top avoid confusion with other signals. The Temporal Code 3 which chimes three times at one-second intervals, stops for one second the repeats is the most common audible in the modern fire alarm system. Other methods of audio alerts include audible textual appliances, continuous and voice evaluation. In some fire alarm systems especially in high-rise buildings, arenas and other large facilities such as hospitals where total evacuation is difficult to achieve, emergency voice alarm communication systems (EVACS) are used. This voice based system allows personnel to orderly evacuate and notify occupants in such crowded buildings. Strategically too, especially in high-rise buildings, depending on exact location of fire, different evaluation messages may be played on each floor to facilitate orderly evacuation and saving of lives (Jones, 2009). New codes and standards have enabled alarm system manufacturers to expand their systems voice evacuation capabilities to support trending requirements for mass notifications including possibility of multiple types of emergency messaging. To serve those with disabilities too, emergency communication systems have visible notification along with audio. Mass notification systems

The Death of Socrates by Jacques-Louis David Assignment - 9

The Death of Socrates by Jacques-Louis David - Assignment Example The researcher states that when one looks at the painting, they can see that everyone in the composition is mournful and sorrowful except the stoic man in white drapery at the center of the artwork. Here is a man who maintains his resolve in the wake of death and decides to stick to his principles, despite being condemned to death for the same philosophy. The researcher wants this painting to be viewed at his funeral because it is a representation of strength, loyalty, and principle. The researcher intends to live his life as he always has, remaining true to himself and living by a code of practicing what the author believes in. The researcher wants people to know that he did not live life in fear, that instead of mourning, they should celebrate his life, achievements, failures, and impact on the society. Jacques-Louis’ composition is a perfect representation of the bravery and principle, with which the researcher has lived his life. The researcher not only intend on living a life of values and principle, he also intends on using this values to positively impact society, as Socrates influenced Plato.

Filme review Movie Example | Topics and Well Written Essays - 750 words

Filme - Movie Review Example What impressed me most about the movie is that it has captured the exact economic, social, political and psychological conditions of the victims of the post world war era through showing ladies who stand in queues to get water, ruined buildings, behavior of the society when the lead character accuses the boy of stealing his bicycle etc. The visuals all point to the torn apart post war city and the dialogs of the characters further exemplify the economic situation of that era. This is evidenced when the protagonist, Antonio, tells his wife that he feels â€Å"like a man in chains† (Bicycle Thieves, 1948). This dialog right here is the epitome of the helpless situation of the working class people, that is, although they were ready to work hard for a living, they were constrained by various elements thus entailing in their jobless state and miserable life. However, on the other hand, the movie also portrays the selfless love a wife must possess towards her husband and furthermore illustrates the concepts of familial relationship and sacrifices giving them the most importance. As far as I am concerned, familial relationships are of great prominence and it is this kind of relationships and concepts that I value the most, and since the movie deftly demonstrates this, it appeals the most to me. Therefore, according to me, this was the best film I have seen as compared to other movies shown in this semester. 2) Name some of the special effects, camera techniques and camera composition used in â€Å"Citizen Kane† and how was this evidenced in the film itself? The camera techniques used in the movie â€Å"Citizen Kane† (1941), directed by Orson Wells who also performs in the title role, become evident from the scene presenting Xanadu, Kane’s old age retreat. The protagonist withdraws to this location in his old age as a symbol of his isolation from the society. The audience is first given a long shot view of the old fortress like residence wit h its gates towering over the frame. By providing such a view of his home, the audience receives a sense of Kane’s power through the overbearing view of the gate that separates the home from the rest of the world. Again, in the scene where the animals are shown, the camera pans onto the cage, again giving the viewers a sense of Kane’s power that has enabled him to create his own world, by eschewing the American way of life. Many similar cases can be seen in the movie which exemplifies the deft use of camera and angles. 3) We watched De Sica’s â€Å"Bicycle Thieves† this semester. What was so important about Italian Neorealism and how was this evidenced in the film itself? Italian Neorealism was the first post war cinematic movement that freed filmmaking from the realm of perfect worlds portrayed in the movies, thus its significance cannot be overlooked. Prior to this movement, the Italian films were greatly influenced by Hollywood movies, with which littl e could the people of Italy relate to. However, once this new trend surfaced, it transformed cinematography and boosted it into a new phase that brought to the fore movies reflecting the real life conditions of the working class people from all aspects including economic, psychological, social, moral, political etc. Bicycle Thieves evidences neorealism through the portrayal of non professional actors, natural settings and

Family of the Hearts Essay Example | Topics and Well Written Essays - 500 words - 2

Family of the Hearts - Essay Example The family is definitely one of the most important parts of the life of any person without which a person feels very lonely and sad at times. One can create the definition of a family by many different ways but the real and authentic meaning for the family is to live with people having emotions and feelings for each other. A person living with his/her family is able to enjoy life more than a person living alone. Therefore, after completing my education if I will have to decide whether I should live alone in America or with my family, I will definitely vote to live with my family. Being the first born in a family of three, I sometimes do feel the guilt of not being around my siblings to show them the right thing to do in the absence of my parents. This is so because whenever I am with them and my parents are not around, I take the full responsibility of being a parent to them. Although being away from my family is not for a bad course, I do not get that full satisfaction I usually get when being around them. Staying away from them has made realize how important my family is and that distance plays an important role in strengthening a family as a unit. Â   My extended family plays an important role just like my nuclear family. Even though being away from them too, I cannot get enough of their calls and the precious gifts they send me often. They shower me with love that rivals that of my dad, mum, and siblings. This is a clear example of how a family should be, not even friends can rival that bond created by family members.

Assessment and Development Essay Example for Free

Assessment and Development Essay 1. What is a competency? What are its characteristics? How is it different from Job Description? Competency: Competencies refer to skills or knowledge that leads to superior performance. These are formed through an individual/organization’s knowledge, skills and abilities and provide a framework for distinguishing between poor performances through to exceptional performance. Competencies can apply at organizational, individual, team, and occupational and functional levels. Competencies are individual abilities or characteristics that are key to effectiveness in work. Some examples of competencies required by the employees are: 1. Adaptability 2. Commitment 3. Creativity 4. Motivation 5. Foresight 6. Leadership 7. Independence 8. Emotional Stability 9. Analytical Reasoning and 10. Communication Skills Characteristics of Competencies ? ? ? ? ? ? Competencies are the characteristics of a manager that lead to the demonstration of skills and abilities, which result in effective performance within an organizational area. The best way to understand performance is to observe what people actually do to be successful rather than relying on assumptions pertaining to trait and intelligence. The best way to measure and predict performance is to assess whether people have key competencies. Competencies can be learnt and developed. They should be made visible/accessible. They should be linked to meaningful life outcomes that describe how people should perform in the real world 3|P a ge Common difference Competencies Job Description. Competencies †¢ †¢ †¢ †¢ †¢ Underlying characteristic of a person’s inputs. Clusters of knowledge, attitudes and skills. Generic knowledge motive, trait, social role or a skill. Personal characteristics. Set of skills, related knowledge and attributes. On the other hand, Job Description †¢ †¢ †¢ †¢ †¢ Superior performance in a given job, role or a situation. Individual’s ability to perform. Linked to superior performance on the job. Contribute to effective managerial performance. Successfully perform a task or an activity within a specific function or job. 4|P a ge 2. What are the different types of competencies? What is their relevance? 1. Behavioral Competency: Behaviors, knowledge, skills, abilities, and other characteristics that contribute to individual success in the organization ? ? ? Can apply to all (or most) jobs in an organization or be specific to a job family, career level or position For example:- teamwork and cooperation, communication Focus on the person 2. Technical or functional Competency: Specific knowledge and skills needed to be able to perform one’s job effectively ? ? ? Job specific and relate to success in a given job or job family For example:- knowledge of accounting principles, knowledge of human resource law and practice Focus on the job A trainer requires a different set of competencies than an accountant, and a teller requires a different set than a maintenance worker. If there are different levels within the same position, then each job level might also have its own set of vertically derived competencies 3. Core Competency: ? ? A core competency is defined as an internal capability that is critical to the success of business. These are organizational competencies that all individuals are expected to possess. These competencies define what the organization values the most in people. For example:- an organization might want each individual to possess teamwork, flexibility and communication skills. 5|P a ge 4. Threshold competency: ? ? The characteristics required by a jobholder to perform a job effectively are called threshold competencies. For the position of a typist it is necessary to have primary knowledge about typing, which is a threshold competency. 5. Differentiating competency: ? ? The characteristics, which differentiate superior performers from average performers, come under this category; such characteristics are not found in average performers. Knowledge of formatting is a competency that makes a typist to superior to others in performance, which is a differentiating competency. 6|P a ge 3. What is the difference between Assessment Centre and Development Centre? Differences between Assessment and Development centers Assessment centers usually ? ? ? ? ? ? ? ? ? ? ? ? ? Have a pass/fail criteria are geared towards filing a job vacancy address an immediate organizational need have fewer assessors and more participants involve line managers as assessors have less emphasis placed on self-assessment focus on what the candidate can do now are geared to meet the needs of the organization assign the role of judge to assessors place emphasis on selection with little or no developmental feedback and follow up give feedback at a later date involve the organization having control over the information obtained have very little pre-centre briefing tend to be used with external candidates. Development centers usually ? ? ? ? ? ? ? ? ? ? do not have a pass/fail criteria are geared towards developing the individual address a longer term need have a 1:1 ratio of assessor to participant do not have line managers as assessors have a greater emphasis placed on self-assessment focus on potential are geared to meet needs of the individual as well as the organization assign the role of facilitator to assessors place emphasis on developmental feedback and follow up with little or no selection function 7|P a ge ? ? ? ? give feedback immediately involve the individual having control over the information obtained have a substantial pre-centre briefing tend to be used with internal candidates 8|P a ge 4. What are the advantages and disadvantages of Assessment Centre and Development Centre? Assessment Centers: Assessment centers consist of a number of exercises designed to assess the full range of skills and personal attributes required for the job. Advantages: ? Assessment centers map the next level challenges and simulate them in exercises. This raises the validity of the assessment tool. The old way of evaluating the person based on past performance does not work many times, as the challenges of the next level are different from the challenges in the existing position. Assessment centers not only help the organization in placing the right candidate for the right job/assignment but also help in developing the participants. When participants see others handling the same exercise differently, it gives them an insight into their own performance thereby raises the credibility of the selection procedure. It appeals to the lay person’s logic and therefore is regarded as a fair means of assessment by the participants. Assessment Centers can be customized for different kinds of jobs, competencies and organizational requirements. They are far more accurate than a standard recruitment process as they allow a broader range of selection methods to be used during the process. They enable interviewers to assess existing performance as well as predict future job performance. They give the opportunity to assess and differentiate between candidates who seem very similar in terms of quality on paper. They give the candidates a better insight into the role as they are tested on exercises, which are typical for the role they have applied for. They help employers build an employer brand. Candidates who attend assessment centers which genuinely reflect the job and the organization are often impressed by that company, even if they are rejected. The cost of an assessment centre is usually cheaper compared with the potential cost of many recruitment phases and the cost of recruitment errors. 9|P a ge ? ? ? ? ? ? ? ? ? ? They are a fair process – they complement an organization’s diversity agenda and ensure that people are selected on the basis of merit alone. Disadvantages: ? ? ? ? ? Assessment Centers are very costly and time consuming. Assessment Centers requires highly skilled observers as the observers may bring in their own perceptions and biases while evaluating. Those who receive poor assessment might become de-motivated and might lose confidence in their abilities. New recruits with high expectations can feel disappointed if the assessment centre has encouraged them to believe the job or organization fits their values if, in fact, it does not. If you haven’t defined the key competencies prior to the event and a way to measure these competencies you will only be able to compare candidates on anecdotal details.

The Aims and Objectives of an Islamic Bank

The Aims and Objectives of an Islamic Bank Islamic banking is becoming increasingly popular and plays a prominent role in the financial services sector in Malaysia. According to latest statistics shown, the Muslim population of Malaysia is approximately 25 million. There is definitely a strong demand and strong growth potential in this sector. In Malaysia, the banking sector is mainly dominated by the conventional banking system whereby interest is not being prohibited. It is because the Islamic banking system is relatively new and there are insufficient regulations at present to govern them. If these obstacles are being resolved, the Islamic Banking sector will blossom given the influence of Malaysia in the international Muslim community. The primary aim of this research is to examine and understand in depth the development of Islamic banking in the world of finance. This piece of research can be divided into three sections. The first section looks at significant differences between conventional banking and Islamic banking. Products and services offered by these financial institutions will be marked to comparison. The second section looks at how the practice of Islamic banking started and how it has emerged to become a vial force in the economy. The final part of the research will focus on how the Islamic banks penetrated the Malaysian market and the challenges faced. 1.1 Structure of Dissertation This dissertation is divided into a few topics and each topic covers different areas of research. This is to give readers a clearer view of the research and make it more user-friendly. It is well thought and designed to ensure the smooth flow of the reading. The structure of the dissertation can be summarized as follows: Chapter 1: This chapter describes the aims and objectives of this research. Chapter 2: This chapter discusses the principles and fundamentals of Islamic banking Chapter 3: This chapter explains in detailed the state and scope of Islamic banking industry in Malaysia. I have also mentioned to objectives and roles the Malaysia International Islamic Financial Centre Initiatives plays in the industry. Chapter 4: Research methodologies and strategies that were being adopted for this paper was discussed. Chapter 5: I have marked two Islamic banks in Malaysia for side by side comparison. I have drawn up a table to compare their financial performance and position over the past two years. Chapter 6: I have interviewed two Islamic bankers from Malaysia. On top of that, I have also provided my personal analysis of their answers. Chapter 7: Competition and globalization of the Islamic banking industry. Moreover, I have also discussed opportunities and challenges faced in the world and in Malaysia. Chapter 8: A summary of the paper was included with recommendations and limitations to research. 2 INTRODUCTION So, what exactly is Islamic Banking? Islamic Banking is banking based on Islamic laws (Shariah). The Shariah principles are derived from the Quran and the Sunnah (sayings of Prophet Muhammad). Moreover, secondary sources of Islamic laws such as opinions collectively agreed among Shariah scholars, analogy and personal reasoning are also adopted in the rules and practices of Islamic banks (Al-Omar, 1996). The research then looks at the differences between conventional banking and Islamic banking. There governing principles of Islamic banks are: Riba Absence of interest-based transactions. Charging of interest is prohibited under Shariah principles. Money itself does not have inherent value and should not be used to create more money. Wealth can only be generated through legitimate trade and investment. Ghirar Acts of speculation are not accepted under Islamic principles. For instance, buying goods now at lower price in the hope of selling them at higher price in future. The reason being speculators make private gains at the expense of society at large. Zakat Introduction of Islamic tax for the purpose of wealth distribution so that every Muslim is guaranteed a fair standard of living. Haram It is forbidden for Islamic banks to finance activities forbidden in Islam such as prok meat and alcoholic beverage. In order to ensure that the trading activities do not contradict with Shariah principles, all Islamic banks are required to set up Shariah Committee, who acts as advisor to the banks. On the other hand, conventional banks charge interest on transactions. These interests are widely seen as price of credit. Furthermore, conventional banks focuses on elimination of risks and thus do not share any liabilities with the borrower. (Figure 1) Islamic Bank Vs Conventional Bank Based on Shariahprinciples. Based on best economic principles. Bank should not take advantage of borrower. No interest charged. Charges interest to reflect price of credit. Does not allow involvement in haramactivities such as pork meat and alcoholic beverage. Aims at maximizing profit without restrictions other than compliance with relevant regulatory frameworks. Intoduction of zakat. Non-existence of zakat. Promotes risk sharing between providers of credit and borrower. Interest is assured to providers of credit. No liabilities borne by the bank. Emphasis placed on viability and feasibility of projects. Emphasis placed on credit-worthiness of customers. Only provide guarantee for deposit account (al-wadiah). If funds placed under mudarabah accounts, customers shares profit or loss incurred by bank. Provides guarantee to all its depositors. www.learn islamicfinance.com 2.1 Fundamentals of Islamic Banking Finance Islamic commercial law is based on a few major principles. They will be discussed in detailed as follows: Musharakah (Partnership Finance) Musharakah is a contract in which the bank and the client contribute jointly to the capital of a specific project or deal to make a profit. Therefore, risks of profits and losses are being shared between these two parties according to terms and conditions stipulated in the contract. This principle exposes bank to the risks of the project, in other words protecting the interests of the community. This will prevent banks from yielding their unfair influence and sells disadvantage products to clients. Mudarabah (Trust Financing) Mudarabah is a contract in which the banks provides all the capital required whilst the partner contributes in terms of skills, experiences and efforts. The bank receives a pre-determined share of profits as agreed by both parties upon commencement of the project. The major difference between mudarabah and musharakah is that in this case, the bank bears all financial loss whilst the client goes unrewarded. Therefore, it is also the banks responsibilities to assess the feasibility and viability of the project. As such, it is vital for the bank to have a good and credible credit system to evaluate all its exposures on these projects. In short, this principle encourages individuals to participate in financial activities It also gives individuals without sufficient resources an opportunity and platform to prove themselves in the society. Murabaha (Cost-plus Financing) Murabaha is a contract in which the banks informs their client about the acquisition price of certain goods and products and sells them with a margin. It requires the bank to declare an honest price of acquisition. It is one of the most common principles adopted in Islamic banking system to promote interest-free transactions. It is widely practiced in asset financing and both commodity import and export. Bai-Muajjal (Deferred Payment Sale) It is a contract in which the seller sells a certain goods or products to the buyer at an agreed fixed price to be paid later at a specific date by the buyer. In short, it is a sale on credit. The bank merely acts as the financier by deferring the receipt of the sale price of goods it sells. Ijara (Leasing) In this case, the bank buys capital equipment or property and leases it out under instalment to clients. Similar to conventional leasing, the client has the option to purchase the goods at the end of the lease period. The fact that there is real good to be financed means that it is Shariah compliant. A very common product adopting this principle is Islamic mortgage whereby the buyer buys the property on an instalment basis. Qard Hassan Islamic teachings promote brotherhood amongst Muslims. Qard Hassan is seen as a gratuitous loan that helps fellow Muslims who need financial assistance. It can be defined as a loan to be repaid at a later date without incurring any interests. According to Rob (1992), Islamic banks may raise funds through sale of shares to public and main deposit accounts. Therefore, the bank has a responsibility to lend a helping hand to those in desperate situation without taking of their advantaged position. 2.2 Compatibility of Islamic Banking with Conventional Banking Islamic banking system has very similar features to conventional banking except that Islamic banks operate in compliant to Shariah laws and principles. Both banking systems have common features and common products. The main differences being prohibition of interests being incurred and sharing of profits and losses between banks and their clients (Abdur Rahim, 2009). They have the same objectives except interpretation of interest. Islamic banks fall into realms of the economic world as well. They try to ensure all their operations comply with Shariah laws yet at the same time conform to rules set by international bodies such as International Accounting Standards Board and Audit Practices Board. This is to ensure they remain relevant to the society and at the same time conform to their religious principles. Islamic banks sell products such as mortgages, savings accounts, insurance which is also sold by all conventional banks across the world. According to Nienhaus (1995), Islamic banks offer facilities more or less the same as conventional banks, in compliance with the welfare principles of Islam. 3 LITERATURE REVIEW A literature review is a process in which published articles or information are studied as part of the research for the preparation of a dissertation. For the purpose of this project, I have gathered information from books and articles from various sources. I have studied the concept of Islamic banking, having limited understanding about this topic previously. Further, I have also included discussion about the development of Islamic banking in the world, and in particular, Malaysia. This paper allows readers to have a good grasp of Islamic banking in general. It gives readers the opportunity to study about Islamic banking in greater detail when the interest of this industry gathering strong momentum. This is of particular importance because Islamic banking has a huge impact of the world economy because of the strong influence of the oil-rich Gulf States. 3.1 Introduction Since a few decades ago, Islamic banking has emerged as a new reality in the world economy. 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 Muslims to live all aspects of their live in accordance with the teachings of Islam (Siddiqi, 1983). This chapter provides a brief overview of how Islamic Banking was introduced in the World and how it penetrated the Malaysian market. Islamic banking today has proven to be a popular and reliable financial system in the world. It is widely seen as a viable alternative to the conventional banking system over last 3 decades. Islamic banking was described by scholars as wishful thinking when the idea was first mooted almost thirty years ago (Iqbal and Philip, 2006). Many conferences and discussions were carried out at that time to work on the finer details of this system. Several blueprints were drafted by Islamic scholars from all over the world to ensure a detailed system is created. The first international conference on Islamic Economics was organized by Kings Abdul Aziz University in Makkah marked an important milestone in the history of Islamic banking (Iqbal, 2005). Financial gurus, economic experts and Islamic leaders were invited to present their view and opinions. Following this, the first Islamic bank, Dubai Islamic Bank (DIB) was established in the United Arab Emirates in 1975. Since its formation, it has established itself as the leader in the industry and has won several accolades internationally. In 2009, it recorded net profit of  £200 million with assets worth over  £14 billion. Islamic banking has gained tremendous momentum and has been growing rapidly over the years. Islamic banks now offer products in various areas such as banking, insurance, mortgage and asset management with annual growth of 10% for many years. 3.2 History of Islamic Banking in Malaysia Islamic banking industry in Malaysia is growing at a moderate pace. It is a unique market because Islamic banks in Malaysia are allowed to operate in parallel to conventional banks (interest-based). The multi-ethnic population of Malaysia makes the entire change of financial system to follow the Shariah system not viable. Government of Malaysia opted for gradual way of introducing Islamic banking by allowing conventional banks to sell Islamic banking products and services such as sukuk (Arif, 1989). The dual banking system has been recognised by both West and East leaders and it is seen to be the model of the future. In fact, many central bankers have visited Malaysia to see the effectiveness of this dual system first hand. Furthermore, this dual system also eliminates the wrong concept of general public that Islamic banking products are sold exclusively to Muslims. The history of Islamic banking industry goes back to as far as 1963, when the foresighted government set up the Lembaga Tabung Haji also known as the Pilgrims Management and Fund Board. It was set-up primarily to encourage Muslims in the country to save up on their income in order to perform pilgrimage in Mecca (Kamarulzaman Bhupalan, 1983). Besides, the fund was also created to provide a platform for participation in the economic and investment activities. Based on the success of the Lembaga Tabung Haji, coupled with the consultation of Shariah experts and economic gurus, government then proceeded to set up the first ever Islamic Bank in 1983. Setting up of Bank Islam Berhad Malaysia (BIMB) marked a milestone in the banking industry. It proved to be hugely popular because over half the Malaysian population are Islam followers. What followed through was the listing of the bank in the stock exchange of Malaysia in the early 1990s. As of today, the bank has 100 braches located all ove r Malaysia. With the fairytale of BIMB, central bank decided to allow commercial banks and merchant banks to offer Islamic banking products under the Islamic Banking Scheme. It was not long after that the central bank set up the National Shariah Advisory Council to oversee all issues pertaining to Islamic Banking. Due to the economic liberalisation, central bank finally grants licenses to foreign Islamic banks to operate in Malaysia in 2004. Al-Rahji Bank and Kuwait Finance House took full advantage of this ruling and step foot into the Malaysian banking industry. The last count of Islamic banks operating in Malaysia stood at 21. 3.3 Scope of Islamic Banking in Malaysia Islamic Banking started out as mere deposit taking and lending facility has since transformed into all aspects of banking, money and capital market operations. In Malaysia, the central bank is in favour of a dual banking system, whereby Islamic banks are allowed to co-exist with conventional banks. It is at the consumers choice to select which services they prefer that cater to their needs. This is in stark contrast with the scenario in Iran and Pakistan, where conventional banking system is abolished completely to make way for Islamic banking. They claim to be devoid of conventional interest based financial transactions. Today, the Malaysian Islamic banking sector is blossoming as reflected in the extensive distribution networks comprising 152 full-fledged Islamic banking branches. The ability of these Islamic banks to offer competitive products with attractive and innovative features has attracted both Muslim and non-Muslim population in the country. This has also spurred non banking institutions such as savings institutions to introduce Shariah compliance product to appeal to a wider consumer base. According to Association of Islamic Banking Institutions Malaysia, there are 21 Islamic banks who have subscribed to their membership. The list of Islamic banks is provided as follows: Affin Islamic Bank Berhad Alliance Islamic Bank Berhad Al-Rajhi Banking Investment Corporation Berhad AmIslamic Bank Berhad Asian Finance Bank Berhad Bank Islam Malaysia Bank Berhad Bank Kerjasama Rakyat Malaysia Bank Berhad Bank Muamalat Malaysia Bank Berhad Bank Simpanan Malaysia Berhad CIMB Islamic Bank Berhad EONCAP Islamic Bank Berhad Hong Leong Islamic Bank Berhad HSBC Amanah Malaysia Berhad Kuwait Finance House (Malaysia) Berhad Maybank Islamic Bank Berhad OCBC Al-Amin Bank Berhad PT Bank Muamalat Indonesia Public Islamic Bank Berhad RHB Islamic Bank Berhad Standard Chartered Saadiq Berhad Unicorn International Islamic Bank Berhad As evident from the list above, there are 21 banks offering Islamic products in the Malaysian market. Confidence is clearly shown on the Malaysian market with international banking powerhouse presence such as Standard Chartered group and Kuwait Finance House. The Governor of Central Bank Malaysia recently declared the central banks intention to lure larger overseas banks to provided services that comply with Muslim tenets. As a sweetener to any potential deal, the central bank has raised foreign ownership limits at local Islamic banks and insurance companies to 70%. Rising oil wealth has turned the Islamic banking into an industry with assets with $1 trillion in assets globally. The central bank is doing its utmost, implementing initiatives to explore this relatively untapped market. In addition to the changes in foreign ownership limits, the central bank is also offering tax breaks for Islamic products and has relaxed rules for Islamic banks to trade in foreign currencies (Aziz, 2006). This is seen as a major breakthrough because the foreign currencies dealing is tightly regulated due to the impact Malaysian market suffered in the 1997 Asian Financial Crisis. In July 2010, Khazanah, Malaysia sovereign wealth fund made its debut in Singapore debt market issuing sukuk or Islamic bonds worth $1.5 billion, three times the size of Singapore sukuk market until now. This further strengthened the Malaysian government efforts to promote Islamic banking products both domestically and internationally.