2. IN THE FAMILY
3. IN ACCOUNTING
Thursday, November 29, 2012
MAGNIFICIENT CASTLE
CASTLE OF THE WORLD 1
1. Castle Babelsberg
 |
| Babelsberg Castle, considered the main castle in Park Babelsberg but only one of several, is located in Germany |
2. Castle Mespelbrunn
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| Mespelbrunn Castle was built between Frankfurt and Würzburg Germany |
3. Castle Heemstede
 |
| Heemstede castle was completed in 1286 on the spaarne river in the province of North Holland, Netherlands. It has been built, burned down and rebuilt several times over the centuries and it was last torn down in 1810, after years of neglect. Today it is a restaurant. |
4. Castle Werfen
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| Werfen Castle, aka Hohenwerfen castle, was built near Salzburg Austria during the 11th century |
5. Castle Matsumoto
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| Matsumoto Castle, also known as Fukashi Castle, is located within the city of Matsumoto in Nagano Prefecture, Japan and can be dated back to the warring states period circa 1504. |
TIPS DECIDING ON CHOICES
CHOICES
IN LIFE
Life has no rules. Life is not a rehearsal. Life is hard work. Life may not be as easy as we think. It can be complicated and a bitter journey or
it can be a happy rewarding journey with simple answers. Life is what we make it.
Life is a series of choices that lead
us to our destiny. The choices in life
will make life what it is. To be
successful and happy, we have to make the right choices. Every day and every minute we have choices to
make, even if they’re not to make any choices and to do nothing. Think about the impact your choices.
When we
are young and starting out in life, none of us have all the answers we need. As we get older and are doing more with our
lives, we are still looking for answers. It can take a lifetime of learning and
experiences to learn what we need to know.
TIPS DECIDING ON CHOICES
1. Assess
what you want from life.
2. Knowing
what you wish to achieve.
3. Gain
input from others on ethical issues.
4. Ask a
person whose input matters most.
5. Analyze
the consequences.
6. Analyze the actions and how
they measure up to principles of respect, dignity and honesty.
7. Use the "five
whys" method. Ask "why" five times to get to the internal cause before
deciding
8. Make
choices from love and respect.
9. Remove
negative biases when making choices.
10. Recognize
that the right choice is not always the most obvious.
QUOTES FROM DR. SHAD HELMSTETTER’S BOOK TITLED “CHOICES.”:
1. No one else can ever make
your choices for you. Your choices are yours alone. They are as much a part of
you as every breath you will take, every moment of your life.
2. You may think that in life,
a lot of things happen to you along the way. The truth is, in life, you happen
to a lot of things along the way.
3. If you’d like to know what
your choices have been, look at yourself and the life you have lived. What you
see is the choices you’ve made.
4. You cannot manage your life
if you do not manage your self. You cannot manage your self if you do not
manage your choices. Manage your choices, and you will manage your life.
5. The end result of your life
here on earth will always be the sum total of the choices you made while you
were here.
SHARED FROM:
SUKUK
SUKUK
TYPES OF SUKUK
i. Mudaraba Sukuk
Mudaraba has been most successful in the case of investment deposits with
an Islamic bank where the return is calculated annually based on the bank’s
profits. holders of mudaraba notes are
only entitled to a profit share. The
mudaraba note holders are not registered owners, and cannot attend or vote at
the annual general meeting.
ii. Musharaka Sukuk
Musharaka involves establishing a partnership or company to provide
financing with the participants sharing in the profits in relationship to the
size of their investment share. In
practice these have been very similar to mudaraba certificates rather than
being a distinct asset class.
iii. Ijara Sukuk
Under an Ijarah contract, the usufruct of a particular property is
transferred from the owner to another person in exchange for a rental payment. In other words, it is a leasing agreement
with the lessor referred to as the mujir, the lessee called the mustajir and
the rent paid to the lessor called ujrah.
The holders of such sukuk bear all cost of maintenance of and damage to the
real estate. Ijarah sukuk are the
securities representing ownership of well-defined existing and known assets
tied up to a lease contract, rental of which is the return payable to sukuk
holders. Ijarah contract is for a predetermined period, and rent
provides a regular monthly, quarterly or annual income.
iv. Murabaha Sukuk
In this case
the issuer of the certificate is the seller of the Murabaha commodity, the
subscribers are the buyers of that commodity, and the realised funds are the
purchasing cost of the commodity. The
certificate holders own the Murabaha commodity and are entitled to its final
sale price upon the re-sale of the Commodity.
Despite being debt instruments, the Murabaha Sukuk could be negotiable
if they are the smaller part of a package or a portfolio, the larger part of
which is constituted of negotiable instruments such as Mudaraba, Musharaka, or
Ijara Sukuk. Murabaha sukuk are popular in Malaysian market due to a more
liberal interpretation of fiqh by Malaysian jurists permitting sale of debt
(bai-al-dayn) at a negotiated price.
v. Salam Sukuk
The concept of Salam refers to a sale whereby the seller undertakes to
supply a specific commodity to the buyer at a future date in return for an
advanced price, paid in full on the spot.
The price is cash but the supply of the purchased goods is deferred.
Muslim farmers used Salam to receive cash advances in order to meet
immediate commitments until their crops were grown as they were not able to
borrow on the basis of riba.
Salam represents a type of forward contract, but such a contract is
forbidden under Shari’a law unless there are strict conditions attached that
aim at the elimination of uncertainty, or gharar.
· the initial
payment by the buyer must be paid in full, to ensure there is no uncertainty
over outstanding payments.
· salam can only
be used for commodities that are standardised, and where the quality and
quantity are measured exactly.
vi. Istisna Sukuk
Project financing can be undertaken through an istisna’a contract, whereby
funds are advanced to pay for the supplies and labour costs by an Islamic bank. Once the project is completed, the advances
are repaid from the revenue derived from the project.
vii. Hybrid Sukuk
Considering the fact that Sukuk issuance and trading are important means of
investment and taking into account the various demands of investors, a more
diversified Sukuk – hybrid or mixed asset Sukuk – emerged in the market. In a
hybrid Sukuk, the underlying pool of assets can comprise of Istisna, Murabaha
receivables as well as Ijara. Having a portfolio of assets comprising of
different classes allows for a greater mobilization of funds.
References: