Marketing Essay Example | Topics and Well Written Essays - 1500 words - 1

Showcasing - Essay Example Situating systems intends to guarantee that an organization’s names springs up in the brains of buyers at whatever point administrations in their field of skill are required. Separation techniques guarantee that the items and administrations offered to the market are interesting contrasted with those offered by their rivals. This gives an association the edge over their rivals while doing combating for purchasers in that specific market (Guidry, 2011). These methodologies are executed in various organizations, including medical clinics and other social insurance facilities.â A model that can is utilized to grandstand their utilization is the examination between Bon Secours St. Mary's Hospital and HCA Henrico Doctor's Hospital that are both situated in Richmond VA. Both of these clinics work freely however are a piece of bigger associations that have different emergency clinics in the Richmond region and all through the United States.â Though these two associations basicall y offer comparable administrations to their demographic situating and separation methodologies are utilized to guarantee that they stand apart from their rivals as they endeavor to build up a superior handle on the region’s showcase. ... This clinic has made promoting procedures that have guaranteed its endurance throughout the years most outstandingly for this situation situating, and separation systems. The separation systems utilized by the emergency clinic is found in the sorts of administrations that it offers the customers who visit their premises. One assistance incorporates: Bon Secours for Women. This is an activity propelled by the emergency clinic and expects to offer specific social insurance administrations to the ladies who visit the emergency clinic (Bon Secours Health System, Inc., 2012).â Bon Secours for Women manages clinical issues that exclusively influence ladies, for example, conceiving an offspring and child rearing issues that follow afterwards.â Classes and instruction is offered and introduced to buyers onâ breastfeeding, parentingâ and the board of any difficulty that may emerge after the birthing procedure, for example, the consideration of wounds for ladies who have needed to experi ence a Caesarian area. Despite the fact that these administrations are offered by different emergency clinics also, St. Mary's Bit has gone a stage farther by putting it beside the other clinical administrations on offer, hence making the ladies who look for these administrations from their emergency clinic accept that they are thought about and acknowledged, dissimilar to other medicinal services offices whereby these administrations are alligned with the remainder of the clinical consideration that they need to offer.â Bon Secours for Womenâ concentrates on a specific specialty in the market, which is ladies, and their needs.â They point their advertising toward ladies clients who favor particular consideration when managing any clinical issues. Home consideration administrations are another specific zone for Bon Secours.â This is likewise another cunning method of separating the hospital’s administrations from those offered by other

Why were British troops sent into Northern Ireland?

Right around 40 years back British soldiers were sent into Londonderry as a result of numerous contentions because of the divisions and separation of the two religions, Catholic and Protestants. English government attempted to intercede by sending in their on troops as segregation got so escaladed that Catholics would not confide in the RUC (who were principally Protestant.) English soldiers were sent into Ireland on account of numerous contentions that began to Henry VIII which was just about 500 hundred years back. At the point when Henry VIII needed to separate from Catherine of Aragon, the pope of Rome precluded it, in this way making England alone and all the more significantly shaped â€Å"The church of England.† Ireland was as yet Catholic and partners with Rome, England considered this to be a danger so after 1610 they, held onto some of Ireland and â€Å"planted† a few Protestants there. Britain imagined that Rome would need to attempt to avoid England through Ireland so this is the reason they took over piece of Ireland. The protestant living in Ireland were called funeral directors as they needed to under take all standards given by the Church of England, they needed to fabricate horse shelters houses and be battle prepared when required. Irish Catholics were enraged about the take over of Ireland so they chose to revolt, they consumed houses and horse shelters, harvests and food; they additionally executed a great many protestants (2000 †3000). This caused England to fight back so they sent a Scottish armed force of 10,000 men into Ulster and the English armed force grabbed hold of Cork and Dublin, the insubordination brought about the entire of Ireland being dominated. When King Charles II kicked the bucket, James II turned into his replacement, the issue with James II being best is that he is catholic. James elevated catholic fighters to higher positions and gave more advantages to Catholics, parliament got dubious and thought he was attempting to change England into a catholic state. James' Daughter Mary wedded William of Orange. Making William the new ruler. James II went to Ireland and he realized he would get solid help from Catholics. With his military behind him, he went to take over Derry, however the disciple young men shut the entryway preventing his military from entering, the protestants experienced starvation, infection and enormous pulverization along these lines, yet when James II was vanquished by William of orange, (clash of Boyne) protestants where seen as legends for battling for their accepts, amusingly this is one of the primary reasons why British soldiers must be sent in again 400 hundred years after the fact. This from various perspectives prompted the ascending of Sinn Fein who were a political gathering battling for Ireland's opportunity, in the sense they were additionally degenerate and had the help of the IRA (Irish republican armed force.) The Sinn Fein, one of the pioneers Michael Collins, who raised a ton of armed forces, really marked the segment. England thought the best way to determine Irelands clashes is attempt and pay both Ulster and Ireland off, hesitantly acknowledged by the two sides Ireland was for the last time isolated (1920),). Conceivable momentary impacts of the British soldiers sent in would be the oppression Catholics, because of the ill will in view of estate and the reorganization and the clash of Derry. The first of many transient causes was the explicit vote apparatus or Gerrymandering, which made numerous Catholics have awful or even no house at all regardless of whether there were 12 of every a family, yet the Protestants would get them because of the separation. Occupations and advancement given to a catholic was extremely uncommon, a shipyard in Wolfe had more than 10,000 workers however just 400 were catholic. Potential reasons which hinted at the common war could, which at last prompted the sending in off the British soldiers, are the absence of lodging gave by the neighborhood chamber, because of the manipulating the board was controlled by protestants making Catholics lose houses. Bias rose significantly further when RUC or B †masters (off the clock police who were furnished) rewarded Catholics like filth. The RUC were eminence to be principally protestants, they badgering Catholics and decimated their property, they even let off violations as long as it was a protestant taking from a catholic. Every one of these occasions prompted the Civil rights development, Civil rights activists attempted to walk to Londonderry however were halted at Burntollet connect, where social equality activists were met by irate protestants. The protestants thought the social equality were all IRA, and figured they would bring matters into their own hand and ruthless revolting broke out. The b pro really helped the agitators and the RUC did little to nothing to support the issue. Not long after the occasions that happened at Burntollet connect and the shocking presentation by the RUC prompted the Battle of Bogside. This fight was upon the arrival of the understudy young men walk, (referenced over) the protestants would walk and â€Å"celebrate† the decent student young men. They would sing hostile melodies, for example, â€Å"Drive the Billy-young men back† and toss rockets at the Catholics, for example, shakes and coins. On august 1969 the walk started, even idea numerous individuals thought it would inescapable end up in a full scale revolt. The Catholics attempted to blockade themselves in however the Protestants ran at the hindrance full power to get at them, the RUC were really attempting to get the obstruction down (as far as anyone knows attempting to separate the uproar yet couldn't get to them). This shocking mob caused the sending of the soldiers in, Catholics thought it was a gift from heaven as they warmed the RUC to such an extent.

A Personal Experience Defining Who I Am Essays

A Personal Experience Defining Who I Am Essays A Personal Experience Defining Who I Am Essay A Personal Experience Defining Who I Am Essay ?At an early age, I had the boldness to face a domineering jerk, however this harasser is by and large, to many, a security and gatekeeper. As far as I could recall my mom and organic dad had brutal battles that would be put in plain view to my more established sister and I. The battles would actuate blood and overwhelming wounding. My mom has just cried a couple of times before me, and at six years old that was the first. It was a spring evening, simply returning home from my morning kindergarten. There I turned on Blue’s Clues and got a juice-box. Unwinding in light of the fact that it was very all through my home, my grandma having worked her late evening nursing work rested in her room since I had the option to deal with myself. After a short time, I was welcomed by my organic dad days subsequent to being terminated from one more employment stinking of liquor. He began harsh lodging with me and getting irritated that I didn’t recognize his very presence. At that point there was a thump on the entryway, and I went to reply since my natural dad was too intoxicated to even think about functioning like a better than average person. To my sheer shock, it was a kindred cohort from school, Dequan, who needed to stroll down a mile-long slope to arrive at my home. He inquired as to whether he could play, and to my satisfaction, I said sure and hurried to get my shoes. As I went to run, the projecting gut of my natural dad obstructed my way. He yelled in a slur, â€Å"We don’t play with your sort, n*****!† then followed by pummeling the entryway on the little kid’s face. I disintegrated to the ground as it wasn’t the first occasion when he had harmed kinships of mine since it wasn’t to his norms. That was the last time he’d ever do that. I got my shoes and flung them at him, yelling out his name, â€Å"David! David! David!† This angered him and he heaved a clench hand at my face. As I laid on the ground, he continued to reveal to me that I was a mix-up. Everything I did was stand up and let him know and at that point he’ll lament ever sa

Improving Structure and Links for User Navigation Session

Improving Structure and Links for User Navigation Session Improving Structure and Links for Analysis of User Navigation Sessions Bhagyashri Biranje, Priti Harpale, Dushyant Singh, Meenal Jadhav, Sindhu M.R. Theoretical In this paper, we are planning a very much organized site to encourage compelling client route to relink website pages to improve traversability utilizing client route information. We will totally revamped new structure of a site, which can be profoundly flighty. It will likewise represent how to improve a site without presenting significant changes. Here explicitly, we are utilizing an information mining calculation to improve the client route on a site while limiting adjustments to its present structure. We will likewise test the model on huge engineered informational indexes to show that it scales up well indeed. Watchwords: Website structure, client route, web mining, information mining calculation. Relating Authors: Meenal Jadhav, Sindhu M.R. Presentation These days, the more utilization of web gives individuals more information and data in detail. Number of clients of web is expanding step by step. For a client finding wanted data isn't in every case simple. In this way, structuring viable sites isn't simple. Despite the fact that there are prominent sites, in the event that they can't see the ideal data, at that point clients will disregard these sites. Appraisals will be down. Less quantities of clients will be the guests [1]. There are such a significant number of instances of client route. The café administrations, for example, reserving a spot, handling orders, and conveying dinners for the most part expects servers to include client data and afterward transmit requests to the kitchen for menu planning. At the point when the client covers the tab, the sum due is determined by the clerk. In spite of the fact that this system is straightforward, it might altogether build the waiters’ outstanding task at hand and even reason blunders in menu requesting or in organizing clients, particularly when the quantity of clients out of nowhere increments during occupied hours, which can genuine corrupt generally administration quality. Sites are experiencing issues in looking and finding the objective pages, in light of poor web architecture. To plan a site, designers ought to see how to build a site, which is not quite the same as past site structure. This will be valuable in such situations where clients couldn't look or find the ideal data. In this way, to keep away from such issues isn't simple while making a site. Since web designers might have legitimate comprehension of user’s inclinations and they sort out pages on their own inclinations of their own decisions. Along these lines to satisfy the user’s need, the site pages ought to be sorted out so that it ought to be coordinate with user’s inclinations [2]. The accomplishment of any association of site will be resolved to a great extent by how well site’s data engineering matches users’ desires. A sensible, reliably named site association permits clients to make effective forecasts about where to discover things. Different techniques for sorting out and showing data license clients to expand their insight from recognizable pages to new ones. On the off chance that a designer deludes clients with a structure that is neither intelligent nor unsurprising, or continually utilizes extraordinary or equivocal terms to depict site highlights, clients will be disappointed by the challenges of getting around and understanding what you bring to the table [3]. Designer don’t need user’s mental model of site to look like fig.1. Fig.1 Confusing connections are made by an engineer. Don’t make such a befuddling web of connections. Creators aren’t the main ones who make models of locales. Clients attempt to envision the site structure also, and fruitful data engineering will enable the client to construct a firm and unsurprising mental model of your site [3]. EXISTING SYSTEM In the event that current webpage has in excess of a couple dozen pages, your clients will expect web search alternatives to discover content in the website. In a bigger webpage, with perhaps hundreds or thousands of pages of substance, web search is the main proficient intends to find specific substance pages or to discover all pages that notice a watchword or search query. For instance, likewise with well known books at the library or the hit melodies on iTunes, content use on enormous sites is an exemplary â€Å"long-tail† wonder [3]: a couple of things get 80 percent of the consideration, and the rest get drastically less traffic. As the user’s needs get more explicit than a program interface can deal with, web search tools are the way to discover content out there in the long tail where it may somehow or another stay unfamiliar (fig. 2). Fig.2 The â€Å"long tail† of web search. Huge locales are simply too enormous to even consider depending entirely on perusing. Vigorously utilized pages are probably going to show up on perusing menus pages. Site Structure: In this venture, the site structure comprises of three parts: format layouts, URL examples, and linkage structure. Design Template Most website pages comprise of HTML components like table, menu, catch, picture, and info box. The format of a site page portrays what HTML components are remembered for the page, just as how these components are outwardly dispersed in page rendering. Basically, a page design is spoken to by a supposed DOM (Document Object Model) tree. In this undertaking, a format is considered as a gathering of pages which have fundamentally the same as designs (DOM trees) [3]. In a site, pages are created dependent on recognizable formats as indicated by their capacities. In other words, outwardly comparable pages for the most part have same capacity. Along these lines, client can without much of a stretch distinguish a page’s work initially. (b) (c) Fig. 3 Typical format layouts from the ASP.NET Forums [3]. Following are a few run of the mill design layouts recognized from the ASP.NET Forums [3]. Their capacities are to show an) a rundown of conversation string, b) a rundown of string posts, and c) client profile, separately. They are intended to appear: an) a rundown of conversation string, b) a rundown of string posts, and c) client profile, individually. URL Pattern A URL design is a speculation of a gathering of URLs having comparable syntactic configuration. As a rule, a URL example can be spoken to with a customary expression.Following we give some model URL designs found, again,from the ASP.NET Forums [2]. Rundown of-string pages ^http://forums.asp.net/d+.aspx$ ^http://forums.asp.net/d+.aspx?PageIndex=d+forumoptions=d+:d+:d+::$ Rundown of-post pages ^http://forums.asp.net/t/d+.aspx$ ^http://forums.asp.net/t/d+.aspx?PageIndex=d+$ ^http://forums.asp.net/p/d+/d+.aspx$ ^http://forums.asp.net/ThreadNavigation.aspx?PostID=d+NavType=(Previous|Next)$ Client profile pages ^http://forums.asp.net/client/Profile.aspx?UserID=d+$ ^http://forums.asp.net/individuals/[^/?]*$ Itis saw that one design formats can have more than one related URL design. For example,a book shop site as a rule plans one layout to show a rundown of books,andprovidesdifferent inquiry parameters to produce such a rundown. Different inquiry parameters in this situation will prompt diverse URL designs, however the query items are appeared with a similar layout. Another basic case is copy pages, i.e., pages with a similar substance (and likely the equivalent layout)but various URLs [3]. Connection Structure In light of the design layouts and URL designs, we can develop a guided diagram to speak to the site association structure. That is, every design layout is considered as a hub in a chart, and two hubs are connected if there are hyperlinks between the pages having a place with the two hubs. The connection bearing is equivalent to the related hyperlinks.And each connection is portrayed with the URL example of the comparing hyperlink URLs. Once more, it ought to be seen thatthere could be various connections starting with one hub then onto the next if the relating hyperlinks have more than one URL design. Fig. 2 gives an illustrative model ofthe sub-chart developed dependent on the design formats and URL designs above. Fig.4 An illustrative sub interface chart for the ASP.NET Forums [3]. PROPOSED SYSTEM In our proposed framework, we have two fundamental modules-Client and Server. 1] Module 1: Client Fig.5 Client Customer has two capacities: Peruse Website Submit User Experience Client or customer used to peruse the site. The customer peruses the site. The data of client, for example, history, time of visiting site, joins and so forth is known as user’s experience. It is then submitted to server. 2] Module 2: Server Fig.6 Server We are utilizing tomcat apache as a Server. Customer and Server are associated through system utilizing Servlet. Server is utilized to store action log of all user’s dependent on meeting in the database. Utilizing Data Mining calculation this database, site can be rebuilt to give better, simpler and quicker interfaces. Framework ARCHITECTURE Fig. 7 Architecture In this design, there are two modules, customer and server. Customer peruses the site and presents its experience to the server. At that point information is put away into the database. Information mining calculation is applied to get improved site structure. It improves a site as opposed to revamps it subsequently is reasonable for site upkeep on a dynamic premise. This model is exceptionally viable to true sites. It ideally takes care of huge measured issues in almost no time much of the time on a work area. Information Mining Algorithm: The Data mining calculation we are utilizing is K-Means. The Algorithm K-implies (Mac Queen, 1967) is one of the most straightforward unaided learning calculations that take care of the notable bunching issue. The method follows a basic and simple approach to order a given informational index through a specific number of bunches (accept k groups) fixed a need [4, 5]. The calculation is made out of the accompanying advances: 1. Spot K focuses into the space spoke to by the articles that are being clu

Network managment Essay Example | Topics and Well Written Essays - 5000 words

System managment - Essay Example r down; today execution the board has become a urgent piece of the IT groups job which achieves a large group of difficulties - particularly for worldwide associations. MAN: Metropolitan Area Network, an information arrange intended for a town or city. As far as geographic expansiveness, MANs are bigger than neighborhood (LANs), yet littler than wide-region systems (WANs). Keeps an eye on are generally described by rapid associations utilizing fiber optical link or other advanced media. A MAN is streamlined for a bigger topographical territory than is a LAN, extending from a few squares of structures to whole urban areas. Keeps an eye on can likewise rely upon correspondences channels of moderate-to-high information rates. A MAN may be claimed and worked by a solitary association, however it as a rule will be utilized by numerous people and associations. Keeps an eye on might likewise be possessed and worked as open utilities. They will frequently give intends to internetworking of neighborhood systems. Metropolitan territory systems can range up to 50km, gadgets utilized are modem and wire/link A few advances utilized for this reason for existing are ATM, FDDI, and SMDS. These more seasoned innovations are being dislodged by Ethernet-based MANs (for example Metro Ethernet) in many zones. MAN interfaces between LANs have been worked without links utilizing either microwave, radio, or infra-red laser joins. DQDB, Distributed Queue Dual Bus, is the Metropolitan Area Network standard for information correspondence. It is determined in the IEEE 802.6 norm. Utilizing DQDB, systems can be up to 30 miles in length and work at paces of 34 to 155 Mbit/s. MAN embraced advances from both LAN and WAN to fill its need. Some inheritance innovations utilized for MAN are ATM, FDDI, DQDB and SMDS. These more established advances are being uprooted by Gigabit Ethernet and 10 Gigabit Ethernet. At the physical level, MAN interfaces between LANs have been based on fiber optical links or utilizing remote advancements, for example, microwave or radio. The Asynchronous Transfer Mode (ATM) forms a

Myths of Harry Potter - Free Essay Example

It is safe to say that the Harry Potter franchise is one of the most successful franchises in history. The brand is worth about $25 billion dollars, the movies together made about 7.7 billion dollars, and the books have made JK Rowling one of the riches authors in the world with a net worth of $ 1 billion. What made this series so popular? I believe the reason why this series was so popular because both children and adults enjoyed the story. Children could experience a world of fantasy and adults could see the mythology behind the characters and creatures they come across in the books. In this essay I will be discussing all the references of ancient mythology that are represented in the Harry Potter films and books. According to Joseph Campbell, when people think of mythology, â€Å"they usually think of Greek mythology or the biblical mythology† (Campbell pg. 71). Myths are stories that can help us and guide us through life, and there are lessons that can be learned from these myths. Some myths are so ancient that people forget about them and just dont talk about them, forgetting the lessons that can be learned from them. In Joseph Campbell novel A Hero with a Thousand Faces, he says, â€Å"‘the models must be appropriate to the time in which they are living’ (Campbell pg. 16). The models Campbell mentions are the myths and in this case the models are the Harry Potter books and films. Harry Potter fulfills society’s earning for supernatural and fantasy by creating a wizarding world with new creatures and history but also incorporating our history ancient mythology. In Sharon Black’s article, The Magic of Harry Potter: Symbols and Hero of Fantasy, talks about h ow children use these stories of supernatural and fantasy to understand reality, â€Å"to speak to him in the language of symbols and not that of everyday reality† (Black pg. 239). When Harry find the Mirror of Erised he sees his dead parents stare back at him from the mirror, that isn’t real because Harry’s parents are dead. What is real is Harry’s desire to be loved by a family which is a real feeling people have. There are many references to ancient mythology all throughout the Harry Potter series. We can see a lot of influence from ancient mythology starting with characters names. Hermione, one of the main female roles and she is Ron and Harry’s best friend. Her name was inspired from Greek mythology, the god Hermes, who is known for being a quick thinker which is shown in Hermione’s intelligence. Minerva McGonagall, a Hogwarts professor was also inspired by Greek mythology. Minerva was the roman goddess of wisdom, craft, and strategy. Minerva Mcgonagall is the transfiguration professor at Hogwarts who is also very wise, and she is also see as fierce and smart when going into the battle of Hogwarts in the last book. Sirius, another character, was the pet dog of Orion, and Artemis the Greek goddess falls in love with Orion. Artemis accidentally kills Orion and to remember him she him in the sky as a constellation with his dog Sirius by his side. In Harry Potter Prisoner of Azkab an, we meet Sirius Black who is an Animagus, a wizard that can transform into an animal and he takes form of a dog. His form of a dog is fitting because Sirius is a loyal friend to Harry, and we later find out is Harry’s godfather and was best friends with Harry’s father when they attended Hogwarts. In the seventh book, Harry Potter and the Deathly Hallows, we come across some Christian allegory. Harry and Hermione visit Harry’s parents grave, on the grave it reads â€Å"The last enemy that shall be destroyed is death,† which is a verse from the Bible, 1 Corinthians 15:26. Laura Feldt talks about in her article that religion is a form of believing and understanding your emotions and knowing what is right and what is wrong (Feldt p. 563). What helped Harry win in the end was his understanding of what he had to do in order to do what was right and protect the ones that he loved. This religious idea that the last enemy is death is also seen throughout the last five Harry Potter books when Lord Voldemort comes back to life. Throughout the last books the main conflict is Harry fighting Voldemort and in the end we come to find that in order for Harry to defeat Voldemort for good Harry must die which shows the last enemy to face is death. In the fifth book, Harry Potter a nd the Order of the Phoenix, Hermione uses a protean charm to communicate with all the other members of Dumbledore’s army. Each member has a galleon that is charmed to change, so they all know when the next meeting time is without drawing attention to themselves. The name for the charm comes from Greek mythology, Proteus. Proteus was a servant of Poseidon who was able to change into any animal or creature. â€Å"Protean† means, â€Å"to change frequently.† In the fourth book, Harry Potter and the Goblet of Fire, Hogwarts hosts the Yule ball. In the wizarding world, the Weird sisters are a popular wizard band that also performs at the Yule ball. The bands name comes from the three witches in Shakespeare’s play Macbeth, which were also called the Weird Sisters. Shakespeare even got the name from British folktales. JK Rowling has also mentioned in interviews that Macbeth is her favorite Shakespeare play which shows were the influence came from. We come across a couple creatures that have been inspired by different mythologies. In the first book, Harry Potter the Sorcerer’s Stone we meet Fluffy, the three headed dog that guards the Sorcerers Stone. In Greek mythology there is a three headed dog named Cerberus, who guards the entrance to the underworld. Orpheus uses his gift of music to send Cerberus into a deep sleep. This same strategy is used in the first book when Harry, Ron, and Hermione use Hagrids flute to send Fluffy to sleep, so they can get past Fluffy to retrieve the Sorcerer’s Stone. Nagini is another creature we encounter throughout the books and films, Nagini is Voldemort’s pet snake and one of the living Horcruxes. Naga means snake in Sanskrit; the name is a kind of semidivine snake in Hinduism and Buddhism. according to legend nagas are half human half snake. In the most recent film The Crimes of Grindelwald, we come to find that Nagini was a woman that could transform into a snake, and fe male nagas are called nagini. There are other creatures that have appeared throughout the series like, Hippogriffs that come from European folklore, Cornish pixies appeared in the 4th book; they originally appeared in English, Scottish, and Irish folktale. Dragons and goblins appear in the series, both date back to Medieval folklore.

The Definition And Mechanisms Of Sukuk Finance Essay - Free Essay Example

According to Islamic Invest Guide, a Sukuk is an asset based security that provides a relatively fixed constant flow of income without violating the Islamic laws on interest. Instead of interest payments, sukuk investors receive a pass-through of income generated by the underlying assets. Sukuk are a Syariah-compliant tool for raising capital and may be structured around a variety of Islamic contracts Such as: Al Musyarakha, Al wadiah, Al Bai Bithaimal Ajil and Al Mudharabah to name a few. According to UBS.com a Sukuk is an Islamic financial certificate, similar to a bond in Western finance. Sukuk are securities that comply with the Islamic law and its investment principles, which prohibits the charging or paying of interest. Financial assets that comply with the Islamic law can be classified in accordance with their tradability and non-tradability in the secondary markets. Mechanism and trading and how Sukuk is traded There are different types of Sukuk Bonds that are being traded in the market. Having different forms as the sukuk bonds have, this means that they are traded in different ways. Sukuk has many different types and depending on how the Islamic models of trading is used in its structure. The following are the more common as identified by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI): Mudharabah Sukuk These are investment sukuk that represent ownership of units of equal value in the Mudharabah equity and are registered in the names of holders on the basis of undivided ownership of shares in the Mudharabah equity and its returns according to the percentage of ownership of share. Mudharabah sukuk are used for enhancing public participation in big investment projects. Features They symbolize the co-ownership, where one provides the financial investment and the other the entrepreneurial know-how with the profits being split between them All information required by Shariah for the Qirad contract such as the source of start up funds, the ratio for profit dispersion and other conditions related to the issue, which must be Shariah compliant are to be listed in the company prospectus. The Sukuk holder is given the right to transfer the ownership by selling the deeds in the securities market at his discretion.   The sale of MS must follow the rules listed below: If the capital is still in the form of money before the operations of the project, the trading of MS would be like exchange of money for money. In that case the rules of bay Al-Sarf would be applied. If Muqarda capital is in the form of debt then it must satisfy the principles of debt trading in Islam If capital is in the form of combination of cash, receivables, goods, real assets and benefits, trade must be based on market price evolved by mutual consent. The Manager who receives the fund collected from the subscribers to Mudharabah Sukuk can also invest his own fund. He will get profit for his capital contribution in addition to his share in the profit as Mudarib. Neither prospectus nor Mudharabah Sukuk should contain a guarantee, from the issuer or the manager for the fund, for the capital or a fixed profit, or a profit based on any percentage of the capital It is permissible to create reserves for contingencies, such as loss of capital, by deducting from the profit The prospectus can also contain a promise made by a third party, totally un-related to the parties to the contract, in terms of legal entity or financial status, to donate a specific sum, without any counter benefit, to meet losses in the give project, provided such commitment is independent of the Mudharabah contract. On the expiry of the specified time period of the subscripti on, the Sukuk holder is given the right to transfer the ownership by sale or trade in the securities market at his discretion. Musyarakah Sukuk Musyarakah Sukuk is used for mobilizing the funds for establishing a new project or developing an existing one or financing a business activity on the basis of partnership contracts. The certificate holders become the owners of the project or the assets of the activity as per their respective shares. These Musyarakah certificates can be treated as negotiable instruments and can be bought and sold in the secondary market. Steps involved in the structure Corporate (as Musharik) contributes land or other physical assets to the Musyarakah The Musyarakah appoints the Corporate as an agent to develop the land (or other physical assets) with the cash injected into the Musyarakah and sell/lease the developed assets on behalf of the Musyarakah In return, the agent (i.e. the Corporate) will get a fixed agency fee plus a variable incentive fee payable. The profits are distributed to the Sukuk holders. The Corporate irrevocably undertakes to buy at a pre-agreed price the Musyarakah shares of the Special Purpose Vehicle (SPV)  [1]  on say semi-annual basis and at the end of the fixed period the SPV would no longer have any shares in the Musyarakah. An example of Musyarakah Sukuk in practice is the US$550 million Sukuk transaction for Emirates airline, the seven-year deal was a structured on a Musyarakah contract. The Musyarakah or joint venture was set up to develop a new engineering centre and a new headquarters building o n land situated near Dubais airport which will ultimately be leased to Emirates. Profit, in the form of lease rentals, generated from the Musyarakah venture will be used to pay the periodic distribution on the trust certificates. Al-Ijarah Sukuk These are sukuk that represent ownership of equal shares in a rented real estate or the usufruct of the real estate. These sukuk give their owners the right to own the real estate, receive the rent and dispose of their sukuk in a manner that does not affect the right of the lessee, i.e. they are tradable. The holders of such sukuk bear all cost of maintenance of and damage to the real estate. Features It is necessary for an ijarah contract that the assets being leased and the amount of rent both are clearly known to the parties at the time of the contract and if both of these are known, ijarah can be contracted on an asset or a building that is yet to be constructed, as long as it is fully described in the contract provided that the lessor should normally be able to acquire, construct or buy the asset being leased by the time set for its delivery to the lessee. The lessor can sell the leased asset provided it does not hinder the lessee to take benefit from the asset. The new owner would be entitled to receive the rentals. Rental in ijarah must be stipulated in clear terms for the first term of lease, and for future renewable terms, it could be constant, increasing or decreasing by benchmarking or relating it to any well-known variable. As per shariah rules, expenses related to the basic characteristics of the assets are the responsibility of the owner, while maintenance ex penses related to its operation are to be the responsibility of the lessee. As regards procedure for issuance of ijarah sukuk, an SPV is created to purchase the asset or assets that issues sukuk to the investor, enabling it to make payment for purchasing the asset. The asset is then leased to third party for its use. The lessee makes periodic rental payments t the SPV that in turn distributes the same to the sukuk holders. Ijara sukuk are completely negotiable and can be traded in the secondary markets. Steps involved in the structure The obligator sells certain assets to the SPV at an agreed pre-determined purchase price. The SPV raises financing by issuing sukuk certificates in an amount equal to the purchase price. This is passed on to the obligator (as seller). A lease agreement is signed between SPV and the obligator for a fixed period of time, where the obligator leases back the assets as lessee. SPV receives periodic rentals from the obligator These are distributed among the investors i.e. the sukuk holders At maturity, or on a dissolution event, the SPV sells the assets back to the seller at a predetermined value. That value should be equal to any amounts still owed under the terms of the Ijara sukuk. An example of this is US$350 million sukuk Trust Certificates by Sarawak Corporate Sukuk Inc. (SCSI) Sarawak Economic Development Corporation (SEDC) raised financing amounting to US$350 million by way of issuance of series of trust certificates issued on the principle of Ijara sukuk. Th e certificates were issued with a maturity of 5 years and under the proposed structure, the proceeds will be used by the issuer to purchase certain assets from 1st Silicon (Malaysia) Sdn Bhd. Thereafter, the issuer will lease assets procured from 1st Silicon to SEDC for an agreed rental price for an agreed lease period of 5 years. 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. The possibility of having legally acceptable Murabaha-based sukuk is only feasible in the primary market. The negotiability of these Sukuk or their trading at the secondary market is not permitted by shariah, as the certificates represent a debt owing from the subsequent buyer of the Commodity to the certificate-holders and such trading amounts to trading in debt on a deferred basis, which will result in riba. 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 suku k 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. Steps involved in the structure A master agreement is signed between the SPV and the borrower SPV issues sukuk to the investors and receive sukuk proceeds. SPV buys commodity on spot basis from the commodity supplier. SPV sells the commodity to the borrower at the spot price plus a profit margin, payable on installments over an agreed period of time. The borrower sells the commodity to the Commodity buyer on spot basis. The investors receive the final sale price and profits. Salam Sukuk Salam sukuk are certificates of equal value issued for the purpose of mobilising Salam capital so that the goods to be delivered on the basis of Salam come to the ownership of the certificate holders. The issuer of the certificates is a seller of the goods of Salam, the subscribers are the buyers of the goods, while the funds realized from subscription are the purchase price (Salam capital) of the goods. The holders of Salam certificates are the owners of the Salam goods and are entitled to the sale price of the certificates or the sale price of the Salam goods sold through a parallel Salam, if any. Salam-based securities may be created and sold by an SPV under which the funds mobilized from investors are paid as an advance to the company SPV in return for a promise to deliver a commodity at a future date. SPV can also appoint an agent to market the promised quantity at the time of delivery perhaps at a higher price. The difference between the purchase price and the sale price i s the profit to the SPV and hence to the holders of the Sukuk. All standard shariah requirements that apply to Salam also apply to Salam sukuk, such as, full payment by the buyer at the time of effecting the sale, standardized nature of underlying asset, clear enumeration of quantity, quality, date and place of delivery of the asset and the like. One of the Shariah conditions relating to Salam, as well as for creation of Salam sukuk, is the requirement that the purchased goods are not re-sold before actual possession at maturity. Such transactions amount to selling of debt. This constraint renders the Salam instrument illiquid and hence somewhat less attractive to investors. Thus, an investor will buy a Salam certificate if he expects prices of the underlying commodity to be higher on the maturity date. Steps involved in the transaction SPV signs an undertaking with an obligatory to source both commodities and buyers. The obligator contracts to buy, on behalf of the end-Sukuk holders, the commodity and then to sell it for the profit of the Sukuk holders. The Salam proceeds are passed onto the obligator who sells commodity on forward basis SPV receives the commodities from the obligator Obligator, on behalf of Sukuk holders, sells the commodities for a profit Sukuk holders receive the commodity sale proceeds. The following is an example of the Salam Sukuk Aluminum has been designated as the underlying asset of the Bahrain Government al Salam contract, whereby it promises to sell aluminum to the buyer at a specified future date in return of a full price payment in advance. The Bahrain Islamic Bank (BIB) has been nominated to represent the other banks wishing to participate in the Al Salam contract. BIB has been delegated to sign the contracts and all other necessary documents on behalf of the othe r banks in the syndicate. At the same time, the buyer appoints the Government of Bahrain as an agent to market the appropriate quantity at the time of delivery through its channels of distribution. The Government of Bahrain provides an additional undertaking to the representative (BIB) to market the aluminum at a price, which will provide a return to al Salam security holders equivalent to those available through other conventional short-term money market instruments. Istisna Sukuk Istisna sukuk are certificates that carry equal value and are issued with the aim of mobilising the funds required for producing products that are owned by the certificate holders. The issuer of these certificates is the manufacturer (supplier/seller), the subscribers are the buyers of the intended product, while the funds realised from subscription are the cost of the product. The certificate holders own the product and are entitled to the sale price of the certificates or the sale price of the product sold on the basis of a parallel Istisna, if any. Istisna Sukuk is quite useful for financing large infrastructure projects. The suitability of Istisna for financial intermediation is based on the permissibility for the contractor in Istisna to enter into a parallel Istisna contract with a subcontractor. Thus, a financial institution may undertake the construction of a facility for a deferred price, and sub contract the actual construction to a specialised firm. Shariah prohibits the sale of these debt certificates to a third party at any price other than their face value. Clearly such certificates cannot be traded in the secondary market. Steps involved in the structure SPV issues Sukuk certificates to raise funds for the project Sukuk issue proceeds are used to pay the contractor/builder to build and deliver the future project. Title to assets is transferred to the SPV Property/project is leased or sold to the end buyer. The end buyer pays monthly installments to the SPV. The returns are distributed among the Sukuk holders. The following are examples of Istana Sukuk in practice Tabreeds five-year global corporate Sukuk (on behalf of the National Central Cooling Company, UAE) provided a fixed coupon of 5.50%. It is a combination of Ijara Istisna and Ijara Mawsufah fi al dhimmah (or forward leasing contracts). The issue was launched to raise funds to retire some existing debt, which totals around US$136 million, as well as to finance expansion. The Durrat Sukuk will finance the reclamation and infrastructure for the initial stage of a broader US$ 1 billion world class residential and leisure destination known as Durrat Al Bahr ain, currently the Kingdom of Bahrains largest residential development project. The return on the Sukuk is 125 basis points over 3 months London Interbank Offered Rate (LIBOR) payable quarterly, with the Sukuk having an overall tenor of 5 years and an option for early redemption. The proceeds of the issue (cash) will be used by the Issuer to finance the reclamation of the land and the development of Base Infrastructure through multiple project finance (Istisna) agreements. As the works carried out under each Istisna are completed by the Contractor and delivered to the Issuer, the Issuer will give notice to the Project Company under the Master Ijara Agreement and will lease such Base Infrastructure on the basis of a lease to own transaction. 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. However, as Murabaha and Istisna contracts cannot be traded on secondary markets as securitised instruments at least 51 percent of the pool in a hybrid Sukuk must comprise of Sukuk tradable in the market such as an Ijara Sukuk. Due to the fact the Murabaha and Istisna receivables are part of the pool, the return on these certificates can only be a pre-determined fixed rate of return. Steps involved in the structure Islamic finance originator transfers tangible assets as well as Murabaha deals to the SPV SPV issues certificates of participation to the Sukuk holders and receive funds. The funds are used by the Islamic finance originator. Islamic finance originator purchases these assets from the SPV over an agreed period of time. Investors receive fixed payment of return on the assets. An example of this type of sukuk is when Islamic Development Bank issued the first hybrid Sukuk of assets comprising 65.8% Sukuk al-Ijara, 30.73% of Murabaha receivables and 3.4% Sukuk al-Istisna. This issuance required the IDBs guarantee in order to secure a rating and international marketability. The $ 400 million Islamic Sukuk was issued by Solidarity Trust Services Limited (STSL), a special purpose company incorporated in Jersey Channel Islands. The Islamic Corporation for the Development of Private Sector (ICD) played an intermediary role by purchasing the asset from IDB and selling it to The Sol idarity Trust Services Limited (STSL) at the consolidated net asset value. Bond valuation Bond Definition According to www.investorwords.com, a Bond can be defined as a debt instrument issued for a period of more than one year with the purpose of raising capital by borrowing. Valuation definition According to www.investorwords.com valuation can be defined as the process of determining the value of an asset or company Bond Valuation According to an online dictionary Bond Valuation can be defined as the process of determining the fair price of a bond. As with any security, the fair value of a bond is the present value of the stream of cash flows it is expected to generate. Hence, the price or value of a bond is determined by discounting the bonds expected cash flows to the present using the appropriate discount rate. Pricing of Sukuk Bonds with Embedded Options Embedded option bonds can be valued similar to the valuation of options on equities implementing binomial trees. In conventional bond issuance the value of the underlying assets will depend on the level of interest rates. In Islamic contracts interest rates are substituted with the rate of return on the underlying assets. We can analyse the valuation of embedded options using altering scenarios in a tree diagram. Assume that future one-year rates of return develop as follows: The represented tree can be utilized to value zero coupon certificates of various maturities. For example, the value of a 1-year zero coupon bond at time 0 is B(0,1) = 1/1.065 = 93.89 % of par value The value of a 2-year certificate at time 0 can be determined using the same discount mechanism. The value of a 1-year zero coupons at time 0 can be calculated as: If r= 7.00 ÃÆ' ´Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€ Ã¢â‚¬â„¢Ãƒ ¢Ã¢â€š ¬Ã‚   1/1.07 = 93.45% of par value If r= 6.00 ÃÆ' ´Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€ Ã¢â ‚¬â„¢Ãƒ ¢Ã¢â€š ¬Ã‚   1/1.06 = 94.34% of par value The valuation of callable bonds will invoke an adjusted method as the callable bond is essentially a portfolio of a non-callable bond and an American call option written with the non-callable bond as the underlying and a strike price that is given by the call price. Accordingly, at each node of the tree the value of the bond can be given as follows: P = 1 + C at maturity P = max [ CP, (1+C)/(1+r) ] one year prior to maturity )] 1(}) (5.0, max [{r+Cà ·Pd+Pu+CPÃÆ'Æ’-P}] = more than one year to maturity CP = price of the option C = coupon r = rate of return Pu = value of the certificate in one year if return goes up Pd = value of the certificate in one year if return goes down