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

Private Prisons Are They The Criminal Justice Systems...

Private Prisons: Are They the Criminal Justice Systems’ Savior or Destroyer? As of 2005, there are over 107 privately operated secure facilities contracting to hold adult criminal offenders in the United States (Seiter, p. 164) According to Richard P. Seiter (2011), â€Å"A private correctional facility is any correctional facility operated by a nongovernmental agency and usually in a for-profit manner that contracts with a governmental entity to provide security, housing, and programs for offenders† (Seiter, p.93) However, there is much controversy over whether private prisons are helping to have more cost effectiveness and efficiency than a public prison system. Private prisons at first seemed to be a well-rounded idea. Despite, the initial†¦show more content†¦One of the key elements for a private correctional facility or prison is to provide security (Seiter, p. 93) Private prisons do provide this element, but how well do they. In 2010, three murders escap ed from a minimum to medium security prison in Arizona called Kingman Prison. This prison was operated by MTC (Management and Training Corporation) (Levine). These three murders reaped havoc among many states after their escape until they were finally captured. Private prisons and the Kingman Prison are designed to provide the maximum security for inmates and the public too. However, this escape just shows how unequipped private prisons are, as well as, under staffed and not properly trained. Arizona Attorney General Terry Goddard said, â€Å" I believe a big part of our problem is that the very violent inmates , like the three that escaped, ended up getting reclassified [as a lower risk]quickly and sent to private prisons that were just not up to the job† (Levine). Not only are private prisons unequipped for the job, but the lower staff levels and lack of training for the staff suggest more incidences of violence and escapes. From a study, there is evidence that guards ar e assaulted 49 percent more than in a public prison and the assault of inmates against one another is 65 percent more than in a

Academic Abilities of Children with Selective Mutism

Development Research Academic Abilities of Children with Selective Mutism Children with selective mutism suffer from anxiety and the inability to speak in certain social situations. One very common social situation that all children face is in the classroom, with teachers and classmates. This situation is often the very first social situation that children are without their parents. This may have a correspondence to the act the selective mutism often emerges in preschool years (Cunningham, McHolm, Boyle, Patel, 2004). A common situation where selective mutism appears is when in communication with a teacher. However, the social anxiety appears to have little to no influence on children with selective mutism and their math and reading†¦show more content†¦Instructional Decision Many in class activities involving group interaction could be intimidating to children with social anxiety. My job as a speech pathologist is to communicate with the student and obtain a good sense of what the student finds to be the most beneficial social interaction. I would also be working with the student on how to cope and adjust to more uncomfortable circumstances, gradually introducing them to more difficult social situations. For example, after the child is able to be comfortable talking to me, I may introduce them to a knew adult and have them work on speaking to and in front of them. I might also gradually increase the size and diversity of the group that the child talks to. However, I would take the information on what I know promotes or diminishes the student’s capabilities to learn and relay that to the teacher (AG 3.16). For example, if I learn that the child works best in groups of the same gender, I may suggest that learning environment to the teacher. Possibly , the child must have a reminder picture or word on his/her desk to remember to stay calm and how to speak. 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Essay American Women of World War II - 1120 Words

Before 1939, women were looked at as weak, incompetent and incapable of doing a man’s job. However, when World War II broke out, women were called to maintain the jobs that the men once occupied and t became evident that America’s best chance for success in World War II would have to include the efforts of American females. Women played a key role during World War II in the U.S. More than six million women took wartime jobs in factories, three million volunteered with the Red Cross, and over 200,000 served in the military. Through these jobs women were able to show society that they were capable of doing bigger and better things. Women also realized that they enjoyed this taste of freedom and wanted to continue this lifestyle even after†¦show more content†¦Partly based on a real-life munitions worker, but primarily a fictitious character, the tenacious Rosie became one of the most iconic images of working women in this time period. 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Analysis Of Gateway To Freedom By Eric Foner - 788 Words

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Monkey See Monkey Do Essay Example For Students

Monkey See Monkey Do Essay Once upon a time, in a tropical forest far away, there lived a monkey and a zebra. The monkey was wild and wreck less , while the zebra was a busy bee perfectionist. Well, one day the monkey told a fib about how today was opposite day. The zebra thought, well, if it is a tropical holiday, then shoot, I am going to have to act like him and hes going to act like me. The monkey delighted with his plan told everyone else that the zebra would act like a party animal and he would have to act saneà ¢Ã¢â€š ¬Ã‚ ¦ Well half was true. The zebra acted crazy like a baboon- any baboons out there reading this Im sorry.- The monkey started out the day sane , but we know what happened to the monkeys jumping on the bed. The monkey told the zebra about this great game, called monkey see monkey do. The zebra said, okay, but he didnt know how to play. The monkey taught the zebra and the zebra, being a perfectionist, caught on quick. They started playing the game, which wasnt very fun, when the monkey stated that the zebra told him what to do and he would do ità ¢Ã¢â€š ¬Ã‚ ¦ Thats not how you play! raged the giraffe furiously. The monkey only mimicked. Aggravated, the zebra went home, but forgot that the monkey lived there too. The monkey came home after a day of making fun of his roommate, only to find the zebra gone, without a trace. He cried, Where have you went my friend? I am lonely, please come back. The zebra wasnt really gone he only went to the balcony, taping this whole ordeal. The zebra played tricks on his fuzzy roommate; scratching at the window, making noises, talking to him. Then finally he planned the tricks of all tricks. Fake death and make him his slave. So the zebra painted his face white and went into the room moaning. The monkey pleaded, please spare me. You have made a holy terror to me my whole life, since we were babies, why should I. The zebra questioned him. Because I am like that Im a monkey and you are a zebra, thats how we were made. The zebra spared him and the monkey kissed his hooves. But the zebra said, I am not Dead!!! The joke is on you. The zebra made him do his home work for a whole month as long as he did not show anyone that tape. But he watched the tape of that whole ordeal laughing every second. So this a lesson learned for the zebraà ¢Ã¢â€š ¬Ã‚ ¦ And maybe for you to.

Opportunity of Residential Property Investment †MyAssignmenthelp

Question: Discuss about the Opportunity of Residential Property Investment. Answer: Introduction The objective of this research proposal is to analyze on whether foreign investment influence the residential real estate market in Australia and housing affordability. Housing is considered as the most vital asset that is owned by majority of the households of Australians. It is a huge household wealth component and act as investment vehicle for the people in Australia. Huge mortgages as well as business loans are secured against the Australians residential dwellings. It has been noted from the recent study that residential real estate market contributes hugely to the Gross Domestic Product (GDP) in Australia (Burke, 2012). The problem that arises from this residential real estate market is that variation in residential property prices influences the behavior of economic variables that includes household consumption in other goods and their financial stability (Newton Glackin, 2014). Over the past few decades, the residential prices have risen by an average of 7 % each year. As a result, the residential real estate market has reflected steady growth by around 3% each year since the year 1970. At the end of year 2000, the prices of residence in Australia in relation to average income were recorded highest in the globe. In addition, in the year 2011, the prices of residence accounted six times of the average income of the households in Australia. However, this nation experiences real estate bubble during this period. Furthermore, the increasing residential prices as well as low rate of interest have stimulated the growth of the residential real estate market in this country (Wadud et al., 2012). Despite bad economic conditions, the prices of residential propertys have increased strongly due to support of government incentives and this supported in the real estate market growth. In addition, foreign investment plays a vital role in strengthening the residential real estate market in this country. This means that the demand as well as supply of housing in Austra lia real estate market increased owing to foreign investment. However, this demand in residential market generated several construction projects, created new opportunity for the household to buy the property and increased employment in the nation. On the contrary, huge foreign investment created problems of housing affordability (Agarwal et al., 2015). This means that rise in prices of residence in Australia pushed domestic home purchasers out of residential market and near about 10-20% of new housing are brought by foreigners. It has been opined by Blomstrom (2014), foreign investment is considered as the main driver of causing housing affordability problems to the low income households in Australia. Recent study shows that the average price of residence has become equivalent to the average earnings of people of seven years. There are few factors that contributes to the rise in residential property includes- Higher credit availability owing to financial deregulation Low rate of interest since recessionary phase increased borrowing capacity because of lower repayments Reducing supply of land by the Australian government Rising prices of average floor area of new dwellings by 53.8%. Reforms in tax structure adopted by the Australian government including capital gains tax Restrictions imposed by the government on the land use or preventing for higher density use of land Ageing population growth in Australia Research Aim The main aim of this research is to examine both long term as well short term impact of foreign investment in Australias residential real estate market and housing affordability. This research proposal also facilitates in clarifying few question that arises from this topic. These research questions includes- Is there any significance of foreign investment in residential real estate market in Australia? Over the past few years, this nation has experienced huge inflow of capital into real estate industry, specifically in residential real estate market. This directly raised supply of new residence and thus adding benefits to real estate industry as well as suppliers. On the contrary, it has been noted by some observers that foreign investment in residential real estate market has led to rise in prices of housing mainly for the first home purchasers (Newton Glackin, 2014). As a result, it results in decrease in housing affordability in this nation. In contrast, some observers have commented that foreign investment has not much significance in Australian residential real estate market and housing affordability as it accounted for around 5-10% of national housing turnover value. in addition , they have also argued that foreign investment does not cause market distortions for the first buyers as foreign investors operates at various price brackets from them and purchases numerous kinds o f properties. Does foreign investment influence the activities of first purchasers in the residential real estate market? Recent study reflects that the overseas buyers basically facilitates in making residential propertys more affordable as their investment in this industry enhances the economy. As foreign investment has resulted in rise in prices that are hugely influenced by migration and hence supply of residence cannot meet the demand for it. In addition, high population growth as well as low interest rate raised the housing prices and this affected the activities of the first purchasers in the market (Lieser Groh, 2013). Therefore, the buyers could afford to buy the residence due to low income and as s result, they try to shift to other places or invest in other sectors. This shows that foreign investment adversely impacts on the first buyers activities. On the other hand, foreign investment has some positive aspects that includes- providing huge job opportunities for the unemployed that in turn boosted the economic growth of Australia. Does foreign investment in residential market improved its performance over the years? Although foreign investment in residential real estate market has shown adverse impact on first buyers, it has remained beneficial to this industry. As no restrictions are there for the purchasers of new residence, the operators in this market attained huge benefit from the foreign buyers (Lee et al., 2015). For example, highest number of purchase of residence by foreign buyers was recorded in Victoria. This rise in sale of residence with high price increased the profitability level of the suppliers. Moreover, it improved the performance of real estate market in this nation. Literature Review It has been evident from few studies that the foreign investors actively participate in investing in the residential real estate market since global financial crisis in 2008. It has been opined by Moran (2012), the main reason behind rise in housing prices was the foreign investors. In the year 2015, the prices of residence rose by 5%. In addition, the total sales of housing in Australian real estate market that accounted for 16%, were given to the foreign purchasers. In the era of global liberalization, operators in real estate market attained benefits from foreign investment that helped them in expanding their business globally. The main determinants that has been cited for foreign investors interest on real estate industry was rising liquidity level , higher returns and huge opportunities (Beracha Wintoki, 2013). The trend that emerged after the financial crisis in the year 2008 with the SWF (Sovereign Wealth Funds), organizations of wealth management, private bankers and rich fa milies moving into market activities of international property that deserted corporate bankers. Traditional determinants for which foreign investors invest in Australian residential real estate market The traditional determinants cited for which the foreign investors purchases from the residential real estate market of Australia were- It was better fundamental for investment It provides huge opportunity for acquiring freehold property Foreign investors especially the Chinese investors attained higher yields from Australian real estate market in comparison with property market of China They also have the ability to borrow from this real estate market of Australia Therefore, all these determinants influenced foreign investors to invest in residential market of Australia. As a result, foreign investment increased in the Australian residential real estate market. Impact of foreign investment in Australias residential real estate market and housing affordability Foreign investment in Australias residential real estate sector has been a financial as well political problem over the last few years. The sharp decline in rate of interest has been the crucial driving factor that increased activities of foreign buyers and high-rise in prices (Liao et al., 2015). The housing market in Sydney has been seen as the leading platform of capitals over last three to five years. The prices of the housing have been rising strongly and this affected affordability of first buyers. On the contrary, the real estate market of Australia has no restrictions for purchasers of new housing and this became beneficial for the operators of the real estate market. According to the latest data from Foreign Investment Review Board (FIRB), it reflects that the contribution of the foreign investors in the real estate market activity is minimum. This highlights that the foreign investment have little impact on the residential market in Australia (Crowe et al., 2013). Recent st udy reflects that in the year 2013-2014, the FIRB permitted 7195 applications by the foreign purchasers for buying home in Australia. Therefore, it represented only 2.4% of established residence title transfers that had been registered during the same period. On the other hand, the highest number of residence purchases by foreign purchasers during this period with 3483 and this was followed by New South Wales. It has been noted from recent study that overseas purchasers actually facilitates in making housing affordable as their investment provides huge job opportunities to the unemployed persons in Australia and also enhances the economic growth. In fact, the overseas buyers plays a crucial role in increasing the supply of residence (Cesa?Bianchi et al., 2015). It has been stated by Krause and Bitter (2012), though the foreign investment contributed to rise in supply of housing, the rise in prices creates difficulty for the first residence purchasers to break into real estate market . The price at which the foreign investors tend to purchase the properties were not within the price range that local purchasers afford to purchase. In addition, several other factors that drive the residential market demand in Australia includes- Migrants in this nation have disposable income when they enters the market and they tries to participate in this real estate market than several unskilled migrants. Increasing rate of education visas also increased the demand for housing in Australia and hence they tries to invest in properties Increased competition between mining and infrastructure sector for skilled workers as well as materials limits the new housing supply and this raises housing demand in the market. It contradicts from the above analysis that foreign investment improves the performance of the real estate market in Australia. Moreover, some economist says that increase in demand and lack of housing supply is cited as another reason for increase in prices of high residence (Cecchetti Kharroubi, 2015). It has been noted from recent report that, foreign investment is not the main factor that raises housing prices. There are numerous factors that throws huge impact on the housing prices rather than foreign investment involves. These factors includes- Ageing population growth as well as high per capita income of this nation The ability of the Australians that brings out huge mortgages owing to larger access to low-priced credit Scarce availability of the land and its high cost for development raises the housing prices Lower rate of interest that prevails in this country for over the past few years Activities and strength of this nation Stamp duty as well as arrangement of tax Regulations or policies imposed by the government of Australia and red tape Furthermore, it has been argued by the Reserve Bank of Australia (RBA) that low rate of interest did not adversely affect on the housing price rather it raised attractiveness of domestic investment in high yielding property and this outcomes in huge demand for the housing property in real estate market (Beracha Wintoki, 2013). Therefore, it is noted from the above fact that foreign investment does not much significance in residential real estate market of Australia and is not the main reason for creating housing affordability problem in the nation. As opined by Burke (2012), the policy adopted by Australian government for foreign investment in housing market aims in increasing the housing stock of this nation. The applications received from the non residents for purchase of new residence are approved without any conditions, but in case of established residence it is prohibited. It has been seen from the recent data, bulk of approvals is usually approved for investment in new residence in contrast to existing residence. This recommends that demand for new residence in other countries have been channeled into rising supply of residence as intended (Blomstrom, 2015). It has been argued by some economist that foreign demand has priced out first home purchasers. In recent decade, the level of demand for new residence in foreign countries increased strongly. For example, the rising significance of Chinese demand for residential real estate raises Australias exposure to the factors influencing China. Furthermore, any variation to attr activeness in acquiring assets outside China impacts on the international demand for residential property in Australia and this might have implications on economic as well as financial condition in the country. Research Design and Methods In this study, the qualitative research has been used for evaluating whether foreign investment has an impact on the residential real estate in Australia and housing affordability (Bath, 2012). For analyzing this impact, several methods have been applied that includes research philosophy, data collection methods and sampling design. Research paradigm facilitates the researcher in classifying the research principle with respect to the research topic. There are four types of research philosophy that includes- pragmatism, positivism, realism and interpretivism. Positivism philosophy refers to scientific data collection as well as positive facts that have been recognized from the empirical data. This philosophy highlights on the society that functions according to common laws. This philosophy helps the researcher to construe the information that has been obtained by applying logic. Realism philosophy relies upon the assumption the scientific approach based on the reality of developmental activities. Intrepretivism philosophy refers to social approach that ally with idealism and is implemented in the research by via qualitative research. It mainly helps in interpreting the elements of research as well as merge individual ideas for the particular research topic. Pragmatism philosophy helps in assessing the theories of research in respect of practical application. In this research paper, positivism philosophy has been applied as it relates with collection of real data that is mainly attained through observations (Armstrong-Taylor, 2016). It also highlights on the society that works with respect to general laws. Moreover, it has been seen that positivism philosophy helps in attaining correct outcome of this research. There are mainly two types of research method- inductive and deductive. Deductive method refers to an approach that survey on the theory as well as test the validity in specific situation. This method deals with hypothesis testing with respect to secondary data. This method is basically concerned with quantitative data. Inductive approach concerns with qualitative data and utilizes observations in order to expand common principles about the research topic. The researcher gathers information and then explains the prototype for developing new theory. In this case, the deductive approach has been used in order to assess the impact of foreign investment on the residential real estate market of Australia and housing affordability (Bouchouicha Ftiti, 2012). This method benefits the researcher as it acquires less time in completing the research. This method also helps in acquiring accurate outcome from this research. Data collection method The data collected helps in revealing the genuineness of the research. There are two types of data collection methods that involves- primary data and secondary data. Primary data is basically collected from the surveys. Secondary data is mainly gathered from journals, magazines and internet. Primary data is segmented into two types that includes- quantitative data and qualitative data. Quantitative data are analyzed by using numerical as well as statistical inferences. It basically presumes reliability and is categorized in respect of discrete data. Quantitative data is collected through different methods that includes surveys, observations etc. Qualitative data classifies the objects in terms of characteristics as well as properties. Secondary data including property database were used for conducting this research. In this research, Quantitative research technique has been used with semi-structured interviews. The aim of qualitative research is to examine the research topic through feedback as well discussions with the respondents or stakeholders participating in the interview. The interview was mainly taken to the stakeholders and foreign as well as domestic investors. This also helps in identifying how the policies adopted by the Australian government affect foreign investment in residential market of Australia. It also helps in evaluating the affect of nontraditional determinants on the decision making of foreign investors (Adeniyi et al., 2012). In addition, Chinese investors were the main participants for this interviews as they investment in this sector was huge over the periods. The interview selection were mainly based on their involvement in this industry and in respect of their seniority in decision mak ing procedure. Moreover, the data collected were voice recorded and transcribed. Sampling method refers to the technique including total respondents taken from the total population in a sample. The method used for this research is simple random sampling in order to obtain accurate outcome. Simple random sampling refers to the samples, which are selected randomly from huge population (Peter, Svejnar Terrell, 2012). In this case, the operators as well as purchasers are given equal chance to be chosen from huge population. Sample size of 100 respondents were taken from the total population those who are involved in this market. In addition, the survey questionnaires was formed based on the operators experience in the real estate market, foreign as well as domestic investors. From the above report, it can be analyzed that foreign investment throws less impact on the Australias residential real estate market and housing affordability. In addition, a semi-structured interview was mainly conducted in Australia for seeking accurate information in order to justify this research topic. It has been noted from the above study that after the global financial crisis, the real estate market of Australia has improved not only due to foreign investment but also several other factors such as education visas etc. References Adeniyi, O., Omisakin, O., Egwaikhide, F. O., Oyinlola, A. (2012). Foreign direct investment, economic growth and financial sector development in small open developing economies.Economic Analysis and Policy,42(1), 105-127. Agarwal, S., Ben-David, I., Yao, V. (2015). Collateral valuation and borrower financial constraints: Evidence from the residential real estate market. Management Science,61(9), 2220-2240. Armstrong-Taylor, P. (2016). Real Estate Market. InDebt and Distortion(pp. 145-157). Palgrave Macmillan UK. Bath, V. (2012). Foreign investment, the national interest and national security-foreign direct investment in Australia and China. Beracha, E., Wintoki, M. B. (2013). Forecasting residential real estate price changes from online search activity.Journal of Real Estate Research,35(3), 283-312. Blomstrom, M. (2014).Foreign Investment and Spillovers (Routledge Revivals). Routledge. Bouchouicha, R., Ftiti, Z. (2012). Real estate markets and the macroeconomy: A dynamic coherence framework.Economic Modelling,29(5), 1820-1829. Burke, T. (2012). The Australian residential housing market management: institutions and actors.Australias unintended cities, 35-49. Butlin, N. G. (2013).Investment in Australian economic development, 1861-1900. 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Liao, W. C., Zhao, D., Lim, L. P., Wong, G. K. M. (2015). Foreign liquidity to real estate market: Ripple effect and housing price dynamics.Urban Studies,52(1), 138-158. Lieser, K., Groh, A. P. (2014). The determinants of international commercial real estate investment.The Journal of Real Estate Finance and Economics,48(4), 611-659. Moran, T. (2012). Foreign direct investment.The Wiley-Blackwell Encyclopedia of Globalization. Newton, P., Glackin, S. (2014). Understanding infill: towards new policy and practice for urban regeneration in the established suburbs of Australia's cities.Urban policy and research,32(2), 121-143. Peter, K. S., Svejnar, J., Terrell, K. (2012). Foreign investment, corporate ownership, and development: Are firms in emerging markets catching up to the world standard?.Review of Economics and Statistics,94(4), 981-999. Rogers, D., Lee, C. L., Yan, D. (2015). The politics of foreign investment in Australian housing: Chinese investors, translocal sales agents and local resistance.Housing Studies,30(5), 730-748. Rutherford, R., Yavas, A. (2012). Discount brokerage in residential real estate markets.Real Estate Economics,40(3), 508-535. Wadud, I. M., Bashar, O. H., Ahmed, H. J. A. (2012). Monetary policy and the housing market in Australia.Journal of Policy Modeling,34(6), 849-863. Warren-Myers, G. (2012). The value of sustainability in real estate: a review from a valuation perspective.Journal of Property Investment Finance,30(2), 115-144.