Evaluation of the Viability of the Sukuk

Evaluation of the Viability of the Sukuk This proposal aims to evaluate the current status and the viability of the Islamic financial Securities such as Sukuk as an alternative of the conventional financial securities like Eurobond in the context of the current financial crisis. I will outline the overall aims and objective of the research and discuss the various studies on growth of Islamic finance and decline of conventional finance in the background of the financial crisis. This paper will reflect an overall structure of the whole proposal. SIGNIFICANT FOR THE RESEARCH In the financial global market, the Islamic financial services sector is analysed to be gown at double digit rate(Bley Kuehn, 2005), involving over 200 financial institutions with assets estimated to exceed US$ 200 billion(Al-Dhahiri et al, 2003). Researchers (Hamwi Aylward, 1999) already has recognised that over the last decade, Islamic banking and finance has experienced global growth rates of 10-15 percent per annum, and has been moving into an increasing number of conventional financial systems at such a rapid pace that Islamic financial institutions are present today in over 51 countries (Sole, 2007 pp:1). This research is aimed at investigating the practicability of the Islamic Financial system as an alternative to the traditional financial system especially in the context of the recent financial crisis. The fast growth of Islamic banking and finance raises different important questions: Is the development in Islamic banking and finance a result of the comparative advantages of the Islamic banking concept or is it largely attributable to the worldwide Islamic recovery since the late 1960s (Chong Liu, 2007). The fact that Islamic laws forbid paying and receiving interest promote all parties in a financial transaction to share the risk and profit or loss of the project (Qorchi, 2005). In an Islamic contract the output and the quality of the project, ensures a more equitable distribution of wealth (Qorchi, 2005). AIMS AND OBJECTIVES The overall aim of this research is to review and evaluate significant growth of Islamic finance and financial securities as an alternative of the traditional financial system and financial securities which led to the current financial crisis. The objectives of the research can be further identified as: (1). the recognition of the basic concepts of conventional and Islamic financial system. (2). How did studies deal with financial crisis and its effect on the traditional and Islamic banking system. (3). what are the effects of current financial crisis on traditional bond market? (4). How does the Islamic Finance response to the crisis? (5). Is Islamic Securities à ¢Ã¢â€š ¬Ã¢â‚¬ ¢Sukukà ¢Ã¢â€š ¬Ã¢â‚¬â€œ feasible? (6). If Islamic Sukuk is feasible then can it replace the traditional Eurobonds? (7). If it is not feasible then can it co-exist with the traditional Eurobonds? Overview Conventional Financial system Everyone has to contact with the financial system and everyone is very well aware of the financial institution like banks, building securities, and insurance companies, each providing in its own way for every day needs, such as payment facilities through banks, convenient savings and access to home loans from building societies, and car, house, or life insurance. The other financial markets, like the Stock exchange where the securities are bought and sold, are an important market though very few are directly concerned with their activities (Van Harne, 1990). All these financial institutions and markets fit together into a network which comprises the financial system or conventional financial system (Brian, 1992). The conventional financial system based on debt and the fixed rate of interest. The borrower in gaining the high fixed returns may get default as these bonds and corporate securities are not backed by the assets or gold. The burden and all risk are transferred on the issuer. Therefore in try to get high returns and greed of getting more financial share the conventional borrower and mortgage prices went up which result in the drying up the financial market and major companies got default. Islamic Financial System The Islamic financial system makes possible lending, borrowing and investment functions on a risk-sharing basis (Ishaq Mansoor, 2008). Islamic finance is fundamentally different from the conventional finance model as it is based on a profit and loss structure (PLS), which requires that a financial institution invest with a client in order to finance their needs, rather than lending money to the client. Because of the inherent risk involved in an investment, the financial institution is entitled to profit from the financial transaction (IBID). (SBP, 2007). Islamic banking and finance industry has been making breakthrough developments to become a truly feasible and competitive alternative to conventional systems at the global level as an industry adding more ethical, competitive, flexible and diversified tools and systems to global financial marketsà ¢Ã¢â€š ¬Ã¢â‚¬â€œ (Ishaq Mansoor, 2008 pp: 708). The need for Islamic banking is prompted by three considerations: (a). An Islamic investor should keep away from alliance with industries forbidden to Muslims: such as; alcohol, gambling, pornography, meat packing (of pork), weapons production, and liquor. (b). An Islamic enterprise is advised to avoid interest (riba), as well as gambling, and, accordingly, constraints exist on transactions involved in debt securities and in futures and options. (c). Many Muslim investors tend to be attracted to enterprises monitoring the Islamic ethical and moral standards (Oà ¢Ã¢â€š ¬Ã‹Å"Sullivan, 1996). The Islamic finance industry has grown by about 15 percent on average over the last three years, with more than US$500 billion now lodged in Islamic banks, mutual funds, insurance schemes (takaful), and Islamic branches of conventional banks (Jobst, Kunzel, Mills, Sy, 2008). Islamic Law prohibits charging interest (Rajesh, K.A Yousaf, T., 2000). Islamic banking is currently practiced in more than 51 countries worldwide. In countries such as, Iran, Pakistan, and Sudan, only Islamic banking is practiced whereas other countries, such as Bangladesh, Egypt, Indonesia, Jordan and Malaysia, Islamic banking co-exists with conventional banking (Chong Liu, 2007). Therefore Islamic banking, is not limited to Islamic countries as In August 2004, the Islamic Bank of Britain became the first bank licensed by a non-Muslim country to engage in Islamic banking (Chong Liu, 2007). SUKUK Islamic securities have become increasingly popular in over the last five years, both as a means of raising government finance through sovereign issues, and as a way of companies obtaining funding through the offer of corporate Sukuk (Wilson, R., 2008) as Sukuk is to be use as a tool for liquidity management (Wilson. R., 2008), the Sukuk market continues to generate strong interest by new issuers in Muslim and non-Muslim countries. Sukuk (plural of Sakk) are commonly referred to as an Islamic bond, but a more precise translation of the Arabic word would be an Islamic investment certificateà ¢Ã¢â€š ¬Ã‹Å"à ¢Ã¢â€š ¬Ã‹Å"(Thomas, 2005). The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) defines the Investment Sukuk as a certificates of equal value representing undivided shares in ownership of tangible assets, usufructs and services or (in the ownership of) the assets of particular projects or special investment activityà ¢Ã¢â€š ¬Ã‹Å"(Norman, T.,2009). Sukuk is an Islamic financial certificate, similar to a bond in Western finance that complies with Sharia, Islamic religious law. As the traditional Western interest paying bond structure is not permissible, the issuer of a Sukuk sells an investor group the certificate, who then rents it back to the issuer for a predetermined rental fee. The issuer also makes a contractual promise to buy back the bonds at a future date at par value (investropedia, 2009). Sukuk are monetised real assets (converting a government debt into available currency, especially issuing securities, that are liquid (easy to convert into cash), easily transferred and traded in the financial market (Adam, 2006). Likewise the Eurobonds are also liquid assets which are marketable and accepted by all the investors (www.independent.co.uk, 2005). Eurobonds are issued by a government, company shows potential to repay borrowed money at a fixed rate of interest at a specific time. Eurobonds are liquid and trusted bonds as it is backed by a fixed interest rate (ibid). Sukuk can be examined without any difficulty by international and regional rating agencies which facilitate their marketability (Adam, 2006). Likewise the Eurobonds are easily rated by the rating agency as these rating agencies rate these securities on the basis of the liquidity and the liabilities not on the basis of the religion and ethics (Standard Poorà ¢Ã¢â€š ¬Ã‹Å"s, 2009). As the agencies do not rate the securities on the basis of the religion, rather securities are rated on the basis of the quality and the ability of obligator to meet the obligations (ibid). Same like the similarities in the Islamic and conventional financial securities, there are few differences as well, and on the basis of that one system can be preferred on the other system. Starting from the type, the conventional financial Security is a debenture bond whereas the Sukuk are the Secured securities. Debenture bonds are those securities that is unsecured corporate bond by any mortgage, dependent on the credit of the issuer (Dictionary Reference.com, 2009). Whereas the Sukuk are backed by the real assets such as they are attached with the assets which can be turned into tradable in the future or can be replaced by the real assets (Richardson Abdl-Khaleq, 2007). Eurobonds are paper bonds whereas the Sukuk securities are really assets based security which have potential to convert the security into tradable asset in future. Secondly, the major difference in Sukuk and conventional bond is the right of ownership. As Sukuk represent the ownership opportunity in existing or well described assets whereas conventional bond represent pure debt on the issuer (Adam, 2006). LITRATURE REVIEW The relative success of the Islamic finance is remarkable (Bley Kuehn, 2005)as islamic finance institution are making progress with the grwoth rate of 15-18% which is double the average growth rate of conventional finacial institutions (Saifi, 2004). We will discuss A review of the litrature on traditional financial system (TFS)and Islamic financial system( IFS) and the security markets. That is devided into sections as will be reviewing the litrature on the decline of the popularity of the TFS and the growth of the IFS over the last two decades. The litrature review basically discuss information of three area on which research will be carried: (a) traditional banking system and its downfall, (b) islamic financial system and its growth, and (c) the empirical investigation of the feasibility of islamic financial securities to alternate the traditional finacial bonds to raise funds for the projects. BACKGROUND FOR STUDY The current collapse of banking and financial institutions raised a question as interest rate has long been recognized not only by classical and neo-classical economists but also by contemporary economists as one of the factors that determine the level of savings in the economy. Although there are cases of inconsistent findings, it is a generally accepted opinion that interest rate has a positive relationship with savings (Ahmad Haron, 1999). Generally, financial institutions perform two functions; one is to collect deposits and the other is to issue loans (Toutounchian, 1996). Depositors are guaranteed a predetermined return on the nominal value of the deposit by the bank even in most of the cases the deposits are insured (ibid). Hence it can be argued that the traditional financial system plays a passive role in the economy, is operating to face any economic fluctuations (ibid). It is argued that in these banks since the nominal value of the deposits is guaranteedshocks that can lead to banking crisis can cause divergence between real assets and real liabilities and it is not clear how this equilibrium would be corrected and how long the process of adjustment would takeà ¢Ã¢â€š ¬Ã¢â‚¬â€œ (Mohsin, 1985). This is the real essence of fund intermediary function of a traditional finance (Toutounchian, 1996). Islamic finance can simply be defined that it is based on the basic principle of the prohibition of the riba as Islamic institutions does not charge interest but rather participates in the yield resulting from the use of the funds( Lewis Algaoud, 2001). Ebrahim Safadi ( 1995) advocates that islamic finance operations are according to the profit and loss sharing principle which are superior financial security to debt for many reasons including risk sharing of the equities (Hamwi Aylward, 1999. Liu Chong(2007) are of the view that the islamic finance is not different from the conventional finance as the unique feature Profit and Loss sharing (PLS) practically is very similar to the TFS as islamic financial products based on the PLS are not interest free beacuse pegged to conventional deposits(ibid). On the other hand the basic pillar of the conventional financial system is interest rate and fixed income securities have been accepted globally in raising finance for funding large development and capital expenditures (Usmani, 2006). A fixed income security is an investment which provides a return in the form of fixed periodic payments and ultimate returns of principal at maturity (Usmani, 2006). The motivations of firms that issue global bonds is particularly to test whether firms are motivated to offer bonds in multi-markets to raise more capital, take benefit of being well-known in foreign markets and owing to poor domestic economic conditions (Tawatnuntachai Yaman, 2008). The bond market robustness converts into depression when financial crisis which started in 2007 has created the greatest financial dislocation since the Great Depression of the 1930s (Melvin Taylor, 2009). The Eurobond which are based on fix interest rate and guaranteed of fixed return failed to impress the investors in an auction (Kaminska, 2009). In addition, the loans rate set in the fixed income market will have large effect on the demand for properties, and thereby prices, one would strongly believe that securitised property prices are determined by the interest rate changes rather than the stock market (Cheong, Wilson, Zurbruegg, 2009). Financial markets are intergrated now a days and no single economy can avoid the effect of the financial crisis (Chapra, 2007). If the financial system is not responsible for the crisies then why there is a general nervous feeling that à ¢Ã¢â€š ¬Ã¢â‚¬ ¢something is wrong with the financial systemà ¢Ã¢â€š ¬Ã¢â‚¬â€œ (Stiglitz, 2003, p: 54 On the other hand, the Islamic finance manages the affair without involving the pre-agreed interest payment and receipts that replace the interest-based intermediation between the borrower and the lender with profit and loss sharing and equity based link (Bhatti Khan, 2009). CURRENT FINANCIAL CRISIS The credit crunch refers to a sudden shortage of funds for lending, leading to a resulting decline in loans available (Blog, 2008). A Credit Crunch can occur for various reasons such as sudden increase in interest rate, direct money controls by the governments and a drying up of funds in the capital market (Blog, 2008). The crisis started in 2008 in US supreme mortgage market and widely spread all over the world which raised a question that why this has system collapsed which leads the splillover effects from US sub- prime crisis to UK by far the most transparent and worrying for the authorities that exposed the tension between the central banks with respect to the provision of liquidity support facilities, the difficulties inherent in the economy for dealing with the banking crisis, defects in banking economy regulation and supervision and the glaring flaws in deposit protection arrangements (Maximilian, 2008). Islamic Finance Response to Crisis Principles of Islamic Finance The first principle has an effect on the depositors à ¢Ã¢â€š ¬Ã‹Å"behaviour and their decision-making process. The choice of action is based not only on the immediate financial returns but also on those returns in the hereafter. Since Islamic banks operate on an interest-free basis and their establishment is designed to improve Muslim communities. In the case of the second principle that involves wealth, Islam has given a clear guideline to be followed by Muslims. The essence of Islamic finance summarised by the Charles FÃÆ' ¨vre, 2006 is as following: Interest rate, taking or receiving on transactions is prohibited. Capital must have a social and ethical purpose further than pure, unfettered return; Investments in those businesses which are dealing with alcohol, gambling, drugs or anything else that the Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah considers unlawful and unwanted, are prohibited. Transactions involving masir (speculation or gambling); gharar, or uncertainty about the subject-matter and terms of contracts are forbidden which includes a prohibition on selling something that one does not own. As the interest-earning on investments are restricted, Islamic banks obtain their earnings through profit-sharing investments or fee-based returns (Charles FÃÆ' ¨vre, 2006). Traditionally an Islamic bank offers two kinds of services: firstly; it provides services for those on a fee or a fixed charge, such as safe deposits, fund transfer, trade financing, property sales and purchases or handling investments (IBID). Secondly; those that involves joint ventures in investments and the sharing of profits and losses (Charles FÃÆ' ¨vre, 2006). REASEARCH METHODOLOGY Methodology is a set of tools, techniques, procedures and investigative methods, used to collect, store, analyse and present information. Scientific methodology involves the development of hypotheses and predictions, investigating the manipulation of particular variables while maintaining all other variables constant, using measurable, objective measures and statistical analyses in order to come to conclusions about the topic under investigationà ¢Ã¢â€š ¬Ã¢â‚¬â€œ (inspiritive.com, 2009). Research can be defined as à ¢Ã¢â€š ¬Ã…“something that people undertake in order to find out things in a systematic way, thereby increasing their knowledgeà ¢Ã¢â€š ¬? (Saunders et al, 2003). Research methods are the means by which knowledge is acquired and constructed within a discipline. It needs to be both relevant and rigorous in order to be accepted as legitimate within a particular field of knowledge (Harvey Myers, 1995).whereas Leedy Research methodology can be explained as the process ca rried out to achieve the overall aim and objectives of the research (Saunders et al, 2003). What does Research Methodology Include? The research methodology involves primary data and secondary data. The primary data collected are more consistent with our research questions and research objectives. With the help of primary data the reasons behind consumer behaviour, management decisions or problems faces in internationalisation efforts can be identified (Ghauri Gronhaug, 2005). According to Hussey and Hussey, (1997, pg.149) à ¢Ã¢â€š ¬Ã¢â‚¬ ¢original data is known as primary data, which is data collected at sourceà ¢Ã¢â€š ¬Ã¢â‚¬â€œ. Primary research provides information and data which doesnà ¢Ã¢â€š ¬Ã‹Å"t already exist. Some of the methods of primary data collection include: Focus groups, Interviews, Observation and Questionnaires (Saunders et al, 2003). According to Saunders et al., (2007, pg.272) à ¢Ã¢â€š ¬Ã…“data that have already been collected for some other purpose, perhaps processed and subsequently stored, are termed secondary dataà ¢Ã¢â€š ¬?. Data can be collected internally or externally from the available materials for literature. These materials come from books, journals, articles, research papers, conference proceedings, newspapers, theses and internet sources. It includes both quantitative and qualitative data and they can be used in both descriptive and explanatory research. Within business and management research such data are used mostly in case study and survey-type research (Saunders et al, 2003). Research Methods Generally available methodological options for Research are two: qualitative research and quantitative research (Ticehurst Veal, 2000). Qualitative Research The purpose of qualitative research is to describe a certain process or problem, to interpret a particular problem and to develop new theoretical concepts and perspectives, to verify the validity of certain problem, and to evaluate the effectiveness of the chosen particular problem (Leedy, 2005). The qualitative analysis based on meaning expressed through words, symbols, interpretations, actions and behaviour (Thornhill et al, 2003). Quantitative research Generally, quantitative research is used to answer the question about relationships among measured variables with the purpose of explaining, predicting, and controlling phenomenon ( Leedy Ormord, 2005). Whereas, Thornhill et al, (2003) stated that in quantitative analysis, the data is based on meanings from numbers. The collection results in numerical and standardised data and the analysis are conducted through the use of diagrams and statistics (Thornhill et al, 2003). The aim of the project can be viewed as qualitative, explanatory, and comparative. To fulfil these aims, the study intends to use the qualitative comparative research strategy (Bryman Bell, 2003). As Leedy Ormrod (2005) noted that qualitative researchers commonly use triangulation for the validation of the research. Comparative Analysis Given the options, qualitative research will be carried out where the literature to be reviewed will be mainly secondary data. The results obtained from the data can be validated by using the above mentioned strategies and comparative analysis which is suggested by Leedy Ormrod (2005) to fulfil the requirements of research. As the Max Weber (1968) also develop approach for social and economical analysis based on comparative method to identify that the researcher plays primary role in outlining research questions, categorizing elements of analysis, and the topics for comparison rather than assuming an objective separation of the researcher and data, as he is of the view that this kind of approach does not confuse researcherà ¢Ã¢â€š ¬Ã‹Å"s conceptualization of the under research phenomenon and phenomenon itself. Comparative analysis facilitates researcher to investigate the problem from a recognized starting point and the investigate other aspects of the object during analysis (Weber , M., 1968 cited in: Google, 2009) Data Collections and Methods In order to achieve the aims and objectives of the research a series of the reviews will be conducted on available literature on Islamic Finance and Conventional finance, particularly the Islamic securities. Islamic source of finance, Al- Quran, Sunnaà ¢Ã¢â€š ¬Ã‹Å"ah, Shariaà ¢Ã¢â€š ¬Ã‹Å"a Laws, and Hadiths books have been taken into account to get information about the Islamic financial principles, and the regulations which are applicable to the finance. This research is based on secondary data which is collected by using research techniques, procedures and instruments such as 1. Journals 2. Books 3. Libraryà ¢Ã¢â€š ¬Ã‹Å"s web based services such as ABI/Inform, Proquest system, Jstor, Emerald. 4. Newspapers 5. Internet and internet article As qualitative comparative analysis will allow the researcher to outline the research objectives and categorizing the elements of the analysis and the choice of selection of the topic to analyse. The comparative analysis will helpful throughout the research to investigate the selected topic from a recognised point and researcher will be able to investigate the other aspect of the analysis. The methodology will be persuaded towards an approach in order to analyse appraise views on the Islamic financial system and Islamic securities in detail as an alternative to the traditional financial system in the context of current financial crisis by presenting and discussing with supervisor as to how he see the future of Islamic and traditional banking following the direction in which it is undertaken. LIMITATIONS This research may have few limitations The main concern is the collection of basic qualitative data from reliable sources mainly from university web based sources and Google scholar search materials; the challenge will be the identification of the reliable sources as often there will be situation where the results can vary from source to source. Sorting the reliable data from since the resources have vast options and all of them might not be having the same facts and figures which will be may required more time than expected in research process. Another limitation that may occur and cause the research to be narrowed and summed up sooner is for the research to miss out on some useful information which would be useful if taken under consideration. As for the vastness of the topic it is a concern that could be distracting as religious validities can be possible but main focus will be managed throughout the research. This research is a qualitative comparative analysis which is depending on the secondary data that may lead research to be limited as collection of data is generally more time consuming and the time is limited and it is not possible to studied wide range of literature which can make difficult to make a systematic conclusion. Drawn Conclusion Comparison of the both system (Islamic Financial System and Conventional Financial System, major will be the Islamic financial securities and conventional bonds) will formed the ground for the conclusion depending on the information gathered from research.

A Chronicle of the Plague

The Black Death: A Chronicle of the Plague by Johannes Nohl (1882–1963) is an illustrative book that traces down the flux of plague and its effects in Europe over the centuries. It examines this malady from historical and sociological perspective. The major contribution of Johannes Nohl is that he does not rely on secondary sources but has researched the contemporary chronicles to locate the pathos and miseries that this epidemic afflicted on the populations of Europe over the centuries.Scope of work is both intensive and extensive as he has provided an in-depth study that encompasses four centuries (1337-1720) and a vast geographical area from Western Europe to Russia and from Nordic ice-burgs to the Mediterranean Sea. In addition to being a historian, Johannes Nohl was also a psychoanalyst. So The Black Death: A Chronicle of the Plague is not a mere chronicle of the plague & its effects but also it further analyzes the socio-cultural, psychological and economic effects of th is epidemics on the whole European civilization that persist in certain societies hitherto.It beautifully blends the comprehensive accounts of the pandemic that caused almost 40 million deaths a single century during the fourteenth century alone with durable socio-cultural impact. The book also locates that how people countered these epidemics and what practical measures were adopted to tackle the problem at large scale. Nohl illustrate that Black Death changed the patterns of life and affected all facets of culture as people migrated from one geographical location to the other to escape themselves from this epidemic.First two chapters, The Aspect of the Plague and The Precursors of the Plague describe the nature of plague as it was understood by the contemporary societies. Nohl has explored through contemporary chronicles that Plague was considered a celestial phenomenon as plague use to visit the European societies sporadically in the form of a natural disaster. Furthermore, Nohl explores that most usual route of these epidemics were from India to Central Asia and then to Europe through trade groups and in Europe it used to spread along with waterways in the shape of a natural catastrophe.In the next two chapters The Medical Profession and Plague Remedies, Nohl discovers the available medical remedies in the medieval societies and how medical professionals reacted to it. Contemporary chironicles suggest that mostly people used to rely on religious conviction and pilgrimages rather than visiting a doctor. Most medical treatment was based on plant extracts. Availability and affordability of medicines were another problem due to mass scale spread and impact of the disease. Nohl looks into the various other socio-political aspects of the epidemic.For example, aadministrative precautions mostly included individual and group exclusion from the community of the hale and hearty. A systematic effort in this regards was not possible as plague used to erupt abruptly, s o it was administered intermittently. Nohl has not only provided the official and royal manuscripts and chronicles but to present the conditions and miseries of the general public, he has included chronicles of travelers, contemporary historians. These clearly manifest that plague had different effects of different social classes and each class was treated in a different way both socially and administratively.In addition to socio-cultural and political effects, epidemic of plague had cast their disturbing impact on the worldview Christian community. Church responded in its own way to the pandemic. The Church labeled it as a reaction of sins and their only remedy was ritualistic deliverance that would purge the sins. So ritualistic practices were used to organize at the individual and collective level. Some other Christian followers were of the view that world is overtaken by the evil as Divinity itself was a friend of mankind and how it could afflict it with such pathos and miseries .Another section of orthodox sect, The Luciferians were of the view that God had toppled down Lucifer, their lord, and had taken over heaven. So this is a natural response of this tragedy. (Nohl 1924, 161-163). Some other compared the disease as an Arial and celestial phenomenon that was beyond the strength and capacity of mankind. This view was further reinforced by the fact that prior to the Black Death, in 1117, the eruption of plague was coincided with a cosmic phenomenon that medieval mind was unable to comprehend. Nohl states in this regard thatIn 1117, in January, a comet passed like a fiery army from North toward the orient, the moon was o’ercast blood-red in an eclipse, a year later a light appeared more brilliant than the sun,. This was followed by great cold, famine and plague, of which one-third of the humanity have said to have perished. Nohl further describes same coincidences in 1568, 1582 and 1606 when Netherlands, Prague and Vienna were badly affected with pl ague. This shaped the general mentality that plague is an extra human phenomenon and mankind had no control over it. The social fabric of the whole European society was transformed by these notions and beliefs.Nohl depicts that beside human causalities, first social causality was breakdown of social order. There was â€Å"an incapacity to believe that so uncanny a disease as the plague could be attributable to natural causes† which led â€Å"the fateful misconception of [its] artificial production† (Nohl 171). This belief molded their worldview and they become more recluse and a believers in the fictitious remedial rituals. Nohl also illustrates an interesting but tragic fact that plague was intentionally passed on to others. He located the motive for this deliberate infection as infectants did not want to undergo the agonies alone.Furthermore, it was common belief that one could liberate oneself of his contagion by transmitting it to others (Nohl 171). Nohl also provi des evidences when someone infected his/her rival or enemy due to sheer malice and enmity. Sometime, Lutherans were blamed for this curse but more often Jews were labeled as propellants of this deadly disease. So they were persecuted on mass level to purge the society from this malady but it is a fact that Jews used running streams for their sanitary purposes unlike Christian who used contaminated public wells that were often a prime cause for dispersal of various diseases.Toward end, the book has an interesting chapter, The Erotic Element in the Plague that relation sexuality with deadly disease. This book covers all aspects of Black Death pertaining to the contemporary medieval societies and all these are supported with the contemporary chronicles. It not only provides a synopsis of whole epidemic history but provides an in-depth analysis of the entire phenomenon. References Nohl, Johannes. 1924. The Black Death: A Chronicle of the Plague. Translated by C. H. Clarke. New York: Har per and Brothers Publishers.

The Death of How to Do a Research Paper Outline

The Death of How to Do a Research Paper Outline Whenever your writing is mismanaged in a way where you just write simply from beginning to end, you are inclined to get rid of the point you're attempting to make. For your research paper example to get going, you will need to announce your introduction with few sentences that show what sort of research questions you are going to be asking. The literature review has to be planned so you know where you're likely to get sources from to be able to strengthen your arguments and knowledge of the topic. Among the biggest mistakes made when it has to do with writing a thesis statement is filling it by unnecessary details. How to Find How to Do a Research Paper Outline on the Web Possessing a best outline increases the odds of you presenting a research paper that's well written. You should remember that a well-written layout is an excellent way to present an amazing research paper. Make certain you have enough detail. An outline is a great way to get ready for your research paper. A comprehensive outline makes it a good deal simpler and faster to finish the last draft of your paper. Maximizing your research outline's purpose is able to help you compose a comprehensive paper. Let's consider the components of your research program and the way to compose a structured outline that will enable you to begin a research paper as rapidly and effectively as possible. Amazing research papers are all over the internet for one to read. Regardless of what research paper outline you're considering, you will want to think about exactly how your research is going to be backed up. Research Paper isn't a task for a single day. An individual should realize that every Research Paper is a sophisticated writing because it must contain distinctive research and distinctive idea. Writing a research paper is as essential as performing the true research or experiment itself and can seem to be an extremely daunting undertaking. Not everybody ought to be pessimistic analysis indicates that numerous solutions are readily available. If you've ever done a research before, then you know it's tough to find the best results if you don't use an outline. During the planning procedure, get to understand all your concepts, terms, and definitions so you can state them early in your introduction. Your introduction should state the objective of your study. The Definitive Approach for How to Do a Research Paper Outline If making outline is part of your assignment, follow the directions you were given. It might be helpful as you're developing your outline additionally to write down a tentative collection of references. The more points that you want to include, the more elaborate outline you'll ever have. It's also logical to compose a more comprehensive outline for yourself even in case the requirements are different. For a research paper, several paragraphs are likely required to thoroughly talk about the topic and help show the thesis. Thinking of keywords will allow you to plan along with the paper outline introduction, and will offer you more of an idea what things to write about. A crucial part of any research paper outline is going to be a literature review. If you want to write for a particular journal, a superb advice is to look at the research paper outline of a few of the articles to have a better idea on the best way to compose your article. Nobody will argue that It's quite challenging to comp ose an academic paper if there's no structure for it. In the event you're composing a lab file, the body is then going to be split into further segments. In the event the structure of the chief body has many levels, it is preferable to use different numbering styles. If you take a look at research paper outline examples, you will observe there are several strategies to present the most important body. Top How to Do a Research Paper Outline Choices Explain briefly the significant points you intend to cover in your paper and why readers ought to be interested in your topic. You can also state what kind of approach it is that you will use in your paper for the full discussion of your topic. Make certain you realize the topic. When it's possible, pick a topic that's close to you. Hearsay, Lies and How to Do a Research Paper Outline The paper should get off to a good beginning regarding clarifying unfamiliar information as not to depart from your readers puzzled. A well-made outline is critical in locating substantial info and keeping track of considerable amounts of information from a research paper. Attempt to seek out professional sources which provide valid information for your research. 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Business Law Department Exam - 14857 Words

DEPARTMENT EXAM TEST BANK SPRING 2011 True/False Indicate whether the sentence or statement is true or false. __F___ The Offeror Is The Party With The Power To Decide Whether To Create A Contract. __T___ An offer made as a joke, where a reasonable person would conclude that it was made as a joke, cannot result in a contract. __T___ The communication of an offer can be made by the offeror or the offeror s agent. __T___ Generally, advertisements, catalogs, price lists, etc. are not treated as offers. __F___ A counteroffer is treated as both a revocation and a new offer. _T____ Consideration can consist of giving up a legal right. __T___ A promise to act or to refrain from doing an act can serve as consideration. __F___†¦show more content†¦The parties agree on a term of nine (9) months, and a $10,000 salary per month. Per their agreement, Teresa is to begin work on January 1. This contract falls within the scope of the statute of frauds, and thus will likely have to be in writing to be enforceable. ___F__ An offer can never be validly accepted by the offeree’s silence. __F___ Wendy offers to pay Jose $1,000 if he agrees to promise to paint her house this month. If Jose accepts the offer, it will create a unilateral, executed contract. __F___ A contract to provide lawn and landscaping service for â€Å"the next six (6) months† falls within the scope of the statute of frauds, and must be in writing to be enforceable. __T___ Fred offers to paint Debbie’s home for $500. Debbie tells Fred she will only pay $450, and Fred agrees. Under these facts, Debbie is the â€Å"offeror.† __T___ Sarah, an artist, e-mails Patricia and offers to paint her portrait for $499.99. Patricia calls Sarah back and accepts the offer. Sarah promises to paint the portrait within one (1) year, if not sooner, and Patricia agrees to pay within six (6) months of the portrait’s receipt. This is an enforceable, bilateral, executory contract. ___F__ Sue leases her 3 Bedroom, 2-bath home to Trisha for $300,000 for one year. The parties sign a written lease. Article 2-A of the UCC governs this contract. ___F__ Bob, a schoolteacher, sells his neighbor Sam an old office chair at a garage sale. Bob has given Sam an â€Å"implied warrantyShow MoreRelatedGeneral Contractor Licensing For Virginia953 Words   |  4 Pagesobtain your contractor’s license from the Department of Professional and Occupational Regulation Board if you play to do any construction work totaling $1,000 or higher. Construction work can also include demolition, home improvement, or home repair projects. Your contractor’s license will be based on your experience and the size of the projects you plan to undertake. The board will determine what caps are placed upon your business accordingly. 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