One of the major strengths of the culture metaphor rests in the fact Essay

One of the major strengths of the culture metaphor rests in the fact that it directs attention to the symbolicsignificance of even the most rational parts of organisational life [Gareth Morgan, 1986] - Essay Example It is in this uniqueness that the significance of organizational culture resides; in this formulation, â€Å"culture† contains the seeds of distinction that can differentiate a given organization from its competitors in the market, resulting in success or failure. Culture is not only the opposite of rationality; it transcends rationality and becomes the something extra that brings a necessary human element to organization, imbuing an abstract collective with identity, personality and â€Å"a face.† This opposition, and its transcendence, has been at the heart of all analyses of â€Å"culture† dating back to the early days of the discipline of Anthropology in which â€Å"other,† seemingly irrational foreign cultures were investigated by Western academics and researchers, whose goal was to discern the underlying and apparently unapparent rationality. In this original formulation, culture both obscures rationality and gives it its unique form; the same holds true for the analysis of business and organization. Organisational culture is both a product of formal organizational rules and structures, and also helps to produce the structures themselves, both formally and in their practical function. Like all cultures, organizational cultures have subcultures as well as practices and values that directly contradict the stated values and norms of a given organisaton. Both the relationships between organizational culture and the larger structure of an organization, as well as the relationship between formal â€Å"values† and the values as practiced by employees, managers or other organizational figures are best investigated through direct, analytical observation, an anthropological practices known as â€Å"ethnography.† An example of the relationship between organizational culture and formal structures as mutually reinforcing systems may

Reflection paper on a five-hour kindergarten observation Essay

Reflection paper on a five-hour kindergarten observation - Essay Example Reflection paper on a five-hour kindergarten observation My visits transpired on a Monday, Wednesday, and Friday, staying for the duration of five hours in total, which is the required number of hours for the activity. During the first day, I read to the class a story of three children of various ethnicities. One is John, a British, Chi, Japanese, and Alex, an African. It was a story about friendship and sharing. I flipped pictures from time to time in order to make the story-telling more interesting. This strategy is in synergy with considerations for pluralistic perspective in education, which takes into account the concept of multicultural education. The strategy I used to encourage children to appreciate each individuality and diversity of one another through exposing them to readings about cultural diversity is attuned to the concept of multicultural education, which fosters the understanding of diversify (Fu, [please enter the year]). On the same day, we conducted a group activity with the children where they would build a castle out of cubes and triangles. Each team had three members, making a total of five teams. The composition of each team is diverse, since it is a diverse class. Each team showed their finished products and each one explained what they contributed in the building of the castle. They were happy and laughing while doing their castles, making sure that theirs was the most beautiful one. It seemed like a pleasant experience for them. This activity is attuned to the concept of multicultural education.

Society of Kenya Essay Example for Free

Society of Kenya Essay The Tourism industry in Kenya operates within a liberalized economic environment that is characterised by active partnership between the Government and the private sector. While the private sector is expected to be the motive force, the Ministry of Tourism is charged with the responsibility of formulation and implementation of policies a kin to tourism as well as co-ordination of planning, development, promotion and marketing of tourism. The functions of the Government may be summarized as follows:- (i) Formulation and implementation of general policy guidelines for the tourism industry; (ii) Setting the required targets such as:- increasing the contribution of the sector to the National Gross Domestic Product, through increased foreign exchange earnings and retention from the sector; increase the sectors employment generating capacity. conserving and protecting the environment; diversification of the tourism product range and source markets; developing sustainable tourism; and the development of all facets of tourism. (iii) Planning, development and regulation of tourism activities; (iv) Licencing, classifying and upholding the quality of tourism facilities and services; (v) Co-ordination and Consultation with other government Ministries and departments in order to facilitate tourism development by providing the necessary enabling environment; (vi) The Ministry has also the responsibility of overseeing the operations of such State Corporations as:-   The Kenya Tourism Development Corporation, which lends to and advises investors in the tourism industry. The Kenya Utalii College which trains all cadres of manpower for the hotel and tourism sub sectors. The Catering Levy Trustee, which collects training levy on the sale of food, drinks and accommodation for purposes of funding training programmes for the hotel and tourism sub-sectors.   The Bomas of Kenya which is the national conservatory of Kenyas diverse cultural heritage where traditional rituals, dance and music are performed for the benefit of both visitors and the local people.   The Kenya Tourist Board which is charged with promotion and marketing of the destination both locally and internationally. The Kenya Wildlife Service which is not an integral part of the Ministry of Tourism, is vested with the responsibility of conservation and management of wildlife, and the maintenance of infrastructure, within the National Parks and Game Reserves. (vii) The Ministry co-ordinates Kenyas Tourism Promotion worldwide; and (viii) Co-ordinates bilateral and multilateral relations in tourism with other Governments, Non-governmental Organisations as well as other Donor Agencies. In addition, the Government provides such basic infrastructure for tourism development, as roads, educational programmes and the requisite security. It should also be noted that the Government is responsible for demarcating, protecting and gazetting all protected areas. COUNTY COUNCILS Most areas and communities where tourism is developed are under the authority of local County Councils. These Councils therefore play an important role in tourism development and are responsible for the following:- provision of incentives for tourism investment and management as well as provision of the requisite amenities for tourism development;   development of visitor management systems through zoning and land use policies aimed at securing participation by the local communities; Formulation and implementation of enforcement programmes pertaining to proper and ethical use of protected areas;   investing in improved tourism infrastructure such as roads and rural electrification;   developing consistent concession policies which are meant to enhance visitor management within the National Parks and Game Reserves;   liaising with communities on development projects to be funded by the tourism sector. (c) The Kenya Wildlife Service: The organisation is important since it is the primary custodian of the countrys flora and fauna. Its active participation has ensured reasonable resolution of human/wildlife conflict. However a lot remains to be done in this area. (d) The National Environmental Secretariat: The Secretariat co-ordinates the activities of the various Non-Government Environmental Organisations. Its contribution is important in the provision of vital environmental data and guidelines as required by the key players in the development of eco-tourism as and when required by the key players. (e) The Eco-tourism society of Kenya: This is a voluntary association of individuals and corporate bodies with mutual interest in tourism. It provides a platform for the resolutions of conflicts pertaining to conservation and the operations of tourism industry through:-   bringing together commercial, conservation and the local communities interested in sustainable tourism development;   promoting responsible and sustainable tourism; protecting the integrity of the natural and cultural attractions which are the bedrock of the industry. The Eco-tourism society of Kenya and its members aim at improving and promoting the image an ideal eco-tourism Kenya as a tourist destination by:-(i) Fostering tourism practices which can contribute to the conservation of Kenyas natural environment and thereby improve the lives of the communities living in close proximity to the protected areas; (ii) Developing suitable framework of Environmental Management standards relating to both tourist attractions and facilities; (iii) Devising and publishing eco-tourism regulations and codes of conduct; (iv) Increasing environmental awareness as well as developing strategies appropriate to mitigate negative ecological, cultural, social and economic impact of tourism; (v) Carrying out empirical research and pilot tests relating to new approaches and initiation and promoting projects which conform to the dictates of eco-tourism; (vi) Providing professional, advisory and consultancy services in policy, formulation research, planning and management of eco-tourism; (vii) Participation in relevant educational and training programmes as well as developing professional standards, certification and licensing systems that are in sync with Eco-tourism. (f). INDIVIDUAL AND GROUP WILDLIFE SANCTUARIES. In Kenya both individuals and groups are encouraged to host wildlife on their lands under the Kenya Wildlife Service Programme known as Winning space for Wildlife. When Promoted hand in hand with nature based tourism, the programme enhances conservation and also ploughs back benefits to the host community. Other features of Winning Space for Wildlife programme include non-interference with land ownership and such other traditional economic activities as crop farming. (g). NON-GOVERNMENTAL ORGANISATIONS (NGO). There is a large number of resident conservation oriented Non-Governmental organizations which promote eco-tourism through: (i) Public education on conservation (ii) Developmental studies, position papers and codes for sustainable use of natural resources (iii) Publication of tourist information literature. (iv) Organizing annual workshops on conservation and environmental management. (v) Organizing seminars and workshops to promote community input into the management of nature and cultural tourism. THE KENYA ASSOCIATION OF TOUR OPERATORS (KATO) The Kenya Association of Tour Operators is an Association of the leading and most experienced tour operators in Kenya. Its members are governed by a code of conduct which requires them to conduct business in an ethical and responsible manner. The Association works closely with the Ministry of Tourism and other stakeholders for the promotion of eco-tourism. These other players include:- The Kenya Wildlife Service on the beach management programme and the development of park use rules. The Ministry of Tourism, Kenya Wildlife Service and Safari Guides Association on the development and observance of a code of conduct for visitors and tour operators. Eco tourism Society of Kenya and other Non-Governmental organisations on identifying and advising on the potentials of nature based tourism among various communities.   Local communities on capacity building and maximization of revenue generation. For example with the help of the Kenya Association of Tour Operators assistance, two groups adjacent to the Mara Reserve were able to raise their revenues from US$ 83,000 to US$ 2 Million within a year. Organising annual workshops on the conservation and environmental management for sustainable tourism development. Organizing seminars and workshop to promote community input in the management of nature and cultural tourism. In addition other notable stakeholders include established trade Associations that serve both as lobby groups and active participants in the overall development and marketing of Kenya as a tourist destination. These include:- Kenya Association of Hotel Keepers and Caterers (KAHC);   Kenya Budget Hotels; Kenya Association of Travel Agents (KATA); Mombasa and Coast Tourist Association (MCTA);   Kenya Budget Hotels Association;   Kenya Air Charter Operators Association; and   The Board of Airlines Representatives. An active partnership exists between the Associations and the Government with optimum performance of the tourism industry being the common goal. Consultation and dialogue among all the stakeholders is a guiding principle in Kenyas tourism development. SUSTAINABLE CONSUMPTIVE WILDLIFE UTILIZATION AND ECO-TOURISM. The concept of sustainable consumptive wildlife utilization has been formulated so as to counter the negative trends that were inherited from the wildlife based tourism and wildlife management policies that existed during and soon after the colonial period up to late 1970s. By then, conservation and tourism policies overlooked the interests of the local people by emphasizing control and regulations while neglecting incentives that would contribute to the success of wildlife conservation and management programmes in the country.

Imperial Telecommunications :: essays research papers fc

Imperialism has existed in the world since the beginning of government all together, but this practice took a dramatic turn in the latter half of the nineteenth century. New inventions, modern thinking, and stronger governments all made imperialism easier. Now thousands of miles could be conquered in a matter of months; an empire could have a stronger hold on a colony than ever before. The result was that by the end of the century, at least one European nation had a claim to nearly every piece of land on the Earth.   Ã‚  Ã‚  Ã‚  Ã‚  In the early nineteenth century, it would take a message 5-8 months to travel from England to India. Steamships cut that time to six weeks each way, but furthermore electrical telecommunications made that time, for all practical purposes, instantaneous. This new form of communication gave imperialists the ability to maintain their empire, being able to govern a colony thousands of miles away. The web of cables that was so eagerly constructed around the world gave the European empires an advantage that earlier nations never could have imagined.   Ã‚  Ã‚  Ã‚  Ã‚  The following pages will cover the history and effects of electrical telecommunications from its beginning through the first world war. They will describe the basic technology and inventors behind the telegraph; following this the implication of this technology, mainly by Britain and France, into everyday practice will be discussed along with its effects. And finally, the effects on politics and economics leading up to the First World War will be discussed.   Ã‚  Ã‚  Ã‚  Ã‚  Samuel Finley Breese Morse (Fig. 1), a North American painter and inventor, got the idea for the telegraph while traveling from Italy to America. He began work and patented the first successful telegraph in 1838, along with a system of dashes and dots of electric pulses to represent letters (Stall sec. 1). The first message on a commercial telegraph cable was sent on May 24, 1844, from Washington DC to Baltimore. Morse sent the message â€Å"What hath God wrought† himself to his partner Albert Lewis Vail at the Baltimore & Ohio railway station. Plans to expand the network to Philadelphia, New York, and Boston began immediately (2).   Ã‚  Ã‚  Ã‚  Ã‚  Meanwhile in England, two gentlemen William Cooke and Charles Wheatstone (Fig. 2) had been working on the needle telegraph (Fig. 3). After years of experiments and patents, they finally built a one-needle telegraph that was so efficient and so simple that it was used in England for nearly eighty years to come (8).

Alternatives to Incarceration

Incarceration is the state of confinement where non violent offenders could be exposed to hostile environment. Alternative programs provide better rehabilitation and successful reintegration to society. Some of them are controversial. One is less successful than the others. Incarceration is the state of confining an individual who committed a crime to prison for a certain period of time. The main purpose is rehabilitation.The offenders have the chance to correct the mistakes and upon release, the successful reintegration to society. The justice system upholds the protection and safety of men, women and children. It enforces social control by penalizing criminals who violated the law. Without the effective justice system, society will be in chaos with criminals running amok and on a wild spree for victims. Incarceration will serve as punishment for unmitigated violence. (Champion, D. 1994)However incarceration per se is not the answer especially for non violent or first time offenders since prison is a favorable place to adapt hostile behavior with hardcore criminals lurking around. Alternative programs were introduced reduce crime, cut prison costs, help people and communities, build better societies. The programs best serve the purpose of rehabilitation and successful reintegration of offenders to society. It also reduces recidivism. Recidivism is a form of relapse where convicted criminal upon prison release reverts back in committing the same or other crime.The reason is due to series of failures; failure of the individual to avoid trouble, failure of the institution to provide the right program for rehabilitation, failure of society to embrace the offender back in its arms, failure of the family to provide the necessary emotional support, failure of the individual to rehabilitate himself, failure of the individual to avoid committing the same or other crime after prison release. ( Matlz, Michael D. 1984 p1)Parole and probation officers are relevant and alte rnative programs produced great impact on the roles, responsibilities and difficulties of these officers as well as their supervision tasks. Officers have to conduct strict surveillance deterring the offenders to commit the same of other crime. They have to facilitate work or education depending on the need. This is time consuming and emotionally exhausting. However success of the alternative program will serve as a personal triumph and sense of accomplishment Special needs population affect offender’s supervision and this includes the juveniles.Parole officers should exercise high level of flexibility in dealing with juveniles without compromising their competence. Approach should be dynamic recognizing individual need (Rutherford, A. 1992). They have to talk to the families and friends. They have to seek assistance of school administration in case the juveniles are attending a learning program or went back to class. Talk to counselors if offenders are undergoing counseling therapy, talk to religious or civic group if offenders are providing community based service.This will help in monitoring the progress of offenders However, violation of the program’s terms and conditions will force the officer to make the necessary recommending that is sending the offenders to prison. The major tasks of parole and probation officers are the rehabilitation and successful integration of offenders to society. They need to set out a solid plan. There are goals and expectations. They are under political and public scrutiny. These officers suffer from external and internal pressure, they have to deliver good outcome, they have to satisfy the family, the public, the institution, the offenders as well as themselves.All these could lead to stress and burn out. Various alternative programs provide positive impacts. Community based service, offenders are sent to work like graffiti cleaning, lawn mowing, sorting books at the public library, cleaning up of parks. This wi ll help them actively participate in the community and help reach out to with society. Acceptance is an important factor. Families, peers, religious and civic groups play an important role. The primary goal is community service and safety. Work is unpaid.However, this is therapeutic and enhances self esteem. (Day, J. , Laufer, W. , 1987) Literature programs provide classroom training and enhance mental skills. This environment reduces personal stress and offers relief and comfort. It bolsters teacher student relationship. The offenders can mingle with other students. They can pursue an education for career development later. This facilitates a straight path where offenders become goal oriented enhanced by books and learning. Education has been the best weapon in fighting ignorance.It makes juveniles stay out of trouble and make them healthy members of the school and community. House arrest allows the offenders to sustain employment and family relationship. They are given freedom of mobility however their movements are restricted and under strict supervision. This is also known as electronic surveillance. A device is attached to the body mostly the ankle so location and whereabouts are monitored. House arrest provides reduction of high prison cost. (Jungen_Tas, J, Onderzoek, W 1994) Counseling therapy is effective for juvenile delinquents.There is interaction between counselor and offenders. Juveniles are given listening ears where they could express current emotions as well problems in the past that lead them to commit the offense. This could be performed individually, in group or together with the family. The success will depend on the willingness of the offenders to open up and accept the counsels to be provided. What programs are controversial and why? Boot Camp is also known as shock incarceration, offenders undergo rigorous training similar to the military.This serves well with juvenile offenders. They learn discipline, patience and team work. It enables them to gain self respect and develop effective ways of interacting with others. However boot camp is defiled by controversies. Some critics said that participants become frustrated and hostile due to the military way of instigating discipline. There were instances of deaths in boot camps. Drug courts and treatments is another controversial program because some offenders are forced to undergo drug rehabilitation without their consent.Substance abuse has been a perennial problem of any society however it will need a deeper analysis to check if the drug use is the root or mere manifestation of an underlying problem that needs serious treatment. Least successful of the programs is restitution. This is for cases of petty theft or stealing small amount of money, the offender is ordered to return the money to the victim. Rather than serving time in jail this program drastically reduces prison cost. However, this is the least successful among alternative programs due to the inability of th e offender to give the money back.Offenders committing petty crime are members of the indigent population with no monetary capabilities. Whatever alternative program best suits the offenders, the goal is to make him or her better member of society. Family, peers and the community will need to work together to facilitate adjustment and healing. Parole and probation officers are guides and mentors. These special need population suffer from emotional imbalance. They are outcast and needs care and understanding. But with proper nurture they could always go back to society.It will take time to regain the much needed respect however through patience, hard work and support there will always be a second chance. Reference List Champion, D. (1994) Measuring offender risk: a criminal justice workbook USA Greenwood Press Day, J. , Laufer, W. , (1987) Crimes, values and religion USA Ablex Publication Jungen_Tas, J, Onderzoek, W (1994) Alternatives to prison sentences: experiences and development s. Amsterdam, New York: Kugler Maltz, M. (1984) Recidivism Florida Academic Press, Inc. (p1-27) Rutherford, A. (1992) Growing out of crime: the new era. Winchester Waterside Press

Julius Caesar And Abraham Lincoln - 716 Words

Julius Caesar and Abraham Lincoln are some of the greatest men in history. Caesar and Lincoln were two very different men in two very different eras in history. Caesar ruled during the Great Roman Empire and Lincoln ruled during the United States’ bloody Civil War. Though they were so different and separated by so many centuries, Caesar and Lincoln also had many similarities. Gaius Julius Caesar was born on July 12, 100 BC in Rome as the son of Gaius Caesar and Aurelia. He was of noble and patrician roots. He was also a Roman statesmen and general. He is often remembered as one of the greatest military minds in history. Because of him the Roman Republic became the powerful Roman Empire by significantly expanding the already vast empire and initiating its imperial system through a succession of battles across Europe. He successfully conquered Gaul (France) and he invaded Britain twice (55 BC and 54 BC). His achievements and power were so remarkable that other languages have words meaning â€Å"ruler† derived from his name. For example â€Å"Kaiser† in German and â€Å"czar† in Russia. Caesar even got his own month. Quintilis, the month in which Caesar was born, was renamed Julius (July) in his honor. Even with all that Caesar was only a Roman dictator. In 44 B.C. conspirators, claiming they feared Julius Caesar was aiming to become king, assassinated Caesar on the Ides of March. Lincoln, on the other hand, had more humble beginnings. Born on February 12, 1809, he was the second childShow MoreRelatedAssassinations : Assassinations And Assassinations854 Words   |  4 Pagespolitical empires of the world. From the stabbing of the Julius Caesar to the shooting of Mahatma Gandhi I am going to give a detailed visit to the history of assassinations throughout the world. In referring to the history of the assassinations we first need to consider a case of assassination in the Roman Empire. 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His rise from a humble birth as a peasant boy to Emperor is a tale of bravery, adversity and ultimately triumph through faith. Julius Caesar was born as Groyxo Gaul in 54BC into an immigrant family in the back streets of Rome. Neither parent was rich. The German historian Guildo Horn noted: â€Å"Seine Mutter war ein Hamster und sein Vater, der von den Holunderbeeren gerochenRead MoreKilling Lincoln Is Acclaimed As `` Shocking, And A Historical Thriller1115 Words   |  5 PagesEssay Killing Lincoln is acclaimed as â€Å"shocking† and a â€Å"historical thriller.† It makes the reader question, â€Å"Is it really true?† with every turning page. Bill O’Reilly claims that everything mentioned is true and â€Å"unsanitized,† so a whole new story is opened to the audience, such as Booth being funded by the Confederate states and the Booth family being closely related to the Lincoln family. However, if everything is true, the question still remains: What is the most significant truth? 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Brutus’s noble character is developed not only by himself, but by others asRead MoreKilling Lincoln By Bill O Reilly And Martin Dugard1609 Words   |  7 PagesKilling Lincoln by Bill O Reilly and Martin Dugard is a book that captures the days leading up to and surrounding President Abraham Lincoln’s death. The purpose of this book is to give the reader insight about anything relating to President Abraham Lincoln in his final days. Bill O’Reilly hosts his own news television show called â€Å"The O’Reilly Factor† which is aired on the Fox News Channel where he talks about political issues. He has written many other books with Dugard like Killing Kenn edy: TheRead MoreEssay about Abraham Lincoln as a Dangerous Speaker2476 Words   |  10 Pages  Ã‚  Ã‚  Ã‚  Ã‚  Many people remember President Abraham Lincoln as being a very gifted orator as well as a dignified leader of our country. 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Counterparty Risk In Sukuk Example For Free - Free Essay Example

Sample details Pages: 21 Words: 6160 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? In sukuk, credit risk means that the probability of an asset or loan becomes unchangeable due to a failure or delays in payment and if the correlation involves in engages by written agreement then the counterparty risk is the probability that the counterparty rebound on the situation of the delegate. Other than that, the outcome can be tough with a fall in the value of a banks assets and credit and counterparty risks essential in Islamic finance. They are one and lone due to the essence of Islamic financial instruments that somehow to be transformed to the basis of the Sukuk asset collective. Don’t waste time! Our writers will create an original "Counterparty Risk In Sukuk Example For Free" essay for you Create order Meanwhile, it has a different in conventional financial institutions and Islamic banks no need to access to the derivative instruments and other credit risk management mechanisms due to Sharia thoughts. Major Sukuk issuances have mostly bear on assets based on Ijarah, Istisna, Salam and Murabaha contracts. Other than that, there is several credit risk considerations joined with these modes of finance. Firstly, Salam contracts are bare to the risk that goods will not be endow on time or will not fulfil to the deal allotment and besides that Istisna contracts entail in performance risk. The client of the bank may fail on the conditions of the contract and the subcontractor may fail to make the vital services. In addition, there is also a coupon payment risk that connected to Sukuk and in case the obligor fault to clear all the payments of the demand coupons on time given. However, the asset reclamation risk might be arising as the underlying assets and might not be amply redeemed wh en the originator has to buy back from the certificate holder. Besides, there are also specific risks connected to the SPV such as the belief of making a payment risk entailed with the SPV where the maker need to repay back the certificate holders through a clearinghouse. Apart from that, the Sukuk coordinate are bared to a liquidity risk. Presently, sukuk coordinate do not have good structured and adequately aqueous derivative market and many of the credentials cultivate to be held until maturity. In addition, the hidden assets of the Sukuk credentials are also refer to a risk of shortfall which is a crucial risk in the case of accoutrements and massive degrees arrangement and yet there is a potentiality to lessen the risks of asset losses by using purvey for assurance to redeem back in the mould of Takaful. Types of Investment Sukuk Description of Investment Sukuk Shariah rulings and requirements Salam certificates These are documents of equal value issued for the sake of mobilizing Salam capital and the items to be delivered on Salam basis are owned by the certificate holders. Issuer: Sells Salam commodity Subscribers are: Buyers of that commodity. Mobilized Funds: The purchase price of the commodity, which the Salam capital. Certificate Holders: Entitled to the Salam commodity and the selling price or the price of selling the on parallel Salam basis if any. Istisnaa certificates These are documents that carry same cost and are addressed with the attempt of mobilising the funds required for producing a certain item and the items to be produced on Istisnaa basis are basically possess by the certificate keeper. Issuer: The manufacturer or supplier. Subscribers are: The buyers of the item to be produced Mobilized Funds: are the cost of the item Certificate Holders: Entitled to the item or the selling price of the manufactured item. Murabahah certificates These are documents of same amounts are addressed for the aim of financing the Murabahah commodity and the authorization holders will become the proprietors right of the Murabahah commodity. Issuer sells: Murabahah commodity Subscribers are: buyers of that commodity Mobilized Funds: the buying cost of the commodity Certificate Holders: Basically stand alone by the Murabahah commodity or the price of selling it. 3.9.3 Shariah Compliance Risk There are a lot of disadvantages of Shariah compliance risk in sukuk. Shariah compliance risk means to the failure of asset cost as prove of the issuers break of its fiduciary responsibilities with honors to obedience with Shariah and there might be a number of such instances of deliberate or acquitted breaches. Besides, the closure clauses or syaria jurist of the Sukuk announcement describe issues that will officially make the Sukuk exploit invalid and annulled due to Sharia non-compliance. For example, if the Sukuk is based on a hybrid of Ijara and Istisna assets, Ijara must always more than Istisna in the pool, otherwise the Sukuk deed will disperse and thus approximately speaking, Sharia compliance risk must be defined as a rate of return inevitable in comparison to the market rates, as a result of complying with the Sharia. Hence, the issue of competitiveness and survival in capital markets as a Sharia complaint the asset class. For example, in the case of occurrence of a Waki l or the  warrantor and the agent need to be unconnected entities to disprove any battle of interest and moral hazards. However, Islamic finance is an economic model imitates the essence of a faith that is a way of life for Muslims. Therefore, the pressure to keep alive the nature of Islamic financing in a Shariah compliant way remains powerful and the Sukuk structures must not only imitate this but also preserve competitiveness. Often it is the case that a fine balance is affect between Shariah conformity and project viability considerations to the degree or extent that jurists and Shariah consultants play a constantly vital impression in the classify of the Sukuk thought. For your information, there are a number of discrepancies regarding the applicability of Islamic financial instruments against the different schools of thought as well as the legal regimes in which the Sukuk are issued such a theoretical ambiguity would pose further operational risks that the Islamic bank might be run post nominal of Shariah jurisdictions. For example, the theoretical applicability of the Murabaha contract varies between different schools of thought and various jurists such as the Organization of the Islamic Conference (OIC) Fiqh Academy concur that the Murabaha contract is binding on only the seller of the contract and not on the buyer but other jurists hold the prospect that both the parties to a contract have an equal obligation to the terms of the contract. However, it is notable that financial engineering has made it possible for Shariah positions to join together. For example, a few years ago, floating rate Ijara was not broadly conceivable to be Shariah compliant as, according to the Shariah principles, the originator can only guarantee rents (returns) on the fixed return underlying assets. As mentioned above, fixed rate Sukuk face serious matters of market risks nowadays and to match the market requirements of Sukuk to be floating rate, the Shariah r equirements of rents must be in the fixed rate and the Ijara Sukuk are based on a Master Ijara Agreement with numerous subordinate Ijara agreements. Besides, in the subordinate Ijara contracts, the rents are revised semi-annually in accordance with the market benchmark. This is to ensure the rent is fixed for 6 months and floating at the same time. Major Ijara Sukuk likes Gutherie, Malaysia, Qatar, Saxony-Anhalt and so on are based on this marriage. Other than that, the investors might still have some matters in interest rate risk to a certain extent and they would be unprotected in the event that the floating rate rises to a level higher than the fixed rate of the underlying assets. Since the originator can only guarantee the fixed return on the underlying asset pools, the issue of floating rate returns still maintain disputatious, particularly in pooled hybrid Sukuk. So, the only major issuer to offer fixed rate distributions is the IDB which continues to face the underlying ra te of return risk. Another example relates to the liquidity facility. Liquidity facility is something likes a letter of credit,  standby bond purchase agreement  or other arrangement used to render liquidity  to purchase  securities or accommodates funds to the agent or its issuer to buy the securities that have been  tendered  to the  issuer  or its agent but which cannot be immediately or directly remarketed  to new investors until such time as they can be remarketed and the provider of the liquidity facility is typically a bank. Besides, stipulations for a liquidity facility to abate lags between payments to investors and returns on the underlying asset pools have been analyzed by the prospectuses of the sukuk. Some liquidity facilities have been formed to permit the trustee to make some advantages to the facility for any liquidity deficit ensuing from default in the Sukuk asset pools and the imbursement of the liq uidity services have been provisional upon surplus funds after the distribution of coupon payments to the Sukuk holders. However, it has been suggested by Shariah scholars that the sole purpose of such a liquidity facility should be to easily out delays between investor payments and returns on the underlying asset pools and the importance of such a liquidity facility can most efficiently be accumulated where the arrangement has floating rate payments because of the fixed rate returns would give the non-existence of interest rate differentials. A third example of the shariah compliance risk is that the functions and the relationships of special purpose vehicles (SPVs) and other third party agents. In the occurrence of a wakil or agent of the guarantor, wakil have to be separate entities to countermand any conflicts of interest and moral hazards. There also had been proposals to appeal to two SPVs in several instances instead of one. In this case, the first SPV would have to manage the financial obligations of purchasing and reselling the underlying Sukuk assets to the second SPV that would be a trust with the purpose of issuing the certificates. However, Shariah considerations prefer a single streamlined SPV that would perform in both functions of financing the transaction of Sukuk assets and servicing the trust certificates for the investors such an SPV should have foregoing experience in financial markets and they also should to remain independent of the originator. In the nutshells, what can I say here is the association of Shariah supervisors with Sukuk issues will guarantee investor confidence? The answer definitely will be yes. However, the convenience with which the Shariah compliance requirements can be married with the conditions of market competitiveness will remain a great challenge for the Sukuk issues. 3.9.4 Operational Risk Operational risk is a  form of  risk that summarizes the risks of a company or firm undertakes  when its try to operate within in their area or industry and operational risk is where the risk that is definitely not inbuilt in budgeting,  systematic or market wide  risk and whereas it is the risk that remaining after  crucial financing and systematic risk and it also includes risks resulting from  breakdowns in internal procedures, people and systems. However, there are several other risks definite to the process of the Sukuks and these risks mirror those continuances in conventional bond markets and are operational in the sense that they are inherent to the structure of the issuances rather than the underlying Islamic principles. Operational risk is divided into six risks which are default risk, coupon payment risk, asset redemption risk, spv specific risk, investor specific risk and lastly risk related to the asset as following: Firstly is the default risk which every prospectus has provisions for the termination of the certificate in the event of a default by the obligor and in case if the obligor fails to pay the rentals on the Ijarah agreements that form the coupon payments, the certificate holder can exercise the right to abolish the agreements of the contact and force the obligor to purchase back all the assets .Furthermore, certificate holder also can exercise the right to take legal action and force the obligor into debt rescheduling proceedings in the event that the obligor fails to compensate the principal amount of the certificate holder . Secondly is the coupon payment risk which the obligor might be fault to make a payment on the required coupons on the due date given and any delayed coupons will be subject to a specified payment amount that will be accumulated with the special purpose vehicles (SPV). However, these accumulated funds are suggested by Shariah councils to be donated for charita ble purposes. Thirdly is the asset redemption risk where the originator has to purchase back the underlying assets from the certificate holder. Furthermore, the principal amount paid may not be same to the Sukuk issue amount and as a result, there is the risk that the assets may not be fully redeemed. Next, the special purpose vehicle (spv) is generally designated to be a standalone institute that is bankruptcy or black list remote from the originator. However, there may be a view of resolution risk involved with the SPV in that the originator will have to network the payments through a clearinghouse and then the certificate holders will be compensate through the clearinghouse immediately. Another risk is the investor specific risk where the certificate holder is contributed to some of the risks that are applicable to Sukuk structures and these are primarily with respect of liquidity issues. Besides, the Sukuk structures, they are welcoming in dealing with liquidity managem ent issues in Islamic finance where the Islamic finance is revealed to a liquidity risk. Currently, there are related to liquidity risk because mainly its does not exist a good structured and sufficiently liquid secondary market. In addition,as we know the certificates are listed on several local markets but this alone does not signify their liquidity and the Sukuk certificates are medium to long term in maturity and their continued success will definitely depends on their ability to develop into highly liquid means of fund investment with adequate risk management mechanisms. However, as is the currently the case, all of the certificates be liable to remain until last of their maturity. Last but not least, Risk related to asset is the concealed assets of the Sukuk certificates where this risk is are similar to other risks as well and mainly there is the risk of loss of the assets and these are minimal with regards to Ijarah assets of land parcels. However, in case of equipment an d massive scale formation typifying some of the underlying IDB assets the risk of loss may not be so insignificant. Nevertheless, Islamic finance has Shariah compliant provisions for insurance claims in the form of Takaful and these arrangements might have to be utilized to diminish the risks of asset losses and as it is related to the asset risk as well is the need to maintain the structures of the assets. Besides, proper maintenance will certify capable returns to the certificate holder and according to Shariah principles, the SPV will usually be required to bear the responsibilities on ensuring asset structure maintenance. 3.9.5 Institutional Rigidity Sukuk as we know is originate from developing countries and the financial infrastructure in some of these countries such as Bahrain and Malaysia are well developed but generally this infrastructure is delicate in most emerging economies. In our country Malaysia, sukuk are already used by Muslim and also non Muslim. It is not something new in this era. In addition, Sukuk require unique Shariah compliant structures and this creates a state, which can be termed as one of institutional rigidity and which cannot be removed in the short run, habitually it will raised the risks of Sukuks. The features of this state that having the matters are likes: Lack of hedging and financial engineering processes. For your information, hedging is making an investment to lower the risk of opposing price movements or drive in an asset. However, normally a hedge made up of taking an offsetting situation in allied to the security likes a futures contract. Non-existence of interbank money markets. Lack of best practice uniform controlling standards and commands. Weaknesses in litigation and legal framework support, particularly, in the treatment of default Non-uniform accounting, auditing and income and shortfall of recognition systems Non-strong investment assessment, promotion and monitoring infrastructure Ineffective external credit assessment systems Undeveloped state of financial markets Weak inter-segmental support and lost in connections. For example, without life insurance coverage the credit risk of a client is sure to be high. This is one of the important risk factors faced by Islamic banks due to non-existence of comprehensive Islamic insurance coverage. 3.10 Calculation Mechanism Sukuk profit is coming fromÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦.. As Shariah think about money to be a assessment appliance for cost and not stand for an asset in itself but it also need to stand in need of that one may not be accomplished to take income from money by itself. For your information, this self assurance of capital from money is known as Riba, and is obviously not allowed and now we already know that a lot of people misused their powers and keep doing these illegal activities but in sukuk we really take serious of this matter. However, some note that it is the money lending interpretation that is the more relevant for example when interest is applied in an unequal manner that can make or force individuals into debt traps and also a revolution of hardship and this already not special to Shariah as many non Islamic countries have extortion laws. In making a profit in sukuk, there also have the presumption for Islamic financial institutions and securitisations that the selling of claim or receivables without the hidden asset for par is not allowable. However, we need to take noted that some of the extant in Sukuk and somehow some of the Shariah boards arise to approve that as long as receivables are in a small part of the all embracing income flows and their existence is acceptable even though there is some alteration in the meaning of little. For the second point that have been raised by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is that they offensive the trading of receivables or claims as such in both of the Sukuk securitisations was seen to the due date so the physical assets such as land and properties are going to bring about the cash flows and also have been rendered to the investors as well as the payments or receivables due on those assets. If Tamweel or Sorouh PJSC is going alter to impoverish so the legal ownership of the properties and land might basically in with the investors. In addition, Institutions likes AAOIFI and the Islamic Financial Services Boa rd has an important part to caper in working together the different parties in an organised fashion to argue the affair and attain an agreement that will eventually lead to adequate standardisation to achieve the common long term goals of Islamic finance. Besides, in the censured Gulf Sukuk structures, there is naturally a rent or lease management income derived from the asset. However, under the Ijarah rent type affinity so the company obviously will agrees to make a payment on the given time to the Sukuk holders salary for applying of the asset and these will form the periodic fixed income flow that imitate the coupon in a conventional bond. However, in other structures likes Mudarabah and Musharaka, there might be several capitals that flow from the assets that are going to pass through to the Sukuk holders to make a payment for the profit. However, if there is an extra income officially it is taken as an encouragement fee or if there is a deficit, the maker has basically has an obligation to make a payment to the changes of the differences. The third AAOIFI principle come into view that they will stand to this practice and hinders the payments or loans if there is a loss in the expected earnings. Thus, same with the purchase responsibility and what we were talk over below, the investors again will depends on the corporate or bank to pay back their profit but not based on the underlying assets. How do we can calculate the profit rate from Sukuk? Do you think that sukuk will be a model to the conventional bond market? In our analyses, the answer definitely will be yes. Many people keep questioning how a Shariah compliant, non interest aspect the appliance might be recognizing in opposition to London Interbank Offered Rate  (LIBOR). For us, to use an analogy, for example if I have a building and lease it out to renters at a rate based on market forces, market forces might be stand for by a formula which may comprise all the cost of borrowing. Nowadays, we live a life in a worldwide economy where the amount of tale on loan influences even what we pay for our day to day provisions. However, there is therefore did not effect in referencing revenue to LIBOR as long as the asset that is appropriate is a Shariah compliant asset and it has been prove when the enormous most of qualified scholars hold up this observation or view. Another thing that we are forbidden to do is to give or lend money with the purpose to take money in the future at a profit or in the form of interest. Nowadays, most o f them like to lend money with a high interest but in Islamic law that is not the one trade that may advantage civilization as you are going to make a capital out of capital, as follows honestly speaking, the rich become richer and the poor become poorer. In addition here, there constantly has to be an hidden buying and selling behind it in which case you may absolve a blemish up or revenue rate and in Islamic law also advises us that we cannot trade money. Generally, capital is absolutely a medium of exchange and not a goods itself that might be traded. Pricing of Sukuks with Embedded Options How we are going to pricing sukuk with embedded option? Embedded option means a bond can be valued similar to the valuation of selection on equities by implementing binomial trees. In conventional bond issuance the value of the underlying assets will base on the level of interest rates whereas in Islamic contracts interest rates are substituted with the rate of return on the underlying assets. We can analyses the valuation of embedded options using altering scenarios in a tree diagram. Assume that futures one-year rates of return develop are as follows: YEAR 0 1 2 3 8.10 7.50 7.00 7.25 Rates 6.50 6.50 6.00 6.25 5.60 5.10 The represented tree can be utilized to value zero coupon certificates of various maturities. For example, the value of a 1-year zero coupon bonds 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 1/1.07 = 93.45% of par value If r= 6.00 1/1.06 = 94.34% of par value As a result, an investor who owns a 2-year zero coupons knows that the investment will be worth either 93.45% of par value of 94.34% of par value in one year. If the probabilities of the two scenarios altered for risk are known then the investor can value the two year zero coupon bonds accordingly. Assuming 60 percent for r=7.00 and 40 percent for r=6 we can infer the value of 2-year zero coupon bond to be: B (0, 2) = 1/1.065 x [(0.6) x 93.45 + (0.4) x 94.34] = 88.0807 % of par value The estimate of callable bonds will appeal an adjusted technique as the callable bond is basically a portfolio of a non-callable bond and an American call option written with the non-callable bond as the underlying and a raid the price that is given by the call price. Accordingly, at each bulge 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 P = max [{CP, 0.5 x (Pu + Pd) + C} (1 + r)] 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 4.0 Conclusion The overall finding of this research included in this study is clearly understood thorough the conclusion of this report that Sukuk, as mentioned earlier, has become a very important instrument worldwide over the past decade and it has been accepted not only by the Muslim investors but also by the many non-Muslim investors across the world. Its characteristics have allowed it to give a competitive advantage over other influential in the Islamic Capital Market. There are other advantage of Sukuk for the economies and financial markets in terms of discipline and more financial stability. Hence, the purpose of this work research did not extend beyond examining and analyzing issues which are very important to the future development and enhancement of the Sukuk industry. It is expected that Sukuk will encourage many Muslims world-wide to participate in financial markets and hence will be instrumental in expanding these markets, particularly in the evolving countries. In this research we analyzed a number of issues related to the evolution, underlying principles, structures, risks and competitiveness of Sukuk as Shariah compliant substitutes to traditional fixed income financial assets. Other than that, the evolution of the sukuk market in our country, Malaysia might be result in extensive and wide-ranging measures which include the creation of an effective issuance manner and it will increasing the price discovery manner and agreement system, enacting a method bear, developing the investor base, advertising liquidity in the secondary market, and protecting the lawful, arrangement and Syariah composition. The foundations for the allowable development of Islamic finance in general and the Islamic bond market in particular are now in place and it is hoped that current incentives and measures under the MIFC initiative as well as other internal and external factors, will encourage local and international financial market players to become MIFC service providers. By doing so, and by making Malaysia as their regional hub, these players might definitely boost their market attain and blow up their buyer satisfaction bases within this region. The observation of our research in sukuk is made on the basis of the following points like firstly, the essential employment and objective of the Sukuk issuance is to outfit way of bargain in the capital and money market sector to all society Muslim investors as well as non Muslims. However, for the Muslim investor they will make them harmony of mind, security reliance are high and focus attention on this thing. However, until mid 2008 the international Sukuk market was driven mainly by corporate issues or qausi-sovereign mostly without implicit government guarantee while sovereign Sukuk were few which had resulted into imbalance and hurdle for issues such as creation of bench mark yield curve. Since then, due to the financial crisis, the international Sukuk issuance trend has shifted towards Sovereign or f ew multilateral agencies issuances mainly due to better quality safe heaven reasons. Furthermore, there has been limited investors appetite for corporate risk. As regard to the issuances of Sukuk at the domestic level, the analysis shows that Malaysia is ahead. However, with consider to the growth in both international and domestic Sukuk issuances, the conclusion reached based on this study is that, until 2007 there has been high growth in both international and domestic Sukuk issuances, but the growth pattern was twist by the credit crunch. Nevertheless, in first half of 2009 the growth trend again showed sign of recovery and the market may have witnessed a stead reversal in Sukuk issuance if it was not hit by few troubled Sukuk issues. Tenor wise international Sukuk is mostly confined to 5 year tenor and there are just a couple of long term Sukuk which again high light the need for having balance between short, medium and long term tenors more for secondary market development purposes. At international level the Ijarah Sukuk is the most broadly used followed by Musharakah. During mid 2008 to mid 2009 the market witnessed the issuance of Sukuk dominated by Ijarah organize where issuance by Government of Indonesia of its retail and sovereign Sukuk are good examples. However, exchangeable or convertible and Hybrid Sukuk structures have also emerged as one of the potential growth drivers due to their innovation possible and also equity market link. Finally, the market situation and AAOIFI Shariah panel finding had affected the Musharakah and Mudarabah Sukuk issuance. However, we are of the view that the evaluation and the development of Sukuk is counted on to carry on which necessitate more and continue effort and improvement in many of its aspects. Admitting the challenges facing Islamic securitizations and bonds, there are likes to be a tough desire to overcome with explanations that will global up these product locality and numerous of chief investment banks and law firms are digging hard to find Shariah-compliant matters. However, to the liable investor appetency in the Gulf region and in the Far East for Halal investment chances and they require of many Islamic financial institutions to securities their hidden financings, we have faith in that overcome might be swiftly advanced that issue these arouse and these markets will establish abundant ground for all contributors. The recent trend shows that the Islamic Capital Market has grown and has drawn increasing interest from among the market players. This has motivate the need for creating appropriate measures in recognizing and measuring transactions relating to the issuance and investment of Islamic bonds to ensure compliance with Shariah Law. Hence, in response towards this need, AAOIFI has issued a new standard, FAS 17 which covers Islamic investments including Sukuk. Based to the standard, Islamic bonds should be categorized into three categories according to investment i ntentions, rather than two categories in accordance to the period of holding as is the practice in the traditional accounting. The classification of Islamic bonds is made to promote public maslahah or interest as underlies in the determination of zakat. Further, the standard states that the recognition for investment in Sukuk and shares shall be made on the acquisition date. In terms of its measurement, Islamic bonds should be measured at historical cost rather than fair market value. The standard also specifies the necessary requirements for Sukuk disclosures. The goal of these termination requirements is to ensure that adequate disclosure is made by the issuer of Sukuk for the purpose of assessing whether or not it complies with Shariah Law. In the effort to position Malaysia as a premier international Islamic financial centre, the Malaysian government has to encourage the private sector to be more effectively. The market for Sukuk authentication continues to grow and an import ant facet of this growth is the increased number of sovereign issuances typified by those issued by Malaysia, Bahrain and Qatar and, interestingly, Saxony-Anhalt in Germany. These certificates are appealing to global investors without having too much bearing on the underlying Islamicity of the certificates. Accordingly, Islamic secondary markets receive a boost because such sovereign issuances and the subsequent attraction of global investments encourage increased corporate confidence in their private issuances. Nevertheless, Ijarah Sukuks continue to hold as the most popular manifestation of Sukuk certificates. This is largely in part to their unambiguous Shariah conformity and familiar leasing formulae. However, leasing contracts on underlying real estate properties cannot single-handedly support the growing diversity of Sukuk investors. With increased global investors there will be a myriad of investment needs and thus other avenues of Sukuk issuances should be implemented to sat isfy these demands. Istisnaa, Mudarabah and Musharakah certificates are established as part of the AAOIFI standard and can be garnered to offer a plethora of Sukuk structures. The recent Sukuk issuance by the Islamic Development Bank serves as an excellent case study in this regard with their Shariah compliant diversity of investments. With the rapid emergence of Sukuk markets, risk management considerations have also come to the vanguard of the industry. Novel financial instruments bring with them original financial risks. An analogous situation represented itself in conventional financial markets in the early 80s with the emergence of interest rate derivatives to hedge against the financial risks of bonds. With the globalization of financial markets and increased convergence of Islamic finance and conventional markets, indirect interest rate effects as well as other financial risks will necessitate the development of Islamic financial risk management techniques. Derivatives are inherently against Shariah considerations because of the uncertainty associated with them that amounts to Gharar. However, we have discussed the possibility of extending the functions of embedded options to fit the needs of Sukuk certificates and Shariah considerations. This facility also provides a debt structure framework that helps to regulate the functions of traditional instruments in turn benefit from the convexity gains of these instrument. Firstly, there are no markets for liquid interest rate derivatives and secondly, interest rates are fluctuations lead to significant gain in credit risk and lower the bonds price. Accordingly to these statement, investors in emerging markets is suffering from the negative effects of volatilities but cannot benefit from the positive side and such benefits have been garnered in conventional emerging markets such as in brazil where the interest rate volatilities is the 90s warranted a protective cushion against these fluctuations in the f orm of putt able and callable bonds these debt structures can be transferred to the sukuk issuances in accordance to outstanding shariah concerns. However, in conventional markets, investors have also garnered the positive effects of swaps between different interest rates, exchange rates and between floating and fixed rates. Again, the feasibility of swaps in Islamic markets has been in contention as they are deemed to contravene Shariah considerations. However, the emergence of Sukuk certificates as mechanisms of liquidity management presents a novel asset-backed securities structure that can set the foundation for supporting risk-management derivative instruments. Our discussion centred on the viability of a swap between floating rate Sukuk (FRS) and fixed rate zero coupon embedded Sukuk (ZCES). Needless to say, the limit is not here. According to the standard, Islamic bonds should be classified into three categories according to investment intentions, rather than two catego ries in accordance to the period of holding as is the practice in the traditional accounting. The classification of Islamic bonds is made to promote public maslahah or interest as underlies in the determination of zakat. Further, the standard states that the recognition for investment in Sukuk and shares shall be made on the acquisition date. In terms of its measurement, Islamic bonds should be measured at historical cost rather than fair market value. The standard also specifies the necessary requirements for Sukuk disclosures. The goal of these disclosure requirements is to ensure that adequate disclosure is made by the issuer of Sukuk for the purpose of assessing whether or not it complies with Shariah Law. In the effort to position Malaysia as a premier international Islamic financial centre, the Malaysian government has to encourage the private sector to be more innovative in developing products and services that are in line with Shariah. It is also imperative that the accou nting practices adopted in the recording and reporting of Islamic bonds fully conforms to Shariah requirements and principles. Islamic scholars must continue to work with the financial professionals so that the knowledge gap between them can be reduced. In the future, empirical research should be carried out to compare the accounting treatment adopted and the reporting practices of organizations issuing Sukuk in Malaysia. It will also be beneficial to investigate the main differences between the practices adapted to account for Sukuk and the conventional bonds under the traditional accounting system. The sukuk market delivers a lot of advantages to both issuers and investors. Issuers can advantage from the bulky rose in liquidity in the Islamic world and also may beat on these new sources of funds. Rising funding from the Islamic bond market in the current environment has been 10 to 20 basis points lower than mainstream bonds. Numbers of multilateral that arise in agencies are is suing sukuks to finance development projects. In addition, both government agencies and the corporate sector have considered the sukuk market as an attractive source of financing. From the investor point of view, there are the benefits of diversification. In a sukuk issue in 2005, 48 per cent of the issuance was subscribed by conventional-based investors. This increased appetite for sukuk reinforced by excess liquidity in the global financial system is part of the reasons sukuks are attractively priced for issuers. The other benefits of investing for sukuk instrument is, firstly sukuk are valued aggressively in channel with conventional bond issues. Secondly, sukuk generally have better risk profile. Next, sukuk are contractible and fill the need for Shariah compatible tradable instruments. Lastly, short term Islamic financial market can benefit from Sukuk. In the nutshell, Sukuks provide an important research agenda for the future. Our research only clearly covers some of the important points. There is more work to be done and these topics can be expanded upon in further studies.