Financial Manager Career Data Analysis Essay - 588 Words

As the economy expands and employment opportunities increase, the need for workers with financial expertise will go up. I will enter the workforce at an excellent time to pursue a career as a financial manager. The information I have acquired concerning this field including opportunities, salary, and working conditions will justify my decision to obtain a position as a financial manager for a major corporation. The opportunities available to someone with a degree in finance are limited to only a few facets of the business world, but according to Job Outlook 2004, a finance degree is one of the top ten degrees in highest demand. Employers are starting to seek graduates with a master’s degree as well as a bachelor’s degree, which makes†¦show more content†¦Despite long hours and impressive workloads, employees enjoy a comfortable work atmosphere with accommodating offices that have access to state-of-the-art computer systems and other technology. Working long hours is required of most jobs but the compensation offered to a financial manager is worth the extended time at work to most employees. The Occupational Outlook Handbook states that the median annual earning of financial managers was $73,340 in 2002. An entry-level associate can expect to earn at least $39,120, which is in the lowest 10 percent of this field. Below is a table that shows the salaries of different level associates in different career capacities as financial managers: Total Compensation of Selected Financial Manager Positions Vice President of Financenbsp;nbsp;nbsp;nbsp;nbsp;$183,500 Treasurernbsp;nbsp;nbsp;nbsp;nbsp;$150,600 Directornbsp;nbsp;nbsp;nbsp;nbsp;$113,600 Managernbsp;nbsp;nbsp;nbsp;nbsp;$84,500 Cash Managernbsp;nbsp;nbsp;nbsp;nbsp;$64,700 Employment opportunities are abundant nationwide at corporations located in major cities, and with bank branches in smaller cities. The Occupational Outlook Handbook says that 1 in 10 financial managers work as bank managers inside the banking industry. Another interesting statistic listed is that insurance and financial establishments employ 1 in 4 financial managers. This includes savings institutions, finance companies, creditShow MoreRelatedWhy Are Information Systems So Essential For Running And Managing A Business Today?1458 Words   |  6 Pagesfor running and managing a business today? An organization’s information system is capable of very important tasks and it is important for any business to exploit its capabilities. Information systems are important to businesses because they process data from the businesses’ input to generate information that is crucial for managing operations. The following points will explain why information systems are important to businesses: †¢ Operational Excellence: Higher profitability can be achieved throughRead MoreEssay On The Most Valuable Things Learned1018 Words   |  5 PagesSome of the most profitable things for me is that in learning about utilization and financial statements is to consider the usage for fiscal explanations to examine and getting an understanding of how the firm incorporates those offers data over Comprehension of those executions of the firm. The financial clear information very detailed analysis of an idea that will be critical similarly as it gives serious data of the shareholders in taking such choices. 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We as humans are prone to look at successful individuals like Oprah or Bill Gates and assume that somehow they became wealthy and innovative overnight, but it truly took many years, time, effort, and perseverance. Choosing a career is an involved process that is based on a number of things, includingRead MoreCase Study of Store24 (a): Managing Employee Retention Essay1623 Words   |  7 Pagestenure, and site location factors of 75 stores. Based on the data, we recommend that Store24 researches ways to increase employee tenure, more specifically manager tenure. Holding store location factors constant, manager tenure has the greatest impact on profits of Store24 stores. Problem and Matching Objectives: In defining the problem, we need to determine whether employee drives performance and how well employee tenure explains financial performance compared to site location factors. 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Therefore, I have chosen to gather information from multiple sources to analyze the similarities and differences between a career as a Marketing Manager and Internal Auditor, in order to enhance my working familiarity with resource material to develop information literacy skills for future endeavors. A Marketing Manager is in charge of planning, directing and coordinating marketing policies and programsRead MoreAnalyzing Career Choices1340 Words   |  5 PagesAnalyze career choices choosing Introduction Career choice can be very difficult to make especially when faced with a decision to choice between two attractive job offers (Clinton Van der Merwe2006). Certainly, each of these jobs will have its positive and negatives aspects. Thus, how would you make an informed choice on the best offer? This requires a good decision-making system. This report presents a way such decision can be carried out. Accountant and auditor job Pay and compensation Read MoreEstate Career Options : Property Appraiser, Property Manager, And Real Estate Analyst Essay1485 Words   |  6 Pagesfocuses on three real estate career options: property appraiser, property manager, and real estate analyst. These career options will be analyzed in detail regarding the responsibilities that each entails. Additionally, the nature of the work will be discussed along with the personal strengths and characteristics associated with each career option. This will provide a better context when conducting the comparison and contras. An explanation will be given about which career option works best for my personalityRead MoreCareer in Finance and Mathematics1137 Words   |  5 PagesCareer in Finance and Mathematics An B. Nguyen Grantham University BA550, Finance October 27, 2015 Abstract There is many job opportunity for individual with the career in finance or mathematics background. According to Careers-in-Finance.com, the lowest entry level related to finance start from $35K-$50K annually in small firms and can reach as high as $260K-$390K for large firms. The income can variable depended on the level of education and experiences. Around the finance corporate,

The Unhealthy Diet of College Students Essays - 1995 Words

The Unhealthy Diet of College Students People eat food every day without thinking twice about it, because it is a necessity for us to live. How often do you think about what is in the foods that you eat? How many calories does it have? Are there any vitamins and minerals in it? Is it high in fat? For most of us and especially college students who live a busy life on the go, the answer to that question is probably no. Since becoming a recent graduate of Indiana University of Pennsylvania Academy of Culinary Arts, I have been more interested in food and what people are eating. Also since more young Americans are becoming obese I want to find out what they are eating and where. Going to college and seeing how students have poor†¦show more content†¦I did two interviews and during them I tried to ask some more in-depth questions such as: where do you usually eat when you dine out? How often do you go grocery shopping and what do you buy? Where do you usually eat on campus and why? I also observed two of my roommates and what they bought when they went grocery shopping? I looked for whether they would buy healthy or unhealthy foods to eat? All of these methods are a good ways to test my hypothesis because they all work well together. The surveys start me off with some broad questions then the interviews elaborate on them. Finally, I then observed what I found out to see if it was true? For the first part of my research I developed a survey about food and then passed it out to ten random people inside the cafeteria. After reviewing the surveys I found many similarities between college students. For the first part of my survey I wanted to find out if the students ever cooked for themselves before coming to college and if they had a home cooked meal made for them everyday while at home? I found out that half the students had cooked for themselves before coming to college and that eighty percent had a home cooked meal prepared for them. The next questions that I wanted to find out were about students and how they eat, while at school? Do you have a meal plan? How many times a week do you eat out? And how often do you eat out of vending machines? Also what is your favorite food? IShow MoreRelatedWeight Gain For College Students936 Words   |  4 PagesThe topic that I have chosen is about weight gain in college students. This is a very important to pic because people that worry about their body image, stress a lot over this issue. Some people would lose sleep, become depressed and isolate themselves when it comes to their body figure. 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Bloodlines Chapter Sixteen Free Essays

string(22) " hope I can meet him\." I EXPLAINED AWAY my chemistry experiment by saying that it was just a substance I had on hand from when I received my tattoo, in the event I had an allergic reaction. I certainly didn’t let on that I’d mixed it myself. I think they would’ve bought that cover story, if not for the fact that a few days later, I was able to get ahold of a formula that helped treat the chemical burns on Kristin’s skin. We will write a custom essay sample on Bloodlines Chapter Sixteen or any similar topic only for you Order Now The mixture did nothing for the ink stain – that seemed to be permanent, barring some tattoo laser removal – but her welts did fade a little bit. After that, word got around that Sydney Melrose was the new on-site pharmacist. Because I had extra left over from Kristin, I gave the remainder of the skin cream to a girl with severe acne since it worked on that as well. That probably didn’t do me any favors. People approached me for all sorts of things and even offered to pay me. Some requests were pointless, like cures for headaches. Those people I simply told to buy some aspirin. Other requests were out of my power and nothing I wanted to deal with, like birth control. Aside from the weird requests, I actually didn’t mind the increase in my daily social interaction. I was used to people needing things from me, so that was familiar territory. Some people just wanted to know more about me as a person, which was new and more enjoyable than I’d expected. And still others wanted†¦ different things from me. â€Å"Sydney.† I was waiting for my English class to start and was startled to see one of Greg Slade’s friends standing over my desk. His name was Bryan, and although I didn’t know much about him, he’d never come across as obnoxious as Slade, which was a point in Bryan’s favor. â€Å"Yes?† I asked, wondering if he wanted to borrow notes from me. He had shaggy brown hair that seemed to be purposely grown unkempt and was actually kind of cute. He ran a hand over it as he picked his words. â€Å"Do you know anything about silent films?† â€Å"Sure,† I said. â€Å"The first ones were developed in the late nineteenth century and sometimes had live musical accompaniment, though it wasn’t until the 1920s that sound become truly incorporated into films, eventually making silent ones obsolete in cinema.† Bryan gaped, as though that was more than he’d been expecting. â€Å"Oh. Okay. Well, um, there’s a silent film festival downtown next week. Do you think you’d want to go?† I shook my head. â€Å"No, I don’t think so. I respect it as an art form but really don’t get much out of watching them.† â€Å"Huh. Okay.† He smoothed his hair back again, and I could almost see him groping for thoughts. Why on earth was he asking me about silent films? â€Å"What about Starship 30? It opens Friday. Do you want to see that?† â€Å"I don’t really like sci-fi either,† I said. It was true, I found it completely implausible. Bryan looked ready to rip that shaggy hair out. â€Å"Is there any movie out there you want to see?† I ran through a mental list of current entertainment. â€Å"No. Not really.† The bell rang, and with a shake of his head, Bryan slunk back to his desk. â€Å"That was weird,† I muttered. â€Å"He has bad taste in movies.† Glancing beside me, I was startled to see Julia with her head down on her desk while she shook with silent laughter. â€Å"What?† â€Å"That,† she gasped. â€Å"That was hilarious.† â€Å"What?† I said again. â€Å"Why?† â€Å"Sydney, he was asking you out!† I replayed the conversation. â€Å"No, he wasn’t. He was asking me about cinema.† She was laughing so hard that she had to wipe away a tear. â€Å"So he could find out what you wanted to see and take you out!† â€Å"Well, why didn’t he just say that?† â€Å"You are so adorably oblivious,† she said. â€Å"I hope I’m around the day you actually notice someone is interested in you.† I continued to be mystified, and she spent the rest of class bursting out with spontaneous giggles. While I became an object of fascination, Jill’s popularity fell. Part of it was her own shyness. She was still so conscious and worried about being different that she assumed everyone else was aware of her otherness too. She continued holding back from connecting with people out of fear, making her come across as aloof. Surprisingly making this worse, Jill’s â€Å"doctor’s note† had finally come through from the Alchemists. The school wouldn’t put her into a different elective that was already in progress. Freshmen weren’t allowed to be teacher’s aides like Trey. After consultation with Miss Carson, they’d finally decided that Jill would participate in all indoor PE activities and do â€Å"alternate assignments† when we were outdoors. This usually meant writing reports on things like the history of softball. Unfortunately, sitting out half the time only managed to isolate Jill more. Micah continued to dote on her, even in the face of adversity. â€Å"Lee texted me this morning,† she told me at lunch one day. â€Å"He wants to take me out to dinner this weekend. Do you think†¦ I mean, I know you guys would have to go too†¦Ã¢â‚¬  She glanced uncertainly between Eddie and me. â€Å"Who’s Lee?† asked Micah. He had just sat down with our group. A few moments of awkward silence fell. â€Å"Oh,† said Jill, averting her eyes. â€Å"He’s this, um, guy we know. He doesn’t go here. He goes to college. In Los Angeles.† Micah processed this. â€Å"He asked you on a date?† â€Å"Yeah†¦ we actually went out before. I guess we’re, well, kind of dating.† â€Å"Not seriously,† piped in Eddie. I wasn’t sure if he was saying this to spare Micah’s feelings or if it was some protective way to stop Jill from getting too close to anyone. Micah was good at hiding his emotions, I’d give him that. After a bit more thought, he finally gave Jill a smile that only seemed slightly forced. â€Å"Well, that’s great. I hope I can meet him. You read "Bloodlines Chapter Sixteen" in category "Essay examples"† After that, the conversation turned to the upcoming football game, and no one mentioned Lee again. Finding out about Lee changed how Micah acted around Jill, but he still hung out with us all the time. Maybe it was in the hopes that Lee and Jill would break up. Or it could’ve simply been because Micah and Eddie spent a lot of time together, and Eddie was one of Jill’s few friends. But the problem wasn’t Micah. It was Laurel. I didn’t think Micah would’ve been interested in Laurel even if Jill hadn’t been in the picture, but Laurel still saw Jill as a threat – and went out of her way to make her miserable. Laurel spread rumors about her and made pointed comments in the halls and during class about Jill’s pale skin, height, and skinniness – Jill’s biggest insecurities. Once or twice, I heard the name vampire girl whispered in the halls. It made my blood run cold, no matter how many times I reminded myself it was a joke. â€Å"Jill isn’t what’s keeping Laurel and Micah apart,† I remarked to Julia and Kristin one day. They were amused by my continued efforts to apply logic and rationality to social behaviors in the school. â€Å"I don’t understand. He just doesn’t like Laurel.† â€Å"Yeah, but it’s easier for her to think Jill’s the problem, when really, Laurel’s just a bitch and Micah knows it,† explained Julia. Ever since the awkward encounter with Bryan, she and Kristin had taken it upon themselves to try to educate me in the ways â€Å"normal† humans behaved. â€Å"Plus, Laurel just likes having someone to pick on,† said Kristin. She rarely spoke about the tattoo but had been serious and sober ever since. â€Å"Okay,† I said, trying to follow the logic, â€Å"but I was the one who called her out about dying her hair. She’s hardly said a word to me.† Kristin smiled. â€Å"No fun picking on you. You talk back. Jill doesn’t defend herself much and doesn’t have many people to stick up for her either. She’s an easy target.† One positive thing did happen, at least. Adrian was staying on good behavior after the Los Angeles mishap, though I had to wonder how long it would last. Based on what I gathered from Jill, he was still bored and unhappy. Lee’s schedule was erratic, and it wasn’t his job to look after Adrian anyway. There didn’t seem to be any good solution for her, really. If Adrian gave in to his vices, she suffered the effects of his hangovers and â€Å"romantic interludes.† If he didn’t, then he was miserable, and that attitude slowly trickled into her as well. The only hope they had was that Jill would eventually learn the control to block him out of her mind, but from what Rose had told her, that could take a very long time. When the next feeding came around, I was disappointed to see Keith’s car parked in Clarence’s driveway. If he wasn’t going to actually do anything active to help this assignment, I kind of wished he’d just stay away from it altogether. He apparently thought these â€Å"supervising† visits counted as work and continued to justify his presence. Except when we met up with Adrian in the living room, Keith was nowhere in sight. Neither was Clarence. â€Å"Where are they?† I asked Adrian. Adrian was lounging on the couch and put down a book he’d been reading. I had a feeling reading was a rare activity for him and almost felt bad for the interruption. He stifled a yawn. There was no alcohol in sight, but I did see what looked like three empty cans of energy drink. He shrugged. â€Å"I don’t know. Off talking somewhere. Your friend’s got a sick sense of humor. I think he’s feeding Clarence’s paranoia about vampire hunters.† I glanced uneasily at Lee, who had immediately begun talking to Jill. Both were so caught up in each other, they didn’t even realize what the rest of us were discussing. I knew how much the vampire hunter talk bothered Lee. He wouldn’t appreciate Keith encouraging it. â€Å"Does Clarence know about the killing in LA?† asked Eddie. There was no reason Keith wouldn’t, since it was open Alchemist knowledge, but I wasn’t sure if he would’ve made the connection to Clarence or not. â€Å"He hasn’t mentioned it,† said Adrian. â€Å"I swear Keith’s just doing it because he’s bored or something. Even I haven’t sunk that low.† â€Å"Is that what you’ve been doing instead?† I asked. I sat down across from him and pointed at the energy drinks. â€Å"Hey, it’s not vodka or brandy or†¦ well, anything good.† Adrian sighed and upended one can, drinking the last few drops. â€Å"So give me some credit.† Eddie glanced at the cans. â€Å"Didn’t Jill say she had trouble sleeping last night?† â€Å"Adrian,† I said with a groan. Eddie was right. I’d noticed Jill tossing and turning constantly. Vicarious caffeine would certainly explain it. â€Å"Hey, I’m trying,† Adrian said. â€Å"If you could get me out of here, Sage, then I wouldn’t be forced to drown my sorrows in taurine and ginseng.† â€Å"She can’t, Adrian, and you know it,† said Eddie. â€Å"Can’t you†¦ I don’t know. Find a hobby or something?† â€Å"Being charming is my hobby,† said Adrian obstinately. â€Å"I’m the life of a party – even without drinking. I wasn’t meant to be alone.† â€Å"You could get a job,† said Eddie, settling into a corner chair. He smiled, amused by his own wit. â€Å"Solve both your problems – make some money and be around people.† Adrian scowled. â€Å"Careful, Castile. There’s only one comedian in this family.† I straightened up. â€Å"That’s actually not a bad idea.† â€Å"It’s a terrible idea,† said Adrian, glancing between me and Eddie. â€Å"Why?† I asked. â€Å"Is this the part where you tell us your hands don’t do manual labor?† â€Å"It’s more like the part where I don’t have anything to offer society,† he countered. â€Å"I could help you,† I offered. â€Å"Are you going to do the work and give me the paycheck?† Adrian asked hopefully. â€Å"Because that actually could help.† â€Å"I can give you a ride to your interviews,† I said. â€Å"And I can make you a resume that would get you any job.† I eyed him and reconsidered. â€Å"Well, within reason.† Adrian stretched back out. â€Å"Sorry, Sage. Just not feeling it.† Clarence and Keith entered just then. Clarence’s face was exuberant. â€Å"Thank you, thank you,† he was saying. â€Å"It’s so nice to talk to someone who understands my concerns about the hunters.† I hadn’t been aware that Keith understood anything except his own self-serving nature. Lee’s face darkened when he realized Keith was furthering the old man’s irrationality. Nonetheless, the Moroi withheld the comments he undoubtedly wanted to make. It was the first time I’d seen any sort of dark emotion on Lee’s face. Looked like Keith could bring down even the most cheerful person. Clarence was happy to see us, as was Dorothy. Humans who gave blood to vampires weren’t just disgusting because of the act itself. What was also appalling was the addiction that resulted. Vampires released endorphins into those they drank from, endorphins that created a pleasurable sort of high. Human feeders who lived among Moroi spent their entire days in that high, becoming heavily dependent on it. Someone like Dorothy, who had lived only with Clarence for years, hadn’t experienced enough bites to really get addicted. Now, with Jill and Adrian around, Dorothy was getting an increased amount of endorphins in her daily life. Her eyes lit up when she saw Jill, showing she was eager for more. â€Å"Hey, Sage,† said Adrian. â€Å"I don’t want an interview, but do you think you could give me a ride to get some cigarettes?† I started to tell him I wasn’t going to help with such a filthy habit and then noticed him looking meaningfully at Dorothy. Was he trying to get me out of here? I wondered. Give me an excuse to not be around for the feeding? From what I understood, Moroi normally didn’t hide their feedings from each other. Jill and Dorothy just usually left the room for my comfort. I knew they’d probably do it again but decided I’d take the opportunity to get away. Of course, I glanced at Keith for confirmation, expecting him to protest. He merely shrugged. It looked like I was the last thing on his mind. â€Å"Okay,† I said, standing up. â€Å"Let’s go.† In the car, Adrian turned to me. â€Å"I changed my mind,† he said. â€Å"I’ll take you up on helping me get a job.† I almost swerved into oncoming traffic. Few things from him could have surprised me more – and he said pretty surprising things on a regular basis. â€Å"That was fast. Are you serious?† â€Å"As much as I ever am. Will you still help me?† â€Å"I suppose so, though there’s only so much I can do. I can’t actually get you the job.† I ran down my mental list of what I knew about Adrian. â€Å"I don’t suppose you have any idea of what you’d actually like to do?† â€Å"I want something entertaining,† he said. He thought some more. â€Å"And I want to make lots of money – but do as little work as possible.† â€Å"Lovely,† I muttered. â€Å"That narrows it down.† We reached downtown, and I managed a flawless parallel-parking job that didn’t impress him nearly as much as it should have. We were right in front of a convenience store, and I stood outside while he went in. Evening shadows were falling. I was off campus all the time, but so far, my trips had all been to Clarence’s, mini-golf courses, and fast-food joints. It turned out that the city of Palm Springs was really pretty. Boutiques and restaurants lined the streets, and I could’ve spent hours people-watching. Retirees in golfing getups strolled alongside young glamorous socialites. I knew a lot of celebrities came here too, but I wasn’t in tune enough with the entertainment world to know who was who. â€Å"Man,† said Adrian, emerging from the store. â€Å"They raised the price on my normal brand. I had to buy some crappy one.† â€Å"You know,† I said. â€Å"Quitting would also be a really great way to save some – â€Å" I froze as I spotted something down the street. Three blocks away, through the leaves of some palm trees, I could just barely make out a sign that read Nevermore in ornate Gothic lettering. That was the place. The source of the tattoos running rampant through Amberwood. Ever since Kristin’s incident, I’d wanted to delve into this more but hadn’t been sure how. Now I had my chance. For a moment, I remembered Keith telling me not to get involved with anything that might raise attention or cause trouble. Then I thought about the way Kristin had looked during her overdose. This was my opportunity to actually do something. I made a decision. â€Å"Adrian,† I said. â€Å"I need your help.† I pulled him toward the tattoo parlor, filling him in on the situation. For a moment, he seemed so interested in high-inducing tattoos that I thought he’d want one. When I told him about Kristin, though, his enthusiasm faded. â€Å"Even if it’s not Alchemist technology, they’re still doing something dangerous,† I explained. â€Å"Not just to Kristin. What Slade and those guys are doing – using the steroids to be better at football – is just as bad. People are getting hurt.† I thought, suddenly, of Trey’s cuts and bruises. A small alley separated the tattoo parlor from a neighboring restaurant, and we stopped just before it. A door opened inside the alley, on the parlor side, and a man stepped out and lit a cigarette. He’d taken only two steps when another man stuck his head out the side door and called, â€Å"How long are you going to be gone?† I could see shelves and tables behind him. â€Å"Just running down to the store,† said the man with the cigarette. â€Å"I’ll be back in ten.† The other guy went back inside, shutting the door. A few moments later, we saw him through the window at the front of the store, tidying up something on the counter. â€Å"I have to get back there,† I said to Adrian. â€Å"Into that door.† He arched an eyebrow. â€Å"What, like sneaking in? How very black ops of you. And oh, you know – dangerous and foolish.† â€Å"I know,† I said, surprised at how calm I sounded as I admitted that. â€Å"But I have to know something, and this may be my only chance.† â€Å"Then I’ll go with you in case that guy comes back,† he said with a sigh. â€Å"Never let it be said Adrian Ivashkov doesn’t help damsels in distress. Besides, did you see him? He looked like some insane biker. They both did.† â€Å"I don’t want you to – wait.† Inspiration hit. â€Å"You talk to the guy inside.† â€Å"Huh?† â€Å"Go in the front. Distract him so that I can look around. Talk to him about†¦ I don’t know. You’ll think of something.† We quickly hashed out a plan. I sent Adrian on his way while I ducked into the alley and approached the door. I pulled the handle and found it – locked. â€Å"Of course,† I muttered. What business would leave a remote door like this exposed and unlocked? My brilliant plan started to crumble until I remembered I had my Alchemist â€Å"essentials† in my purse. My full kit was rarely needed, high school acne crises aside, so it was usually kept at home. But Alchemists were always on call, no matter where they were, to cover up vampire sightings. And so, we always kept a couple of things on us at all times. One was the substance that could dissolve a Strigoi body in under a minute. The other was almost equally efficient at dissolving metal. It was a type of acid, and I kept it in a protected vial in my purse. Quickly, I fished it out and unscrewed the top. A bitter scent hit me and made me wrinkle my nose. With the bottle’s glass dropper, I very carefully leaned down and placed a few drops right in the center of the lock. I immediately stepped back as a white mist rose up from the contact. Within thirty seconds, it had all dissipated, and there was a hole in the middle of the door’s handle. One of the nice things about this stuff, which we called quickfire, was that its reaction occurred extremely fast. It was now inert and posed no danger to my skin. I pushed down on the handle, and it released. I only opened the door a crack, just to ascertain that there was no one else around. Nope. Empty. I crept inside and quietly shut the door behind me, fastening an inside bolt to make sure it stayed locked. As I’d seen from the outside, the place was a storage room, filled with all sorts of tools of the tattoo trade. Three doorways surrounded me. One led to a bathroom, one to a darkened room, and another to the store’s front and main counter. Light spilled in from that doorway, and I could hear Adrian’s voice. â€Å"My friend’s got one,† he was saying. â€Å"I’ve seen it, and he said this is the place he got it. Come on, don’t play me.† â€Å"Sorry,† came the gruff response. â€Å"No idea what you’re talking about.† I slowly began scanning the cupboards and drawers, reading labels and looking for anything suspicious. There were a lot of supplies and not much time. â€Å"Is it a money thing?† asked Adrian. â€Å"Because I’ve got enough. Just tell me how much it costs.† There was a long pause, and I hoped Adrian wouldn’t be asked to show any cash since the last of his money had gone to promoting cancer. â€Å"I don’t know,† the guy said at last. â€Å"If I was able to do this copper tattoo you’re talking about – and I’m not saying I can – you probably couldn’t afford it.† â€Å"I’m telling you,† said Adrian. â€Å"Just name your price.† â€Å"What is it you’re interested in exactly?† the man asked slowly. â€Å"Just the color?† â€Å"I think we both know,† said Adrian cunningly. â€Å"I want the color. I want the ‘bonus effects.’ And I want it to look badass. You probably can’t even do the design I want.† â€Å"That’s the least of your worries,† said the guy. â€Å"I’ve been doing this for years. I can draw anything you want.† â€Å"Yeah? Can you draw a skeleton riding a motorcycle with flames coming out of it? And I want a pirate hat on the skeleton. And a parrot on his shoulder. A skeleton parrot. Or maybe a ninja skeleton parrot? No, that would be overkill. But it’d be cool if the biker skeleton could be shooting some ninja throwing stars. That are on fire.† Meanwhile, I’d still seen no sign of what I needed, but there were a million nooks and crannies left to explore. Panic began to rise in me. I was going to run out of time. Then, seeing the darkened room, I hurried over to it. With a quick glance toward the store’s front, I flipped on the light and held my breath. No one must have noticed anything because the conversation continued where it had left off. â€Å"That’s the most ridiculous thing I’ve ever heard,† said the tattooist. â€Å"That’s not what the ladies are going to say,† said Adrian. â€Å"Look, kid,† said the guy. â€Å"It’s not even about money. It’s about availability. That’s a lot of ink you’re talking about, and I don’t have that much in stock.† â€Å"Well, when will your supplier deliver next?† asked Adrian. I stared in awe at what I had found: I was in the room where the tattooing took place. There was a lounging chair – much more comfortable than the table I’d received my tattoo on – and a small side table covered with what appeared to be freshly used implements. â€Å"I’ve already got some people wait-listed ahead of you. I don’t know when there’ll be more.† â€Å"Can you call me when you know?† Adrian asked. â€Å"I’ll give you my info. My name’s Jet Steele.† If not for my own tense situation, I would’ve groaned. Jet Steele? Really? Before I could think much more about it, I finally found what I’d been looking for. The tattoo gun on the table had its own ink container, but sitting nearby were several smaller vials. All of them were empty, but some still had enough metallic residue of their former ingredients to tip me off. Without even thinking twice, I quickly began recapping them and putting them in my purse. Nearby, I noticed some sealed vials full of dark liquid. I froze for a moment. Carefully, I picked one up, opened it, and took a sniff. It was what I’d feared. I screwed the lid back on and added those vials to my purse. Just then, I heard a rattling behind me. Someone was trying to open the back door. I’d bolted it behind me, however, and it didn’t give. Still, it meant my time for snooping was up. I was just zipping up my purse when I heard the store’s front door open. â€Å"Joey, why’s the back door locked?† an angry voice demanded. â€Å"It’s always locked.† â€Å"No, the bolt was on. From the inside. It wasn’t when I left.† Cue my exit. I flipped off the light and began hurrying back through the storage room. â€Å"Wait!† exclaimed Adrian. There was an anxious note to his voice, like he was trying to get someone’s attention. I had the uneasy feeling that the two guys who worked here were headed back behind the counter to investigate. â€Å"I need to know something else about the tattoo. Can the parrot also be wearing a pirate’s hat? Like a miniature one?† â€Å"In a minute. We have to check something.† The voice was louder than before. Closer. My hands fumbled as I unlatched the bolt. I managed it and opened the door, hurrying out just as I heard voices behind me. Without pausing to glance back, I shut the door and ran out the alley and up the street, back toward where I’d parked. I was pretty sure the guys hadn’t gotten a good look at me. I think I’d just been a figure darting out the door. Still, I was grateful for the crowds of people on the street. I was able to blend in as I turned my attention to my car and unlocked the door. My hands were sweaty and shaking as I fumbled with the keys. I wanted badly to look behind me but was afraid of attracting the attention of the two men, if they were out searching the street. As long as they had no reason to suspect me – A hand suddenly grabbed my arm and jerked me away. I gasped. â€Å"It’s me,† said a voice. Adrian. I breathed a sigh of relief. â€Å"Don’t look back,† he said calmly. â€Å"Just get in the car.† I obeyed. Once we were both safely inside, I took a deep breath, overwhelmed by the pounding of my heart. Fear-born adrenaline surged in my chest, so strongly it hurt. I closed my eyes and leaned back. â€Å"That was too close,† I said. â€Å"And you did good, by the way.† â€Å"I know,† he said proudly. â€Å"And actually, I kind of want that tattoo now. Did you find what you were looking for?† I opened my eyes and sighed. â€Å"I did. And a whole lot more.† â€Å"So, what is it? They’re putting drugs in tattoos?† â€Å"Worse,† I said. â€Å"They’re using vampire blood.† How to cite Bloodlines Chapter Sixteen, Essay examples

Strategic Informational Management

Question: Discuss about the Strategic Informational Management. Answer: Introduction: The main problem associated with the TLR Software Company is the retention of their employees. Being the CEO of the company the researcher must take appropriate steps to penalize the employee as he has willingly breached the contract of employment. Being one of the ex employee of the company Mr James should not have been breached the contract purposely. Being the CEO the researcher can take help of a lawyer and sue Mr. James for fraudulent behavior and breaching of employment contract because not only Mr. James has breached the employment contract but also opted to join other organization. The TLR Company has taken various initiatives to fulfill all the demands of Mr. James, despite all their efforts Mr. James still left the organization just after two days of signing the contract. This signifies that Mr. James has received a hike in remuneration from other companies and decided in leaving the TLR Company despite being in a valid employment contract. The first and foremost step the C EO must take is that to follow proper legal actions against Mr. James and hire notable lawyers to assist them in this situation. Breach of employment contract is defined as the broken contract between the employer and the employee without any justifiable reason and lawful excuse. Contract breaches leads to failure of business goals and objectives that leads to wastage of money and valuable time. In this case study the researcher must take legal proceedings against Mr. James. The legal actions are as follows: Choosing the correct court: The first step the CEO needs to follow before filing any complaint against Mr. James is to identify the right court to appeal. The CEO needs to consult with its lawyer to determine which court is the most appropriate in this case and choose them accordingly. Providing Notice of Lawsuit: The next step is to provide notice of lawsuit to the employee breaching the contract. In any lawsuit, there is a specific rule that required providing other party with advance notice of the lawsuit and giving them adequate amount of time to respond. This is generally known as serving the defendant. Filing the Complaint Form: This step includes filing up a complaint form that the CEO will file with the court. It is mandatory to fill the document in writing before suing any person for the breach of contract. The complaint form may be hand written or typed according to type of court paper the lawyer is providing. The complaint form includes the name and address of the person in the contract. The description of the contract must be mentioned properly and how the defendant has violated the contract and the various damages the organization is suffering from it. It also consists of the amount of money the CEO will recover from Mr. James to recover all the losses caused by him. Awaiting Summons: After the filing of complaint the court will issue a summon that consist of the file number of the lawsuit, names of both the parties and instructions to the defendant on responding to the summons. Preparing for the hearing: There are many activities involved between filing of the lawsuit and attending the hearing. In this time, the CEO must consult with the lawyer and acquire information regarding the case. Making copies of the contract and preparing witnesses for the case is done by the lawyer to address the hearing properly. Attending the hearing: After an adequate preparation for the hearing, the CEO needs to attend the hearing and discuss all the major losses the organization is suffering for Mr. James and ask the attorney to claim for damages. The CEO will provide adequate measures to prove that Mr. James is guilty, the termination of contract will lead Mr. James towards legal proceedings, he will be charged with penalties, and he needs to settle all the damages claimed by the company. The CEO needs to apply proper employee retaining strategy to minimize the reoccurrences of this situation. The CEO must take adequate measure before selecting any employee and providing training to them. Such as taking assurance of the employee that, he/she will complete the tasks mentioned by the employer on time and respect the organization contract accordingly. Gathering sufficient amount of information about the candidate and monitoring his work history respectively. That will provide a clear can concise idea about the behavior and character of the individual. True and fair view of employment contract must be specific to both the employer and the employee. Moreover, the agreement must be signed by both the parties with free consent, the conditions prevailing in the contract must be reasonable and the contract must provide adequate measures to safeguard the interest of the employee. The TLR Company will have an adverse effect on this situation as the company was facing a huge loop as their lead developer resigned. Moreover, the company was recruiting and training new members for Mr. James the new lead developer of the company. After the breach of contract by Mr. James, the company is facing tremendous failure such as: Decreasing performance: After this incident, the TLR Company is facing decrease in employee performance as they are lacking motivation from the employer and the situation of the organization is in panic. There is a huge workload in the organization but due to unrest in the organization culture the efficiency of the employees are being lowered and the productivity of the firm is facing extinction. Increasing Costs: The major impact of the current situation is increasing high cost of the TLR Company. As one of the employees leave there is always an additional cost related to recruitment and training. However, in this case Mr. James left the company after all the demands of his was taken care of by the CEO that includes loss of money and time. There are many consequences the software publishers are facing such as the sale of original software are getting lowered and most of the people are purchasing counterfeit software as they are available at a cheap price considered to the original ones. Most of the people do not have the skills and expertise to acknowledge the difference between the original and counterfeit software that leads increasing the sale of counterfeit software and original software publisher are facing huge trouble in conducting their business. There are also adverse impacts of counterfeit software on the end users they are as follow: Crashes: Most of the counterfeit software is prone to crashes as they are fake in nature that crashes suddenly while installation and the user cannot claim or complain because it is a defective purchase and the software company does not liable for this type of crashes. Bugs: Counterfeit software generally consists of lots of bugs, which remove automatically other programs that were previously installed in the system. In addition, updating of software is not valid in the case of counterfeit software. Virus: All the counterfeit Software is downloaded from the internet, and piracy always leads to downloading of Trojan and spyware. By using this software, the users are prone towards computer viruses which results in data loss, theft of confidential data and poor efficiency of the system. There are generally two types of business risks associated with using of counterfeit software in a business organization they are as follows: Operational and Technical Risks: With the use of pirated software there is always a risk associated to loss of data damage as the counterfeit software does not provide security patches in the software and the system is vulnerable to security breaches. Lack of technical support is faced while using counterfeit software, as they do not provide upgrading option. The reputation of the organization is also being criticized, as the employees wants proper infrastructure in the organization. Financial Risks: While purchasing software the user become the owner of the copyright. Moreover, they are liable to copyright license with the right to use the software under certain predetermined conditions and copying, distributing and installing software other than the prescribed methods the users are breaking the law. In most of the cases, organizations are caught using counterfeit software that leads to paying substantial damages and legal costs. Huge fines are been charged by the law enforcement data protection bodies leaving the business open to major financial penalties. If the employee of the organization installed counterfeit software in the organization without letting the employer know, he/she will defiantly be found responsible for this behavior. Being the manager of the company, it is necessary for an individual to rectify all the defects in the operational system of the organization. If an employee is using counterfeit software in doing daily job, he/she is risking the whole organization to data loss and tampering. As an employee represents the business, it is necessary for the manager to take adequate step to know what their employees are doing and take appropriate action in solving if there are any problems. If the employee is using a counterfeit software and he/she undergoes a huge amount of data loss the management will question both the manager and the employee and the manager will be found guilty for not doing his/her work effectively and there is lack of effectiveness in the role of manager. The researcher thinks the employer is very li able for this action of the employee. The researcher agrees with the statement about the software policy because all the included points are true and many software publishers are facing problems from software policy. The software industry major threat is piracy, which imitates parallel software, and the importance of the original software is degraded. Due to counterfeit software, the software publishers are facing huge losses over potential profits, the research and development of software are being harassed and the innovation of new generation software is being compromised. Yes, the Oman Government has the ability to go after the software pirates, with implementing new laws to punish anyone who is contributing in software privacy and making the people aware more about pirated software and their consequences. Critically analyzing the appearances of counterfeit software and providing the customers adequate information to identify them. References: Chan, Ricky YK, Katherine HY Ma, and Y. H. Wong. "The software piracy decision-making process of Chinese computer users."The Information Society29.4 (2013): 203-218. Driouchi, Ahmed, Mingzhu Wang, and Tarik Driouchi. "Determinants of software piracy under risk aversion: a model with empirical evidence."European Journal of Information Systems24.5 (2015): 519-530. Gantz, J., et al. "The Dangerous World of Counterfeit and Pirated Software How Pirated Software Can Compromise the Cybersecurity of Consumers, Enterprises, and Nations... and the Resultant Costs in Time and Money. External Publication of IDC Information and Data." (2013). Issa, Mustafa Rashid. "Damages and Compensation in Case of Breach of Contract."International Journal of Social Science Research3.1 (2015): 190-201. Jacobi, Osnat, and Avi Weiss. "The effect of time on default remedies for breach of contract."International Review of Law and Economics35 (2013): 13-25. Jones, Capers. "Minimizing the Risk of Litigation: Problems Noted in Breach of Contract Litigation."Software Quality Professional17.1 (2014). Kim, Yesol, et al. "Machine learning-based software classification scheme for efficient program similarity analysis."Proceedings of the 2015 Conference on research in adaptive and convergent systems. ACM, 2015. Li, Hong. "ANTI-COUNTERFEIT METHOD FOR A SELF-SERVING RETAIL WEBSITE." U.S. Patent No. 20,160,104,192. 14 Apr. 2016. Markovits, Daniel, and Alan Schwartz. "(In) Efficient Breach of Contract." (2016). McKendrick, Ewan.Contract law: text, cases, and materials. Oxford University Press (UK), 2014. Mowday, Richard T., Lyman W. Porter, and Richard M. Steers.Employeeorganization linkages: The psychology of commitment, absenteeism, and turnover. Academic press, 2013. Sablynski, Chris J. "Job embeddedness and enthusiastic stayers: Management consulting strategies for employee retention."Academy of Management Proceedings. Vol. 2014. No. 1. Academy of Management, 2014. Saltan, Andrey, et al. "A Dynamic Pricing Model for Software Products Incorporating Human Experiences."International Conference of Software Business. Springer International Publishing, 2016. Stone-Gross, Brett, et al. "The underground economy of fake antivirus software."Economics of Information Security and Privacy III. Springer New York, 2013. 55-78. Tangthong, Sorasak, Jirasek Trimetsoontorn, and Nutthawut Rojniruntikul. "HRM Practices and Employee Retention in Thailand--A Literature Review."International Journal of Trade, Economics and Finance5.2 (2014): 162. Yoo, Chul-Woo, et al. "The effect of deterrence policy in software piracy cross-cultural analysis between Korea and Vietnam."Information Development30.4 (2014): 342-357.

Sba Clik It By 1 Essays - Luv, , Term Papers

Sba Clik It By 1 i didn't know nuttin till da day of birth i was all grown up by ma parets on this earth. life went on till da last day i remember, it was sixth grade that i'll never furget ever. now i'm in eigth grade gone out wit sum girlys, sum were crackheads and sum were flirtys. i remember ones mom was a dyke da other one i didnt hella like...now i'm scoppin sum other chix like ursula and melissa i only want one more hit then i'll rest probly in peace till da next month of september. are you thinkin why september well folkx iss cuz in september i start highskool and imma want different girls to feel all over. i ain't sayin im sum kinda pervert im juss sayin that ma skools filled wit nerds. now i be wantin straight a's and a girlfrend...please god let me get ursula or melissa harris! luv ya both* peace luv and all of tha above...eugenie Music Essays

Density of Pennies Lab essays

Density of Pennies Lab essays The means of this experiment will be to work with the density of pennies. I will be enforcing the concepts of accuracy and precision as I repeat one step three times. In addition, I will begin to perform percent errors. The main purpose of this experiment will be to discover if any differences exist with comparison of pennies dated before 1982 to pennies dated after 1982, such as the average of the volume and the average of the mass. And last but not least, I will practice my expertise of determining densities of objects, as in this case, the pennies. The procedures of this experiment will be easy. I will determine the mass of forty pennies dated before 1982 with a balance, and also for the pennies dated after 1982. I will repeat this three times for each group of pennies and find the average. Then I will pour the pennies into a graduated cylinder of water and record the volume for both groups of pennies. I will also repeat this three times and calculate the average. Next, I will determine the volume of the pennies alone, repeat it three times, and determine the average volume. Then, I will verify the density of each group of pennies, by using the equation D=M/V. Finally, I will compare and contrast the data I collected with Data Table 2-4. The concepts to this experiment are not very complicated, because it only involves simple concepts. For instance, the density formula: mass divided by volume. In addition, the concepts of accuracy and precision are involved in this experiment. Accuracy is the closeness of measurements to the correct or accepted value. Precision is the closeness of a set of measurements. The notion of significant figures perhaps may also be utilized in this experiment. Lastly, percent error will be used in the data processing, which is defined as the absolute value of the accepted value subtract the experimental value, divided by the accepted value, and multiplied by 100. ...

Controversy analysis Essay Example | Topics and Well Written Essays - 1500 words

Controversy analysis - Essay Example This essay reviews five articles on water scarcity and what they say or not say about wastewater management. Since water scarcity is growing day by day, being an important cause of the issue, can improvement in wastewater management help in solving the problem? As early as 1955, Packman argued that water scarcity is a national issue and must be resolved through policymaking, before it seriously derails the development of America, in the article, â€Å"Water for the Future.† He is an important source of information because he has presented an issue that not many reporters analyze and discuss during his time. Packman blames human mismanagement and the uneven distribution of fresh ground and surface water for water issues. He claims that the government and private sector should look into supporting diverse options to properly manage water scarcity, and these are: 1) efficient management of existing water resources; 2) reusing water, including wastewater; 3) increasing water suppl y through artificial rain production; and 4) improving research on water desalination. The strengths of the article are the use of authoritative sources and the emphasis on the issue and how to resolve it. Packer employs diverse credible articles to support his statements. For instance, he says: â€Å"Measures to combat water shortages must be based on consideration of the fact that water, unlike other resources, cannot be saved by non-use.† He supports this claim by providing evidence: â€Å"The conservation of water is not so much the saving of a decreasing' supply for some greater need in the future, as, for example, the storing of natural gas, but the control and use of water to the optimum advantage of all.† Packer gives proper in-text citation for his claims. Moreover, Packer effectively uses logos that can bring attention to urgency of water shortage. He underscores that water shortage is a reality, and to not manage water through different ways will result to d evelopmental and health catastrophes in the future. The weakness of the article is its lack of conclusion. Packer abruptly ends the article after discussing policy issues. He should have summarized his findings and discussed the implications of the policies and resolutions he proposed to increase the effectiveness of his argument. In â€Å"Global Water Shortages,† Mary H. Cooper expands the political implications of water shortages that Packard mentioned, and where she argues that the next wars and conflicts will not revolve around oil, but water, because of its scarcity and increasing demand from people of different nations and communities. She is an important source because she specializes in environmental, energy and defense issues (CQ Researcher). Before she joined The CQ Researcher as a staff writer in 1983, she worked as a reporter and Washington correspondent for the Rome daily newspaper l'Unita (CQ Researcher). Cooper claims that one of the most pressing underlying ca uses of territorial disputes is the shortage of water. Since countries are sharing water sources, they are doing everything they can to defend this basic need. She includes

Tax issues memo Research Paper Example | Topics and Well Written Essays - 1500 words

Tax issues memo - Research Paper Example y hurdle for Norman is that, as much as he is getting involved into this lucrative venture, the fact remains that he also has to complete his mandates as a student. This is the reason why he even opted to be taking some of his revisions and assignments within his car through proper utilization of that outstanding app. Up to this point, Norman feels a little bit excited that he is not only a mere student but a CEO of his own small enterprise. This hence brings out some sort of discussion whether Norman is in a position of being an independent contractor or an employee. The main understanding can be attained by giving out some distinctions between these two aspects. While the "independent contractor" differs from the standard employee, exact designation based on your responsibility has to be agreed on before starting any task so as to avoid unnecessary inconveniences With increase in economic hurdles and the cost of living in the contemporary world, various possible measures or opportunities have to be fully utilized by individuals so as to ensure success in all sectors of life. This can probably be possible if the aspect of multi-tasking and other such- like commitments are put into consideration. Human multitasking refers  to apparent individual’s performance of managing more than a single task simultaneously. This term was derived from the aspect of  computer multitasking. A good example is when an individual takes phone calls and types an email at the same time. Multitasking has often resulted in time wastage due to the aspect of  context switching  and has apparently caused more errors because of insufficient  attention. As much as multitasking can be viewed as being the key towards success in some of the sectors, it might only be applicable to a few individuals who have set their minds right. Otherwise, research shows that it often leads to various mishaps such as poor performances due to lack of concentration, time wasting, dampness, reduced productivity,

An Argument for the Conviction of the West Memphis Three Essay

An Argument for the Conviction of the West Memphis Three - Essay Example There were other pieces of evidence but they stood out either because there was nothing to counter them or that they were indeed logical. The main reason why the West Memphis Three should be convicted is that Jessie Misskelley pointed out in his detailed statement that the three of them were the ones who brutally tortured and murdered the three young boys. Based on the recorded statement of Jessie Misskelley for the police, he saw Damien Echols hit Christopher Byers, and Jason Baldwin hit Stevie Branch, and that he was the one who captured Michael Moore while the latter was running (Paradise Lost: The Child Murders at Robin Hood Hills 41:43). The details of the interrogation are a proof that the interrogation and Misskelley’s answers to the questions could not have been merely set up by the police beforehand. Besides, the police would not have been that lazy as to set up three young men just to have the case closed early. The aforementioned statement of Misskelley was hardly n ullified by any of the defense lawyers. Another strong evidence against the West Memphis Three, particularly against Jessie Misskelley is that he was able to identify the boys in the pictures shown by the police. Although he made a mistake with the identification of Christopher Byers, mistaking him for Michael Moore, still he was able to identify them by face. The mere fact that he could identify the victims is actually a strong proof that he had contact with them prior to the trial. One more problem to this is that Jessie did not even tell any of his lawyers or his family that he was forced by the police to make such a confession. It was merely the lawyers who said so. Arguments of the defense in favor of Jessie included his mental handicap (34:35). Nevertheless, based on the deputy’s statement, Jessie was not tortured, maligned or harmed in any way prior or during the confession (47:31). The deputy could not have been lying under oath, based on the tone of his voice, and ba sed on the fact that Jessie did not vehemently or even secretly said that he was indeed harmed. Besides, Jessie’s reactions in court, like bowing his head, are that of a guilty man. Moreover, he has not in any way told his lawyers how innocent he was or how untrue his confession was. Another argument directed against Jessie is his sexual nature (36:20). As he was talking to his girlfriend on the phone, he recalls all the times that he has had sex with her. He may be young and still sexually active and he may only have said such things because he was talking to his girlfriend, and perhaps he was only saying so because he has been deprived of sex since he was arrested. Nevertheless, showing such sexual behavior and pretending in court that he has a mental handicap somehow simply fit the picture of a maniacal killer under the guise of an innocent lunatic. The point is that he may have had a mental handicap as what his lawyers pointed out but his highly sexual nature allowed him to be a sexual criminal at the same time. One other small detail against Jessie is the statement of his stepmother which somehow shows that she possibly believes that he has done it (21:30). She does not seem to show remorse or sympathy for him even while Jessie’s father and whole family do. For a close acquaintance or a family member who believes that it is possible for one to commit a crime is actually strong evidence against him. On the other hand, the evidence against Damien Echols, as proposed by the defense, may be rather fragmented but it remains a fact that if one puts the evidence together, it definitely makes a picture of a murderer. Damien, who looks more like a man who is capable of murder without remorse, has a pentagram in his book (1:11:00), is interested in Wicca (1:14:08), associates with Aleister

Impact of Internal Factors on Islamic Banking

Impact of Internal Factors on Islamic Banking Introduction to the Subject Background of the Subject General Objective The purpose of this study is to examine how the internal factors of the Islamic Banking affected their performance before, during and after the financial crisis in the GCC in comparison to the conventional banking in the same area. Research Questions This study aims to answer the following questions: How did the financial crisis affect the profitability of Islamic Banks in comparison to Conventional Banks? What are the internal factors (bank specific characteristics) that influence the profitability of Islamic banking for every year from 2006 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 2009? Did these factors have the same impact on the profitability of Islamic Banking before, during and after the financial crisis? Did these internal factors influence the profitability of Islamic Banking in the same manner as of the Conventional Banking? Need for the Study Significance of the Study Assumptions of the Study Limitations of the Study Although we cannot neglect the importance of the external factors on the profitability of Islamic Banking, they were not included in this study. To understand the reason behind this decision, we need to go through the different types of external factors and how they are classified: Macroeconomic Factors Country Regulation Rules Bank Regulation Rules These factors were not included for the following reasons: Since we are examining the performance of 92 banks (27 Islamic Banks and 65 Conventional Banks) in 6 countries, the number of countries used in the study is not significant enough to study the impact of GDP and inflation accurately on Bank profitability especially when examining each year separately Country Regulation Rules as per the IMF Database, although it differs slightly for the selected countries, did not change over the period from 2006 to 2009. This means that for each bank, these factors remained constant. Data about Bank Regulation Rules could not be obtained for GCC banks Delimitation of the Study This study was delaminated to the Islamic and Conventional Banks in the GCC whose data could be obtained in the Bankscope database. Chapter 2: Literature Review Overview of Islamic Banking Islamic Baking has established as an alternative to conventional interest-based banking. The first stirring of the Islamic Banking movement began in 1963 by Dr. Ahmed Alnajar in a small town in Egypt, called Mit Ghamar. Dr. Alnajar completed his education in Germany and found that it had many saving banks operating on interest. He took the idea from a savings bank in Germany and created his own small Islamic bank that was interest free. After Dr. Alnajarà ¢Ã¢â€š ¬Ã¢â€ž ¢s small bank proved successful, the establishment of other Islamic banks followed. In 1971, the Nasser Social Bank was founded in Egypt with the objective of lending out money as a charity on the basis of a profit and loss sharing system and helping people in need. And in 1975, the idea of Islamic banking spread to other Islamic regions such Dubai Islamic bank in United Arab Emirates and The Islamic Development (IDB) Bank in Jeddah, Saudi Arabia (Wilson, 1990). Even though Islamic Banking has only been around for thirty years and is still in an evolving stage, Islamic Banking is the fastest growing segment of the credit markets in the Muslim countries. In 2009, Assets held by Islamic Banking banks rose by 28.6 percent to $822bn from $639bn in 2008, according to The Bankerà ¢Ã¢â€š ¬Ã¢â€ž ¢s à ¢Ã¢â€š ¬Ã…“Top 500 Islamic Financial Institutionsà ¢Ã¢â€š ¬? survey while conventional banks posted annual asset growth of just 6.8 percent. Furthermore, GCC states accounted for $353.2bn or 42.9 percent of the global aggregate, while Iran remained the largest single market for Shariah-compliant assets, accounting for 35.6 percent of the total. Source: Asian Banker Research, 2009 Finally, Islamic banking operations are not limited to Islamic countries but are spreading throughout the world. One reason is the growing trend toward transcending national boundaries, and unifying Muslims into a political and economic entity that could have a significant impact on the pattern of world trade (Abdel-Magid, 1981). Islamic Banking Rules and Principles Islamic banking rules are according to the Islamic Shariah derived from the Quran and prophet Mohamedà ¢Ã¢â€š ¬Ã¢â€ž ¢s sayings. The three main practices that are clearly prohibited in the Quran and the prophetà ¢Ã¢â€š ¬Ã¢â€ž ¢s sayings are, Riba (Interest), Gharar (Uncertainty), and Maysir (Betting). Prohibition of Riba or any predetermined or fixed rate in financial institutions is the most important factor in the Islamic principles pertaining to banking. As stated in the Quran à ¢Ã¢â€š ¬Ã…“Allah forbids ribaà ¢Ã¢â€š ¬?. Riba means an increase and under Shariah the term refers to the premium that must be paid by the borrower to the lender along with the principle amount as a condition for the loan (Omar and Abdel, 1996). Gharar occurs when the purchaser does not know what has been bought and the seller does not know what has been sold. In other words, trading should be clear by stating in a contract the existing actual object(s) to be sold, with a price and time to eliminate confusion and uncertainty between the buyers and the sellers. Maisir is considered in Islam as one form of injustice in the appropriation of othersà ¢Ã¢â€š ¬Ã¢â€ž ¢ wealth. The act of gambling, sometimes referred to betting on the occurrence of a future event, is prohibited and no reward accrues for the employment of spending of wealth that an individual may gain through means of gambling. Under this prohibition, any contract entered into, should be free from uncertainty, risk and speculation. Contracting parties should have perfect knowledge of the counter values intended to be exchanged as a result of their transactions. Therefore, and according to Ahmed and Hassan (2007), the principles of Islamic banking and finance enshrined from al-Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an and Prophet Mohamedà ¢Ã¢â€š ¬Ã‹Å"s Sayings can be summed up as follows: Any predetermined payment over and above the actual amount of principal is prohibited. The lender must share in the profits or losses arising out of the enterprise for which the money was lent. Making money from money is not acceptable in Islam. Gharar (deception) and Maisir (gambling) are also prohibited. Investments should only support practices or products that are not forbidden or even discouraged by Islam. Islamic Banking Products Islamic Banking products have to be done according to Islamic rules and principles, based on profit and loss sharing as well as avoiding interest. According to BNM statistics 2007, Al Bai Bithaman Ajil financing is the most common in Islamic Banking. There are a lot of Islamic Banking products; however there are some famous Islamic products that will be discussed in this section. Al Bai Bithaman Ajil /BBA This involves the credit sale of goods on a deferred payment basis. In BAA, the Islamic bank will purchase certain assets on a deferred payment basis and then sell the goods back to the customer at an agreed price including some margin or profit. The customer will make payment by installments over an agreed period. A fixed rate BBA is a powerful hedging tool against interest rates (Rosly, 1999). Murabahah Murabahah is a contract of sale. The Islamic Bank acts as a middle man and purchases the goods requested by the customer. The bank will later sell the goods to the customer in a sale and purchase agreement, whereby the lender re-sales to the borrower at a higher price agreed on by both parties. These are more for short term financing Mudharabah According to Kettel (2006), Mudharabah is a basic principle of profit and loss, where instead of lending money at a fixed rate return, the banker forms a partnership with the borrower, thereby sharing in a ventureà ¢Ã¢â€š ¬Ã¢â€ž ¢s profit and loss. Mudharabah is an agreement between the lender and entrepreneur, whereby the lender agrees to finance the project on a profit sharing basis according to a predetermined ratio agreed by both parties concerned. If there are any losses the lender will bear all the losses. Musharakah Musharakah means partnership whereby the Islamic institution provides the capital needed by the customer with the understanding that they both share the profit and loss according to a formula agreed before the business transaction is transacted. In Musharakah all partners are entitled to participate in the management of the investment but it is not compulsory. Musharakah can help in providing financing for large investments in modern economic activities Al Ijarah Ijarah means meaning to give something on a rental basis. In Ijarah, the bank acquires ownership based on the promise and leases back to the client for a given period. The customer pays the rental but the ownership still remains with the bank or lender. As the ownership remains with the lessor (bank), it continues to give the service for which it was rented. Under this contract, the lessor has the right to re-negotiate the quantum of the lease payment at every agreed interval to ensure rental remains in line with the market rates (Hume, 2004). Wadiah Wadiah is a trust contract and the bank provides gift (hibah) and various types of benefits to the customer. This is exactly like a normal conventional savings account. Istisna Istisna allows one party buys the goods and the other party undertakes to manufacture them according to agreed specifications. Normally, Istisna is used to finance construction and manufacturing projects. Salam Salam is defined as the forward purchase of specified goods with full forward payment. This contract is normally used for financing agricultural production. According to Hassan (2004), Salam based future contracts for agricultural commodities, supported by Islamic Banks, can help to overcome the agricultural financial problems Table 2.1 lists the products of conventional banking and their correspondent products in Islamic Banking. Deposit Services Current Deposit Wadiah Wad Dhamana / Qard Hasan Savings Deposit Wadiah Wad Dhamana / Mudaraba General Investment deposit Mudaraba Special Investment deposit Mudaraba Retail / Consumer Banking Housing Property Finance BBA / Ijara wa Iktina /Diminishing Musharaka Hire Purchase Ijara Thumma Al-Bai Share Financing BBA / Mudaraba / Musharaka Working Capital Financing Murabahah/ Bai Al-Einah/ Tawarruq Credit Card Bai Al-Einah/ Tawarruq Charge Card Qard Hasan Corporate Banking/ Trade Finance Project Financing Mudaraba / Musharaka / BBA / Istisna / Ijara Letter of Credit Musharaka/ Wakala/ Murabaha Venture Capital Diminishing Mudaraba/ Musharaka Financing Syndication Musharaka + Murabaha/ Istisna / Ijara Revolving Financing Bai Al-Einah Short-term Cash Advance Bai Al-Einah/ Tawarruq Working Capital Finance Murabaha/ Salam/ Istijrar Letter of Credit Murabaha Letter of Guarantee Kafala + Ujr Leasing Ijara Export/ Import Finance Musharaka/ Salam/ Murabaha Work-in-Progress, Construction Finance Istisna Bill Discounting Bai al-Dayn Underwriting, Advisory Services Ujr Treasury / Money Market Investment Products Sell buy-back agreements Bai al-Einah Islamic Bonds Mudaraba / Mushraka + BBA / Istisna / Ijara Government Investment Issues Qard Hasan/ Salam/ Mudaraba Other Products Services Stock-Broking Services Murabaha/ Wakala/ Joala Funds Transfer (Domestic Foreign) Wakala/ Joala Safe-Keeping Collection (Negotiable Instruments) Wakala/ Joala Factoring Wakala/ Joala/ Bai al-Dayn Administration of Property, Estates and Wills Wakala Hiring of Strong Boxes Amana/ Wakala Demand Draft, Travellerà ¢Ã¢â€š ¬Ã¢â€ž ¢s Cheques Ujr/ Joala ATM Service, Standing Instruction, Telebanking Ujr Source: Obaidullah, 2005 Financial Crisis and the Islamic Banking Previous Literature The study of bank profitability is an important tool to evaluate bank operation by examining the different factors affecting bank profitability and using these factors for management planning and strategic analysis. In the last four decades, many studies have been conducted to study both bank profitability and the determinants of bank profitability either for particular country or for a panel of countries. These studies normally divide these factors into internal factors and external factors. Internal factors represent the bank-specific characteristics such as bank size, liquidity structure; liabilitiesà ¢Ã¢â€š ¬Ã‚ ¦etc while external factors can be macroeconomic factors such as inflation and GDP growth or Country-specific regulations rules and practices. In the area of banking profitability, many studies have been conducted to investigate the profitability of conventional banks while only few were conducted in the field of Islamic banking. In this chapter, we will review these studies for conventional banking first and then will focus on studies in the Islamic banking field. Then we will cover the conceptual framework of this research. Conventional Banking Different studies have been conducted in the field of conventional banking profitability. Short (1979), Bourke (1989), Molyneux and Thornton (1992), Goddard, Molyneux, and Wilson (2004), Peters et al. (2004) are some of the researchers in the field. Short (1979) is one of the early scholars who studied the relationship between banking profit rates and concentration for sixty banks in Canada, Western Europe and Japan during the 1970à ¢Ã¢â€š ¬Ã¢â€ž ¢s and he included independent variables including government ownership and concentration by using H index to quantify concentration. Results showed that the government ownership impact on profitability varied throughout the countries studied but expressed an overall negative relationship. He also found evidence that indicated higher concentration rates lead to higher profit rates (Short, 1979). Bourke (1989) also compared concentration to bank profitability but included other determinants. Bourke (1989) covered ninety banks in Australia, Europe, and North America between 1972 and 198 and examined different internal and external factors: internal factors such as staff expenses, capital ratio, liquidity ratio, and loans to deposit ratio; external factors such as regulation, size of economies of scale, competition, concentration, growth in market, interest rate, government ownership, and market power. His results show that increase in government ownership leads to lower profitability in banking. He also found that concentration, interest rates, and money supply are positively related to profitability along with capital and reserves of total assets as well as cash and bank deposits of total assets. Bourke adds that well capitalized banks enjoy cheaper access to sources of funds as they are less risky than less capitalized banks (Bourke, 1989). Later, Molyneux and Thornton (1992) studied the determinants of European banks profitability. The paper examined eighteen counties in Europe between 1986 and 1989. This paper replicated Bourkeà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1989) work by using internal and external determinants of bank profitability. However, Molyneux and Thornton (1992) results showed that government ownership expresses a positive coefficient with return on capital (profitability) which contradicts with Bourkeà ¢Ã¢â€š ¬Ã¢â€ž ¢s findings. Other results were similar to Bourkeà ¢Ã¢â€š ¬Ã¢â€ž ¢s, showing that concentration, interest rate, and money supply were positively related to bank profitability (Molyneux and Thornton, 1992). In one of the recent papers on bank profitability on European banks, Goddard, Molyneux, and Wilson (2004) shows similar findings to the paper by Molyneux and Thornton (1992). It investigates the determinants of profitability in six European countries and it covered 665 banks between 1992 and 1998. The study used cross-sectional and dynamic panel models. The variables used in the regression analysis were ROE, the logarithmic of total assets, Off Balance Sheet (OBS) dividends, Capital to Asset Ratio (CAR). The results from both models were similar: evidence reveals that there is a positive relationship between size (total assets) and profitability. Meanwhile, OBS appears to have a positive relationship with profitability for UK but neutral or negative for other European countries. Moreover, results also state that CAR has a positive relationship with profitability. Furthermore, the paper touched on ownership type by indicating that there is high competition in banking due to the fact t hat there is foreign bank involvement in domestic banks, and that profitability is not linked to ownership (Goddard, Molyneux, and Wilson, 2004). Peters et al. (2004) studied the characteristics of banks in post-war Lebanon for the years 1993 to 2000 and compared the results to a group of banks from five other countries in the Middle East including UAE, KSA, Kuwait, Bahrain and Oman for the years 1995 through 1999. They used Return on Equity (ROE) measure profitability and leverage and they employed regression models that relate bank profitability ratios to various explanatory variables. This study tests the relationships between bank profitability and size, asset portfolio composition, off-balance sheet items, ownership by a foreign bank, and the ratio of employment to assets. The results show a strong association between economic growth and bank profitability, whether measured by ROE or ROA. They found that Lebanese banks are profitable, but not as profitable as a control group of banks from five other countries located in the Middle East. Islamic Banking In the area of Islamic Banking, Bashir (2000) assessed the performance of Islamic banks in eight Middle Eastern countries. He analyzed important bank characteristics that affect the performance of Islamic banks by controlling economic and financial structure measures. The paper studied fourteen Islamic banks from Bahrain, Egypt, Jordan, Kuwait, Qatar, Sudan, Turkey, and United Arab Emirates between 1993 and 1998. To examining profitability, the paper used Non Interest Margin (NIM), Before Tax Profit (BTP), Return on Assets (ROA), and Return on Equity (ROE) as performance indicators. There were also internal and external variables: internal variables were bank size, leverage, loans, short-term funding, overhead, and ownership; external variables included macroeconomic environment, regulation, and financial market. In general, results from the study confirm previous findings and show that Islamic banks profitability is positively related to equity and loans. Consequently, if loans and equity are high, Islamic banks should be more profitable. If leverage is high and loan to assets is also large, Islamic banks will be more profitable. The results also indicate that favorable macro-economic conditions help profitability (Bashir, 2000). Hassoune (2002) examined Islamic bank profitability in an interest rate cycle. In his paper, compared ROE and ROA Volatility for both Islamic and conventional banks in three GCC region, Kuwait, Saudi Arabia, and Qatar. He states that since Islamic banking is based on profit and loss sharing, managements have to generate sufficient returns for investors given that they are not willing accept no returns (Hassoune, 2002). Bashir and Hassan (2004) studied the determinants of Islamic banking profitability covers 43 Islamic Banks between 1994 and 2001 in 21 countries. Their figures show Islamic banks to have a better capital asset ratio compared to commercial banks which means that Islamic banks are well capitalized. Also, their paper used internal and external banks characteristics to determine profitability as well as economic measures, financial structure variables, and country variables. They used, Net-non Interest Margin (NIM), which is non interest income to the bank such as, bank fees, service charges and foreign exchange to identify profitability. Other profitability indicators adopted were Before Tax Profit divided by total assets (BTP/TA), Return on Assets (ROA), and Return on Equity (ROE). Results obtained by Bashir and Hassan (2004), were similar to the Bashir (2000) results, which found a positive relationship between capital and profitability but a negative relationship between loans and profitability. Bashir and Hassan also found total assets to have a negative relationship with profitability which amazingly means that smaller banks are more profitable. In addition, during an economic boom, banks profitability seems to improve because there are fewer nonperforming loans. Inflation, on the other hand, does not have any effect on Islamic bank profitability. Finally, results also indicate that overhead expenses for Islamic banks have a positive relation with profitability which means if expenses increase, profitability also increases (Bashir and Hassan, 2004). Alkassim (2005) examined the determinants of profitability in the banking sector of the GCC countries and found that asset have a negative impact on profitability of conventional banks but have a positive impact on profitability of Islamic banks. They also observed that positive impact on profitability for conventional but have a negative impact for Islamic banking. Liu and Hung (2006) examined the relationship between service quality and long-term profitability of Taiwanà ¢Ã¢â€š ¬Ã¢â€ž ¢s banks and found a positive link between branch number and long-term profitability and also proved that average salaries are detrimental to banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ profit. Masood, Aktan and Chaudhary (2009) studied the co-integration and causal relationship between Return on Equity and Return on Assets for 12 banks in KSA for the period between 1999- 2007. For their research, the used time series model of ADF unit-root test, Johansen co-integration test, Granger causality test and graphical comparison model. They found that there are stable long run relationships between the two variables and that it is only a one-direction cause-effect relationship between ROE and ROA. The results show that ROE is a granger cause to ROA but ROA is not a granger cause to ROE that is ROE can affect ROA input but ROA does not affect the ROE in the Saudi Arabian Banking sector. Conceptual Framework Theoretical framework is a basic conceptual structure organized around a theory. It defines the kinds of variables that are going to be used in the analysis. In this research, the theoretical framework consists of seven independent variables that represent four aspects of the Bank Characteristics. Theses aspects are the Bank Size (Total Assets), Capital Structure (Equity and Tangible Equity), Liquidity (Loans and Liquid Assets) and Liabilities (Deposits and Overheads). Bank profitability is the dependent variable and two measures of bank profitability are used in this study, namely return on average equity (ROAE) and return on average assets (ROAA). Financial Crisis Internal Factors (Bank-Specific) Islamic Banking Profitability H1: Bank Size H2, H3: Capital Structure H4, H5: Liquidities H6, H7: Liabilities Return on Average Assets (ROAA) Return on Average Equity (ROAE) In this section we develop the hypothesis to be examined in this research paper. Development of Hypotheses This paper attempts to test seven hypotheses. A hypothesis is a claim or assumption about the value of a population parameter. It consists either of a suggested explanation for a phenomenon or of a reasoned proposal suggesting a possible correlation between multiple phenomena. According to Becker (1995), hypothesis testing is the process of judging which of two contradictory statements is correct. Hypothesis 1: Profitability has a positive and significant relationship with the total assets (ASSETS). Total Assets of a company represents its valuables including both tangible assets such as equipments and properties along with its intangible assets such as goodwill and patent. For banks, total assets include loans which are the basis for bank operations either through interest or interest-free practices. Total assets is used as a tool to measure the bank size; banks with higher total assets indicate bigger banks. Molyneux and el (2004) included total assets in their study and found a positive significant relationship between total assets and profitability. Therefore, total assets are expected to have positive relation with profitability which means that bigger banks are expected to be more profitable. Total assets are converted logarithmic to be more consistent with the other ratios Hypothesis 2: Profitability has a positive and significant relationship with equity to asset ratio (EQUITY). Total equity over total assets measures bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s capital structure and adequate. It indicated bank ability to withstand losses and handle risk exposure with shareholders. Hassan and Bashir (2004) examined the relationship between EQUITY and bank profitability and found positive relationship. Therefore, EQUITY is included in this study and it is expected to have a positive relation with performance because well capitalized banks are less risky and more profitable (Bourke, 1989) Hypothesis 3: Profitability has a positive and significant relationship with Tangible Equity to total liabilities ratio (TNGEQTY). Tangible Equity represents the subset of shareholderà ¢Ã¢â€š ¬Ã¢â€ž ¢s equity that is not common shares and not intangible asset. Tangible Equity became very popular after the financial crisis as a measure of bank viability since it indicates of how much ownership equity owners of common stock would receive in the event of a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s liquidation. Beltratti and Stulz (2009) examined tangible equity to liabilities in their study to examine why some banks perform better during the financial crisis and found positive and insignificant relationship between TNEQTY and bank profitability. Therefore, TNEQTY is included in this study and it is expected to have positive relationship since banks with better capital structure in since of more equity à ¢Ã¢â€š ¬Ã¢â‚¬Å" seems to perform better. Hypothesis 4: Profitability has a positive and significant relationship with the loans to assets ratio (LOANS). Total loans over total assets a liquidity ratio used that indicates how much of bank assets are tied to loans. For banks, the higher LOANS ratio means less liquidity. Demirguc-Kunt and Huizinga, (1997) found positive relationship between LOANS and bank profitability. LOANS is included in this study and anticipated to have positive relationship with profitability. Furthermore, conventional banks rely on interest-based loans while Islamic banks rely on profit and loss sharing interest-free lending. Therefore, this ratio is also used to compare the performance of interest-based loans and interest-free lending. Hypothesis 5: Profitability has a positive and significant relationship with the liquid assets to total assets ratio (LIQUID). Liquid assets include currency, deposit accounts, and negotiable instruments that can be converted easily into cash. Liquid assets to total assets ratio is a liquidity ratio that measure how easily the banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ assets can be converted into cash. Beltratti and Stulz (2009) found that LIQUID has positive and significant relation with profitability as banks with more liquid assets tend to perform better. Therefore, LIQUID is included in this study and expected to have positive relationship with profitability. Hypothesis 6: Profitability has a reverse and significant relationship with the deposits to assets ratio (DEPOSITS). Deposits to total ratio is another liquidity indicator but is considered a liability since they measure the impact of liabilities on profitability. Bashir and Hassan (2004) examined deposits in their study and found a negative relationship with profitability. Therefore, we expect that DEPOSITS to have negative relationship with profitability. Hypothesis 7: Profitability has a positive and significant relationship with the overhead to assets ratio (OVERHEAD). Overhead costs represent all bank expenses excluding interest expenses as they are considered as operations expenses. Overhead over total assets is a liability ratio that measures the operation efficiency of the bank. Alkassim (2005) included OVERHEAD in his research and found positive relationship to profitability. Therefore, OVERHEAD is included in this study and expected to have positive relationship to profitability. Chapter 3: Methods Data Sample From 2006 to 2008 2009 Country Islamic Banks Conventional Banks Islamic Banks Conventional Banks Bahrain 12 14 5 5 Saudi Arabia 2 9 1 7 Qatar 3 5 2 4 Kuwait 4 14 1 3 Oman 0 6 0 3 UAE 6 17 0 7 Total 27 65 9 29 The data used in this analysis were extracted from Bankscope data for all Islamic and Conventional Banks in the GCC for the period from 2006 to 2009. Using Bankscope has many advantages: it has information for over 30,000 banks, plus the accounting information is presented in a standardized format. Therefore, the accounting information of Islamic Banking is adjusted to be comparable with accounting information of conventional banks. The data used for this study are from a pooled time-series cross-sectional data. The data are taken from various countries. Sample period for this study is from 2002 to 2007. Cross-sectional data provide information on variables for a given period of time. While time series data give information about variables over a number of periods of time. The data for internal variables are obtained from BankScope database which is compiled by International Bank Credit Analysis Limited (IBCA). Using BankScope has two advantages. Firstly, it has information for 11,000 banks, accounting for about 90% of total assets in each country. Secondly, the accounting information at the bank level is presented in standardized formats, after adjustments for differences in accounting and reporting standards. The data for external variables are obtained from World Economic Outlook 2008 database, published by International Monetary Fund (IMF). A total of 60 Islamic banks from 18 countries were chosen in this study. The selected banks are those which are classified as Islamic bank in BankScope database. The Islamic banks have available data for at least one year between 2002 and 2007. This yielded an unbalanced panel data consisting of 260 observations. However, after eliminating cases with missing data, only 155 observations of balanced panel data are left. Variable Definition Independent Variable: Profitability Measures There are many ratios that have been used by researchers to measure bank profitability but the two most often used ratios are the return on assets (ROA) and the return on equity (ROE) (Iqbal et al., 2005). Return on Assets Impact of Internal Factors on Islamic Banking Impact of Internal Factors on Islamic Banking Introduction to the Subject Background of the Subject General Objective The purpose of this study is to examine how the internal factors of the Islamic Banking affected their performance before, during and after the financial crisis in the GCC in comparison to the conventional banking in the same area. Research Questions This study aims to answer the following questions: How did the financial crisis affect the profitability of Islamic Banks in comparison to Conventional Banks? What are the internal factors (bank specific characteristics) that influence the profitability of Islamic banking for every year from 2006 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 2009? Did these factors have the same impact on the profitability of Islamic Banking before, during and after the financial crisis? Did these internal factors influence the profitability of Islamic Banking in the same manner as of the Conventional Banking? Need for the Study Significance of the Study Assumptions of the Study Limitations of the Study Although we cannot neglect the importance of the external factors on the profitability of Islamic Banking, they were not included in this study. To understand the reason behind this decision, we need to go through the different types of external factors and how they are classified: Macroeconomic Factors Country Regulation Rules Bank Regulation Rules These factors were not included for the following reasons: Since we are examining the performance of 92 banks (27 Islamic Banks and 65 Conventional Banks) in 6 countries, the number of countries used in the study is not significant enough to study the impact of GDP and inflation accurately on Bank profitability especially when examining each year separately Country Regulation Rules as per the IMF Database, although it differs slightly for the selected countries, did not change over the period from 2006 to 2009. This means that for each bank, these factors remained constant. Data about Bank Regulation Rules could not be obtained for GCC banks Delimitation of the Study This study was delaminated to the Islamic and Conventional Banks in the GCC whose data could be obtained in the Bankscope database. Chapter 2: Literature Review Overview of Islamic Banking Islamic Baking has established as an alternative to conventional interest-based banking. The first stirring of the Islamic Banking movement began in 1963 by Dr. Ahmed Alnajar in a small town in Egypt, called Mit Ghamar. Dr. Alnajar completed his education in Germany and found that it had many saving banks operating on interest. He took the idea from a savings bank in Germany and created his own small Islamic bank that was interest free. After Dr. Alnajarà ¢Ã¢â€š ¬Ã¢â€ž ¢s small bank proved successful, the establishment of other Islamic banks followed. In 1971, the Nasser Social Bank was founded in Egypt with the objective of lending out money as a charity on the basis of a profit and loss sharing system and helping people in need. And in 1975, the idea of Islamic banking spread to other Islamic regions such Dubai Islamic bank in United Arab Emirates and The Islamic Development (IDB) Bank in Jeddah, Saudi Arabia (Wilson, 1990). Even though Islamic Banking has only been around for thirty years and is still in an evolving stage, Islamic Banking is the fastest growing segment of the credit markets in the Muslim countries. In 2009, Assets held by Islamic Banking banks rose by 28.6 percent to $822bn from $639bn in 2008, according to The Bankerà ¢Ã¢â€š ¬Ã¢â€ž ¢s à ¢Ã¢â€š ¬Ã…“Top 500 Islamic Financial Institutionsà ¢Ã¢â€š ¬? survey while conventional banks posted annual asset growth of just 6.8 percent. Furthermore, GCC states accounted for $353.2bn or 42.9 percent of the global aggregate, while Iran remained the largest single market for Shariah-compliant assets, accounting for 35.6 percent of the total. Source: Asian Banker Research, 2009 Finally, Islamic banking operations are not limited to Islamic countries but are spreading throughout the world. One reason is the growing trend toward transcending national boundaries, and unifying Muslims into a political and economic entity that could have a significant impact on the pattern of world trade (Abdel-Magid, 1981). Islamic Banking Rules and Principles Islamic banking rules are according to the Islamic Shariah derived from the Quran and prophet Mohamedà ¢Ã¢â€š ¬Ã¢â€ž ¢s sayings. The three main practices that are clearly prohibited in the Quran and the prophetà ¢Ã¢â€š ¬Ã¢â€ž ¢s sayings are, Riba (Interest), Gharar (Uncertainty), and Maysir (Betting). Prohibition of Riba or any predetermined or fixed rate in financial institutions is the most important factor in the Islamic principles pertaining to banking. As stated in the Quran à ¢Ã¢â€š ¬Ã…“Allah forbids ribaà ¢Ã¢â€š ¬?. Riba means an increase and under Shariah the term refers to the premium that must be paid by the borrower to the lender along with the principle amount as a condition for the loan (Omar and Abdel, 1996). Gharar occurs when the purchaser does not know what has been bought and the seller does not know what has been sold. In other words, trading should be clear by stating in a contract the existing actual object(s) to be sold, with a price and time to eliminate confusion and uncertainty between the buyers and the sellers. Maisir is considered in Islam as one form of injustice in the appropriation of othersà ¢Ã¢â€š ¬Ã¢â€ž ¢ wealth. The act of gambling, sometimes referred to betting on the occurrence of a future event, is prohibited and no reward accrues for the employment of spending of wealth that an individual may gain through means of gambling. Under this prohibition, any contract entered into, should be free from uncertainty, risk and speculation. Contracting parties should have perfect knowledge of the counter values intended to be exchanged as a result of their transactions. Therefore, and according to Ahmed and Hassan (2007), the principles of Islamic banking and finance enshrined from al-Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an and Prophet Mohamedà ¢Ã¢â€š ¬Ã‹Å"s Sayings can be summed up as follows: Any predetermined payment over and above the actual amount of principal is prohibited. The lender must share in the profits or losses arising out of the enterprise for which the money was lent. Making money from money is not acceptable in Islam. Gharar (deception) and Maisir (gambling) are also prohibited. Investments should only support practices or products that are not forbidden or even discouraged by Islam. Islamic Banking Products Islamic Banking products have to be done according to Islamic rules and principles, based on profit and loss sharing as well as avoiding interest. According to BNM statistics 2007, Al Bai Bithaman Ajil financing is the most common in Islamic Banking. There are a lot of Islamic Banking products; however there are some famous Islamic products that will be discussed in this section. Al Bai Bithaman Ajil /BBA This involves the credit sale of goods on a deferred payment basis. In BAA, the Islamic bank will purchase certain assets on a deferred payment basis and then sell the goods back to the customer at an agreed price including some margin or profit. The customer will make payment by installments over an agreed period. A fixed rate BBA is a powerful hedging tool against interest rates (Rosly, 1999). Murabahah Murabahah is a contract of sale. The Islamic Bank acts as a middle man and purchases the goods requested by the customer. The bank will later sell the goods to the customer in a sale and purchase agreement, whereby the lender re-sales to the borrower at a higher price agreed on by both parties. These are more for short term financing Mudharabah According to Kettel (2006), Mudharabah is a basic principle of profit and loss, where instead of lending money at a fixed rate return, the banker forms a partnership with the borrower, thereby sharing in a ventureà ¢Ã¢â€š ¬Ã¢â€ž ¢s profit and loss. Mudharabah is an agreement between the lender and entrepreneur, whereby the lender agrees to finance the project on a profit sharing basis according to a predetermined ratio agreed by both parties concerned. If there are any losses the lender will bear all the losses. Musharakah Musharakah means partnership whereby the Islamic institution provides the capital needed by the customer with the understanding that they both share the profit and loss according to a formula agreed before the business transaction is transacted. In Musharakah all partners are entitled to participate in the management of the investment but it is not compulsory. Musharakah can help in providing financing for large investments in modern economic activities Al Ijarah Ijarah means meaning to give something on a rental basis. In Ijarah, the bank acquires ownership based on the promise and leases back to the client for a given period. The customer pays the rental but the ownership still remains with the bank or lender. As the ownership remains with the lessor (bank), it continues to give the service for which it was rented. Under this contract, the lessor has the right to re-negotiate the quantum of the lease payment at every agreed interval to ensure rental remains in line with the market rates (Hume, 2004). Wadiah Wadiah is a trust contract and the bank provides gift (hibah) and various types of benefits to the customer. This is exactly like a normal conventional savings account. Istisna Istisna allows one party buys the goods and the other party undertakes to manufacture them according to agreed specifications. Normally, Istisna is used to finance construction and manufacturing projects. Salam Salam is defined as the forward purchase of specified goods with full forward payment. This contract is normally used for financing agricultural production. According to Hassan (2004), Salam based future contracts for agricultural commodities, supported by Islamic Banks, can help to overcome the agricultural financial problems Table 2.1 lists the products of conventional banking and their correspondent products in Islamic Banking. Deposit Services Current Deposit Wadiah Wad Dhamana / Qard Hasan Savings Deposit Wadiah Wad Dhamana / Mudaraba General Investment deposit Mudaraba Special Investment deposit Mudaraba Retail / Consumer Banking Housing Property Finance BBA / Ijara wa Iktina /Diminishing Musharaka Hire Purchase Ijara Thumma Al-Bai Share Financing BBA / Mudaraba / Musharaka Working Capital Financing Murabahah/ Bai Al-Einah/ Tawarruq Credit Card Bai Al-Einah/ Tawarruq Charge Card Qard Hasan Corporate Banking/ Trade Finance Project Financing Mudaraba / Musharaka / BBA / Istisna / Ijara Letter of Credit Musharaka/ Wakala/ Murabaha Venture Capital Diminishing Mudaraba/ Musharaka Financing Syndication Musharaka + Murabaha/ Istisna / Ijara Revolving Financing Bai Al-Einah Short-term Cash Advance Bai Al-Einah/ Tawarruq Working Capital Finance Murabaha/ Salam/ Istijrar Letter of Credit Murabaha Letter of Guarantee Kafala + Ujr Leasing Ijara Export/ Import Finance Musharaka/ Salam/ Murabaha Work-in-Progress, Construction Finance Istisna Bill Discounting Bai al-Dayn Underwriting, Advisory Services Ujr Treasury / Money Market Investment Products Sell buy-back agreements Bai al-Einah Islamic Bonds Mudaraba / Mushraka + BBA / Istisna / Ijara Government Investment Issues Qard Hasan/ Salam/ Mudaraba Other Products Services Stock-Broking Services Murabaha/ Wakala/ Joala Funds Transfer (Domestic Foreign) Wakala/ Joala Safe-Keeping Collection (Negotiable Instruments) Wakala/ Joala Factoring Wakala/ Joala/ Bai al-Dayn Administration of Property, Estates and Wills Wakala Hiring of Strong Boxes Amana/ Wakala Demand Draft, Travellerà ¢Ã¢â€š ¬Ã¢â€ž ¢s Cheques Ujr/ Joala ATM Service, Standing Instruction, Telebanking Ujr Source: Obaidullah, 2005 Financial Crisis and the Islamic Banking Previous Literature The study of bank profitability is an important tool to evaluate bank operation by examining the different factors affecting bank profitability and using these factors for management planning and strategic analysis. In the last four decades, many studies have been conducted to study both bank profitability and the determinants of bank profitability either for particular country or for a panel of countries. These studies normally divide these factors into internal factors and external factors. Internal factors represent the bank-specific characteristics such as bank size, liquidity structure; liabilitiesà ¢Ã¢â€š ¬Ã‚ ¦etc while external factors can be macroeconomic factors such as inflation and GDP growth or Country-specific regulations rules and practices. In the area of banking profitability, many studies have been conducted to investigate the profitability of conventional banks while only few were conducted in the field of Islamic banking. In this chapter, we will review these studies for conventional banking first and then will focus on studies in the Islamic banking field. Then we will cover the conceptual framework of this research. Conventional Banking Different studies have been conducted in the field of conventional banking profitability. Short (1979), Bourke (1989), Molyneux and Thornton (1992), Goddard, Molyneux, and Wilson (2004), Peters et al. (2004) are some of the researchers in the field. Short (1979) is one of the early scholars who studied the relationship between banking profit rates and concentration for sixty banks in Canada, Western Europe and Japan during the 1970à ¢Ã¢â€š ¬Ã¢â€ž ¢s and he included independent variables including government ownership and concentration by using H index to quantify concentration. Results showed that the government ownership impact on profitability varied throughout the countries studied but expressed an overall negative relationship. He also found evidence that indicated higher concentration rates lead to higher profit rates (Short, 1979). Bourke (1989) also compared concentration to bank profitability but included other determinants. Bourke (1989) covered ninety banks in Australia, Europe, and North America between 1972 and 198 and examined different internal and external factors: internal factors such as staff expenses, capital ratio, liquidity ratio, and loans to deposit ratio; external factors such as regulation, size of economies of scale, competition, concentration, growth in market, interest rate, government ownership, and market power. His results show that increase in government ownership leads to lower profitability in banking. He also found that concentration, interest rates, and money supply are positively related to profitability along with capital and reserves of total assets as well as cash and bank deposits of total assets. Bourke adds that well capitalized banks enjoy cheaper access to sources of funds as they are less risky than less capitalized banks (Bourke, 1989). Later, Molyneux and Thornton (1992) studied the determinants of European banks profitability. The paper examined eighteen counties in Europe between 1986 and 1989. This paper replicated Bourkeà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1989) work by using internal and external determinants of bank profitability. However, Molyneux and Thornton (1992) results showed that government ownership expresses a positive coefficient with return on capital (profitability) which contradicts with Bourkeà ¢Ã¢â€š ¬Ã¢â€ž ¢s findings. Other results were similar to Bourkeà ¢Ã¢â€š ¬Ã¢â€ž ¢s, showing that concentration, interest rate, and money supply were positively related to bank profitability (Molyneux and Thornton, 1992). In one of the recent papers on bank profitability on European banks, Goddard, Molyneux, and Wilson (2004) shows similar findings to the paper by Molyneux and Thornton (1992). It investigates the determinants of profitability in six European countries and it covered 665 banks between 1992 and 1998. The study used cross-sectional and dynamic panel models. The variables used in the regression analysis were ROE, the logarithmic of total assets, Off Balance Sheet (OBS) dividends, Capital to Asset Ratio (CAR). The results from both models were similar: evidence reveals that there is a positive relationship between size (total assets) and profitability. Meanwhile, OBS appears to have a positive relationship with profitability for UK but neutral or negative for other European countries. Moreover, results also state that CAR has a positive relationship with profitability. Furthermore, the paper touched on ownership type by indicating that there is high competition in banking due to the fact t hat there is foreign bank involvement in domestic banks, and that profitability is not linked to ownership (Goddard, Molyneux, and Wilson, 2004). Peters et al. (2004) studied the characteristics of banks in post-war Lebanon for the years 1993 to 2000 and compared the results to a group of banks from five other countries in the Middle East including UAE, KSA, Kuwait, Bahrain and Oman for the years 1995 through 1999. They used Return on Equity (ROE) measure profitability and leverage and they employed regression models that relate bank profitability ratios to various explanatory variables. This study tests the relationships between bank profitability and size, asset portfolio composition, off-balance sheet items, ownership by a foreign bank, and the ratio of employment to assets. The results show a strong association between economic growth and bank profitability, whether measured by ROE or ROA. They found that Lebanese banks are profitable, but not as profitable as a control group of banks from five other countries located in the Middle East. Islamic Banking In the area of Islamic Banking, Bashir (2000) assessed the performance of Islamic banks in eight Middle Eastern countries. He analyzed important bank characteristics that affect the performance of Islamic banks by controlling economic and financial structure measures. The paper studied fourteen Islamic banks from Bahrain, Egypt, Jordan, Kuwait, Qatar, Sudan, Turkey, and United Arab Emirates between 1993 and 1998. To examining profitability, the paper used Non Interest Margin (NIM), Before Tax Profit (BTP), Return on Assets (ROA), and Return on Equity (ROE) as performance indicators. There were also internal and external variables: internal variables were bank size, leverage, loans, short-term funding, overhead, and ownership; external variables included macroeconomic environment, regulation, and financial market. In general, results from the study confirm previous findings and show that Islamic banks profitability is positively related to equity and loans. Consequently, if loans and equity are high, Islamic banks should be more profitable. If leverage is high and loan to assets is also large, Islamic banks will be more profitable. The results also indicate that favorable macro-economic conditions help profitability (Bashir, 2000). Hassoune (2002) examined Islamic bank profitability in an interest rate cycle. In his paper, compared ROE and ROA Volatility for both Islamic and conventional banks in three GCC region, Kuwait, Saudi Arabia, and Qatar. He states that since Islamic banking is based on profit and loss sharing, managements have to generate sufficient returns for investors given that they are not willing accept no returns (Hassoune, 2002). Bashir and Hassan (2004) studied the determinants of Islamic banking profitability covers 43 Islamic Banks between 1994 and 2001 in 21 countries. Their figures show Islamic banks to have a better capital asset ratio compared to commercial banks which means that Islamic banks are well capitalized. Also, their paper used internal and external banks characteristics to determine profitability as well as economic measures, financial structure variables, and country variables. They used, Net-non Interest Margin (NIM), which is non interest income to the bank such as, bank fees, service charges and foreign exchange to identify profitability. Other profitability indicators adopted were Before Tax Profit divided by total assets (BTP/TA), Return on Assets (ROA), and Return on Equity (ROE). Results obtained by Bashir and Hassan (2004), were similar to the Bashir (2000) results, which found a positive relationship between capital and profitability but a negative relationship between loans and profitability. Bashir and Hassan also found total assets to have a negative relationship with profitability which amazingly means that smaller banks are more profitable. In addition, during an economic boom, banks profitability seems to improve because there are fewer nonperforming loans. Inflation, on the other hand, does not have any effect on Islamic bank profitability. Finally, results also indicate that overhead expenses for Islamic banks have a positive relation with profitability which means if expenses increase, profitability also increases (Bashir and Hassan, 2004). Alkassim (2005) examined the determinants of profitability in the banking sector of the GCC countries and found that asset have a negative impact on profitability of conventional banks but have a positive impact on profitability of Islamic banks. They also observed that positive impact on profitability for conventional but have a negative impact for Islamic banking. Liu and Hung (2006) examined the relationship between service quality and long-term profitability of Taiwanà ¢Ã¢â€š ¬Ã¢â€ž ¢s banks and found a positive link between branch number and long-term profitability and also proved that average salaries are detrimental to banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ profit. Masood, Aktan and Chaudhary (2009) studied the co-integration and causal relationship between Return on Equity and Return on Assets for 12 banks in KSA for the period between 1999- 2007. For their research, the used time series model of ADF unit-root test, Johansen co-integration test, Granger causality test and graphical comparison model. They found that there are stable long run relationships between the two variables and that it is only a one-direction cause-effect relationship between ROE and ROA. The results show that ROE is a granger cause to ROA but ROA is not a granger cause to ROE that is ROE can affect ROA input but ROA does not affect the ROE in the Saudi Arabian Banking sector. Conceptual Framework Theoretical framework is a basic conceptual structure organized around a theory. It defines the kinds of variables that are going to be used in the analysis. In this research, the theoretical framework consists of seven independent variables that represent four aspects of the Bank Characteristics. Theses aspects are the Bank Size (Total Assets), Capital Structure (Equity and Tangible Equity), Liquidity (Loans and Liquid Assets) and Liabilities (Deposits and Overheads). Bank profitability is the dependent variable and two measures of bank profitability are used in this study, namely return on average equity (ROAE) and return on average assets (ROAA). Financial Crisis Internal Factors (Bank-Specific) Islamic Banking Profitability H1: Bank Size H2, H3: Capital Structure H4, H5: Liquidities H6, H7: Liabilities Return on Average Assets (ROAA) Return on Average Equity (ROAE) In this section we develop the hypothesis to be examined in this research paper. Development of Hypotheses This paper attempts to test seven hypotheses. A hypothesis is a claim or assumption about the value of a population parameter. It consists either of a suggested explanation for a phenomenon or of a reasoned proposal suggesting a possible correlation between multiple phenomena. According to Becker (1995), hypothesis testing is the process of judging which of two contradictory statements is correct. Hypothesis 1: Profitability has a positive and significant relationship with the total assets (ASSETS). Total Assets of a company represents its valuables including both tangible assets such as equipments and properties along with its intangible assets such as goodwill and patent. For banks, total assets include loans which are the basis for bank operations either through interest or interest-free practices. Total assets is used as a tool to measure the bank size; banks with higher total assets indicate bigger banks. Molyneux and el (2004) included total assets in their study and found a positive significant relationship between total assets and profitability. Therefore, total assets are expected to have positive relation with profitability which means that bigger banks are expected to be more profitable. Total assets are converted logarithmic to be more consistent with the other ratios Hypothesis 2: Profitability has a positive and significant relationship with equity to asset ratio (EQUITY). Total equity over total assets measures bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s capital structure and adequate. It indicated bank ability to withstand losses and handle risk exposure with shareholders. Hassan and Bashir (2004) examined the relationship between EQUITY and bank profitability and found positive relationship. Therefore, EQUITY is included in this study and it is expected to have a positive relation with performance because well capitalized banks are less risky and more profitable (Bourke, 1989) Hypothesis 3: Profitability has a positive and significant relationship with Tangible Equity to total liabilities ratio (TNGEQTY). Tangible Equity represents the subset of shareholderà ¢Ã¢â€š ¬Ã¢â€ž ¢s equity that is not common shares and not intangible asset. Tangible Equity became very popular after the financial crisis as a measure of bank viability since it indicates of how much ownership equity owners of common stock would receive in the event of a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s liquidation. Beltratti and Stulz (2009) examined tangible equity to liabilities in their study to examine why some banks perform better during the financial crisis and found positive and insignificant relationship between TNEQTY and bank profitability. Therefore, TNEQTY is included in this study and it is expected to have positive relationship since banks with better capital structure in since of more equity à ¢Ã¢â€š ¬Ã¢â‚¬Å" seems to perform better. Hypothesis 4: Profitability has a positive and significant relationship with the loans to assets ratio (LOANS). Total loans over total assets a liquidity ratio used that indicates how much of bank assets are tied to loans. For banks, the higher LOANS ratio means less liquidity. Demirguc-Kunt and Huizinga, (1997) found positive relationship between LOANS and bank profitability. LOANS is included in this study and anticipated to have positive relationship with profitability. Furthermore, conventional banks rely on interest-based loans while Islamic banks rely on profit and loss sharing interest-free lending. Therefore, this ratio is also used to compare the performance of interest-based loans and interest-free lending. Hypothesis 5: Profitability has a positive and significant relationship with the liquid assets to total assets ratio (LIQUID). Liquid assets include currency, deposit accounts, and negotiable instruments that can be converted easily into cash. Liquid assets to total assets ratio is a liquidity ratio that measure how easily the banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ assets can be converted into cash. Beltratti and Stulz (2009) found that LIQUID has positive and significant relation with profitability as banks with more liquid assets tend to perform better. Therefore, LIQUID is included in this study and expected to have positive relationship with profitability. Hypothesis 6: Profitability has a reverse and significant relationship with the deposits to assets ratio (DEPOSITS). Deposits to total ratio is another liquidity indicator but is considered a liability since they measure the impact of liabilities on profitability. Bashir and Hassan (2004) examined deposits in their study and found a negative relationship with profitability. Therefore, we expect that DEPOSITS to have negative relationship with profitability. Hypothesis 7: Profitability has a positive and significant relationship with the overhead to assets ratio (OVERHEAD). Overhead costs represent all bank expenses excluding interest expenses as they are considered as operations expenses. Overhead over total assets is a liability ratio that measures the operation efficiency of the bank. Alkassim (2005) included OVERHEAD in his research and found positive relationship to profitability. Therefore, OVERHEAD is included in this study and expected to have positive relationship to profitability. Chapter 3: Methods Data Sample From 2006 to 2008 2009 Country Islamic Banks Conventional Banks Islamic Banks Conventional Banks Bahrain 12 14 5 5 Saudi Arabia 2 9 1 7 Qatar 3 5 2 4 Kuwait 4 14 1 3 Oman 0 6 0 3 UAE 6 17 0 7 Total 27 65 9 29 The data used in this analysis were extracted from Bankscope data for all Islamic and Conventional Banks in the GCC for the period from 2006 to 2009. Using Bankscope has many advantages: it has information for over 30,000 banks, plus the accounting information is presented in a standardized format. Therefore, the accounting information of Islamic Banking is adjusted to be comparable with accounting information of conventional banks. The data used for this study are from a pooled time-series cross-sectional data. The data are taken from various countries. Sample period for this study is from 2002 to 2007. Cross-sectional data provide information on variables for a given period of time. While time series data give information about variables over a number of periods of time. The data for internal variables are obtained from BankScope database which is compiled by International Bank Credit Analysis Limited (IBCA). Using BankScope has two advantages. Firstly, it has information for 11,000 banks, accounting for about 90% of total assets in each country. Secondly, the accounting information at the bank level is presented in standardized formats, after adjustments for differences in accounting and reporting standards. The data for external variables are obtained from World Economic Outlook 2008 database, published by International Monetary Fund (IMF). A total of 60 Islamic banks from 18 countries were chosen in this study. The selected banks are those which are classified as Islamic bank in BankScope database. The Islamic banks have available data for at least one year between 2002 and 2007. This yielded an unbalanced panel data consisting of 260 observations. However, after eliminating cases with missing data, only 155 observations of balanced panel data are left. Variable Definition Independent Variable: Profitability Measures There are many ratios that have been used by researchers to measure bank profitability but the two most often used ratios are the return on assets (ROA) and the return on equity (ROE) (Iqbal et al., 2005). Return on Assets