The Twilight Saga 4: Breaking Dawn 22. Promised

Thinking of Renesmee brought her to that center-stage place in my strange, new, and roomy but distractible mind. So many questions. â€Å"Tell me about her,† i insisted as he took my hand. Being linked barely slowed us. â€Å"She's like nothing else in the world,† he told me, and the sound of an almost religious devotion was there again in his voice. I felt a sharp pang of jealousy over this stranger. He knew her and I did not. It wasn't fair. â€Å"How much is she like you? How much like me? Or like I was, anyway.† â€Å"It seems a fairly even divide.† â€Å"She was warm-blooded,† I remembered. â€Å"Yes. She has a heartbeat, though it runs a little bit faster than a human's. Her temperature is a little bit hotter than usual, too. She sleeps.† â€Å"Really?† â€Å"Quite well for a newborn. The only parents in the world who don't need sleep, and our child already sleeps through the night.† He chuckled. I liked the way he said our child. The words made her more real. â€Å"She has exactly your color eyes – so that didn't get lost, after all.† He smiled at me. â€Å"They're so beautiful.† â€Å"And the vampire parts?† I asked. â€Å"Her skin seems about as impenetrable as ours. Not that anyone would dream of testing that.† I blinked at him, a little shocked. â€Å"Of course no one would,† he assured me again. â€Å"Her diet†¦ well, she prefers to drink blood. Carlisle continues to try to persuade her to drink some baby formula, too, but she doesn't have much patience with it. Can't say that I blame her – nasty-smelling stuff, even for human food.† I gaped openly at him now. He made it sound like they were having conversations. â€Å"Persuade her?† â€Å"She's intelligent, shockingly so, and progressing at an immense pace. Though she doesn't speak – yet – she communicates quite effectively.† â€Å"Doesn't. Speak. Yet† He slowed our pace further, letting me absorb this. â€Å"What do you mean, she communicates effectively?† I demanded. â€Å"I think it will be easier for you to†¦ see for yourself. It's rather difficult to describe.† I considered that. I knew there was a lot that I needed to see for myself before it would be real. I wasn't sure how much more I was ready for, so I changed the subject. â€Å"Why is Jacob still here?† I asked. â€Å"How can he stand it? Why should he?† My ringing voice trembled a little. â€Å"Why should he have to suffer more?† â€Å"Jacob isn't suffering,† he said in a strange new tone. â€Å"Though I might be willing to change his condition,† Edward added through his teeth. â€Å"Edward!† I hissed, yanking him to a stop (and feeling a little thrill of smugness that I was able to do it). â€Å"How can you say that? Jacob has given up everything to protect us! What I've put him through – !† I cringed at the dim memory of shame and guilt. It seemed odd now that I had needed him so much then. That sense of absence without him near had vanished; it must have been a human weakness. â€Å"You'll see exactly how I can say that,† Edward muttered. â€Å"I promised him that I would let him explain, but I doubt you'll see it much differently than I do. Of course, I'm often wrong about your thoughts, aren't I?† He pursed his lips and eyed me. â€Å"Explain what?† Edward shook his head. â€Å"I promised. Though I don't know if I really owe him anything at all anymore. . . .† His teeth ground together. â€Å"Edward, I don't understand.† Frustration and indignation took over my head. He stroked my cheek and then smiled gently when my face smoothed out in response, desire momentarily overruling annoyance. â€Å"It's harder than you make it look, I know. I remember.† â€Å"I don't like feeling confused.† â€Å"I know. And so let's get you home, so that you can see it all for yourself.† His eyes ran over the remains of my dress as he spoke of going home, and he frowned. â€Å"Hmm.† After a half second of thought, he unbuttoned his white shirt and held it out for me to put my arms through. â€Å"That bad?† He grinned. I slipped my arms into his sleeves and then buttoned it swiftly over my ragged bodice. Of course, that left him without a shirt, and it was impossible not to find that distracting. ‘Til race you,† I said, and then cautioned, â€Å"no throwing the game this time!† He dropped my hand and grinned. â€Å"On your mark †¦Ã¢â‚¬  Finding my way to my new home was simpler than walking down Charlie's street to my old one. Our scent left a clear and easy trail to follow, even running as fast as I could. Edward had me beat till we hit the river. I took a chance and made my leap early, trying to use my extra strength to win. â€Å"Ha!† I exulted when I heard my feet touch the grass first. Listening for his landing, I heard something I did not expect. Something loud and much too close. A thudding heart. Edward was beside me in the same second, his hands clamped down hard on the tops of my arms. â€Å"Don't breathe,† he cautioned me urgently. I tried not to panic as I froze mid-breath. My eyes were the only things that moved, wheeling instinctively to find the source of the sound. Jacob stood at the line where the forest touched the Cullens' lawn, his arms folded across his body, his jaw clenched tight. Invisible in the woods behind him, I heard now two larger hearts, and the faint crush of bracken under huge, pacing paws. â€Å"Carefully, Jacob,† Edward said. A snarl from the forest echoed the concern in his voice. â€Å"Maybe this isn't the best way – â€Å" â€Å"You think it would be better to let her near the baby first?† Jacob interrupted. â€Å"It's safer to see how Bella does with me. I heal fast.† This was a test? To see if I could not kill Jacob before I tried to not kill Renesmee? I felt sick in the strangest way – it had nothing to do with my stomach, only my mind. Was this Edward's idea? I glanced at his face anxiously; Edward seemed to deliberate for a moment, and then his expression twisted from concern into something else. He shrugged, and there was an undercurrent of hostility in his voice when he said, â€Å"It's your neck, I guess.† The growl from the forest was furious this time; Leah, I had no doubt. What was with Edward? After all that we'd been through, shouldn't he have been able to feel some kindness for my best friend? I'd thought – maybe foolishly – that Edward was sort of Jacob's friend now, too. I must have misread them. But what was Jacob doing? Why would he offer himself as a test to protect Renesmee? It didn't make any sense to me. Even if our friendship had survived†¦ And as my eyes met Jacob's now, I thought that maybe it had. He still looked like my best friend. But he wasn't the one who had changed. What did I look like to him? Then he smiled his familiar smile, the smile of a kindred spirit, and I was sure our friendship was intact. It was just like before, when we were hanging out in his homemade garage, just two friends killing time. Easy and normal. Again, I noticed that the strange need I'd felt for him before I'd changed was completely gone. He was just my friend, the way it was supposed to be. It still made no sense what he was doing now, though. Was he really so selfless that he would try to protect me – with his own life – from doing something in an uncontrolled split second that I would regret in agony forever? That went way beyond simply tolerating what I had become, or miraculously managing to stay my friend. Jacob was one of the best people I knew, but this seemed like too much to accept from anyone. His grin widened, and he shuddered slightly. â€Å"I gotta say it, Bells. You're a freak show.† I grinned back, falling easily into the old pattern. This was a side of him I understood. Edward growled. â€Å"Watch yourself, mongrel.† The wind blew from behind me and I quickly filled my lungs with the safe air so I could speak. â€Å"No, he's right. The eyes are really something, aren't they?† â€Å"Super-creepy. But it's not as bad as I thought it would be.† â€Å"Gee – thanks for the amazing compliment!† He rolled his eyes. â€Å"You know what I mean. You still look like you – sort of. Maybe it's not the look so much as†¦ you are Bella. I didn't think it would feel like you were still here.† He smiled at me again without a trace of bitterness or resentment anywhere in his face. Then he chuckled and said, â€Å"Anyway, I guess I'll get used to the eyes soon enough.† â€Å"You will?† I asked, confused. It was wonderful that we were still friends, but it wasn't like we'd be spending much time together. The strangest look crossed his face, erasing the smile. It was almost†¦ guilty? Then his eyes shifted to Edward. â€Å"Thanks,† he said. â€Å"I didn't know if you'd be able to keep it from her, promise or not. Usually, you just give her everything she wants.† â€Å"Maybe I'm hoping she'll get irritated and rip your head off,† Edward suggested. Jacob snorted. â€Å"What's going on? Are you two keeping secrets from me?† I demanded, incredulous. â€Å"I'll explain later,† Jacob said self-consciously – like he didn't really plan on it. Then he changed the subject. â€Å"First, let's get this show on the road.† His grin was a challenge now as he started slowly forward. There was a whine of protest behind him, and then Leah's gray body slid out of the trees behind him. The taller, sandy-colored Seth was right behind her. â€Å"Cool it, guys,† Jacob said. â€Å"Stay out of this.† I was glad they didn't listen to him but only followed after him a little more slowly. The wind was still now; it wouldn't blow his scent away from me. He got close enough that I could feel the heat of his body in the air between us. My throat burned in response. â€Å"C'mon, Bells. Do your worst.† Leah hissed. I didn't want to breathe. It wasn't right to take such dangerous advantage of Jacob, no matter if he was the one offering. But I couldn't get away from the logic. How else could I be sure that I wouldn't hurt Renesmee? Tm getting older here, Bella,† Jacob taunted. â€Å"Okay, not technically, but you get the idea. Go on, take a whiff.† â€Å"Hold on to me,† I said to Edward, cringing back into his chest. His hands tightened on my arms. I locked my muscles in place, hoping I could keep them frozen. I resolved that I would do at least as well as I had on the hunt. Worst-case scenario, I would stop breathing and run for it. Nervously, I took a tiny breath in through my nose, braced for anything. It hurt a little, but my throat was already burning dully anyway. Jacob didn't smell that much more human than the mountain lion. There was an animal edge to his blood that instantly repelled. Though the loud, wet sound of his heart was appealing, the scent that went with it made my nose wrinkle. It was actually easier with the smell to temper my reaction to the sound and heat of his pulsing blood. I took another breath and relaxed. â€Å"Huh. I can see what everyone's been going on about. You stink, Jacob.† Edward burst into laughter; his hands slipped from my shoulders to wrap around my waist. Seth barked a low chortle in harmony with Edward; he came a little closer while Leah retreated several paces. And then I was aware of another audience when I heard Emmett's low, distinct guffaw, muffled a little by the glass wall between us. â€Å"Look who's talking,† Jacob said, theatrically plugging his nose. His face didn't pucker at all while Edward embraced me, not even when Edward composed himself and whispered â€Å"I love you† in my ear. Jacob just kept grinning. This made me feel hopeful that things were going to be right between us, the way they hadn't been for so long now. Maybe now I could truly be his friend, since I disgusted him enough physically that he couldn't love me the same way as before. Maybe that was all that was needed. â€Å"Okay, so I passed, right?† I said. â€Å"Now are you going to tell me what this big secret is?† Jacob's expression became very nervous. â€Å"It's nothing you need to worry about this second___† I heard Emmett chuckle again – a sound of anticipation. I would have pressed my point, but as I listened to Emmett, I heard other sounds, too. Seven people breathing. One set of lungs moving more rapidly than the others. Only one heart fluttering like a bird's wings, light and quick. I was totally diverted. My daughter was just on the other side of that thin wall of glass. I couldn't see her – the light bounced off the reflective windows like a mirror. I could only see myself, looking very strange – so white and still – compared to Jacob. Or, compared to Edward, looking exactly right. â€Å"Renesmee,† I whispered. Stress made me a statue again. Renesmee wasn't going to smell like an animal. Would I put her in danger? â€Å"Come and see,† Edward murmured. â€Å"I know you can handle this.† â€Å"You'll help me?† I whispered through motionless lips. â€Å"Of course I will.† â€Å"And Emmett and Jasper – just in case?† â€Å"We'll take care of you, Bella. Don't worry, we'll be ready. None of us would risk Renesmee. I think you'll be surprised at how entirely she's already wrapped us all around her little fingers. She'll be perfectly safe, no matter what.† My yearning to see her, to understand the worship in his voice, broke my frozen pose. I took a step forward. And then Jacob was in my way, his face a mask of worry. â€Å"Are you sure, bloodsucker?† he demanded of Edward, his voice almost pleading. I'd never heard him speak to Edward that way. â€Å"I don't like this. Maybe she should wait – â€Å" â€Å"You had your test, Jacob.† It was Jacob's test? â€Å"But – ,† Jacob began. â€Å"But nothing,† Edward said, suddenly exasperated. â€Å"Bella needs to see our daughter. Get out of her way.† Jacob shot me an odd, frantic look and then turned and nearly sprinted into the house ahead of us. Edward growled. I couldn't make sense of their confrontation, and I couldn't concentrate on it, either. I could only think about the blurred child in my memory and struggle against the haziness, trying to remember her face exactly. â€Å"Shall we?† Edward said, his voice gentle again. I nodded nervously. He took my hand tightly in his and led the way into the house. They waited for me in a smiling line that was both welcoming and defensive. Rosalie was several paces behind the rest of them, near the front door. She was alone until Jacob joined her and then stood in front of her, closer than was normal. There was no sense of comfort in that closeness; both of them seemed to cringe from the proximity. Someone very small was leaning forward out of Rosalie's arms, peering around Jacob. Immediately, she had my absolute attention, my every thought, the way nothing else had owned them since the moment I'd opened my eyes. â€Å"I was out just two days?† I gasped, disbelieving. The stranger-child in Rosalie's arms had to be weeks, if not months, old. She was maybe twice the size of the baby in my dim memory, and she seemed to be supporting her own torso easily as she stretched toward me.Her shiny bronze-colored hair fell in ringlets past her shoulders. Her chocolate brown eyes examined me with an interest that was not at all childlike; it was adult, aware and intelligent. She raised one hand, reaching in my direction for a moment, and then reached back to touch Rosalie's throat. If her face had not been astonishing in its beauty and perfection, I wouldn't have believed it was the same child. My child. But Edward was there in her features, and I was there in the color of her eyes and cheeks. Even Charlie had a place in her thick curls, though their color matched Edward's. She must be ours. Impossible, but still true. Seeing this unanticipated little person did not make her more real, though. It only made her more fantastic. Rosalie patted the hand against her neck and murmured, â€Å"Yes, that's her.† Renesmee's eyes stayed locked on mine. Then, as she had just seconds after her violent birth, she smiled at me. A brilliant flash of tiny, perfect white teeth. Reeling inside, I took a hesitant step toward her. Everyone moved very fast. Emmett and Jasper were right in front of me, shoulder to shoulder, hands ready. Edward gripped me from behind, fingers tight again on the tops of my arms. Even Carlisle and Esme moved to get Emmett's and Jasper's flanks, while Rosalie backed to the door, her arms clutching at Renesmee. Jacob moved, too, keeping his protective stance in front of them. Alice was the only one who held her place. â€Å"Oh, give her some credit,† she chided them. â€Å"She wasn't going to do anything. You'd want a closer look, too.† Alice was right. I was in control of myself. I'd been braced for anything – for a scent as impossibly insistent as the human smell in the woods. The temptation here was really not comparable. Renesmee's fragrance was perfectly balanced right on the line between the scent of the most beautiful perfume and the scent of the most delicious food. There was enough of the sweet vampire smell to keep the human part from being overwhelming. I could handle it. I was sure. â€Å"I'm okay,† I promised, patting Edward's hand on my arm. Then I hesitated and added, â€Å"Keep close, though, just in case.† Jasper's eyes were tight, focused. I knew he was taking in my emotional climate, and I worked on settling into a steady calm. I felt Edward free my arms as he read Jasper's assessment. But, though Jasper was getting it firsthand, he didn't seem as certain. When she heard my voice, the too-aware child struggled in Rosalie's arms, reaching toward me. Somehow, her expression managed to look impatient. â€Å"Jazz, Em, let us through. Bella's got this.† â€Å"Edward, the risk – ,† Jasper said. â€Å"Minimal. Listen, Jasper – on the hunt she caught the scent of some hikers who were in the wrong place at the wrong time___† I heard Carlisle suck in a shocked breath. Esme's face was suddenly full of concern mingled with compassion. Jasper's eyes widened, but he nodded just a tiny bit, as if Edward's words answered some question in his head. Jacob's mouth screwed up into a disgusted grimace. Emmett shrugged. Rosalie seemed even less concerned than Emmett as she tried to hold on to the struggling child in her arms. Alice's expression told me that she was not fooled. Her narrowed eyes, focused with burning intensity on my borrowed shirt, seemed more worried about what I'd done to my dress than anything else. â€Å"Edward!† Carlisle chastened. â€Å"How could you be so irresponsible?† â€Å"I know, Carlisle, I know. I was just plain stupid. I should have taken the time to make sure we were in a safe zone before I set her loose.† â€Å"Edward,† I mumbled, embarrassed by the way they stared at me. It was like they were trying to see a brighter red in my eyes. â€Å"He's absolutely right to rebuke me, Bella,† Edward said with a grin. â€Å"I made a huge mistake. The fact that you are stronger than anyone I've ever known doesn't change that.† Alice rolled her eyes. â€Å"Tasteful joke, Edward.† â€Å"I wasn't making a joke. I was explaining to Jasper why I know Bella can handle this. It's not my fault everyone jumped to conclusions.† â€Å"Wait,† Jasper gasped. â€Å"She didn't hunt the humans?† â€Å"She started to,† Edward said, clearly enjoying himself. My teeth ground together. â€Å"She was entirely focused on the hunt.† â€Å"What happened?† Carlisle interjected. His eyes were suddenly bright, an amazed smile beginning to form on his face. It reminded me of before, when he'd wanted the details on my transformation experience. The thrill of new information. Edward leaned toward him, animated. â€Å"She heard me behind her and reacted defensively. As soon as my pursuit broke into her concentration, she snapped right out of it. I've never seen anything to equal her. She realized at once what was happening, and then†¦ she held her breath and ran away† â€Å"Whoa,† Emmett murmured. â€Å"Seriously?† â€Å"He's not telling it right,† I muttered, more embarrassed than before. â€Å"He left out the part where I growled at him.† â€Å"Did ya get in a couple of good swipes?† Emmett asked eagerly. â€Å"No! Of course not.† â€Å"No, not really? You really didn't attack him?† â€Å"Emmett!† I protested. â€Å"Aw, what a waste,† Emmett groaned. â€Å"And here you're probably the one person who could take him – since he can't get in your head to cheat – and you had a perfect excuse, too.† He sighed. â€Å"I've been dying to see how he'd do without that advantage.† I glared at him frostily. â€Å"I would never.† Jasper's frown caught my attention; he seemed even more disturbed than before. Edward touched his fist lightly to Jasper's shoulder in a mock punch. â€Å"You see what I mean?† â€Å"It's not natural,† Jasper muttered. â€Å"She could have turned on you – she's only hours old!† Esme scolded, putting her hand against her heart. â€Å"Oh, we should have gone with you.† I wasn't paying so much attention, now that Edward was past the punch line of his joke. I was staring at the gorgeous child by the door, who was still staring at me. Her little dimpled hands reached out toward me like she knew exactly who I was. Automatically, my hand lifted to mimic hers. â€Å"Edward,† I said, leaning around Jasper to see her better. â€Å"Please?† Jasper's teeth were set; he didn't move. â€Å"Jazz, this isn't anything you've seen before,† Alice said quietly. â€Å"Trust me.† Their eyes met for a short second, and then Jasper nodded. He moved out of my way, but put one hand on my shoulder and moved with me as I walked slowly forward. I thought about every step before I took it, analyzing my mood, the burn in my throat, the position of the others around me. How strong I felt versus how well they would be able to contain me. It was a slow procession. And then the child in Rosalie's arms, struggling and reaching all this time while her expression got more and more irritated, let out a high, ringing wail. Everyone reacted as if – like me – they'd never heard her voice before. They swarmed around her in a second, leaving me standing alone, frozen in place. The sound of Renesmee's cry pierced right through me, spearing me to the floor. My eyes pricked in the strangest way, like they wanted to tear. It seemed like everyone had a hand on her, patting and soothing. Everyone but me. â€Å"What's the matter? Is she hurt? What happened?† It was Jacob's voice that was loudest, that raised anxiously above the others. I watched in shock as he reached for Renesmee, and then in utter horror as Rosalie surrendered her to him without a fight. â€Å"No, she's fine,† Rosalie reassured him. Rosalie was reassuring Jacob? Renesmee went to Jacob willingly enough, pushing her tiny hand against his cheek and then squirming around to stretch toward me again. â€Å"See?† Rosalie told him. â€Å"She just wants Bella.† â€Å"She wants me?† I whispered. Renesmee's eyes – my eyes – stared impatiently at me. Edward darted back to my side. He put his hands lightly on my arms and urged me forward. â€Å"She's been waiting for you for almost three days,† he told me. We were only a few feet away from her now. Bursts of heat seemed to tremble out from her to touch me. Or maybe it was Jacob who was trembling. I saw his hands shaking as I got closer. And yet, despite his obvious anxiety, his face was more serene than I had seen it in a long time. â€Å"Jake – I'm fine,† I told him. It made me panicky to see Renesmee in his shaking hands, but I worked to keep myself in control. He frowned at me, eyes tight, like he was just as panicky at the thought of Renesmee in my arms. Renesmee whimpered eagerly and stretched, her little hands grasping into fists again and again. Something in me clicked into place at that moment. The sound of her cry, the familiarity of her eyes, the way she seemed even more impatient than I did for this reunion – all of it wove together into the most natural of patterns as she clutched the air between us. Suddenly, she was absolutely real, and of course I knew her. It was perfectly ordinary that I should take that last easy step and reach for her, putting my hands exactly where they would fit best as I pulled her gently toward me. Jacob let his long arms stretch so that I could cradle her, but he didn't let go. He shuddered a little when our skin touched. His skin, always so warm to me before, felt like an open flame to me now. It was almost the same temperature as Renesmee's. Perhaps one or two degrees difference. Renesmee seemed oblivious to the coolness of my skin, or at least very used to it. She looked up and smiled at me again, showing her square little teeth and two dimples. Then, very deliberately, she reached for my face. The moment she did this, all the hands on me tightened, anticipating my reaction. I barely noticed. I was gasping, stunned and frightened by the strange, alarming image that filled my mind. It felt like a very strong memory – I could still see through my eyes while I watched it in my head – but it was completely unfamiliar. I stared through it to Renesmee's expectant expression, trying to understand what was happening, struggling desperately to hold on to my calm. Besides being shocking and unfamiliar, the image was also wrong somehow – I almost recognized my own face in it, my old face, but it was off, backward. I grasped quickly that I was seeing my face as others saw it, rather than flipped in a reflection. My memory face was twisted, ravaged, covered in sweat and blood. Despite this, my expression in the vision became an adoring smile; my brown eyes glowed over their deep circles. The image enlarged, my face came closer to the unseen vantage point, and then abruptly vanished. Renesmee's hand dropped from my cheek. She smiled wider, dimpling again. It was totally silent in the room but for the heartbeats. No one but Jacob and Renesmee was so much as breathing. The silence stretched on; it seemed like they were waiting for me to say something. â€Å"What†¦ was†¦ that?† I managed to choke out. â€Å"What did you see?† Rosalie asked curiously, leaning around Jacob, who seemed very much in the way and out of place at the moment. â€Å"What did she show you?† â€Å"Srte showed me that?† I whispered. â€Å"I told you it was hard to explain,† Edward murmured in my ear. â€Å"But effective as means of communications go.† â€Å"What was it?† Jacob asked. I blinked quickly several times. â€Å"Um. Me. I think. But I looked terrible.† â€Å"It was the only memory she had of you,† Edward explained. It was obvious he'd seen what she was showing me as she thought of it. He was still cringing, his voice rough from reliving the memory. â€Å"She's letting you know that she's made the connection, that she knows who you are.† â€Å"Butrtowdidshedothat?† Renesmee seemed unconcerned with my boggling eyes. She was smiling slightly and pulling on a lock of my hair. â€Å"How do I hear thoughts? How does Alice see the future?† Edward asked rhetorically, and then shrugged. â€Å"She's gifted.† â€Å"It's an interesting twist,† Carlisle said to Edward. â€Å"Like she's doing the exact opposite of what you can.† â€Å"Interesting,† Edward agreed. â€Å"I wonder___† I knew they were speculating away, but I didn't care. I was staring at the most beautiful face in the world. She was hot in my arms, reminding me of the moment when the blackness had almost won, when there was nothing in the world left to hold on to. Nothing strong enough to pull me through the crushing darkness. The moment when I'd thought of Renesmee and found something I would never let go of. â€Å"I remember you, too,† I told her quietly. It seemed very natural to lean in and press my lips to her forehead. She smelled wonderful. The scent of her skin set my throat burning, but it was easy to ignore. It didn't strip the joy from the moment. Renesmee was real and I knew her. She was the same one I'd fought for from the beginning. My little nudger, the one who loved me from the inside, too. Half Edward, perfect and lovely. And half me – which, surprisingly, made her better rather than detracting. I'd been right all along. She was worth the fight. â€Å"She's fine,† Alice murmured, probably to Jasper. I could feel them hovering, not trusting me. â€Å"Haven't we experimented enough for one day?† Jacob asked, his voice a slightly higher pitch with stress. â€Å"Okay, Bella's doing great, but let's not push it.† I glared at him with real irritation. Jasper shuffled uneasily next to me. We were all crowded so close that every tiny movement seemed very big. â€Å"What is your problem, Jacob?† I demanded. I tugged lightly against his hold on Renesmee, and he just stepped closer to me. He was pressed right up to me, Renesmee touching both of our chests. Edward hissed at him. â€Å"Just because I understand, it doesn't mean I won't throw you out, Jacob. Bella's doing extraordinarily well. Don't ruin the moment for her.† â€Å"I'll help him toss you, dog,† Rosalie promised, her voice seething. â€Å"I owe you a good kick in the gut.† Obviously, there was no change in that relationship, unless it had gotten worse. I glared at Jacob's anxious half-angry expression. His eyes were locked on Renesmee's face. With everyone pressed together, he had to be touching at least six different vampires at the moment, and it didn't even seem to bug him. Would he really go through all this just to protect me from myself? What could have happened during my transformation – my alteration into something he hated – that would soften him so much toward the reason for its necessity? I puzzled over it, watching him stare at my daughter. Staring at her like†¦ like he was a blind man seeing the sun for the very first time. â€Å"No!†I gasped. Jasper's teeth came together and Edward's arms wrapped around my chest like constricting boas. Jacob had Renesmee out of my arms in the same second, and I did not try to hold on to her. Because I felt it coming – the snap that they'd all been waiting for. â€Å"Rose,† I said through my teeth, very slowly and precisely. â€Å"Take Renesmee.† Rosalie held her hands out, and Jacob handed my daughter to her at once. Both of them backed away from me. â€Å"Edward, I don't want to hurt you, so please let go of me.† He hesitated. â€Å"Go stand in front of Renesmee,† I suggested. He deliberated, and then let me go. I leaned into my hunting crouch and took two slow steps forward toward Jacob. â€Å"You didn't,† I snarled at him. He backed away, palms up, trying to reason with me. â€Å"You know it's not something I can control.† â€Å"You stupid mutt How could you? My babyf He backed out the front door now as I stalked him, half-running backward down the stairs. â€Å"It wasn't my idea, Bella!† â€Å"I've held her all of one time, and already you think you have some moronic wolfy claim to her? She's mine† â€Å"I can share,† he said pleadingly as he retreated across the lawn. â€Å"Pay up,† I heard Emmett say behind me. A small part of my brain wondered who had bet against this outcome. I didn't waste much attention on it. I was too furious. â€Å"How dare you imprint on my baby? Have you lost your mind?† â€Å"It was involuntary!† he insisted, backing into the trees. Then he wasn't alone. The two huge wolves reappeared, flanking him on either side. Leah snapped at me. A fearsome snarl ripped through my teeth back at her. The sound disturbed me, but not enough to stop my advance. â€Å"Bella, would you try to listen for just a second? Please?† Jacob begged. â€Å"Leah, back off,† he added. Leah curled her lip at me and didn't move. â€Å"Why should I listen?† I hissed. Fury reigned in my head. It clouded everything else out. â€Å"Because you're the one who told me this. Do you remember? You said we belonged in each other's lives, right? That we were family. You said that was how you and I were supposed to be. So†¦ now we are. It's what you wanted.† I glared ferociously. I did dimly remember those words. But my new quick brain was two steps ahead of his nonsense. â€Å"You think you'll be part of my family as my son-in-lawV I screeched. My bell voice ripped through two octaves and still came out sounding like music. Emmett laughed. â€Å"Stop her, Edward,† Esme murmured. â€Å"She'll be unhappy if she hurts him.† But I felt no pursuit behind me. â€Å"No!† Jacob was insisting at the same time. â€Å"How can you even look at it that way? She's just a baby, for crying out loud!† â€Å"That's mypointl† I yelled. â€Å"You know I don't think of her that way! Do you think Edward would have let me live this long if I did? All I want is for her to be safe and happy – is that so bad? So different from what you want?† He was shouting right back at me. Beyond words, I shrieked a growl at him. â€Å"Amazing, isn't she?† I heard Edward murmur. â€Å"She hasn't gone for his throat even once,† Carlisle agreed, sounding stunned. â€Å"Fine, you win this one,† Emmett said grudgingly. â€Å"You're going to stay away from her,† I hissed up at Jacob. â€Å"I can't do that!† Through my teeth: â€Å"Try. Starting now† â€Å"It's not possible. Do you remember how much you wanted me around three days ago? How hard it was to be apart from each other? That's gone for you now, isn't it?† I glared, not sure what he was implying. â€Å"That was her,† he told me. â€Å"From the very beginning. We had to be together, even then.† I remembered, and then I understood; a tiny part of me was relieved to have the madness explained. But that relief somehow only made me angrier. Was he expecting that to be enough for me? That one little clarification would make me okay with this? â€Å"Run away while you still can,† I threatened. â€Å"C'mon,Bells! Nessie likes me, too,† he insisted. I froze. My breathing stopped. Behind me, I heard the lack of sound that was their anxious reaction. â€Å"What†¦did youcall her?† Jacob took a step farther back, managing to look sheepish. â€Å"Well,† he mumbled, â€Å"that name you came up with is kind of a mouthful and – â€Å" â€Å"You nicknamed my daughter after the Loch Ness Monster?† I screeched. And then I lunged for his throat.

Characters and Plot in the Black Gold Essay

It is not so frequent to find a novel written with an animal as the main character and the story revolving primarily around him. Nevertheless, there are writers like Marguerite Henry who writes animal stories with so much fascination and passion, one of which is the Black Gold. It was based on true-to-life experiences set during the early 1990s in Oklahoma and Kentucky. Mixing her vast knowledge about the topic and her creative talent in writing, Marguerite Henry was able to weave a story with extraordinary characters confronted with extraordinary conflicts. Brief Summary The story evolved in the story of a colt named Black Gold, following his adventures being a race horse. He was regarded by many as weak and not good in racing since he possesses a smaller body compared to other horses. But through the help of his trainer Hanley Webb and rider Jaydee Mooney, the colt started to win and finally gained victory in the Kentucky Derby. His success continued to flourish until he got injured in one of the races he joined. His leg got a quarter crack. Eventually, the colt died. Black Gold was given a burial in the middle of a field in New Orleans. Analysis of the Characters Being an animal is not a reason to live a life less simple. It is very much evident in the story of Black Gold. His life is consisted of complex occurrences that can be considered as more intricate when compared to lives of other people. His birth was a product of a dream. Al Hoots, the owner of Black Gold’s mother named U-See-It, dreamt that if he will breed U-See-It to a leading sire, the mare shall give birth to the horse that will win in the Kentucky Derby. As a result, Hoots tried to mate U-See-It to a stallion named Black Toney. The money Hoots used came from the oil that during that time was being excavated from their land in Oklahoma. Here is where the name Black Gold originated. Among the individuals who imparted time and dedication to Black Gold was his rider Jaydee Mooney. Jaydee Mooney was the one who initially believed in the capacity and talent of Black Gold: â€Å" †¦us Mooneys always try. We do our best†¦Ã¢â‚¬  ( p. 108). However, his spirit was pushed into limits when Black Gold got injured several days before the Derby: † †¦ It was the first loss for the team of Black Gold and Jaydee Mooney. Was it the soreness in his foot showing up again-the same trouble he’d had the week before the Derby? †¦ † (p. 143). Nevertheless, Jaydee Mooney proved to be not only as a rider but a friend as well to Black Gold, especially when the horse died. Analysis of the Plot Since the book was based from true stories and actual experiences, Marguerite Henry wrote it by narrating events in chronological order. Although written in this manner, the book is not boring and dragging to read. It is because the plot itself is a compelling one that catches and drawn immediately the attention of its readers. She used literary devices so as to show her creativity and mastery in handling and writing a topic such as that presented in the book. Henry was also successful in presenting transition of events. Every chapter in the book promises a more interesting and intense happenings from previous events and chapters. In addition, Henry was effective in inflicting transitional devices that guide the readers while reading. The use of illustrations in the book helped in the proper interpretation of events in the story since the readers will be carefully guided while going on through the story. However, the use of these illustrations somehow gives an impression that Black Gold is a children’s book. But all in all, the story’s plot, as well as the book in general, was a well- crafted depiction of an extraordinary tale. Reference Henry, M. ( 1957). Black Gold. Illinois: Rand McNally

Poverty across Cultures Research Paper Example | Topics and Well Written Essays - 1250 words

Poverty across Cultures - Research Paper Example Persons undergoing poverty in Paris during the 1930s and 1990s in the U.S. had a lot of valid things in common as well as major diversifications. And this is because of reasons relating to: The working poor in both Paris and U.S. had minimal access to the healthcare; they both worked long tiresome hours and had antagonistic relationships with their employers (Brown & Orwell, p3). On the other hand, Parisian workers were able to take pride in their work entirely free from the low-wage workers in the U.S. ProofPoverty varies greatly across the population depending on education, age, family arrangements, work profession and place of residence just to mention but a few. Still under the poverty description, the average family of four was measured poor in the year 2013 if its yearly income was below $23,834.   The measure of poverty presently at use was designed 50 years ago and was embraced as the formal U.S. statistical poverty measure in 1969. Apart from the less complicated changes a nd variations in economic prices, the poverty line is still similar to what was designed half a century ago.   A considerate look at Orwell’s Prize Down and Out in Paris and London, we are directed to the way Orwell tries to display the existing poverty he lived through while in Paris and London. Orwell employs the use of an anonymous narrator and through him describes his daily life within the poorer areas of Paris during the 19th century (early 1900s). He talks of the dirt, din, bugs and everything else in details (Brown & Orwell, p3).

TSCA VS REACH VS CEPA Essay Example | Topics and Well Written Essays - 250 words

TSCA VS REACH VS CEPA - Essay Example The TSCA laws and regulations majorly deal with control of exposure to toxic substances from industries to the environment as asserted by Girard, Day and Snider (2010). The TSCA restrictions provide control over exposure from substances relating to food, drugs, cosmetics and pesticides among others. In addition, they have authority requiring recording keeping, testing requirements, restriction to chemical substances and reporting the findings to make a decision. On the other hand, REAC regulations aim to improve protection of human health and the environment by identifying earlier, any key properties of chemical substances. Majorly, REAC applies to the exclusion of potential risks substances imported or manufactured in the EU. CEPA was a Canadian Environmental Registry enacted in 1999 as contained in Girard, Day and Snider (2010). CEPA is an act that concerns about pollution prevention and protection of the environment with attention to human health. CEPA exercises its mandate to protect the environment where any threats of serious and irreversible damage or lack of full scientific certainty on a product enforces pollution prevention approaches. Therefore, CEPA takes preventive and remedial measures to protect and enhance the restoration of the environment for sustainable development as explained by Girard, Day and Snider

Video paper Term Example | Topics and Well Written Essays - 500 words

Video - Term Paper Example The one point is clear: â€Å"now there is no concerned national response for climate change†. No, the video didn’t sway me regarding my opinion, as there are lots of neosporimih facts, which prove that global warming is an ecological problem. Sure, carbon dioxide is a â€Å"plant food†, but still while deforestation takes place, carbon dioxide emissions only increase. Sceptics call it â€Å"life†, but I consider that that is pollution. Though I believe that the issue of global warming has already become an instrument of political manipulation, I don’t think that initially â€Å"was not based on science but was a political consensus, which included a number of scientists†. Skeptics had found the seats at the table, and one of them was Myron Ebel, who was acting on a broad strategy by his action plan â€Å"Victory Will Be achieved† in order to make public recognize uncertainties in climate science. State Senator David Rouzer considers that climate of the Earth is changing from the wery beginning of the world, so it is difficult to continue coastline study and define the correlation between climate change, global warming and sea-level change. Nevertheless, when cap-and-trade came up for a vote in the House in 2009, it passed, with eight Republicans on board and was supported by President Barack Obama. Sen. John Kerry also took part in coming to an uneasy consensus, that â€Å"galvanized the action of people who opposite it†. I consider that Administration shouldn’t ignore the problem of global warming. In addition, there should be taken some actions in order to protect America’s citizens from the consequences of climate change. Finally, as â€Å"now there is no concerned national response for climate change†, something should be done on international level. US Administration should cooperate with governments and scientist of other countries in order to prove the existence and that to solve the problems of global

How does Social learning theory positively impact the training program Literature review - 1

How does Social learning theory positively impact the training program - Literature review Example The social learning theory, as postulated by Albert Bandura, has been applied widely in organizations as the most appropriate way of allowing employees to acquire the desired skills, knowledge and abilities. This paper presents a review of past research on the application of the social learning theory in a training project for employees within organizations. The paper aims at demonstrating the models, theories and factors which are involved in the social learning theory approach within a training project. Social Learning Theory In accordance with the works of Bandura on the social learning theory, it is postulated that employees or individuals within organizations learn appropriately and effectively within the context of a social environment (Harris & Kleiner, 1993). The learning or training that applies the social learning theory and approach is achieved through learning concepts and models such as observation and modeling (Knights & Willmott, 2007). As a result, various models have been put forth and applied in training projects. This is because the application of models in training programs and projects has been described as the most effective way of achieving change in behavior within organizations or companies (Boyce, 2011). However, past research has demonstrated heated debate on the effectiveness of social learning theory in meeting the training needs of an organization. The critics of the theory base their arguments that the models used within the social learning theory are not as effective and efficient as they are presented by the theory’s proponents (Clarke & Caffarella, 1999). On the other hand, reports of scientific investigation reflect a recommendation for organizations to employ the social learning theory as a learning tool within its training projects (Kalliath, Brough, O'Driscoll, Manimala, & Siu, 2010). Such research is backed by evidence and illustrations on the effectiveness of the theory in achieving the goals and objectives of trai ning projects within small, medium size and large organizations. In the light of these observations, the literature review within this paper will analyze, evaluate and discuss past research on this theory in relation to its application in promoting the effectiveness of learning projects within organizations. Workplace Training and Employee Development The focus of many researchers has been within various aspects of the contemporary knowledge community or society. As a result, past researchers commonly refer to the modern knowledge society as post-capitalism, post-Fordism or post-industrialism (Boyce, 2011). Nonetheless, many researchers who investigate the role of social learning theory in organizational training refer to the contemporary knowledge society as late-capitalism and post-modernity (Bartol, Tein, Matthews, & Martin, 2005). The models within the observational learning approach, as postulated by Bandura in his social learning theory, have specifically attracted the attenti on of researchers. According to Bandura’s social learning theory, a live model is an observational approach which is a description of an individual who is depicting the desired characteristics and behavior. Researchers

The Barriers of Critical Thinking Essay Example | Topics and Well Written Essays - 500 words

The Barriers of Critical Thinking - Essay Example Some of these barriers are discussed briefly as follows: Self-serving bias refers to the tendency of individuals to elevate the perception of self in a manner that helps them in protecting their self-esteem. This concept entails that people do not always think about and perceive things as they since it results in self-criticism and viewing themselves in an unpleasant light (Kirby, Goodpaster, and Levine 1999). While self-confidence is a critical element for success, however over-confidence in one’s own abilities acts as a barrier to success since it prevents us from analyzing our weaknesses and overseeing our flaws, leading to disastrous results in the long run. Example: A strong sense of belief in one’s abilities and the perception that you are more intelligent and capable than others; tendency to shift the blame regarding any negative experiences or outcomes in your life on others and refusing to accept responsibility for own decisions or actions; a strong sense of belief in becoming a famous actor despite having absolutely no talent and being told so by those around you are some of the examples of self-serving bias. According to Glabraith (2004) hegemonic assumptions refer to the assumptions individuals embrace willingly in a bid to protect their best interests (p. 342) and safeguard them from any impending hurt or any other similar negative feelings such as guilt, anxiety, or fear. Such hegemonic assumptions prevent us from critically analyzing things as they are and blinds us from pursuing our best interests. Example: A strong belief in one’s friends or relatives and blindly following their advice without thinking or analyzing the intended purpose and expected outcome is one example of hegemonic assumptions. It refers to the tendency among individuals to perceive reality with a highly biased attitudes based on stereotypes and unwarranted

Buyer behaviour Assignment Example | Topics and Well Written Essays - 250 words

Buyer behaviour - Assignment Example In marketing the Galaxy Note 4 cell phone, the marketing team has to identify the specific customers, the location, specific time and the client’s requirements. â€Å"M† for measurable. In this section, the objectives are examined whether they are assessable in terms of their cost, quality, quantity, deadlines and frequency (Wayne, 2014). In addition, it is the extent that a product can be examined against an absolute standard. For instance, marketing the Galaxy Note 4 requires the accurate details about the cell phone, the cost and performance. â€Å"A† for achievable. The product marketer can answer questions such as how the objectives can be met by a person. That depends on the personnel’s experience, knowledge and skills. The sellers should possess the skills and knowledge to convince the customer to buy. â€Å"R† for Relevant. The goals can be realistic or high to achieve. The marketer should decide how high the goals should be (Wayne, 2014). For instance, when marketing Galaxy Note 4, the marketer should have a certain range of targets that is relevant. That should also answer what will be the impact of the implementation. â€Å"T† for time-oriented. This answers a question of when the strategies will be implemented and up to when (Wayne, 2014). Some products may end at a given date. For instance, marketing the Galaxy Note 4 during the Christmas

Discuss how an understanding of the biology of insect pests assists in Essay

Discuss how an understanding of the biology of insect pests assists in the control of stored product pests - Essay Example It also helps to determine whether there is an infestation in a given building, what methods should be used to remove it, and provides wider methods for the creation of new pesticides and insect repellents. Reason For Entry, Method of Entry, and Location The primary reason that an understanding of the biology of an insect pests helps in exterminating the pests by giving an understanding as to why the insects would come inside that building at that particular location. Generally, these reasons include coming into buildings seeking food, water, or shelter from the elements. For example, cockroaches are attracted to moisture around pipes and drains, and so buildings with such sources of moisture are more likely to contain cockroaches than drier buildings. Ants, like cockroaches, are also attracted to leaking pipes or condensation build-up, and will enter buildings or rooms in search of this moisture. Ants are also attracted to food sources such as sugar, especially in cases of general p oor sanitation. Locating those food and moisture sources can help determine why the pests are entering the building. Once the reasons for the pests coming in has been determined, the moisture or food source can be removed. Removing the source of food or water should help reduce the number of pests coming into the building, and therefore reduce the difficulty of eradicating the infestation of that building. Once the pests inside have been eradicated and the reason new pests were entering the building is removed, there should be no future issues with that particular pest in that building unless a new source of food or water is presented (Juneau et al., 2010). Additionally, understanding the biology of the insects can help an exterminator understand how the pests are entering the building of infestation in the first place. Crawling insects generally come in through openings into the building which are accessible from the ground. For example, insects may enter buildings through cracks i n the exterior masonry or other building materials, or other gaps in the exterior of the building. Doors left open especially can attract ground-level crawling insects. Small gaps and openings around water pipes, heating and cooling air vents, and exterior windows and doors, can all provide access to crawling insects. However, it is not only ground-level access that will allow in crawling pests that should be looked out for. Exterior landscaping features such as climbing vines, bushes and shrubbery, or tall grasses, may all provide access for crawling insects to reach open windows or other access points that are higher off the ground and would not normally be accessible to such pests (Juneau et al., 2010). Flying pests could obviously access higher points such as open windows that are lacking screens or that have damaged screens with holes that could allow in insects. Looking for such points of access could help determine where the pests are entering the building; blocking these ent ry points would therefore help stop the pests from infesting the building. Understanding the methods the insects are using to enter the building will help determine where the blockades should be placed in order to stop them. Knowledge of the biology of the pests can also help determine what locations in the buildings may be hiding those pests, and therefore where to look to eradicate them. For example, the bodies of bed bugs are almost completely flat. This allows them to hide in

What factors make Switzerland an attractive option for European Dissertation

What factors make Switzerland an attractive option for European commercial real estate investors - Dissertation Example The research aims to investigate what factors make Switzerland an attractive option for European Commercial Real Estate investors. The study will take in consideration those factors in order to understand which type of commercial real estate will be more profitable.The research is based on both primary and secondary data. Primary data will be collected via a mixed method approach. Firstly the author will use an inductive approach to make four semi-structured (exploratory) interviews with individuals working for â€Å"Compagnie des Parcs† (a young commercial real estate company based in Switzerland). The questions will mainly emphasize on the factors that makes Switzerland attractive for European investors. In a second phase, based on the interviews, an inductive approach will be used to create a short survey, which will be forwarded to a few individuals, all covering a particular aspect of the industry. In addition, a case study examining property deals made by Compagnie des P arcs will be assessed. The secondary data will be collected through books, articles, market reports, past dissertations and online sources. The data will be analyzed via different models such as the Grounded Theory for the Qualitative data or the SSPS software for the quantitative data. Hypothesis –Switzerland is an attractive option for European investors. Warehouses and elderly ONE DOESN’T USE ELDERLY FOR HOUSES IN ENGLISH – OLDER? houses are both interesting type of commercial real estate to invest in. Although offices are good alternatives, it does not offer such a high profitability. Because interest rate is extremely low those investors benefit from cheap money and thus high leverage opportunities. In addition, the country is in close proximity to Europe but does not belong to the Euro zone that is forecasted to worsen in regards to its economy. THIS IS NOT WHAT A HYPOTHESIS IS. PLEASE CHECK THIS IS YOUR TEXT BOOK – IT HAS TO BE A STATEMENT WHICH IS OPEN TO BE TESTED Value – This study, which has not been assessed before will fill an important gap for commercial real estate investors. It will add knowledge to a currently under studied area. The research will also help investors in identifying rapidly which factors are essential to evaluate in order to maximize the profit and reduce the risk of future investment. In addition, this study will be important to understand that real estate business cycle cannot be disregarded when entering the market. AT THIS STAGE IT ISN’T CLEAR TO ME WHAT THE RQ IS. YOU HAVE MADE AN ASSUMPTION THAT S. IS ATTRACTIVE AND GIVEN SOME REASONS WHY THIS SHOULD BE SO – BUT WHAT EXACTLY ARE YOU TESTING? THAT IT IS ATTRACTIVE? COMPARED WITH WHAT? IS THIS A TEMPORAL STUDY – LOOKING AT SWITZERLAND IN DIFFERENT PERIODS? A COMPARISON WITH THE RELATIVE ATTRACTION OF OTHER COUNTRIES? HOW ARE YOU GOING TO DEFINE ATTRACTION? HOW ARE YOU GOING TO MEASURE IT? IS A CASE STUDY APPROPRIATE IN THIS SITUATION? Table of Contents Acknowledgements 2 Abstract 3 Background 7 The objectives and purpose of the project 9 The justification for the project 10 The research question 11 literature REVIEW 12 Definition of REAL estate 12 Types of real estate 12 Why invest in real estate 13 Supply and demand in real estate market 13 Cobweb theories 13 Business cycle 14 Real estate cycle 15 Investment strategies 16 Return on investment 17 STEPS in the investment decision process 17 Bibliography 33 Appendix 36 Interviews: 36 The four Sub-market: 43 The user market 43 The Financial Assets market: 44 The Development Market 45 The Land Market 45 The cobweb theory 46 Background In today’s economic context, it is becoming more and more difficult to understand financial trends and currency fluctuations. It was just a few years ago for instance that the Euro was seen has a powerful currency soon to overtake the dollar. Nowadays, economists are anticipating the collapse of this currency and the

Public key infrastructure Essay Example for Free

Public key infrastructure Essay Public key infrastructure is arrangements used to bind public keys with identities of respective user by means of certificate of authority. There should be unique user identity for each certificate of authority. Establishment of binding is through registration and issuance process which is carried out under human supervision or software at a certificate of authority depending on assurance level. Registration authority assures this binding where each user identity, their binding, the public key and validity conditions are made in a manner that it can not be forged in the public key certificates that are issued by the certificate of authority. Why Public Key Infrastructure Is Important Public key infrastructure enables users of unsecured public networks for example, internet to privately and securely exchange data and money by use of private and public cryptographic key pair obtained and shared through a trusted authority. It also provides for digital certificate that is used to identify an organization or individual and directory services used to store or revoke the certificates. (Warwick, 1998 pp50-55). Public key infrastructure enables computer users with no prior contact to use information in public key in their public key certificates to be able to encrypt messages to each other. It has a client software, smart cards, server software, assurances, legal contracts and operational procedures. Public key infrastructure enable parties in any dialogue establish message integrity and confidentiality without the need for exchanging any secret information in advance and do not need any prior contact. Public key infrastructure supports digital signatures that enhance security of transaction, services that are essential such as certificate revocation and validation, key backup and recovery. Updating key pairs simultaneously helps to minimize work load of administration for public key infrastructure. It also supports cross certification which creates truly federated identity through enabling integration among circles of trust. The other importance is that, it enables users to have large communication; partners and consumers transact and communicate in a dynamic way. It is reliable and cost effective where it does not involve use of huge amount of money. Public key infrastructure system is closely tied to enterprise directory scheme when public key of employees are stored together with his personal details for example, phone, e-mail, department and location. This saves time in retrieving the data that is needed because once the name of employee is known; all the necessary information concerning him or her is easily available in the same place. (Baum, 1998 pp 56-59). How It Relates To Information Technology (It) Security Communication security establishment operate and manage public key infrastructure bridge. It signs and manages common certification authorities that certify public key infrastructure. As information technology security, establishment of communication security helps in developing technical documentation and operational standards with respect to risk and vulnerability analysis, analysis of system and networks security and product evaluation in consultation with policy management departments and authority as they relate to public key infrastructure and applications that are related. Information technology security give advice and assist policy management departments and authority on standards of operation and technical documentation. When managers follow the advice given to them, their departments will be able to perform well and to the expectations of organization as a whole. They will assist the employee in performing their duties so that at the end they are able to do quality work that brings the desired results. (Steven, 1998 pp 23-26). Strategic security services are provided and technical advice to support implementation, design and operation of public key infrastructure and critical related elements of infrastructure. They develop and provide training which is specialized with respect to vulnerability of networks, conduct related research and development and appropriate mitigation strategies. Information technology maintains and advice architecture of overall system of public key infrastructure. It operates and manages merging technology test bed for supporting interoperability test between secure emerging technology applications and key public infrastructure. Business requires making partners, customers and suppliers more efficient, demands ways of securely opening up networks and applications. They look for different ways of carrying out business in order to enjoy the benefit of business communication and commerce provided by online channel opportunities which includes consumer web applications and business partner extranets. Authentication solutions have been costly and cumbersome in the past. There has been limited proliferation of these solutions. With VeriSign, customers are able to move to an easier and ubiquitous universal authentication solution relying on VeriSigns services of security to offer high breed security for internet and network resources. Managed public key infrastructure fast track is used for enterprises to secure small scale applications. Enterprises are able to control issuing of digital certificates to internal and external users while processing tasks of outsourcing data like generation of digital certificate, renewal, validation and revocation. (Steven, 1998 pp27-30). REFERENCES Warwick F. and Baum M. (1998): public key infrastructure interoperation: Science and Technology Spring, pp50-59. Steven S. (1998): Incorporation by reference and public key infrastructure: VeriSign, pp23-30.

Taiwan: Business Environment and Investment Opportunities

Taiwan: Business Environment and Investment Opportunities AN ANALYSIS OF THE BUSINESS ENVIRONMENT AND INVESTMENT OPPORTUNITIES IN TAIWAN HISTORY Pre 20th Century History Little archaeological evidence remains from Taiwans early history. People probably from Austronesia are though to have inhabited the island since 10,000 BC with migration from China in the 15th century. In 1517 Portuguese sailors reached Taiwan and named it Ilha Formosa (Beautiful Island). The Dutch invaded in 1624 and built a capital at Tainan two years later they lost the island to a Spanish invasion but returned the favour by booting the Spanish out in 1641. During the 1660s the Ming and Manchu (Qing) dynasties arrived on the scene, kicking out the Dutch and wrestling one another for control of the island. The Manchus eventually won, making Taiwan a county of Fujian province and triggering a flood of Chinese immigration. At the end of the 19th century, the Japanese decided to weigh in as well: Taiwan was ceded to them in 1895 following Chinas defeat in the Sino-Japanese War. The Japanese quashed a republican rebellion organised by the local Chinese population and went on to establish a military base on the island and to promote education and economic development. After Japans defeat in at the end of WWII, Taiwan was handed back to China. Modern History When Communist forces took control of China in 1949, the president, General Chiang Kai-shek and his Nationalist Party, the Kuomintang (KMT), fled to Taiwan to plan their reconquest of the mainland. Theyre still planning. One and a half million Chinese also left the mainland for Taiwan when Mao took control. The leaders of both Communist mainland China and the Republic of China (Taiwan) claim to be the voice of all China, but the international community has, almost without exception, chosen the mainland. In 1971 the KMT lost the Chinese United Nations seat, and in 1979 the USA withdrew its recognition of the Republic. When Chiang Kai-shek died in 1975 and was replaced by his son Ching-kuo, Taiwanese started muttering the word dynasty, and criticism of the one-party system rose. In 1986, those opposed to Chiang formed the Democratic Progressive Party and were granted seats in the legislature. Two years later Chiang died and was replaced by the first native-born president, Lee Teng-hui. Taiwanese politics is divided among those who want reunification with China (the KMT line), those who want Taiwanese independence, and those who want the status quo preserved. In 1995 relations between the two Chinas, always chilly, plummetted to a new low. Lee Teng-huis high-profile visit to the United States brought mainland China out in a rash of nervous jealousy. Determined to isolate Taiwan and sway the minds of its voters, China held intense military exercises near the Taiwanese coast. In response, the United States donned its global cop hat and sent a couple of warships to monitor the situation. Despite the regions sudden high concentration of itchy trigger fingers, the first direct presidential election was held without incident, and Lee Teng-hui was returned to office. Taiwans fortunes took a turn for the worse in September 1999 when a massive earthquake hit the island, the largest in its history, leaving over 2000 islanders dead and a rubble-strewn country. Even in this time of crisis, however, the snippy relationship between mainland China and the wannabe republic continued. A defiantly sulky China demanded that any country entering Taiwan to offer earthquake relief get permission from the Chinese government first: a demand that was met with less-than-hearty agreement from humanitarian organisations and other countries around the world. Recent History In March 2000, Taiwan elected its next president Chen Shui-bian, the candidate of Taiwans Democratic Progressive Party, who believe in a formal declaration of independence for the island. The upset ended 55 years of Nationalist rule and alarmed China, which regards Taiwan as a rebel province. In 2004, Chen Shui-bian was re-elected by a narrow margin following a possibly-dubious assassination attempt on him only hours before the election. In a concession to political opponents and a country fearful over its constant Chinese threat, Chen Shui-bian vowed to forge closer relations with China and leave the volatile issue of Taiwans sovereignty off the political reform agenda. BUSINESS ENVIRONMENT IN TAIWAN To adjudge whether or not a country is suitable for investment opportunities we must use certain parameters these can range from descriptive tools like reports available from various established organizations like The World Bank or The IMF. Else we can make use of diagnostic tools like PEST analysis which we will employ to analyse the business environment of Taiwan and look at the possibility of investment opportunities. PEST ANALYSIS (P)OLITICAL SCENARIO The political status of Taiwan is a controversy over whether Taiwan, including the Pescadores (Penghu), should remain the effective territory of the Republic of China (ROC), become unified with the territories now governed by the Peoples Republic of China (PRC), or become the Republic of Taiwan. Taiwans political status is complicated by the controversy over the Republic of Chinas existence as a state. Currently, Taiwan, Kinmen (Quemoy), Wuchiu (Wuciou) and Matsu off the coast of mainland Fukien, and Taiping (Itu Aba) and Pratas in the South China Sea effectively make up the entire state known as the Republic of China. The ROC government has in the past considered itself to be the sole legitimate government over Taiwan, as well as its former territories on the continent that include mainland China, Outer Mongolia and Tannu Uriankhai (part of which is present day Tuva). This position started to be largely ignored in the early 1990s, changing to one that does not challenge the legitimacy of PRC rule over mainland China, although the ROCs claims have never been renounced through a constitutional amendment. Different groups have different concepts of what the current formal political situation of Taiwan is. In addition, the situation can be confusing because of the different parties and the effort by many groups to deal with the controversy through a policy of deliberate ambiguity. The political solution that is accepted by many of the current groups is the following perspective of the status quo: that is, to unofficially treat Taiwan as a state and at a minimum, to officially declare no support for the government of this state making a formal declaration of independence. What a formal declaration of independence would consist of is not clear and can be confusing given the fact that the Peoples Republic of China has never controlled Taiwan since its founding and the fact that the Republic of China, whose government controls Taiwan, considers itself a de jure sovereign state. The status quo is accepted in large part because it does not define the legal status or future status of Taiwan, leaving each group to interpret the situation in a way that is politically acceptable to its members. At the same time, a policy of status quo has been criticized as being dangerous precisely because different sides have different interpretations of what the status quo is, leading to the possibility of war through brinkmanship or miscalculation. Hence we can say that Taiwan has a volatile political situation but is stable currently. (E)CONOMIC SCENARIO Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by government authorities. In keeping with this trend, some large government-owned banks and industrial firms are being privatized. Exports have provided the primary impetus for industrialization. The trade surplus is substantial, and foreign reserves are the worlds third largest. Agriculture contributes less than 2% to GDP, down from 32% in 1952. Taiwan is a major investor throughout Southeast Asia. China has overtaken the US to become Taiwans largest export market. Because of its conservative financial approach and its entrepreneurial strengths, Taiwan suffered little compared with many of its neighbors from the Asian financial crisis in 1998. The global economic downturn, combined with problems in policy coordination by the administration and bad debts in the banking system, pushed Taiwan into recession in 2001, the first year of negative growth ever recorded. Unemployment al so reached record levels. Output recovered moderately in 2002 in the face of continued global slowdown, fragile consumer confidence, and bad bank loans; and the essentially vibrant economy pushed ahead in 2003-04. Growing economic ties with China are a dominant long-term factor, e.g., exports to China of parts and equipment for the assembly of goods for export to developed countries. A FEW RELEVANT STATISTICS GDP purchasing power parity $576.2 billion (2004 est.) GDP real growth rate 6% (2004 est.) GDP per capita purchasing power parity $25,300 (2004 est.) GDP composition by sector agriculture: 1.7% industry: 30.9% services: 67.4% (2004 est.) Inflation rate (consumer prices) 1.7% (2004 est.) Labor force by occupation agriculture 8%, industry 35%, services 57% (2001 est.) Unemployment rate 4.5% (2004 est.) Budget revenues: $67.41 billion expenditures: $76.7 billion, including capital expenditures of $14.4 billion (2004 est.) Industries electronics, petroleum refining, armaments, chemicals, textiles, iron and steel, machinery, cement, food processing, vehicles, consumer products, pharmaceuticals Industrial production growth rate 12.2% (2004 est.) Oil consumption 988,000 bbl/day (2001 est.) Agriculture products rice, corn, vegetables, fruit, tea; pigs, poultry, beef, milk; fish Exports $170.5 billion f.o.b. (2004 est.) Exports commodities computer products and electrical equipment, metals, textiles, plastics and rubber products, chemicals (2002) Exports partners China, including Hong Kong 37%, US 16%, Japan 7.7% (2003) Imports $165.4 billion f.o.b. (2004 est.) Imports commodities machinery and electrical equipment 44.5%, minerals, precision instruments (2002) Imports partners Japan 26%, US 13%, China, including Hong Kong 11%, South Korea 6.9% (2003) Debt external $55.5 billion (2004 est.) Investment (gross fixed) 18% of GDP (2004 est.) Public debt 32.4% of GDP (2004 est.) Current account balance $21.16 billion (2004 est.) Reserves of foreign exchange gold $246.5 billion (2004 est.) Hence after having a look at the economic structure we can say that a few indicators like the availability of labour forces, growth rates, inflation rates point to the fact that Taiwan is a stable economy and hence suitable for investment opportunities. (S)OCIAL SCENARIO Although the majority of the people residing in Taiwan (84%) are descended from 17th century migrants from China, the political power (and a substantial part of the economic power) of the island has been, until recently, almost exclusively held by less than one-fifth of the population. A population who fled to Taiwan in 1949 after the communist takeover of the mainland. Almost a half-century of co-residence has seen an integration of these two populations to some degree, with both pride in Chinese heritage and culture and national pride in being a resident of Taiwan, combining successfully to date. Taiwan is a society that supports strong Confucian values, reflecting the islands predominantly Chinese heritage (the native aborigines of Taiwan make up only 2% of the population). European influences have also made their mark, in the form of trading links (and some colonial aspirations) from the Spanish and Dutch in the 17th and 18th centuries. Japan has also had a more recent influence over the character of Taiwan: the island was occupied by Japan from 1895 to 1946, but this occupation although repressive at times was also a period of prosperity for Taiwan. Taiwan today is a vibrant and prosperous patriarchal society, which maintains the family as its basic foundation. Multi-generational households are the norm, with age being respected and children prized. The people are reserved, respectful and humble, although individual achievement and a hearty entrepreneurial attitude is found throughout the Taiwanese society. The practice of religious tenets, more so than pure belief alone, influences the Taiwanese character. Approximately 24% of the population is Buddhist, 16% is Taoist (Confucian) and 3% Christian. Much like other Chinese societies, respect and formality mark social relationships, and guanxi (guanji) is quite strong in Taiwan. Open conflict or direct criticism is avoided, as is any other action which could create embarrassment. Boasting or loud behaviour is to be avoided, although compliments are appreciated but usually denied. While many educated Taiwanese speak English, the national (and commercial) language is Mandarin Chinese, with many also speaking the local Taiwanese (Chinese) language. Varying degrees of English is spoken by many of the younger generation and the internationally educated. Taiwan is one of the most urbanised nations in Asia with over 60% of the population living in cities. Taipei, the capital, houses nearly 13% of the population, or approximately 2.75 million. Other major cities include Kaohsiung and Keelung. The people of Taiwan are well educated and have relevant knowledge of subjects like English and science. The society is a peaceful one and not very different from other South East Asian countries. The cities are well developed and the working conditions are conducive to conducting business. Hence investments with respect to the social structure will be a safe bet. (T)ECHNOLOGICAL SCENARIO Measures accompanying Science Technology (ST) development include the four main aspects of educating, training, recruiting, and rewarding ST manpower; the ST research environment; technology diffusion, intellectual property rights, and standards; and international ST cooperation. The goal of manpower training is to establish superior ST research and development manpower, which may be considered a RD software input. The goal of common research facilities is to provide the infrastructure needed for research, and this infrastructure may be considered a RD hardware input. Superior RD outputs can be obtained only after these two inputs are appropriately matched with funding. 1. Manpower education and training The education and training of ST development manpower includes the three aspects: (1) education in colleges and universities, (2) advanced studies in Taiwanese institutions and overseas for personnel selected by government agencies, and (3) training by vocational and professional training institutions. In addition, the Executive Yuans Implementation Regulations for Commendation of Outstanding Scientific and Technological Personnel, Executive Yuan and the Academia Sinicas Topical Research and High-level Manpower Training Program both serve to actively promote key ST research and train ST manpower. Apart from education in universities and colleges, the government also promotes the training of ST manpower via advanced studies or research in Taiwan and overseas for personnel selected by government agencies, and training by vocational and professional training institutions. A total of 37,945 students received Ph.D. or masters degrees in the natural sciences, engineering, medicine, agriculture, or the humanities and social sciences from domestic universities during the 2003 academic year. This number represented an increase of 16.3% over the 2002 academic year from this total 35,981 persons, or 94.8%, received masters degrees. See Table VI-1 for an overview of the various advanced ST manpower training and technical skills education training systems and their results in 2004. 2. Manpower recruiting In order to meet shortages of ST manpower, the government has implemented a number of policies and programs to train domestic high-tech manpower and recruit outstanding overseas manpower to work in Taiwan. It has established long-term targets for ST manpower recruiting, training, and utilization. The government has adopted simultaneous long- and short-term approaches to the recruiting of ST manpower. The Academia Sinica recruits overseas post-doctoral research personnel, foreign consultants, specialists, and scholars, and the NSC funds the recruiting of ST manpower, the hiring of post-doctoral researchers, the recruiting of research scholars, and the invitation of scientific and technological figures from China to participate in research in Taiwan 3. Rewarding Personnel The government offers a variety of grants and awards aimed at encouraging ST personnel to engage in academic research, technology development, and invention. Relevant honors include the Outstanding Achievement in Science and Technology Award, Academic Award, National Lectureship, Outstanding Research Award, and the Ta You Wu Memorial Award. Hence we can say that technologically also Taiwan is very superior and backed by Government. Technologically there should be no problems with investments in Taiwan. Therefore after doing a PEST analysis we can conclude that weighing all options Taiwan is a relatively safe place to invest resources. Now let us have a look at the various industries in Taiwan and try to zero in on an industry or a sector where a investments are a possibility.

Application Of Islamic Microfinance In Poverty Alleviation Economics Essay

Application Of Islamic Microfinance In Poverty Alleviation Economics Essay Poverty is one of the fundamental problems in developing countries. It is estimated that around 80 percent of the worlds population is living in countries where income distribution gap is widening. Poverty rate is quite high in all Muslim countries except a few countries in Southeast Asia and the Middle East. Poverty levels have also been associated with high inequality alongside low productivity. Half of the Indonesia population (about 129 million) is living below the poverty line of $2 a day. While in South Asia two largest Muslim states Bangladesh and Pakistan alone account for 122 million each living below the poverty line where as 100 million Muslims of India is also living below the poverty line. (Source: Islamic Microfinance Development: Challenges and Initiatives, IRTI website, 2007) Microfinance is a part of financial services which includes not only credit facility but also savings, insurance, and fund transfers to facilitate low-income people. The World Bank estimates that there are over 7,000 microfinance institutions; serving some 16 million poor people in developing countries. The total cash turnover of MFIs world-wide is estimated at $2.5 billion and the potential for new growth is outstanding. (Source: Micro facts: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) The Microcredit Summit estimates that $21.6 billion is needed to provide microfinance to 100 million of the worlds poorest families. The Summit planners said it should be possible to raise US$2 billion from borrowers savings alone and the final figure may be even higher. (Source: Micro facts: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) Fewer than 10 million out of the 500 million people who run micro and small enterprises have access to financial support for their business and fewer than 2% of the poor people have access to financial services (credit and savings) from sources other than lenders. (Source: MICROFACTS: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) The supporters of microfinance believed that it will help in reducing poverty and the concept became more popular in 1974 when famine struck Bangladesh. At the time, Dr. Muhammad Yunus was a professor of economics at the University of Chittagong. He subsequently started Grameen Bank which has been a wonderful success with more than 90 percent recovery rate. (Source: Short history of Grameen Bank, Grameen Bank website, 2010) Studies have also shown that during an eight year period, among the poorest Bangladesh with no credit service of any type, only 4 % pulled themselves above. But with only individuals and families with credit from Grameen Bank, more than 48% rose above the poverty line. (Source: MICROFACTS: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) In Pakistan there are 25 Microfinance institutions with the total deposit of $52.3 million which covers 1.83 million of population out of total population of 174 million (Fehmeen, 2010). Pakistan is ranked 6th in terms of population with the labor force of 53.78 million as estimated for 2009. (Source: CIA world Fact book, Central Intelligence Agency website, no date) Figure 1: Unmet Demand for Microfinance in Pakistan from 2008-2009 Source: Microfinance Hub Website From the statistical figures of 2008-2009; it can be said that the population below the poverty line is 29,928,000 million which represents 17.2 % of the total population and the unemployed population is 26,448,000 which means 15.2% of the total population; that sums up to 32.4% out of the total population of Pakistan. These people need microfinance support to improve their living standard because the people living below the poverty line are not even able to get basic necessities of life (Fehmeen, 2010). In this regard, the Financial Inclusion Program (FIP) has been implemented by SBP with support of the UK Department for International Development (DFID), which aims to transform the financial market with a clear objective to provide equitable and efficient market-based financial services to the otherwise excluded poor and marginalized population including women and young people. FIP has developed an evidence based policy and a realistic target of reaching out to three million microfinance users by the end of 2010. (Source: Financial Inclusion Program, SBP, no date) Some facts about the outreach of Islamic Microfinance in different countries are mentioned in the Table 1. Region No. of Included Institutions % of Female clients (Avg.) Total no. of Clients Total Outstanding Loan Portfolio (US$) Avg. Loan Balance (US$) Afghanistan 4 22 53,011 10,347,029 162 Bahrain 1 N/A 323 96,565 299 Bangladesh 2 90 111,837 34,490,490 280 Indonesia 105 60 74,698 122,480,000 1,640 Jordon 1 80 1,481 1,619,909 1,094 Lebanon 1 50 26,000 22,500,000 865 Pakistan 1 40 6,069 746,904 123 West Bank and Gaza 1 100 132 145,485 1102 Saudi Arabia 1 86 7,000 586,667 84 Sudan 3 65 9,561 1,891,819 171 Syria 1 45 2,298 1,838,047 800 Yemen 3 58 7,031 840,240 146 Total 63 299,441 197,583,155 564Table 1: Outreach of Islamic Micro Finance by Country Source: CGAP Survey, 2007 Islamic finance is still in its introductory phase, but it has achieved double digit growth both in Pakistan and around the world. Some of the well known Islamic finance instruments are Murabaha (Sale Contract), Musharakah (Equity Participation), Mudarabah (Partnership), Ijarah (Lease Financing), Bay Muajjal (sale on Credit or deferred payment sale), Bay Salam (Deferred Delivery Sale) etc. 1.2 Problem Statement Interest based micro lending carries high interest rates and is impermissible in Islam; hence, this study strives to analyze how the mix of debt and equity based Islamic finance contracts be used in providing Islamic micro financial services in Pakistan which has more than one quarter people living below the poverty line and huge rural population. 1.3 Objectives of the study It will identify and analyze various instruments of Islamic microfinance that can eliminate poverty effectively than conventional micro financing. It will recognize and analyze the mix of debt and equity based Islamic finance contract; used in providing Islamic micro financial services in Pakistan. It will explore the scope of opportunities for Islamic microfinance in Pakistan. It will discover the challenges that Islamic microfinance could face in Pakistan. 1.4 Importance of the study This  study  highlights the importance of Islamic microfinance to help reduce poverty in Pakistan. As the poor are becoming poorer in Pakistan due to rising inflation and very limited sources of employment, this research will discuss how the Islamic microfinance could help in poverty alleviation, equitable redistribution and employment creation. 1.5 Research Methodology This research study will inquire that how far Islamic microfinance would be helpful in reducing poverty in Pakistan. To substantiate the case for microfinance; the study will analyze five major countries where microfinance is prevalent. Panel data on four variables which include per capita income, education which will be measured through literacy rate, poverty measured through percentage of population living below the poverty line and inequality measured through gini co-efficient will be taken from the selected five countries. The period of study will be different for each country starting from when microfinance started in particular countries to the current period. Secondly, the research will identify and analyze the mix of debt and equity based Islamic finance contract which could be used in providing Islamic micro financial services in Pakistan. For this purpose, specific entrepreneurial activities with investment requirements will be identified and then the ideal Islamic mode to be used in specific entrepreneurial activities with particular investment would be recommended. 1.6 Plan of the study This study consists of five phases. Work in each phase would be reported as a separate chapter. The first chapter of study will cover the introduction which includes the background of the study, Problem statement, Objectives of the study, importance of the study and scope of research. The second chapter will cover the literature review of will the academic and practical progress in Microfinance. The third chapter will discuss the research methodology i.e. the various tools and techniques that will be used to conduct research. The fourth chapter will include the data collection and findings obtained from the analysis of the data collected. The fifth chapter will comprise the research conclusion based on the findings. 1.7 Limits of the study This study on application of Islamic microfinance in poverty alleviation would be useful and provide experiential support to future studies on Islamic microfinance in Pakistan. There exist no full fledge Islamic microfinance bank in Pakistan. Hence, the models and instruments discussed have not been put into practice and empirical analysis of performance will be hard to make. CHAPTER 2 LITERATURE REVIEW 2.1 What is Microfinance? According to Abedelhamid 1991 (p. 57-64). Microfinance is a set of financial services which provides loans to clients who are excluded from the traditional financial system on account of no or little collateral. In the third world countries, microfinance has become very popular because inflation tends to be high and volatile; government is often incompetent; and the necessary legal framework for financial services is often missing Microfinance is the provision of a broad range of financial services such as deposits, loans, payment services, money transfers, and insurance to poor and low-income households and, their microenterprises. Microfinance services are provided by three types of sources: Formal institutions, such as rural banks and cooperatives; Semiformal institutions, such as nongovernment organizations; and Informal sources such as money lenders and shopkeepers. Institutional microfinance is defined to include microfinance services provided by both formal and semiformal institutions. Microfinance institutions are defined as institutions whose major business is the provision of microfinance services. (Source: Finance for Poor: Microfinance development Strategy, ADB website, 2000) 2.2 History of Microfinance Microfinance history dates back to the mid of the 18th century when the philosopher Lysander Spooner was doing research on the advantages from small loans to entrepreneurs and farmers as a way to get people out of poverty. The economist Timothy Guinnane at Yale had been doing some research on Friedrich Wilhelm Raiffeisen ´s village bank movement which started in 1864 in Germany and by the start of the year 1901 the bank reached 2 million rural farmers. As per Timothy Guinnane explanation it was proved that microcredit could pass the two tests concerning peoples payback moral and the possibility to provide the financial service to poor people. Today, the expression Microfinance has its roots in the 1970s when the Grameen Bank of Bangladesh was established. At that time a new span of microfinance initiatives introduced many new procedures into the sector. Pioneering enterprises started doing experiments with providing credits to the poor people. Increasingly, it was thought that people could be relied on for repayment of their borrowings and it is feasible to provide financial services to underserved people through market based enterprises without subsidy. In 1974, Shore bank was the first microfinance and community development bank founded in Chicago for the first time in USA. (Source: History of micro finance, Global envision website, 2006) Today the World Bank estimates that more than 16 million people are served by some 7000 microfinance institutions all over the world. CGAP experts suggested that about 500 million families benefits from these small loans making new business possible. (Source: Micro facts: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) 2.3 Present Situation and Growth of Microfinance The year 2008 is considered as the beginning of a challenging period for microfinance in a number of countries. The economic and financial crises that reached MFIs and their clients turned calm waters into rough shores for many institutions in the industry. The year 2009 MIX Global 100 Composite Ranking captures the effects of this changing environment, where global growth rates slowed for the first time in years, and many MFIs faced stagnant or rising costs, and in some in ­stances a slow rise in credit risk. Figure: 3 Growth Pattern of Microfinance in all continents Source: MIX Global website, 2009 The 2009 edition of the MIX Global 100, surveyed 955 institutions from nearly 100 countries as illustrated in Table 2. As a group, surveyed institutions represented nearly 85 percent of the known pool of microfinance borrow ­ers, serving 72 million borrowers with 37 billion USD in loans and holding 22 billion USD in deposits from 67 million microfinance clients (Source: MIX Global website, 2009). Table 2:2009 MIX Global 100 Composite Ranking Countries with Most MFIs in Top 100 Country MFIs in Top 100 All Ranked MFIs India 20 51 Ecuador 9 44 Egypt 6 12 Philippines 6 34 Bangladesh 5 9 Cambodia 5 13 Bolivia 4 22 Bosnia and Herzegovina 4 13 Armenia 3 7 Mexico 3 27 Morocco 3 5 Dominican Republic 2 2 Jordan 2 6 Mongolia 2 4 Nepal 2 16 Peru 2 54 Serbia 2 4 Vietnam 2 5 Source: MIX Global website, 2009 Microfinance is assured as one of the tools that can decrease as well as eradicate poverty. According to Saefullah (2010) numbers of research have been conducted in order to measure the success of microfinance. The stories of Grameen Bank in Bangladesh, Bank Rakyat Indonesia (Indonesian People Bank) in Indonesia, Self-Help Group in India show the extent to which microfinance can eliminate poverty. Obaidullah (2008) has also done research that attempts to identify the glory of microfinance. Table: 3 Poverty Level and Financial Access in Bangladesh, Indonesia and Turkey Source: Islamic Microfinance Development: Challenges and Initiatives, 2008, IRTI, IDB Name of Member Counrty Human Poverty index Rank Income poverty Index Population Below Population in millions No. of poor in millions Financial access percentage (2007) $ 1 a day (%) $ 2 a day (%) Poverty Line Peoples republic of Bangladesh 85 36 82.8 45 147.37 122 32 Republic of Indonesia 41 7.5 52.4 17.8 245.45 128.6 40 Republic of Turkey 21 3.4 18.7 20 70.41 13.2 49 Impact of microfinance in household and community level components According to study of Chowdhury Bhuiya (2004) the wider impacts of BRAC (Bangladesh Rural and Advancement Committee) poverty alleviation program found that there was a positive impact on living standard as the survival rate and schooling of children improved. The Impact of microcredit on borrowers of Grameen Bank by Khandker (2003) illustrate that there was a positive impact on the households poverty reduction that availed the microfinance facility. Latif (2001) in his study on the effects of microcredit on the household saving of Bangladeshi borrowers concluded that saving-income ratio was significantly higher for the customers of microfinance as compared to poor who were not participants of microfinance institutes. Another research conducted by Zaman (2001) on the Impact of microcredit on poverty and vulnerability found that there is positive impact on income and decision making capability of poor using microfinance. Bangladesh Institute of Development Studies (2001) researched on the Impact of microcredit on savings and informal borrowings discussed that microcredit increased savings and this was more prominent in women than men. Hakim (2000) in the study Impact of microfinance program highlighted the higher social relations and mobility among women clients and the positive impact of microfinance on asset-ownership. Mosley and Hulme (1998) studied the possible conflict between growth and poverty alleviation. Their main finding is that the income and assets of the borrowers had increased due microcredit. Halder (1998) in the research identification of the poorest and the impact of credit on them asserted that the members of BRAC (Bangladesh Rural and Advancement Committee) consumed high calories as compared to non-members. Pitt and Khandaker (1996) explained in their study the Impact of microcredit on borrowers of BRAC, BRDB (Bangladesh Rural Development Board) and Grameen Bank that there was positive impact in women employment, total per capita weekly expenditure and womens non-land assets. Villagers attitude and other behaviors can be changed through credit programs. (The Challenge of Poverty and Mapping out Solutions: Requisite Paradigm Shift from a Problem-Solving and Islamic Perspective Dr. Mohammad Omar Farooq) M.A.Hamid (no date) found in his research that from 200 customers of Grameen Bank 46 were willing to join the Islamic bank of Bangladesh limited and one of the three main reasons was that this Islamic bank will provide services of microfinance within the limits of Islamic Shariah and Grameen Bank will not. Microfinance has a very essential role to play in development according to proponents of microfinance. As per UNCDF (2004) studies microfinance plays three vital roles in improvement. First of all it helps needy people to fulfill their basic needs and protect against hazards and is also related with up gradation of household economic welfare and lastly it motivates women by their participation in economy and also encourage equality. Results of a research on monitoring and evaluation of PKSF (Palli Karma-Sahayak Foundation) (2005) sponsored microfinance programs shows that absolute poverty decreased by 9% and moderate poverty reduced by 5% through 1997 to 2000. Amin et al. (2003) in his study the Impact of microcredit on clients of Grameen Bank, BRAC and ASA concluded that Microcredit program was successful in reaching poor Objective of microfinance according to Otero (1999) is not just about providing capital to the poor or fight against poverty on an individual level but it also has a responsibility on an institutional level. It seeks to create organizations that can provide their financial services to the poor, who are continuously ignored by the formal sector. According to Littlefield and Rosenberg (2004) study people that are below poverty line are not part of financial services sector of the economy so thats why microfinance institutions have established to provide solution to these issues. MFIs become a major part of financial sector of country by providing these services to poor people and hence it can also access capital markets for the funding of their lending portfolios. (Otero, 1999) The overall collision of microfinance can be analyzed on three things including level, type and its variable. Level defines its depth that on which level it has affected the target market whereas type of impact examines how it has benefited the people along with the impact variables as mentioned in fig. 2. Impact of microfinance on household can be accessed on two levels household and community through its types by considering its different variables. It can be scrutinize through income, education, empowerment and other social things as well. Level s of Impact Types of Impact Impact Variable Economic Variables: Income Household Assets Housing Access to food Human Capital: Education Health Confidence Skills Empowerment Social Capital: Social Networks Social Mobility Household Community Social Economic Figure: 2 Impact of Microfinance in House hold and community level Source: Eoin Wrenn, 2005 2.4 Challenges for Microfinance The achievement in microfinance in the world has been impressive relative to the status in the 1970s. However, a number of major problems remain. 2.4.1Policy development environment for financial sectors programs The policy environment for microfinance in many countries still remains unfavorable for sustainable growth in microfinance operations. For example, in countries such as Peoples Republic of China, Thailand, and Viet Nam, the ceilings on interest rates limit the ability of MFIs to provide increased and continuing access to an increasing segment of the excluded households. 2.4.2Inadequate financial infrastructure It is another major problem in the world. Financial infrastructure includes legal, information, and regulatory and supervisory systems for financial institutions and markets. Most governments have not focused to build financial infrastructure that supports, strengthens, and ensures the sustainability of such institutions or programs and promotes participation of private sector institutions in microfinance. The other major financial infrastructure-related problems include lack of: A legal framework conducive for emergence and sustainable growth of small-scale financial institutions, Regulatory and supervisory systems for microfinance in countries where the microfinance subsector is approaching a level of maturity, and Emphasis on development of accounting and auditing practices and professions 2.4.3Limitation of retail level institutional capacity Most retail level institutions do not have adequate capacity to expand the scope and outreach of services on a sustainable basis to most of the potential clients. Lack capacity to leverage funds, Are unable to provide a range of products and services compatible with the potential clients characteristics. Do not have an adequate network. (Source: Finance for Poor: Microfinance development Strategy, ADB website, 2000) 2.5 Islamic Microfinance According to Mufti Muhammad Taqi Usmani( no date) , from years Muslims are trying to frame their style of living according to Islam thats why they restrict themselves within the limits of Shariah which on the basis of Islam prohibits the practice of Riba or interest in any of the financial or trade activities. According to Dr. Abbas Mirakhor, Executive Director of the IMF as referred by Chaudhri (2006) An important function of Islamic finance that is seldom noted à ¢Ã¢â€š ¬Ã‚ ¦ is the ability of Islamic finance to provide the vehicle for financial and economic empowerment à ¢Ã¢â€š ¬Ã‚ ¦ to convert dead capital into income generating assets to financially and economically empower the poor Islamic Microfinance is the way of financing to the underserved population without using the concept of interest. Microfinance is already more structurally aligned to applying Islamic equity financing structures. As microfinance programs are based on group sharing of risk and personal guarantee while maintenance of trust and honesty is tied to the availability of future funds. 2.5.1 Importance of Islamic Microfinance In his famous book Wealth of Nations, Adam Smith argued that participation in religious sects could potentially convey two economic advantages to adherents. The first could be seen as a reputational signal while the poor might look alike to potential employers, lenders, and customers, membership in a specific group could convey a reduction in risk associated with the particular individual and ultimately improve the efficient allocation of resources. Second, religious groups could also provide for extra-legal means of establishing trust and sanctioning miscreants in intra group transactions, again reducing uncertainty and improving efficiency, especially where civil remedies for failure to uphold contracts were weak. (Case study: Islamic microfinance and socially responsible investment Anderson and Noland, 1988). Islamic finance techniques could give thousands of entrepreneurial poor the access to microfinance an option they might not consider if traditional, interest-based commercial loans were offered. More experimentation and practice in the field should contribute to more knowledge and a better understanding of effective loan delivery mechanisms using Islamic banking principles (Muhammad Ramzan, 1996). 2.5.2 Islamic approach to poverty alleviation All principles or laws in Islam owe their origin to its holy book the Quran and the sayings and deeds of its Prophet (peace be upon him) encapsulated in books of Hadith. A saying of the Prophet (peace be upon him) forcefully drives home the central message of Islam regarding poverty: Poverty is almost like disbelief in God.. On another occasion, the Prophet (peace be upon him) is reported to have said Allah! I seek refuge with you from the affliction of poverty (Soruce: Sahih Bukhari: read, study, search online Volume 8, Book 75, Number 379). Islam views poverty to be a curse to be eradicated through productive efforts. Poverty is in conflict with enrichment of self (nafs), which is one of the primary objectives (maqasid) of Shariah. Islamic jurists have unanimously held the view that it is the collective obligation (fardkifayah) of a Muslim society to take care of the basic needs of the poor. (Obaidullah, Muhammed (2008) 2.5.2.1Charity Charity occupies a central position in the Islamic scheme of poverty alleviation. The broad term for charity in Islam is Sadaqa. When compulsorily mandated on an eligible Muslim, Sadaqa is called Zakah. When Sadaqa results in flow of benefits that are expected to be stable and permanent (such as, through endowment of a physical property), it is called Sadaq-e-jariya or Waqf. Establish Prayer and dispense the Purifying Alms (Zakat) and bow in worship with those who bow (Al-Quran, (2:43)) The research paper by Professor Habib Ahmed (no date) asserts that Zakah play an important role in eliminating poverty and a significant impact of Zakah can be seen if the macroeconomic policies are in the alignment with poverty reduction objective. Zakah is the third among five pillars of Islam and payment of zakah is an obligation on the wealth and production of every Muslim. The primary issue with a zakah or sadaqa-based solution to the challenge of poverty is the issue of sustainability. Funds mobilized through these tools tend to fluctuate from time to time and may not lend themselves to careful planning and implementation. Further, these funds are meant mostly for the extremely poor and function as a safety net for meeting their immediate and basic needs. Benefits from waqf, assets are of course, meant to flow to the community at large and also on a sustainable basis (M U Chapra, 2008).It has been In FY 2009, approximately Rupees 150 billion were paid by people in Pakistan in charity, of which 90 percent was for the purpose of paying Zakat. (Dawn, September, 7, 2009) According to Dr Mohammad Omar Farooq people when pay Zakah should be concerned with its impact on the society in the long or short term to get the solutions for poverty alleviation. In another research conducted by Nafis Alam (no date) states in his study Islamic venture philanthropy: a tool for community development that Islamic charities are significant influential tool for sustainable community development. 2.5.3 Islamic Microfinance Products Islamic approach to poverty alleviation is a composite of a mission based and market-based interventions. Islamic Microfinance need not be restricted to not-for-profit modes alone. Islam permits for-profit trade and creation of wealth. It depends on the customer that what he/she wants to do with the money either needs just security of the money against which he/she may not claim the profit or wants to invest the money and share both profit and loss. The poor need a range of microfinance services, such as, micro-savings, micro-credit, micro-equity, micro-Takaful and micro-remittance. In the context of mainstream Islamic finance, people come across a host of for-profit modes through which such services may be provided to the poor. These could be used for microfinance with minor modifications wherever needed (Obaidullah, 2008). Micro-Savings Micro-savings is a critical financial service for poor and excluded households. Poor people want secure, convenient deposit services that allow for small balances and transactions and offer easy access to their funds. However, microfinance institutions across the globe tend to neglect this product while giving undue importance to micro-credit. The contract underlying a savings product must be free from elements of Riba and Gharar. This constitutes one of the most well known Islamic products, consisting in a cost-plus profit financing transaction in which a tangible asset is purchased by an Islamic institution at the request of its customer from a supplier. The Islamic institution then sells the asset to its customer on a deferred sale basis with a markup reflecting the institutions profit Various contractual options for designing savings products are: wadia, qard hasan and Mudarabah (Obaidullah, 2008). Micro-Credit The Islamic alternative to interest-based conventional loan is trade based or lease-based credit that permits the ownership and/or use of commodities or physical assets needed for productive ente