Commercial bank of kuwait (CBK) Essay Example | Topics and Well Written Essays - 1000 words

Commercial bank of kuwait (CBK) - Essay Example Characteristics of the industry in which the bank operates Commercial Bank of Kuwait operates in the Kuwait’s banking industries whose environmental features are identifiable. The industry is one of the strongest in the region and this identifies positive prospects such as sustainability and a business’ profit making interests. The industry is also free from unfavorable competition from international financial institutions. It comprises of about ten local banks and nine foreign banks, a number that identifies oligopolistic market. This means that the market players have significant potentials to dictate market factors but competitors can at the same time use such powers to gain competitive advantage over the firm. This further identifies banks’ fears of customer manipulation and leads to significant level of stability in the industry. The industry is also in its developmental stage in which competition is increasing as each bank seeks to expand its market control . Developments in the industry also identify diversification into new products and application of technology for developing new products as well as for efficiency. Innovation has been another characteristic feature of the industry and is a factor to increased level of competition. Favorable political environment has also been reported within the industry with policies that support commercial banks’ stability and operations. The policies indicate stability of the industry, regardless of possible entry by more foreign banks, because of the government policies that focuses on protecting the industry. Further, the minimal market size helps in protecting the industry from further venture by foreign banks because of risks of failing to reach breakeven points by new entrants and the country’s small population explains this (Capital Standards 1). The Industry however faces risks from volatility in two industries that are significant to its sustainability. The industriesâ€℠¢ dynamism affects performance and profitability of the banking industry that is also susceptible to threats of concentration. The role of Islamic banking that is gaining momentum in the country is another threat to the banking industry because of its ability to reduce the market base. Islamic banking is a significant threat because of the country’s dominant faith that is likely to induce bias towards the religious banks (Capital Standards 1). The Kuwait’s banking industry is also susceptible to global economic factors as global recession was witnessed during the global recession in the year 2009. Other significant sectors to the banking industry such as the construction sectors are also susceptible to the global economy and affect banks’ conditions. The industry’s financial indicators such as gross loans and non-performing loans also offer a basis for its analysis. Amount of gross loans has been increasing and this indicates increasing demand for financi al services. Increasing trend in nonperforming loans in the industry also indicates increasing advanced services to customers that culminates to increased defaults and threats of defaults. The increasing volume on non-performing loans is however, a threat to the industry as defaults constrains liquidity. Policies to improved asset quality have however promised to reduce the threats of growing volume of nonperforming loans with positive results being reported in the year 2010. The industry also relies on low cost deposits as sources

Windows environment Essay Example for Free

Windows environment Essay If you get these 10 settings right, and youll go a long way toward making your Windows environment more secure. Each of these falls under the Computer Configuration\Windows Setting\Security Settings leaf. Rename the Local Administrator Account: If the bad guy doesnt know the name of your Administrator account, hell have a much harder time hacking it. Disable the Guest Account: One of the worst things you can do is to enable this account. It grants a fair amount of access on a Windows computer and has no password. Enough said! Disable LM and NTLM v1: The LM (LAN Manager) and NTLMv1 authentication protocols have vulnerabilities. Force the use of NTLMv2 and Kerberos. By default, most Windows systems will accept all four protocols. Unless you have really old, unpatched systems (that is, more than 10 years old), theres rarely a reason to use the older protocols. Disable LM hash storage: LM password hashes are easily convertible to their plaintext password equivalents. Dont allow Windows to store them on disk, where a hacker hash dump tool would find them. Minimum password length: Your minimum password size should be 12 characters or more. Dont bellyache if you only have 8-character passwords (the most common size I see). Windows passwords arent even close to secure until they are 12 characters long and really you want 15 characters to be truly secure. Fifteen is a magic number in the Windows authentication world. Get there, and it closes all sorts of backdoors. Anything else is accepting unnecessary risk. Maximum password age: Most passwords should not be used longer than 90 days. But if you go to 15 characters (or longer), one year is actually acceptable. Multiple public and private studies have proven that passwords of 12 characters or longer are relatively secure against password cracking to about that length of time. Event logs: Enable your event logs for success and failure. As Ive covered in this column many times, the vast majority of computer crime victims might have noticed the crime had they had their logs on and been looking. Disable anonymous SID enumeration: SIDs (Security Identifiers) are numbers assigned to each user, group, and other security subject in Windows or Active Directory. In early OS versions, non-authenticated users could  query these numbers to identify important users (such as Administrators) and groups, a fact hackers loved to exploit. Dont let the anonymous account reside in the everyone group: Both of these settings, when set incorrectly, allow an anonymous (or null) hacker far more access on a system than should be given. These have been disabled by default since 2000, and you should make sure they stay that way. Enable User Account Control: Lastly, since Windows Vista, UAC has been the No. 1 protection tool for people browsing the Web. I find that many clients turn it off due to old information about application compatibility problems. Most of those problems have gone away, and many of the remaining ones can be solved with Microsofts free application compatibility troubleshooting utility. If you disable UAC, youre far closer to Windows NT security than you are a modern operating system.

Types Of Securitization Instruments Finance Essay

Types Of Securitization Instruments Finance Essay Securitization defined as process by which loan is made into tradable security. It becomes tradable security when against it any negotiable instrument or bill of exchange is issued which is backed by the loan or receivables Securitization generally refers to the sale of assets, which generate cash flows, from the institution that owns them, to another company that has been specifically set up for the purpose, and the issuing of notes by this second company. These notes are backed by the cash flows from the original assets. The institution is called originator which issues the the same and own the assets backed by it. Another party to it is Special Purpose Vehicle which purchases the assets and that generate cash flows. The special purpose vehicle will hold the assets that are sold by originator to SPV as collateral which are later sold to investors. Structure of Securitization : The receiver of high net worth receivables sell them to specially formed company named Special Purpose Vehicle and it sells the same to other investors as sale mode transaction against the collateral of receivables. The SPV provides the security to investors in the process by issuing special note or bond or borrowing from bank as security to investor. The SPV pays the servicing fee to it and authorizes the originator to collect funds on behalf of special purpose entity which is used to pay the principal and cost of it for the funded loan. The proceeds are latter invested to earn return. The SPV is not the subsdiary of origniatory thus it is not the company whose shares are held by originator but the charitable trustee or any other than originator. To ensure the recieavles will be sufficient to repay the amount owed to investors on time, other arranegments are made to ensure sufficient liquidity in the process like Credit Enhancement or guarantee by third party or subordinated loan Rating agency often rates the note receivables or the process.The higher the rating, the higher would be funds obtainable. The SPV that generates the income through additional money earned through recieavles to originator to earn profit. SPV pays the same to originator as the fees Below is a figure which perfectly complements our summary: The originator is very important element of this process because it can be real person or legal one which basically initiates the process by sorting out the assets which are to be securitized against the same. Motives for Securitization: Advantages to issuer Funding cost: Depending upon the rating of the fund, cost of fund is charged at low. For Instance a cash flow is rated AA and second one is rated BB , the one with AA ratting will be charged lower than the latter one. Reduces  asset-liability mismatch: From the financial funding exposure point of view , securization offers great opportunity to elimate the issue of duration and pricing concerns at large.Securization offers high cost saver to issuer. For instance banks can utilize it efficiently because they have a large amounts of recievales and collaterials as securities thus they can issue securities backed by these assets and let them to be self funded asset book. Lower  capital  requirements: There are very stiff requirements of the regulatory and legal pertaining to leverage capitalization. The recieavles and assets under securization will considered earning assets and thus removing from balance sheets for accounting purpose. Profit: Given the fact that the specific business block for whose profit is not certain or not yet emerged then the assets of those can be securitized and immediate cash flow can be realized and thus locked in profit for this block results. Transfer of risk:  Securitization process makes it easy to transfer the credit, liquidity reinvestment easy to transfer to those who accept it on condition to receive profit. Off balance sheet: Securitization as implied by derivates which are referred as off balance sheet items which classifiy the same as zero sum impact on balance sheet. There is general requirement internationally that records the derivatives at fair value in the financial statements i.e Balance sheet. Earnings: Securitization makes the oringinator capable to bounce back without addition to the firm whereas the true sale takes place between the orginiatory and special purpose entity.It is to highlight that the earnings of the SPV increase the wealth with parent company. Admissibility of bad debt: Future cash flows may not result in perfect recovery because there is also some bad debt in the receivables. Securitization thus makes it possible to get the immediately cash against those too in advance. Liquidity: Securitization simply provides you the future cash flow now thus increasing the liquidity with the company.Thus it will be available with the company to spend and make investment from the same amount thereby increasing the reinvestment return Disadvantages to issuer May reduce portfolio quality: If the AAA risks, for example, are being securitized out, this would leave a materially worse quality of residual risk. Costs:There are costs involved in the securization process raning from legal fees, system cot, rating cost, underwriting fees and administrative cost. Size limitations: It involves huge amount of funds to structure the same to be efficient if otherwise the funds are less then the process with lesser funds. Risks: It is structured transaction thus it is vulnerable to risks such as prepayment, credit loss and reinvestment Advantages to investors A chance to earn higher rate of return It usually involves high quality assets back because there are very stiff requirements for securitization process, such as attaining high ratings, maintaining liquidity and diversified portfolio. Portfolio  diversification: It is worth narrating here that large institutional investors and corporate investors tend to invest in the securitized funds because returns from their this investment is not related to their equity or bond side investment due to un-correlation between the investment portfolio in the market. Isolation of credit risk from the parent entity: Securitization process desegregate the parent and SPV rating. Regardless the companys rating; SPV may be issued separate rating. Suppose the banks rating is not good but the portfolio of borrower of bank is of high quality thus there are less chances of default of the same and investors in securitized asset are more willing to have them in their portfolio. Risks to investors Liquidity risk(Credit/default) Defualt risk meant inability of borrower to repay the principal and interest payment on due period of time. An indicator of securitys high risk is its credit rating or credit worthiness. High risky portfolio of borrowers receives lower ratting then those of ones with less risky portfolio. Prepayment/reinvestment/early amortization: The securitized assets are always prone to early amortization and reinvestment risk. These risks arises out of huge payouts of the borrowers thus causing premature confession of liability and affecting the rate of return. This also affects the gap between the spread that bank pays and collects from borrowers and investors respectively. Contractual agreements: It is generally perceived that the manager who deals with investors and quote the rate which is solely dependent upon the performance of the underlying asset. Now question arises if the underlying assets become risky from the investors perspective i.e default ratio or high bad debt ratio then the price of portfolio. Types of Securitization Instruments Pass Through Securities: PTS is also called Participation Certificate because it bears ownership of the investors in the underlying asset. The amount received on account of the period payments including principal and interest payment which is collected by SPV and is passed on to the investors. Tranched Securities: In this type of security, the amount received as cash flows in tranches and the same is received as first priority with subsequent payments in latter tranches. Planned Amortization (PAC) Tranches: It is a type of security in which sinking fund is created which controls the prepayments that are beyond the limit thus ensures the stability of cash flows. This offers lower yields while comparing them with those without sinking fund. Z-Tranches or Accretion Bonds: In this type of security, interest payment is not paid in the period in which accrued interest is higher in lock out period. Once the period is over, it starts paying out the interest payments and principal. Principal Only (PO) Securities: These type of securities are issued on discount such as T-Bills. Thereof investors receive their principal in installments. The bonds are issued at huge discount rate and thus remaining amount is paid till the differential payment is made till the face value. Interest Only (IO) Securities: These type of securities have no any specific face value thus they offer only interest components to the investors while cash flows diminishes and is repaid. Floater and Inverse Floater Securities: They are securities which pay interest payments which is dependent upon the performance of any index or benchmark i.e Kibor. Floater and Inverse floater are two opposite type of securities. In Floater, the interest payment moves in exactly the same direction as benchmark rate moves and opposite is true for Inverse Floater securities. Types of Securitization Structures There are several types of Securitization structures: type of securitization structures include: Cash vs. Synthetic Structures: Cash structure is the worlds most followed structure in this field of specialization. In cash Structure, originator sell its assets in exchange of cash immediately. In Synthetic structure, the originator keeps the title with itself and investment is unaffected on the assets. In simple words, he does not put their assets on sale rather the risk/reward is merely transferred being derivative transaction. True sale and Secured Loan Structure: In true sale structure, originator sale the assets in true sprit which involve transfer of title and legal interest in the assets. In SLS, issuer takes the secured lending as loan. Fixed and floating charges are issued to investors to protect their stake and rights over the undertaking of issuer and trustee is empowered to take the possession of assets. Pass Through vs. Collateral Structure: The SPV issues participation certificates to investors that represent the direct participation of them thus they are exposed to performance of assets. Investors receive return when there is any cash generation from those assets and so is true for risk involved in these assets.To mitigate the risk of delay payment credit enhancement is opted. Pay through/Collateralized mortagge obligation(CMO) is another name of collateral structure in which SPV keeps the assets with it whereas charge is given to investors only not the assets. The special purpose entity issues the debt against those assets which are transferred by issuer. Discreet Trust vs. Master Trust: It is a type of structure in which Special purpose vehicle identifies a specificil pool of assets for investors to participates and thereby earn from cash flow pool thus it is called discreet. While Master trust is creation of larger fund backed by many pools which are transferred for several investors in which funds raised are not greater than the assets transferred this also covers the repayemtn structural and tenure issue to reciprocate. Conduit vs. Standalone Transactions: In this type of structure the purchaser or originator collects the assets from different orignators and keeping them backed to debt he issues commericial paper. It is for short term duration and thus it requires short term financing frm the banks. In stand alone strucute, the conduit sources the assets from single originator thus securities are issued keeping in view the maturity of asset pool. ISLAMIC SECURITIZATION Islamic securitization can best be defined as process which satisfy the conventional asset backed securitization and parallel adherence to Islamic laws of economic finance.The rights of cash flows are transferred to SPV from originator thereby issue notes to investors as sold. In this system, SPV becomes the trust and thus holds the assets in capacity of fund manager. The security issued through Islamic securitization is called Sukuk in official terms which is issued by SPV and the income is derived from the funds being received against the funds hold as underlying asset. Islamic finance encourages dealing in assets not the cash as commodity, therefore it is permissible under Islamic finance to securitize the assets provided they adhere to the guidelines of Islamic Finance. The theme is that Islamic securitization can replicate the process of conventional securitization with joint supervision of Shariha and Fund manager.If any thing which is not in compliance to Islamic law then regardless if the process is crystal clear, the securitization stands null and void in the eyes of Shariha. For example, if underlying assets are credit cards and conventional mortgages and income from them will be shared with investors soon shall it realized, the process is null as credit cards income do not comply with Shariha because it has interest bearing instruments attached with it. If investors are investing in assets then the ownership of the same be transferred to them too if it has to comply with Shariha guidelines.It must be noted that transfer of title to assets is not necessary or compulsory but the rights to collect them, access them and right to know them is given to investors that justifies the shariha rules. Investors are supposed to bear risk of loss and profit to underlying asset as they are enterning into ownership contract. Adapting the Principles of Islamic Finance to Securitization Islamic securitization requires two stage evaluation.Firstly Shariha compliance of assets/portfolio and returns from the same, secondly the structure of transaction which includes credit enhancement and liquidity management. The first standing principle is simple Islamic securitization in no way accepts the income that involves interest bearing. It has to be structured in such a way that the investors are exposed to some sort of business risk in relation to their share in investment. Therefore it is made compulsory for the investors that the return must be commensurate to the risk they bear. Islam disallow debt trading, management of prepayment risk and other conventional tools which can cause customers who are income only-centered not to invest with them. Shariha requires procedural and objective evaluation of securitization process to carry on process and prohibits elements of gharar, interest, haram and encourages real economic participation with mutual risk sharing, profit sharing and benefit of entire society. Securitiziation has to adhere to following princples of Islam to be shariha compliant: The purpose of raising funds through securitization must be genuine as not to defraud the investors. And the assets which are under lying in the process must be clearly identifiable and revenue from them must be separable from those which are not under umbrella of securitization. The assets under consideration must not be consumable. Each investor must receiver their share commensurate to their share of investment and risk exposure in the assets. Therefore if assets earn profit, that is sharable other wise you can not fix the rate of return on their investment. The security must not be backed bu the debt or prohibited activity as prohibited by Shariha. It must not be involved in any kind of haram, unethical or exploitation of natural resources with or without non-productive investment The transaction must involve the risk factor and not just the mere return. It must involve compensation for the investor and exposure to risk in the assets under securitization.It must not hold debt as underling security and mere exchange of money and interest on that. It means transaction must not be mere debt and risk free exchange of return. Investors must hold unsecured payment obligation and that be unconditional investment. The principal cannot be guaranteed that the same will be redeemed in full or in part. Investors must be given hand in the ownership of underlying assets The proceeds from investors can not be invested in cash based instruments or interest bearing notes. Without any exception, even the return from that can not be reinvested in any short term cash based instruments or interest based debts(bonds). The turnover must be kept low to avoid any un-utilization of assets.Speculation of underlying assets and payment obligation is to be prohibited without any exception. Islamic takaful should be sought instead of conventional insurance for the credit enhancemenet and liquidity management. There must be Transfer of ownership and direct participation in the assets Exclusive linkage between the cash flows and underlying asset has to be developed. Islamic scholars are of view that credit enhancement be allowed on condition that does not change the over all structure of securitization process. In conventional securitization there is tranche subordination which is not allowed in Islamic law but there is option in Islamic Law the lease-buyback(Ijaraha) transaction. The issuer gives partial ownership rights of underlying assets to investors with respect to risk exposure of their investment in the portfolio thereby leasing back the same in exchange for fixed rental payments which is conditional on repurchasing the portfolio at already specified price on future date. This covers the reinvestment risk of the portfolio. Islamic finance ruled out that interest bear financing instruments are allowed on the basis of partnership not on interest bassis. The point is to refute the concept of interest in all the ways. It is creation of sukuk which shows evidence of ownership on assets i.e tangible and intangilble, fixed or revolving what ever they be but must be productive cash flows within finite period of time. Structure of Islamic Securitization There are following parties involved in the Islamic securitization transaction process. The Originator: It is the issuer of sukuk and is authorized to use the funds against selling of assets to SPV. It may delegate any other institutuons to carry on the issue as under writer. SPV: It is referred as Issuer of the securitization issue. It is entitity established to manage issue and purchases the assets from originator from the funds thereby issuing sukuk. Investment banks: They are agents and underwriters of the sukuk. They manage to raise funds on commission only base. Subscribers of Sukuk : They can be like any thing for instance banks, non financial institutions who basically invests in the sukuk. In its basic concept, originators would sell existing or future revenues from lease receivables (asset-based), sale-back profit (debt-based) or private equity from a portfolio of Islamically acceptable assets to a special purpose vehicle (SPV),30 which refinances itself by issuing unsecured securities to market investors, who are the capital market corollary to a singular lender in Islamic finance (see Figure 3). They assume the role of a collective financier whose entrepreneurial investment does not involve guaranteed, interest-based earnings. If we look at the structure of both conventional and Islamic securitization there it can be depicted there exists no any difference from structural point of view involving parties to it. Originator sells the assets (existing or future ) from a portfolio of Islamically aacceptable assets to SPV, which then refinance itself by issuing securities to investors that are unsecured by nature. The proceeds are then passed on to originator. Like in Ijara sukuk, SPV raises funds to purchase the assets and the same must be equal to purchase price. Investors have equity interest in the SPV in Ijaraha sukuk structure in other words they have direct ownership in the assets. The SPV thereafter leases back to originator. SPV must match the payments with its obligation under Ijarah sukuk and it receives lease payments from seller. Upon maturity, special purpose entitity redeems the assets to originator and liabilities are deducted at source because they are owned by SPV.If any portion of income earne d is categorized as haram or unethical then the same be given in charity without any objection to it. Figure Process of Islamic securitization: Following figure depicts the process of Islamic securitization based on Ijaraha: Islamic securitization will best be categorized as monetization of assets underlying in the securitization process where as conventional counter parts best be defined as mere sale of debts. The process of issuing sukuk is kind of sale of share in assets. Islamic alternative offers almost the same benefits as conventional ones have to offer for instance enhanced asset liability management, term structure transformation, better management and control over assets.

Importance of Rice and the Varieties Worldwide :: Essays Papers

Importance of Rice and the Varieties Worldwide Rice (oryza sativa) is the staple food for about one half of the world’s population. This grain has origins going back to about 3000 B.C in India, and grew along the rivers of the Tigris and Euphrates circumscribing the ancient civilizations of Mesopotamia. Rice is the staple food of East and Central Asia, the islands of the western Pacific and much of Latin America. These eastern nations are today the main rice-producing countries; places such as China, India, Japan, Bangladesh, Indonesia, Thailand and Burma. Rice is much more than a grain; it has fueled economies, been subject to science, and traveled the globe due to world trade. Rice is found all over the world and in thousands of varieties; there are more than 8,000 varieties found in India alone where it all originated, and in one of the smaller rice-producing countries, the Philippines, there are about 3,500 varieties. Some of these well known varieties include basmati (India), sushi rice (Japan) and jasmine rice (Thailand) each having a different consistency and flavor. Basmati rice is very aromatic, both in its dry state and cooked. It has an exotic smell that is very distinct compared to other varieties. Sushi rice is known for its consistency; it very sticky, which is beneficial when making sushi. Jasmine rice, as seen on the plate, is also aromatic but it has a different smell. It has a more floral smell to it, hence the name Jasmine rice. There are other varieties of wild rice which is altogether a different species (Zizania aquatica). This species is grown in western nations such as the United States and has become a delicacy in markets. It fueled the diets of Native Americans in parts of the Midwest United States. Rice comes in different colors, shapes, lengths, and is grown in different conditions. The harvested rice, which still has the husk around the grain, comes in several different colors including, white, brown, amber, red or black. Some of these varieties are long and slender, while others are short and thick. The Process of Growing and Harvesting Rice Rice is grown in tropical, semi tropical and temperate regions; mostly in coastal plains, tidal deltas, and river basins. There needs to be a supply of freshwater because the land needs to be submerged under water.

Formation of the Trophectoderm Lineage Essay -- Anatomy, Cell Division

‘Formation of the trophectoderm lineage. The first cell fate decision in mammalian development’. The crucial outcome of the early mammalian development is the attachment of the embryo to the uterine lining. The cell population that will support this attachment, the trophectoderm (TE), is distinguished from the inner cell mass (ICM) at the blastocyst stage and this separation represents the earliest lineage restriction. Up to the 8-cell stage, the embryo is characterized by a loose structure, but then compaction follows, a phenomenon mediated by increased cell-cell adhesion (tight junctions, increased E-cadherin expression). Acquisition of a microvillus apical membrane domain, polarization of the cytoplasm and reorganization of cytoskeleton elements establish apicobasal polarity while blastomeres become flattened. (Gilbert, Fleming et al., 2001). Still at this stage, all cells maintain communication with their environment, but after sequential divisions they either take an inner or outer position in the late morula. By 32-cell stage, the blastocoel cavity is formed surrounded by the TE that will give rise to extraembryonic tissues (extraembryonic ectoderm and the trophoblast). Attached to one side of the TE epithelium, the ICM will form the embryo proper and nontrophoblast extraembryonic tissues. The molecular mechanisms behind this first differentiation event remain elusive. Clarification of these mechanisms will contribute to our understanding of early mammalian development and will support the field of stem cell biology and induced pluripotency. Conservative versus differantiative cell divisions. After the compacted morula, the embryo undergoes two rounds of cleavage, during which the two cell populations become gr... ...(Cdx2, Eomes, Fgfr2) were re-expressed after the introduction of exogenous Sox2. Therefore, Sox2 was suggested as an early player in the introduction of the TE lineage, but interactions with the other transcriptional regulators as well as actual contribution or not of maternal Sox2 mRNA still need to be illuminated. From all the above, it is understood that the transcriptional network regulating the first cell fate decision is complicated and yet not clearly defined. Recent evidence supports a dual role of Klf5 in lineage specification (Fig 4). Upregulation of Klf5 is critical for TE development (upstream of Cdx2 and in parallel to Fgf signal), whereas low levels of Klf5 are needed to maintain the expression of Oct4 and Nanog in the ICM. Still, the exact mechanism and the interactions with other members of the network need to be examined (Lin., et al., 2010).

Macbeth, A Spy For Macduff At The Banquet Hall :: essays research papers

Dear Macduff, A short while back you hired me to complete a task for you. This was to spy and collect information about Macbeth. I have now completed this and have some quite shocking news as you will soon be aware of as you read on. It all started at Macbeth’s banqueting hall which I was subsequently invited to. We all sat round a wooden table in the main hall waiting for Macbeth’s feast he had prepared for us. Macbeth and his queen wife, Lady Macbeth, They were both upon their thrones which were raised from the ground. Macbeth stepped down and soon the low hum of mumbling grew to a halt. He told us to sit and welcomed us to his feast. What happened next I found unusual, he announced he was going to join us at our table instead of sitting with his wife at the throne. Lady Macbeth kept her place as the banquet went on. From the corner of my eye I then noticed someone entered the room. At first glanced I presumed it to be Banquo as he had not arrived yet, but then I took a closer look and found it to be no one I knew. Macbeth also had seen this strange man at the doorway and arose and proclaimed that he would be away for a few minutes. It interested me why Macbeth left so abruptly and why it was of such importance. I glanced around and saw my fellow lords deep in conversation so I used the chance to slip away from the table. I leant against the wall so I was just out of Macbeth’s sight. I joined them mid conversation and attempted to settle into their quiet chat. As I joined them my astonishment rose as I heard Macbeth mutter the words ‘ There is blood upon thy face’. I was extremely startled to hear the disturbing news which followed. ‘Tis Banquo’s then’. I was absolutely amazed to hear what was being said. I stayed close to the wall listening in on what was said. Macbeth utterly stunned me by saying ‘Is he dispatched?’. These words could incriminate Macbeth and he would be lynched for having this carried out. I was totally confused, because as far as I knew, Macbeth and Banquo had been friends longer than anyone could remember. They had shared all sorts of experiences together. This sickened me to hear that Macbeth had carried out such a terrible deed.

Multiculturalism in Early Childhood Education Essay

In recent times, early childhood education is becoming more diverse. Early childhood providers are required to attempt many challenging tasks. One of the most difficult of these is providing our children with diverse, multicultural experiences. (Ogletree & Larke, 2010) Since the beginning of times, young children have been raised by their families, extended families, clans and communities. Even today, most childcare homes and many early childhood programs tend to be fairly consistent and quite similar to the child’s home background. Parents tend to choose childcare and early childhood programs based on whether the programs match their own views of education and discipline. (Tarman & Tarman, 2011) Programs nowadays are expected to provide the children with experiences outside of their groups, offering opportunities to teach them to be tolerant, respectful and accepting of differences. (Derman-Sparks, 1989) Bennet (1995) described multicultural education â€Å"as an approach to teaching and learning that is based upon democratic beliefs and seeks to foster cultural pluralism within culturally diverse societies and an interdependent world. † In Singapore, where we have a culturally diverse population, it is essential to be sensitive towards each other’s cultural practices, beliefs and views. Thus, the reason to include multicultural education into the early childhood education system deems as important. The logical reason being that brain research has proved that the â€Å"prime time† for emotional and social development in children is from birth to twelve years of age. (Abdullah, 2009) Issues in Including Multicultural Education in Early Childhood Education There are several issues that do not allow multicultural education to permeate the early childhood programs in Singapore. Curriculum The curriculum of a center shows the process in which learning outcomes will be achieved. Therefore, including the goals and objectives of multicultural education into the center’s curriculum is essential. It has to be infused throughout the curriculum. Good early childhood pedagogy reflects and empowers the diverse cultural backgrounds of the children and families with whom they work. (Robinson & Jones, 2006) Including children’s identity into the daily programming and planning of the early childhood curriculum is considered necessary for developing their self-esteem as well as cultivating their appreciation for diversity that exists more widely in our society. (Abdullah, 2009) In Singapore, multicultural education is not a mainstream issue. With Singaporeans being more aware of issues and events through globalization and internet, it is truly essential that multicultural education is included in schools. Quah (as cited in Berthelsen & Karuppiah, 2011) has discussed the expanded ethnic and religious awareness strain among Singapore in recent years. Recent cases such as the wearing of the Muslim head-dress in government schools drummed up a buzz around the diverse ethnic groups in Singapore and resuscitated ethnic strains. These cases show that government policies need to be re-evaluated painstakingly so as to safeguard cultural harmony and maintain respect for cultural diversity. Thus, gaining support from the Government to deal with this issue indepth is significant. Language Development Usually the educational system in most countries applies the national language as the medium of instruction. However, multiculturalism and the distinguishment of the important role of language in studying makes it compulsory for differing qualities of dialect, abilities and correspondence styles to be recognized, esteemed and utilized within all early childhood services. The procurement for children to study the majority language whilst maintaining their first language ought to be underpinned and energized. This obviously is to propose bilingualism or in any event underpin for the home dialect as a strategy even at the unanticipated youth level. (Abdullah, 2009) Research has demonstrated that there can just be favourable circumstances to the child other than ensuring and regarding home dialect. (Hakuta, 1986) This primary issue and challenge for the procurement of bilingual training is one of human assets. Relatively few countries will have the personnel who themselves are bilingual or multilingual. Consequently, children with languages other than the national language to look, maintain and to develop and broaden their language and concept development within early childhood services. (Vuckovic, 2008) All children have the chance to listen to, utilise and study the majority language in a steady environment where assets, materials and individuals are utilized to scaffold their learning in a majority language. Early Childhood Education Staff. Staff working in childcare centers and early childhood education programs has the ability to create an impact on the children’s developing attitudes towards cultural diversity more than any other person in the child’s life. This is an undeniable fact. It is crucial that staff go through appropriate training or staff advancement programs, which include the essential knowledge, skills and attitudes for such an avocation. Teacher must take the steps necessary to better themselves as teachers in multicultural education settings. With the changing face of today’s classrooms, there is a growing need to address multiculturalism an diversity awareness. (Riskowski & Olbricht, 2010) Training courses for early childhood educators might as well have components in both content and conveyance that address diversity of cultures. (Verma, 2003) Pre-service preparation in the form of actual scenarios where teachers are set in multicultural or classrooms made up of cultures different from their own are particularly adequate in getting them to re-look at their existing convictions and biases. (Jacobson, 2003) This type of learning emphatically influences teachers’ manners towards teaching in diverse settings. Pre-service learning has the potential of enabling teacher candidates to stand up to challenging issues of social inequities and to start the deconstruction of lifelong attitudes and the development of socially just educators. (Baldwin, Buchanan & Rudisill, 2007) Issues Affecting Child as a Learner Children need an education, which allows them to take their place in this multicultural society. A child as young as two and three years are familiar with human distinctions and this mindfulness is connected with the improvement of specific disposition. An essential socialization as well as preferences and habit pattern in the early years of life leaves a preserving impact on the individual. .(Jacobson, 2003) These findings feature the importance of bringing social values and attitudes to children’s attention during this critical developmental period. Using this evidence, it becomes clear that early childhood community needs to address the needs of multicultural children and their unique families. These children include biological, multiracial and multi-ethnic children in blended homes, foster homes, adoptive homes and a variety of biological homes. In the early years, the child’s family assumes the leading role in socialising the child to the conduct, beliefs, convictions and plans held inside their culture. (Garbarino, 1992) With the rise in the amount of working parents and children partaking in group programs from an early age, preschools have likewise turned into compelling socialisation force. (Berthelsen & Karuppiah, 2011). Young children who live in a multicultural community experience social differences firsthand; it is part of their world. Then again, other children who live in a monocultural group frequently have challenges comprehending and tolerating an environment that is not the same as theirs. Knowing increasingly about the noteworthiness of children’s voyages between home and school and the impacts of these adventures, teachers can help these children unite the universes of home and school and all different worlds that they might experience in theirdaily lives. (Vuckovic, 2008) Pressures from mass media likewise push an impact on children to fit in with a uniform set of necessitites, dialect, method of articulation inshort, a whole way of life. They are exposed to a ‘counter culture’, which declines and demoralizes articulation from expressing their culture of origin. Regularly, this brings about immense pressures for the children, with parents demanding adherence to the old customs, with traditions practised in the home and frequently in activities outside the home. The consequence is that by and large, parents get estranged from their children who are attempting to comprehend and adapt to their transitory sub-culture, yet endeavouring to make a successful modification into another society, which secretively and frequently unintentionally denies them this right. ( Lin & Bates, 2010) Misconceptions in Teachers The most common issue is misconceptions in multiculturalism. Educators are unsure of their own ability to define what their role is in teaching culture. Teachers need the knowledge, skills and positive attitudes to know what to teach and how to teach. (Berthelsen, & Karuppiah, 2011) Teachers need to teach in a way that will meet the needs of all of their students. It may not be easy and may require more attention, time and effort. An issue teachers face is that pre-service teachers are leaving their courses unassuming to educate in today’s diverse classrooms. The dominant parts of them are leaving courses after just having one or two essential modules on educating in a multicultural setting. They are not ready for interacting with different cultures than the shielded ones that a large portion of them live in. (Lin & Bates, 2010) They are not ready for the distinctive needs controlled by today’s multicultural student population. They end up being not as qualified in this area as they should be. One reason for this could be that teachers express that students oppose multicultural education. (Atwater, Freeman, Bulter & Morris, 2010) Why is this the case? Everyone holds his or her beliefs about things. The zone of multicultural instruction is no distinctive. One of the first things that a teacher must do is to analyse herself. She ought to perceive how the conclusions, convictions and viewpoints that she holds influence the curriculum that she is planning to teach. Whether purposeful or not, a teacher’s comtemplations, recognitions, inclinations and sentiments can likely be depicted to her students. (Nichols & Dong, 2011) A â€Å"tourist approch† towards multiculturalism where cultures are only taught through celebrations, food and traditional clothing is a very common sighting in Singapore. (Berthelsen & Karrupiah, 2011) It is both disparaging and trivializing and does not give a genuine comprehension of different societies. (Derman-Sparks, 1989) Teacher need to comprehend their own particular convictions about cultures and differing qualities so as to execute multicultural education programs viably with young children. Teachers should take the steps important to better themselves as instructors in multicultural settings. This is no feat that can be accomplished overnight. Multicultural Education in Singapore Singapore is a multi-racial, multi-lingual and multi-religious society. Our population comprises mainly Chinese, Malays, Indians and others. Multicultural education is not a mainstream issue in Singapore. While the government has been capable to keep up peace and congruity through its political, social and financial strategies and unique days, it does not manage the issue in profundity. As Singaporeans are presently for the most part more mindful of issues and occasions around the world through globalization and the web, it has become progressively critical for Singapore to think about multicultural education in schools. In the meantime as empowering differences through conservation of the social personality of the racial and ethnic aggregations in the nation, the government has likewise attempted to work towards building social union around diverse assemblies, which offered ascent to the trademark ‘unity in diversity’. (Berthelsen & Karuppiah, 2011) For multicultural education to be viable, it must be taught in the early years of education and strengthened in the later stages. Since children’s attitudes to their and other social assemblies start to structure in the early years, early childhood educators can impact the improvement of uplifting demeanor towards others, as well as consolidating an educational program concentrate on tolerance wand cross-cultural understandings of others. Early childhood educators, however, cannot adopt a â€Å"tourist approach† to multiculturalism which generalizes other societies and transforms the multicultural educational module into a â€Å"tourist curriculum†. ‘Tourist curriculum† which educates about cultures through festivals and antiquities of society, for example, food and traditional clothing, is both disparaging and trivializing and does not give a genuine comprehension of other cultures. Teachers need to understand their own beliefs about culture and diversity in order to implement multicultural education programs effectively with young children. (Berthelsen & Karuupiah, 2011) A survey was done by Berthelsen & Karuppiah(2011) to find out their understandings of multicultural education and their perceptions of its importance in early childhood education. This was conducted in Singapore among a variety of teachers workingin private and public kindergartens and childcare centers. The participants came from different ethnic groups in Singapore. Perceptions about multiculturalism and children’s learning In this case study, they found that most teachers had restricted comprehension of multiculturalism. They saw multiculturalism as just regarding race and in the connection of Singapore. About 60% of the participants expressed that multicultural education implied having information of one;s culture and additionally other cultures. They believed that this learning is sufficient and would immediately carry individuals out of diverse societies together. Another 40% showed that children learn prejudices, dispositions, convictions and qualities from the adults around them, parents and teachers. They communicated convictions that schools assume a paramount part in educating children about diverse cultures. Beliefs about teaching for multiculturalism The same group of teachers were asked their beliefs about teaching for multiculturalism. Twenty of them thought directing a multicultural program implied examining distinctive cultures regarding their food, clothing, celebrations, traditions and so forth. This brings it back to the â€Å"tourist approach† that Derman-Sparks(1989) implied when educating about multiculturalism. They did not go past a tourist point of view in advancing an ‘anti-bias’ approach to educating and researching the distinctive cultures. Thirteen others said preschool centers should treat kids of diverse cultures similarly and decently. Sixteen teachers thought individuals might as well put stock in multicultural education and be supportive of it. The greater part of teachers who had constructive encounters in multicultural situations or with multicultural individuals were likewise more agreeable than others without such encounters in examining multicultural issues. A few teachers had reservations about talking over â€Å"delicate† issues, for example race or religion. Professional learning needs about multiculturalism Based on the survey done by Berthelsen & Karuppiah(2011), the teachers comprehended that they needed to understand more about multicultural education. They agreed that teachers needed knowledge, skills and positive attitudes to know what to teach and how to teach. However, the teachers did not explicitly discuss the vitality of individual reflection to comprehend their own particular prejudices, demeanor, convictions and qualities, and how these could influence their educating and learning. There were no critical or elaborated ideas on the challenges and opportunities to implement multicultural education programs. Recommendations James A. Banks, a specialist in multicultural education, has developed the five dimensions of multicultural education. He realised that in his work, numerous teachers considered multicultural education as simply content integration, meaning utilizing samples, information and data from diverse cultures. (Ogltree & larke, 2010) The five dimensions are content integration, knowledge constructions, equity pedagogy, prejudice reduction and empowering school culture and social structure. He desired for teachers to have the skills and knowledge and racial attitudes needed to work with people from diverse groups and to use a wide variety of strategies that cater to a wider range of students. (Banks, 2002) Content Integration Teachers should use several different approaches to integrate content about racial, ethnic and cultural groups into the curriculum. One of the most popular is the Contributions Approach. When this approach is used, teachers insert isolated facts about ethnic and cultural group heroes and heroines into the curriculum without changing the structure of their lesson plans and units. Knowledge Construction It helps students to understand how knowledge is constructed and how it reflects the experiences, values, and perspectives of its creators. In this approach, the structure, assumptions, and perspectives of the curriculum are changed so that the concepts, events, and issues taught are viewed from the perspectives and experiences of a range of racial, ethnic, and cultural groups. The center of the curriculum no longer focuses on mainstream and dominant groups, but on an event, issue, or concept that is viewed from many different perspectives and points of view. This is done while at the same time helping students to understand the nation’s common heritage and traditions. Teachers should help students to understand that while they live in a diverse nation, all citizens of a nation-state share many cultural traditions, values, and political ideals that cement the nation. Multicultural education seeks to actualize the idea of e pluribus unum, i. e. to create a society that recognizes and respects the cultures of its diverse peoples united within a framework of democratic values that are shared by all. (Banks, 2002) Prejudice Reduction According to Banks, this dimension is important in creating a â€Å"more positive racial and ethnic attitudes. † Basically, this dimension is the aspect of education where the teacher helps to lessen the amount of prejudice within students. Equity Pedagogy Teachers change their methods to enable kids from diverse racial groups and both genders to achieve. Empowering School Culture and Social Structure James Banks talks about looking not just at individual classrooms, but at the total school culture to see how to make it more equitable and using the other four dimensions to create a safe and healthy educational environment for all. James Banks’ five dimensions support that a child’s racial attitudes can change but education must start early and that early childhood programs are the perfect place to start multicultural education. (Vuckovic, 2008) Teachers As such, how can we make this a better transition for both teachers and the children? Sheets(as cited in Nichols & Dong, 2011) said, â€Å"all teachers can begin and most evolve into culturally competent educators; however, it is important to become conscious that the ardous journey from novice to expert requires hard work, relentless commitment, and a high investment of time and energy†. Two evident approaches for joining multicultural education with teacher education programs are infusion versus segregation, and culture-specific versus culture-general. (Melnick & Zeichner, 1997) Ladson-Billings (as cited in Berthelsen & Karuppiah,2011), proposed a basic structure for breaking down teacher preparation programs. She argued that, paying little mind to prospective teachers; race, ethnicity or backgrounds; the educational module should include a target on comprehending the way of pre-service teacher relationships and the cultural bases of the educational program, educating and society. The education of teachers should boost self-reflection on values and beliefs about cultural difference and advocate the studying approaches, which allow for teacher inclusion that is dymanic, significant and ethno-linguistically appropriate. The plans of Melnick and Zeichner (1997) and Ladson-Billings (as cited in Berthelsen & Karuppiah, 2011) could be connected to teacher education programs for early childhood education in Singapore. Such programs might investigate how preschool educators characterize and conceptualize multicultural education; fuse investigations of the history of race relationships; and use careful investigations and field encounters to provide teachers with chances to gain greater knowledge, skills and understandings of their own culture as well as of other cultural and language groups in their society. In particular, they should learn how to advance suitable programs for young children that consolidate encounters to permit children to comprehend cultural differences and encourage relationships between children of distinctive cultural backgrounds. Environment There is a need for physical environment where children are well versed to reflect the cultures represented by the children working within it. For example, pictures, books, art, music, activities, cooking and recognition of certain significant days important to each culture can reflect this orientation. (Jacobson, 2003) There is a need to advocate in children, knowledge of the similarities and contrasts in cultures, underscoring the likeness while encouraging an inspirational demeanor towards and delight in the differences. This could be attained through celebrating various holidays, enjoying reading material, folklore, music, art, games and introducing foods of various cultures. There is a need for a social or racial match between some educating staff and children in schools to be accomplished. This shows how the administration and teachers work together to decrease racial stereotypes and prejudices in the school and increase democratic attitudes, values and behaviours. The support from management is definitely essential. (Banks, 2002) Conclusion Multiculturalism is worthwhile undertaking in early childhood education based on our country’s population. It prepares children for the challenges of the globalized world. To attain the above, early childhood settings need to plan an environment, which puts forth diversity positively through resources, and materials that do not sustain stereotypes. It is also essential that a multicultural education, from pre-school onwards permeates the whole curriculum. It is inadequate to commit a component regularly reputed to be ‘ethnic studies’ to a corner of the syllabus or to a half hour period for every week. Most desirable is that interpersonal relations ought to be passed on by long-term and rational modeling and that knowledge gained ought to be by first-hand experience. Important implications need to be addressed before infusing it into the early childhood curriculum and equal collaboration between children, teachers, parents, administrators, employers and the wider community is essential. (Vuckovic, 2008) 2800 words References Abdullah, A. C. (2009) Multicultural education in early childhood: Issues and challenges. Journal of International Coopeation in Education, 12(1) Atwater, M. , Freeman, T. , Butler, M. , Morris, J. (2010). A case study of science teacher candidates’ understandings and actions related to the culturally responsive teaching of â€Å"other† students. International Journal of Environmental and Science Education. 5. 287-318. Baldwin. S. C. , Buchanan, A. M. , & Rudisill, M. e. (2007). 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