ETCETERA

Discovery of an Ancient Urban Civilization in the Depths of the Amazon!

2025-04-11T22:32:00.000+06:00

Hidden deep within the dense jungles of the Amazon lies a centuries-old city, previously unknown to humanity. Recently, using a new technology called “Laser in the Sky,” these lost cities have been discovered.

This technology is primarily used to explore what lies deep within thick tropical forests. A laser scanner attached to a helicopter, small aircraft, or drone surveys the terrain from the sky. The laser scans produce a digital model of the landscape that appears on a computer screen.

These cities were found in the Lanos de Mojos savannah forest of Bolivia. For many centuries, they remained hidden under a dense canopy of trees. According to researchers, the Casarabe community of the forest built these cities between 500 and 1400 AD.

Images captured through the “Laser in the Sky” technology reveal vast and complex structures within the dense jungle. One of these structures spans 54 acres and includes a 16-foot-high platform. Alongside this is a 69-foot-long pyramid—about the size of 30 football fields. In addition, an international team of researchers from the U.S. and Germany has discovered several reservoirs and numerous smaller structures within a few miles of the main city.

The discovery of these hidden cities is changing long-held beliefs about the communities that once inhabited the Amazon.

Researchers now believe that, although forest dwellers, some Amazonian communities were quite advanced for their time. They suspect that a full-fledged urban civilization developed around these newly discovered areas in the Amazon jungle.

The layout of the cities also suggests that these people were highly skilled in architecture. Researchers claim that the cities were carefully and strategically planned.

Until the end of the 20th century, it was commonly believed that Amazon residents were primarily nomadic hunter-gatherers. Moreover, because of annual flooding in the Mojos plains in the southwestern Amazon, it was thought that permanent settlements were not feasible. However, recent discoveries across the Savanah forest have largely debunked that belief.

Researchers also believe that these hidden cities were surrounded by protective walls. Due to the dense vegetation and multiple elevated mounds, several parts of the cities have yet to be fully uncovered.

To gain a deeper understanding of the Amazon jungle, researchers used airborne laser technology for the first time. That’s when these city-like structures were revealed in laser images. However, it's still not possible to estimate how many people lived in these urban areas. Preliminary findings suggest the area was quite densely populated. The reasons why the inhabitants abandoned these cities also remain a subject of ongoing research.

From Science Fiction to Reality: A Bionic Finger Could Replace X-rays for Medical Imaging

2023-02-25T00:22:00.000+06:00

A team of researchers has created a bionic finger that is capable of emulating the sensory capabilities of a human finger. This innovative device can precisely map and detect any object or surface it comes into contact with, providing a remarkable level of accuracy and detail in its sensing function. For many years, medical technologies such as X-rays, MRI, and ultrasound have been the go-to methods for examining the human body. However, these methods are not without their drawbacks. X-rays, in particular, carry the risk of cancer with even a slight increase in exposure. Meanwhile, MRI can cause a range of side effects due to the use of magnetic imaging. Despite their benefits, these technologies have yet to be replaced with a safer alternative.

Imagine being able to create detailed images of the insides of human bodies and electronic devices using just the sense of touch. This possibility has now become a reality, thanks to the groundbreaking work of researchers at Wuyi University. They have developed a bionic finger that can generate 3D maps of complex objects' internal shapes and textures by touching their outer surface. The device was inspired by the incredible sensory capabilities of the human finger, which can not only detect the texture of our skin but also discern the outline of the bone beneath it.

The bionic finger utilizes a "scanning" method by moving across the object and applying pressure, much like a continuous series of pokes or prods. Each poke causes the carbon fibers within the device to compress, providing valuable information about the object's stiffness or softness. Depending on the object's material, it may also deform under pressure from the bionic finger. Rigid objects maintain their shape, while soft ones will bend or give way. This information, along with its corresponding location, is then transmitted to a personal computer where it is processed and displayed as a 3D map.

To assess its capability of mapping the internal and external characteristics of complex objects composed of multiple materials, the bionic finger underwent rigorous testing. Researchers chose to scan a small, compound object comprised of three distinct materials: a rigid internal material, a soft internal material, and a soft outer coating. The bionic finger was able to successfully differentiate between the soft outer coating and the internal hard ridges, demonstrating its ability to discriminate between different materials.

Continuing their development efforts, the researchers decided to assess the bionic finger's ability to replicate human tissue sensing. To achieve this, they created a synthetic tissue using 3D printing technology, which included a skeletal component made of three layers of hard polymer and a soft silicone "muscle" layer. The bionic finger successfully generated a 3D profile of the tissue's structure and was able to locate a simulated blood vessel beneath the muscle layer, demonstrating its impressive capacity to sense and map out internal components of the human body.

The researchers have outlined their plans to expand the bionic finger's capabilities to include omnidirectional detection. This development will pave the way for a non-optical and non-destructive method of testing both the human body and flexible electronics. With this upgrade, the bionic finger will be able to detect and map objects from all angles, thereby enabling a more comprehensive and detailed analysis of complex structures.

Reference : Jianyi Luo & colleauges, A smart bionic finger for subsurface tactile-tomography, Cell Reports Physical Science (2023).

The Future of Firefighting: Meet the Robot That Can Save Lives

2023-02-21T21:27:00.001+06:00

Mobile robots have the potential to serve as valuable assistants to first responders in a variety of emergency situations, particularly in areas that are inaccessible or pose life-threatening risks to humans. Firefighters, who frequently face dangerous conditions and are at increased risk of injury, could greatly benefit from the support of reliable robotic assistants that could remotely monitor or intervene in emergency situations alongside them.

A team of researchers from Universidad Rey Juan Carlos and Universidad Autónoma de Madrid have developed an autonomous ground robot that could provide valuable assistance to firefighters responding to indoor emergencies. Their innovative system, which has been featured in the Journal of Field Robotics, enables agents to better plan their interventions by creating safe paths to affected areas and aiding in evacuations. With this technology, firefighters can navigate hazardous environments more effectively, ensuring the safety of both themselves and those they are rescuing.

"This work is part of a project called 'HelpResponder', which aims to reduce the accident rates and mission times of intervention teams," Noelia Fernández Talavera, one of the researchers who carried out the study, told Tech Xplore. "This is achieved using fixed beacons, drones, and ground robots. The ground robot was developed as part of a BSc project and supports emergency teams by acquiring environmental parameters in real-time."

New research on the evolution of fires in Spain has underscored the urgent need for advanced technologies that can better support firefighters in their critical work. These studies have examined incidents in which firefighters have faced particular challenges when responding to emergencies in indoor environments, such as structural collapses or exposure to toxic gases. By collecting and analyzing data on these incidents, researchers have identified the pressing need for new tools and technologies that can enhance firefighter safety and enable more effective emergency response.

Talavera and her team have developed a highly advanced robot capable of monitoring its environment and providing valuable data to human agents. The robot is equipped with a range of sensors that enable it to measure temperature, humidity, and air quality within an indoor setting, as well as its own position and the positions of surrounding objects. The data collected by the robot is stored in a centralized database that can be accessed remotely by firefighters through a user-friendly smartphone application. By sharing real-time information with human agents, this innovative technology can help enhance situational awareness and enable more effective emergency response.

"The robot has three operational modes to tackle different scenarios," Talavera explained. "The manual mode allows an operator to remotely control it using a keyboard, joystick, or joypad to generate speed commands. The operator can also control the robot from a direct view or by a graphical user interface. In this last case, the interface must provide enough information to keep their situational awareness, such as the scene map, accurate location of the robot, images of its camera, and so forth."

In addition to its primary mode of operation, the robot also features an advanced autonomous mode that enables it to independently navigate indoor environments while avoiding obstacles. This cutting-edge functionality is made possible through the use of a sophisticated coverage path planning algorithm that leverages data collected by the robot's integrated sensors. By analyzing this data, the algorithm is able to accurately locate the robot, detect and identify obstacles in its path, and guide it through a pre-determined set of waypoints. With this autonomous mode, the robot can operate effectively in complex and rapidly changing environments, providing critical support to firefighters and other first responders.

The robot developed by the researchers has been designed with a highly modular architecture, enabling additional components (such as thermal cameras or other sensors) to be easily integrated without requiring any significant alterations to its core configuration. Built using affordable and compact components, the robot is well-suited for deployment in a wide range of environments and can effectively navigate areas that may be inaccessible to human agents. Its compact size and highly adaptable design also enable it to be deployed at scale, providing critical support to firefighters and other emergency responders when it is most needed.

Talavera and her team conducted a rigorous testing process on their robot, using a combination of simulations and real-world trials. The results of these tests were extremely encouraging, with the robot demonstrating the ability to successfully complete a variety of tasks while also autonomously avoiding obstacles and providing valuable assistance to firefighters. These findings underscore the significant potential of this innovative technology to enhance emergency response efforts and improve safety for both first responders and the public.

Through a series of comprehensive evaluations, the robot proved to be highly resilient and capable of handling multiple missions within a single day, thanks to its robust components and impressive battery autonomy. In addition to these real-world tests, the research team also created a range of simulations that can be used to help firefighters prepare for future emergency interventions in indoor settings. By leveraging the data collected by the robot, these simulations enable first responders to identify the most efficient and safe routes for reaching their destination, as well as providing an opportunity to practice using the robot in a variety of different scenarios. Overall, this innovative technology has the potential to significantly enhance the safety and efficacy of emergency response efforts in the future.

Talavera and her team's groundbreaking robot is set to be deployed and tested by other fire departments in the near future, with a view to exploring its potential for enhancing emergency response efforts more widely. Moreover, the success of this project has the potential to inspire the development of similar robotic systems that can provide critical support to a range of other first responders, including police officers and search and rescue teams. By leveraging the latest in robotics technology, these innovative solutions have the potential to significantly improve safety outcomes for both responders and those in need, representing a major step forward in the field of emergency response.

ChatGPT's Theory of Mind: How OpenAI's AI System is Moving Closer to Human-Like Intelligence

2023-02-19T22:16:00.004+06:00

The ChatGPT AI chatbot created by Open AI has undergone multiple tests by Michal Kosinski, a computational psychologist at Stanford University, to assess its ability to pass the well-known Theory of Mind Test. In his paper published on the arXiv preprint server, Kosinski notes that the latest version of ChatGPT managed to pass the test at the same level as a typical nine-year-old child.

The capacities of AI chatbots like ChatGPT are incredibly sophisticated, including writing complete essays for secondary and higher education students. With continuous advancements in their abilities, some people have observed that communicating with certain software applications is nearly identical to engaging with an unknown human. As a result, there are questions in the psychology community about the potential consequences of such apps for both individuals and society. In this recent research, Kosinski has explored whether these chatbots are getting close to passing the Theory of Mind Test.

As the name implies, the purpose of the Theory of Mind Test is to evaluate the theory of mind, which aims to describe or comprehend the mental state of an individual. In other words, it proposes that individuals have the ability to "guess" what is happening in another person's mind based on the available information, but only to a certain degree. For instance, if someone displays a particular facial expression, many individuals can deduce that they are experiencing a specific emotion, but only those who possess certain knowledge about the circumstances that led to the facial cues will likely understand the reason for it, and as a result, be able to predict the thoughts in that person's head.

Previous investigations have indicated that these abilities arise during childhood and improve with age. As a result, the study of these theories has resulted in the development of assessments to evaluate them. For instance, one test involves providing one person with a box labeled to describe its contents, only for the person to discover upon opening it that it is something entirely different. Then, a matching box is given to another individual, while the first person is asked to forecast what is going on in the second person's mind—namely, that the second individual will assume that the box contains what is indicated on the label.

Kosinski tested an earlier version of ChatGPT that was released prior to 2022 and determined that it had no capability to pass Theory of Mind tests. Subsequently, he tried a later version that was released shortly afterward and found that it was capable of solving around 70% of the theoretical evaluations—equivalent to the capabilities of a 7-year-old child. Then, in November of the same year, he evaluated the most recent version and observed that it had the capacity to solve 93% of the tasks—roughly similar to the abilities of a 9-year-old child.

Microsoft has integrated ChatGPT functionalities into its Bing chatbot and appears to have acknowledged the findings. Bing's AI chatbot has reportedly instituted a filter on correlated inquiries—if questioned about its capacity to pass the Theory of Mind test, it responded with, "I'm regretful, but I would rather not continue with this discussion. As I'm still learning, I value your understanding and forbearance."

The Thin Line Between Profit and Riba: What Every Muslim Should Know

2023-02-18T01:52:00.003+06:00

Finding means to support oneself as a Muslim while upholding one's beliefs and morals might be difficult. The problem of riba is one of the main challenges we have in the financial sphere. The term "riba," which is sometimes translated as "usury" or "interest," describes the charge or payment of any additional sum on a loan or debt. Riba is outright forbidden in Islamic banking because it violates the fairness, justice, and social responsibility values that are central to our faith.

So what precisely distinguishes profit from riba, and how can we manage this complicated problem in our day-to-day lives? We will discuss the idea of profit in Islamic finance as well as the numerous types of riba that Muslims need to be aware of in this blog article. Along with providing some helpful advice for obtaining financial success while being faithful to our faith, we'll also talk about the significance of avoiding riba in our business dealings. This essay is for you whether you're an experienced investor or just getting started with your financial path. So let's explore the fine line between profit and riba in greater detail.

I. Introduction

Islam views riba as one of the gravest sins, and both the Quran and the Sunnah make clear that it is forbidden. There are two sorts of riba: riba al-nasi'ah, which refers to the collection of interest on loans or debts, and riba al-fadl, which relates to the trade of similar commodities or services but with different valuations. Due to the concentration of wealth and exploitation of the weak and vulnerable, riba is prohibited on the grounds of fairness, justice, and social welfare.

Muslims must distinguish between profit and riba correctly since doing so might have detrimental effects. Profit is halal and acceptable, while riba is haram and categorically forbidden. Riba can cause one's riches to lose its barakah (blessings) and even bring about financial collapse. As a way of providing for oneself and one's family, assisting others, and advancing society, on the other hand, making halal profit brings benefits and blessings from Allah. In the parts that follow, we'll go into more detail about the concepts and rules of profit and riba in Islamic finance and offer helpful advice for building a successful financial future while upholding our moral ideals.

What is Profit in Islamic Finance?

In Islamic finance, "profit" refers to the revenue or gain derived through the exchange of goods or services. Unlike to riba, which involves charging or paying exorbitant amounts on loans or debts, profit is generated by the acquisition, sale, or investment of assets or businesses. As it serves as a motivator for people and enterprises to engage in good and productive activities, profit is seen as a crucial component of economic activity.

Principles of Fairness and Risk-Sharing in Islamic Finance

Fairness, which is founded on the notion that economic advantages and obligations should be shared evenly among all parties concerned, is one of the fundamental tenets of Islamic finance. Together with sharing information and expertise, this also entails sharing risks and benefits. The technique of risk sharing used in Islamic finance allows the investor and the entrepreneur to split the profits and hazards of a business endeavor. The idea of mudarabah—a partnership agreement between an investor (the rab al-maal) and an entrepreneur—is the foundation for this risk-sharing approach (the mudarib). In this agreement, the cash is provided by the investor, the knowledge is provided by the entrepreneur, and the earnings are divided according to a pre-determined ratio. This ensures that the risks and rewards of the venture are shared equitably between the two parties, and that the entrepreneur is incentivized to work hard and make the business successful.

The prohibition of gharar, or undue ambiguity, which can result in fraud, deception, and exploitation, is another crucial tenet of Islamic banking. This concept makes sure that all parties have a realistic grasp of the risks and rewards associated with financial transactions and that they are based on clear, transparent conditions. In conclusion, profit is a necessary and acceptable component of Islamic finance, provided that it is acquired via moral and halal methods. Islamic finance is founded on the values of equity, risk-sharing, and openness, which encourage just and sustainable economic activity that benefits both people and society as a whole.

II. Understanding Riba in Islamic Finance

Definition of Riba and its Various Forms

Riba is sometimes interpreted as "usury" or "interest," but in Islamic banking, its true meaning is more complex and subtle. Any excess or growth that is added to the principle sum in a financial transaction without a matching rise in the value of the goods or services traded is referred to as riba. There are two main forms of riba in Islamic finance:

· Riba al-nasi'ah: This kind of riba is assessed on loans or obligations that are postponed or prolonged past their initial due date. This covers any increase in the debt's principal as well as any penalties or other costs incurred as a consequence of the postponement or extension.

· Riba al-fadl: This sort of riba is levied on the trade of commodities or services that fall under the same category or type but are provided in various amounts or with varied levels of quality. This includes any excessive or unfair trade that gives one side a disproportionate advantage or gain.

Both forms of riba are prohibited in Islamic finance, as they violate the principles of fairness, justice, and social welfare.

Prohibition of Riba in Islamic Finance and its Rationale

The prohibition of riba in Islamic finance is based on several reasons, including:

• Since riba favors the lender at the borrower's expense, it leads to an unfair and uneven allocation of wealth. Financial exploitation, poverty, and societal instability may result from this.

• Riba violates the principles of fairness and risk-sharing because it involves charging a fixed amount of return regardless of the actual performance or outcome of the transaction. Riba encourages hoarding and speculative behavior because it incentivizes people and institutions to earn profits without engaging in productive or beneficial activities.

• In Islam, riba is seen as a serious sin, and the prohibition of it is a cornerstone of the moral and ethical standards of the religion.

In Islamic finance, the use of profit-sharing agreements like mudarabah and musharakah as well as avoiding debt-based transactions are some of the ways that the ban of riba is enforced. This makes sure that all parties are equally benefiting from financial activity and that it is founded on the values of fairness, transparency, and social responsibility.

In conclusion, the prohibition of riba in Islamic finance is a fundamental tenet of the faith's moral and ethical code and is founded on the ideals of justice, fairness, and societal welfare. Muslims may support an ethical and just global economy by refraining from riba and advocating sustainable and ethical financial practices.

III. Why Avoiding Riba is Important

In addition to being a core principle of Islamic finance, avoiding riba is crucial for Muslims who seek to reconcile their financial decisions with their moral and ethical principles. In this section, we'll look at the moral and theological arguments against using riba as well as the social and financial repercussions of doing so.

Religious and Ethical Reasons for Avoiding Riba

Avoiding riba is a method for Muslims to preserve the values of justice, fairness, and social welfare that are at the foundation of their faith, as well as a matter of legal compliance.Islam prohibits riba for several reasons, including:

• Riba is viewed as a serious evil in Islam, and it is forbidden based on explicit verses in the Quran and hadiths that stress the value of refraining from any kind of exploitation or injustice.

• Riba fosters hoarding and speculating, which is contrary to the spirit of Islamic entrepreneurship and social responsibility.

• Riba breaches the principles of justice and equality since it allows the lender to profit from the borrower's misfortune and generates an unequal distribution of wealth.

Muslims may show their dedication to the ideals of justice, fairness, and social welfare by refraining from riba and encouraging ethical and sustainable financial practices. By doing so, they will also help to create a society that is more just and equal.

Social and Economic Consequences of Riba

• Financial exploitation and debt: Riba-based loans can keep people in a cycle of debt and poverty since the fees and interest can mount up quickly and become unsustainable.

• Unequal wealth distribution: Riba enables the lender to receive a set return regardless of the transaction's outcome, which can result in an uneven wealth distribution and a concentration of economic power in the hands of a select few.

• Riba-based transactions may promote speculative behavior and a concentration on short-term rewards, which can result in market instability and financial catastrophes.

• Absence of accountability and transparency: Riba-based transactions may be opaque and lacking in transparency, which might erode the integrity of the financial system and foster an environment of mistrust.

Individuals and communities may help create a more fair and equitable society and a financial system that is founded on the values of openness, accountability, and social responsibility by avoiding riba and encouraging ethical and sustainable financial activities. Avoiding riba is crucial for a number of reasons, including religious, moral, social, and economic considerations as well as legal compliance. Muslims may contribute to a more equitable and just global economy and help create a more successful and sustainable future for all by maintaining the values of justice, fairness, and social welfare and supporting ethical and sustainable financial practices.

Practical Tips for Achieving Halal Profit

After discussing the significance of avoiding riba and encouraging moral and sustainable financial behavior, let's look at some useful advice for generating halal profit. We'll go through several methods for making money and investing without using riba in this part, along with some instances of halal investment possibilities.

Strategies for Investing and Earning Income without Riba

Focusing on investments and revenue streams that are founded on justice, equity, and risk-sharing is one of the important tactics for generating halal profit. Some of the main strategies for achieving halal profit include:

· Investing in equity-based crowdfunding platforms: Without using interest-based loans, equity-based crowdfunding enables investors to fund startups and small companies in return for a portion of the company's stock. This makes it possible for investors to receive a return on their investment based on the company's profitability rather than on interest payments.

· Investing in sukuk: Sukuk are bonds that adhere to Sharia law and are built on the concepts of risk-sharing and asset-backed finance. Instead of paying interest, Sukuk gives investors a predetermined return based on the performance of the underlying assets.

· Investing in real estate: If real estate is organized as a partnership or joint venture as opposed to an interest-based loan, it might be a halal investment option. This enables investors to get a portion of the profits based on how well the asset performs rather than on interest payments.

· Investing in socially responsible funds: Investment vehicles known as socially responsible funds put an emphasis on environmental, social, and governance (ESG) considerations and steer clear of businesses that participate in immoral activities such manufacturing weapons, alcohol, or gaming.

Muslims may make halal profit and support a more ethical and sustainable financial system by concentrating on investments and revenue sources that are founded on justice, equity, and risk-sharing principles.

In conclusion, generating halal profit necessitates a dedication to moral and ethically sound financial practices, as well as a concentration on investments and revenue streams that are founded on the values of equality, justice, and risk-sharing. Muslims may help create a more fair and equitable world economy and a more affluent and sustainable future for everybody by researching halal investment options and encouraging ethical and sustainable financial practices.

Unlocking the Ocean's Potential: How to Pull Carbon Dioxide Out of Seawater

2023-02-17T23:53:00.003+06:00

Researchers from all around the globe have been working for years to find effective techniques to remove carbon dioxide from the atmosphere as it continues to accumulate in the planet's atmosphere. The ocean, on the other hand, serves as the planet's top "sink" for atmospheric carbon dioxide, absorbing between 30% and 40% of all the gas generated by human activity.

Another interesting option for reducing CO2 emissions that might eventually result in net negative emissions is the prospect of drawing carbon dioxide straight out of ocean water. This possibility has just come to light. Although there are a few businesses trying to break into this market, the notion has not yet resulted to any broad adoption, similar to air capture systems.

MIT researchers claim to have now discovered the secret to a really effective and affordable removal process. The researchers, including MIT professors T. Alan Hatton and Kripa Varanasi, postdoctoral fellow Seoni Kim, and graduate students Michael Nitzsche, Simon Rufer, and Jack Lake, published their findings this week in the journal Energy & Environmental Science.

In order to acidify a feed stream via water splitting, the current techniques for extracting carbon dioxide from seawater use a voltage across a stack of membranes. By doing this, bicarbonates in the water are changed into CO2 molecules, which may subsequently be extracted using a vacuum. Hatton, the Ralph Landau Professor of Chemical Engineering, points out that the processes are costly and complicated since membranes are necessary to power the total electrode reactions at either end of the stack. If at all feasible, he explains, "we sought to prevent the necessity to introduce chemicals to the anode and cathode half cells and to avoid the usage of membranes."

The group developed a reversible procedure using electrochemical cells without a membrane. To drive the release of the dissolved carbon dioxide from the water, reactive electrodes are utilized to release protons into the saltwater that is supplied to the cells. The procedure is cyclical: first, the water is made acidic to dissolve the inorganic bicarbonates and turn them into molecular carbon dioxide, which is then collected as a gas under vacuum. To recover the protons and convert the acidic water back to alkaline before returning it to the sea, the water is then injected into a second set of cells with a reversed voltage. Once one set of electrodes has been depleted of protons (during acidification) and the other has been restored (during alkalization), the responsibilities of the two cells are periodically switched.

According to Varanasi, a professor of mechanical engineering, this removal of carbon dioxide and reinjection of alkaline water could gradually start to reverse, at least locally, the acidification of the oceans that has been brought on by carbon dioxide buildup and has in turn threatened coral reefs and shellfish. To prevent a local alkalinity rise that can disturb ecosystems, they suggest reinjecting alkaline water through dispersed outlets or further offshore. Varanasi asserts that "we won't be able to treat the pollutants from the entire earth." Nevertheless, the reinjection may be carried out in some instances in locations like fish farms, which have a tendency to make the water more acidic; therefore, this could be a strategy to assist mitigate that impact.

Like with previous carbon removal procedures, once the carbon dioxide has been taken out of the water, it still has to be disposed of. For instance, it may be chemically transformed into substances like ethanol, which may be used as a transportation fuel, or into other specialized compounds, or it may be buried in deep geologic formations beneath the ocean floor. You won't be able to use all of the CO2 that has been captured as a feedstock for the manufacturing of chemicals or materials, but you may surely think about it. In order to avoid running out of markets for all the things you make, a sizable portion of the CO2 that is gathered must be buried below.

At least initially, the concept would be to integrate such systems with infrastructure that is already in place or is being developed and processes seawater, such as desalination facilities. This technique is scalable, so Varanasi claims that it might be integrated into current procedures that are currently treating ocean water or coming into touch with it. It would not be necessary to use consumables like chemical additives or membranes there, since the carbon dioxide removal could be a straightforward addition to the processes that are already used to return enormous volumes of water to the ocean.

In order to lessen the sizeable contribution of ship traffic to total emissions, the system might also be used by ships that would treat water as they sailed. International regulations to reduce shipping's emissions already exist, and Varanasi claims that "this might enable shipping corporations offset part of their pollution, and transform ships into ocean scrubbers."

The technique may potentially be used in places like aquaculture farms or offshore drilling rigs. It may eventually result in the deployment of independent carbon removal facilities all over the world.

According to Hatton, the procedure could be more effective than air-capture devices since saltwater has a carbon dioxide content that is more than 100 times higher than that of air. Prior to recovering the gas in direct air-capture systems, the gas must first be captured and concentrated. Yet, he adds, "the capture stage has already kind of been done for you since the seas are big carbon sinks." "There is simply a release step, no capture process." This implies that the amounts of material that must be handled are substantially less, possibly streamlining the entire process and lowering the demands for footprint.

The objective of ongoing research is to develop a replacement for the current procedure, which involves removing the separated carbon dioxide from the water using a vacuum. A further requirement is the identification of operational tactics to stop the precipitation of minerals that might smear the electrodes in the alkalinization cell, a fundamental problem that lowers the general effectiveness of all described methods. Hatton observes that although these concerns have made great progress, it is still too early to report on them. After around two years, the team anticipates that the system will be prepared for a real-world demonstration project.

Unlocking the Potential of Black Phosphorus with Floquet Band Engineering

2023-02-16T00:53:00.000+06:00

Due to its distinct electrical and optical characteristics, black phosphorus, a two-dimensional layered material, has attracted a lot of attention lately. Using Floquet band engineering is one of the most promising ways to better realize its potential. This method involves applying an oscillating electromagnetic field to the material, which causes the material's band structure to induce new electronic states. As a result, a variety of electrical and optical characteristics are produced that cannot be obtained using conventional techniques. This blog post will examine the potential of black phosphorus, how its electrical characteristics may be engineered through Floquet band engineering, and how this will affect the development of electronics and optoelectronics in the future. We will also discuss the recent research progress in the field of Floquet band engineering in black phosphorus and the potential applications of this technology.

Schematics for Floquet band engineering in semiconductors. Credit: Shuyun Zhou, Changhua Bao, Shaohua Zhou

I. Introduction

A. Background on black phosphorus

The layered substance known as "black phosphorus" has received a lot of interest lately because of its distinct characteristics. Black phosphorus, in contrast to conventional semiconductors, demonstrates an adjustable bandgap, high carrier mobility, and potent light-matter interaction. These characteristics make black phosphorus a potentially useful material for optoelectronic and electrical applications. Each layer of the layered substance known as black phosphorus is made up of a hexagonal lattice of phosphorus atoms. Van der Waals forces between the layers are weak, making it simple to exfoliate the material into thin flakes of controllable thickness. These tiny flakes may be utilized to create gadgets like solar cells, photodetectors, and transistors.

B. Explanation of Floquet band engineering and its potential

A method called floquet band engineering uses an electromagnetic field that is oscillating to change the electronic band structure of a material. The electronic characteristics of semiconductors, including black phosphorus, may be engineered using this method. It is possible to introduce new electronic states into a material's band structure by applying an electromagnetic field that is oscillating to it. It is possible to design these new states to have certain characteristics, such a desired bandgap or carrier mobility. As a result, a variety of electrical and optical characteristics are produced that cannot be obtained using conventional techniques. By allowing the creation of new and enhanced devices, floquet band engineering has the potential to transform the fields of electronics and optoelectronics. It provides a potent tool for precisely controlling the electrical characteristics of materials, which can result in the creation of devices with enhanced performance.

C. Purpose of the blog post

This blog post's goal is to examine black phosphorus' potential and how Floquet band engineering may be utilized to manipulate its electrical characteristics. We'll talk about the most recent developments in the realm of black phosphorus Floquet band engineering as well as possible uses for this technology. The goal of this blog post is to provide readers a broad overview of the state of the art in this area and to draw attention to how it may affect the development of electronics and optoelectronics in the future. Readers will have a greater knowledge of the special characteristics of black phosphorus, the potential of Floquet band engineering, and the prospective uses of this technology by the end of this article.

Experimental evidence of Floquet band engineering in black phosphorus by TrARPES. The red arrows mark the light-induced gap opening in the transient electronic structure. Credit: Shuyun Zhou, Changhua Bao, Shaohua Zhou.

II. Properties of Black Phosphorus

A. Electronic properties of black phosphorus

Due to its distinct electrical characteristics, black phosphorus is a potential material for electronics and optoelectronics. Black phosphorus has a tunable bandgap that can be altered by varying the material's thickness, which is one of its most remarkable characteristics. As a result, the electrical characteristics of black phosphorus may be tailored to certain applications. Black phosphorus has a tunable bandgap as well as high carrier mobility, or the capacity of charge carriers to travel through the substance. This is because black phosphorus is anisotropic, which implies that carrier mobility is direction-dependent. High-speed electronics are particularly drawn to this feature.

B. Optical properties of black phosphorus

Strong light-matter interactions are another characteristic of black phosphorus, which makes it an intriguing material for optoelectronics. It is excellent for a variety of photonic applications due to its wide absorption spectrum, which spans the visible and near-infrared region. Black phosphorus is a possible contender for light-emitting devices since it also possesses a high photoluminescence quantum yield.

C. Limitations of traditional approaches to modify these properties

Doping or alloying are two common traditional methods for changing a material's electrical and optical characteristics. These methods are constrained when it comes to black phosphorus, though. Black phosphorus is especially susceptible to impurities and flaws, which can impair its electrical characteristics, because of the weak van der Waals interactions between the layers. Additionally, the capacity of conventional methods to create particular electrical or optical features is frequently constrained. It could be challenging to use doping or alloying to obtain a certain bandgap, for instance. The exact and controlled change of a material's electrical and optical characteristics is made possible through Floquet band engineering, a viable alternative strategy.

III. Floquet Band Engineering in Black Phosphorus

A. Explanation of Floquet band engineering

By using periodic driving fields, a revolutionary technique called floquet band engineering may change the electrical and optical characteristics of materials. With this method, a high-frequency electromagnetic field is applied to a substance, which causes the electronic band structure to fluctuate sporadically in both energy and momentum space. By varying the frequency and strength of the driving field, this modulation produces sidebands and a central main band that may be adjusted.

B. How Floquet band engineering can be used to modify the properties of black phosphorus

Traditional methods for changing the electrical and optical characteristics of black phosphorus have constraints that floquet band engineering may be able to overcome. Without adding impurities or flaws that might impair the material's performance, Floquet band engineering can be used to precisely and carefully alter the electrical and optical characteristics of black phosphorus. To adjust the bandgap of black phosphorus, for instance, which is crucial for constructing electrical and optoelectronic devices, employ Floquet band engineering. The anisotropic carrier mobility of black phosphorus may also be altered through Floquet band engineering, which can enhance high-speed electronics performance.

C. Comparison with traditional approaches

Floquet band engineering has a number of benefits over conventional methods. First off, it doesn't involve adding contaminants or flaws to the material, which might reduce its performance. Second, it makes it possible for materials' electrical and optical characteristics to be precisely and carefully altered. This can enhance the performance of electronic and optoelectronic devices. Contrarily, conventional methods like doping and alloying can add impurities and flaws that might reduce the performance of the material. Traditional methods may also be less capable of achieving the same level of accuracy and control as Floquet band engineering, which may restrict their usefulness in some situations.

Overall, altering the electrical and optical characteristics of black phosphorus by floquet band engineering is a promising strategy that might lead to the creation of novel and enhanced electronic and optoelectronic devices.

IV. Research Progress in Floquet Band Engineering in Black Phosphorus

A. Recent advances in the field

Significant improvements in black phosphorus Floquet band engineering have been made recently. The invention of a new method known as terahertz-frequency Floquet engineering is one of the most remarkable achievements. Using this method, black phosphorus is exposed to an electromagnetic field with a terahertz frequency, allowing for the exact and controlled change of its electrical characteristics.

B. Experiments and results

The efficiency of terahertz-frequency Floquet engineering in black phosphorus has been tested in a number of tests. In order to develop electrical and optoelectronic devices, researchers have demonstrated that this approach may be used to control the bandgap of black phosphorus. The anisotropic carrier mobility of black phosphorus may also be altered through terahertz-frequency Floquet engineering, which can enhance high-speed electronics performance.

The optical characteristics of black phosphorus may also be changed through terahertz-frequency Floquet engineering, according to studies. Researchers have discovered a method for selectively enhancing or suppressing the absorption of light in particular energy bands by adjusting the terahertz frequency.

C. Implications for the future of electronics and optoelectronics

Future developments in optoelectronics and electronics are significantly impacted by recent developments in Floquet band engineering in black phosphorus. Black phosphorus's electrical and optical characteristics may be altered accurately and stably utilizing terahertz-frequency technology. Electronic and optoelectronic devices can become more effective and perform better thanks to floquet engineering. For instance, terahertz-frequency Floquet engineering may be used to control the bandgap of black phosphorus, allowing the creation of high-performance transistors, solar cells, and light-emitting diodes. Additionally, the performance of high-speed electronics can be enhanced by altering the anisotropic carrier mobility of black phosphorus.

All things considered, current developments in Floquet band engineering in black phosphorus have the potential to revolutionize the world of electronics and optoelectronics and to open the door for the creation of new and improved devices with increased functionality and effectiveness.

V. Potential Applications of Floquet Band Engineering in Black Phosphorus

A. Overview of potential applications

Black phosphorus is a unique substance with special electrical and optical characteristics, and when paired with the accuracy and control offered by Floquet band engineering, it has a lot of potential for use in a variety of applications. Some of the potential applications of black phosphorus with Floquet band engineering include:

High-performance transistors and other electronic devices
Solar cells with improved efficiency
Light-emitting diodes with higher brightness and efficiency
Photodetectors with high sensitivity and speed
Spintronics and quantum computing

B. Advantages over traditional materials

The ability to tune black phosphorus' electrical and optical characteristics with extreme precision and control is one of the material's main benefits when using Floquet band engineering. Traditional materials, on the other hand, have set qualities that are difficult to change. Additionally, compared to other 2D materials like graphene or transition metal dichalcogenides, black phosphorus has a number of benefits. For instance, it features an adjustable direct bandgap, making it appropriate for photovoltaic and optoelectronic applications. High carrier mobility of black phosphorus makes it useful for high-speed electronics.

C. Future directions

New opportunities for the creation of electrical and optoelectronic devices have emerged as a result of recent developments in Floquet band engineering in black phosphorus. Before black phosphorus can be employed in commercial applications, there are still a lot of issues that need to be solved. For instance, it is necessary to increase the stability and scalability of black phosphorus devices and comprehend and manage the impacts of environmental variables like oxygen and moisture.

Future study will focus on developing new methods and uses for this intriguing material as well as exploring the possibilities of black phosphorus with Floquet band engineering. A new generation of electrical and optoelectronic devices with previously unheard-of performance and efficiency might be created by combining the special features of black phosphorus with the accuracy and control offered by Floquet band engineering.

VI. Conclusion

A. Recap of key points

We have looked at the idea of Floquet band engineering in black phosphorus and how it could open up new opportunities for electrical and optoelectronic devices in this blog article. We began by giving a general introduction to black phosphorus, outlining its electrical and optical characteristics as well as the limits of conventional methods for modifying these characteristics. Then, we discussed the idea of Floquet band engineering and how it may be used to precisely and controllably alter the characteristics of black phosphorus.

Then, we talked about recent developments in the subject, including trials and findings that show black phosphorus with Floquet band engineering has a lot of potential for a variety of uses. We also spoke about the benefits of black phosphorus compared to conventional materials and the issues that still need to be resolved before it can be applied in industrial settings.

B. Implications for the future

For the future of electronics and optoelectronics, Floquet band engineering in black phosphorus has important implications. This method presents a novel approach for the unparalleled control and precise engineering of the electrical and optical characteristics of materials. This creates new opportunities for the creation of high-performance gadgets with hitherto unheard-of functionality, efficiency, and speed.

With the use of Floquet band engineering, it is also possible to adjust the electrical and optical characteristics of black phosphorus, which has the potential to transform a wide range of sectors, including computers, energy, telecommunications, and healthcare. For instance, it may make it possible to create extremely quick and low-power CPUs, highly effective solar cells, or extremely selective and sensitive sensors.

C. Call to action

There are various things you can do if you are interested in the future of electronics and optoelectronics and want to keep informed about the most recent developments in the industry. First, you may read the articles and press announcement
s of the research teams and experts who are working on this issue. Conferences and seminars on electrical and optoelectronic components and equipment are also available.

Additionally, you may promote additional funding and resources for scientific research as well as educational initiatives that encourage students to seek professions in science and engineering to assist research efforts in this area. Finally, you may look into your own possibilities to participate in this subject, whether through research, business ventures, or other means. Together, we can use Floquet band engineering to fully realize the capabilities of black phosphorus, paving the way for a new generation of electrical and optoelectronic devices with unmatched performance and usefulness.

Top 13 New Technology Trends for Year 2022 - 2023

2023-02-11T22:22:00.004+06:00

Technology refers to the collection of tools, methods, and systems created by humans to solve problems, improve efficiency, and enhance the quality of life. Technology includes both physical and digital inventions and innovations, such as computers, smartphones, the internet, and artificial intelligence.

In year 2022 - 2023, some of the most prominent and rapidly developing technologies are likely to include:

Artificial Intelligence (AI) and Machine Learning (ML)
Robotic Process Automation (RPA)
Edge Computing
Quantum Computing
Virtual Reality (VR) and Augmented Reality (AR)
Blockchain
Internet of Things (IoT)
5G Technology
Datafication
Digital Trust
DevOps
AI-as-a-Service
Genomics

Artificial Intelligence (AI) and Machine Learning (ML)

Artificial Intelligence (AI) and Machine Learning (ML) are related but distinct fields of technology that involve the development of computer systems that can perform tasks that typically require human intelligence, such as recognizing patterns, making decisions, and solving problems. AI refers to the broader concept of machines being able to perform tasks that normally require human intelligence, while ML is a specific subset of AI that involves the use of algorithms and statistical models to enable a system to "learn" from data and make predictions or decisions without being explicitly programmed to do so. In ML, a system is trained on a large dataset, which allows it to learn from the data and identify patterns and relationships. The system can then use this knowledge to make predictions or decisions based on new input data. This allows ML algorithms to continually improve over time as they are exposed to more data. ML is being applied to a wide range of problems and use cases, from image and speech recognition, to recommendation systems, fraud detection, and predictive maintenance. With the increasing availability of large amounts of data and computing power, ML is poised to play a major role in shaping the future of many industries, from healthcare and finance to manufacturing and retail. AI and ML are exciting and rapidly growing areas of technology that have the potential to transform many aspects of our lives, by enabling machines to perform tasks that were previously the exclusive domain of humans.

Robotic Process Automation (RPA)

Robotic Process Automation (RPA) is a technology that enables organizations to automate repetitive, manual, and time-consuming tasks, by using software robots to perform the work in place of human employees. RPA works by using software robots to interact with existing applications and systems, such as enterprise resource planning (ERP) systems, customer relationship management (CRM) systems, and desktop applications. The software robots can be programmed to perform specific tasks, such as copying and pasting data from one system to another, filling out forms, and processing large amounts of data. One of the key benefits of RPA is that it can help organizations to streamline their operations, reduce errors and inefficiencies, and increase productivity. This can be especially valuable in industries that rely on manual, repetitive tasks, such as finance and accounting, human resources, and customer service. Another advantage of RPA is that it can be integrated into existing systems and processes with minimal disruption, making it a relatively low-risk and cost-effective way for organizations to automate their workflows. RPA also has the potential to improve customer satisfaction, by enabling employees to focus on higher-value tasks that require human expertise and judgment. RPA is an emerging technology that has the potential to significantly impact the way that or
ganizations operate, by enabling them to automate repetitive and manual tasks and freeing up employees to focus on more valuable and strategic work.

Edge Computing

Edge computing is a distributed computing paradigm that brings computing closer to the edge of the network, where data is generated. It is a way of processing data close to where it is generated, rather than sending all the data to a centralized data center for processing. The primary benefit of edge computing is that it reduces the latency and bandwidth requirements of transmitting large amounts of data over a network, making it well suited for applications that require real-time processing or decision-making. This is particularly important in the context of the Internet of Things (IoT), where large amounts of data are generated by a large number of connected devices, such as sensors and cameras. Edge computing enables data to be processed at the edge of the network, either by a small, standalone computing device or by a network of devices, such as gateways or routers. The processed data can then be transmitted to a central data center for further analysis, or it can be used locally, depending on the specific requirements of the application. Examples of applications that benefit from edge computing include industrial automation, autonomous vehicles, smart cities, and wearable devices. Overall, edge computing is an important trend in computing that is driven by the growth of IoT and the need for more efficient and effective ways to process the large amounts of data generated by connected devices. By bringing computing closer to the edge of the network, edge computing has the potential to enable new applications and use cases that were previously not possible.

Quantum Computing

Quantum computing is a new and rapidly evolving field of computing that is based on the principles of quantum mechanics, a branch of physics that deals with the behavior of matter and energy at the atomic and subatomic level. Quantum computing is different from classical computing in that it uses quantum bits, or qubits, instead of classical bits to represent and process information. Unlike classical bits, which can only be in one of two states (0 or 1), qubits can exist in multiple states at the same time, which is known as quantum superposition. This allows quantum computers to perform certain computations much faster and more efficiently than classical computers. One of the key applications of quantum computing is in optimization problems, such as scheduling, routing, and resource allocation, where quantum algorithms can provide exponential speedups over classical algorithms. Quantum computing also has the potential to revolutionize cryptography and secure communication, by enabling the efficient solution of problems that are currently intractable for classical computers. However, quantum computing is still in its early stages of development, and there are many technical and practical challenges that must be overcome in order to make it a viable technology for widespread use. These include the development of scalable and reliable quantum hardware, the development of robust and error-tolerant quantum algorithms, and the integration of quantum computing with existing classical computing systems. Overall, quantum computing is an exciting and rapidly growing field of technology that has the potential to transform many aspects of our lives, by enabling the solution of previously unsolvable problems and by enabling new and innovative applications.

Virtual Reality (VR) and Augmented Reality (AR)

Virtual Reality (VR) and Augmented Reality (AR) are two related but distinct technologies that have the potential to change the way we interact with digital information and with each other. Virtual Reality (VR) is a fully immersive technology that creates a simulated environment, usually by using a headset or other device that tracks the user's head movements and allows them to look around the virtual environment as if they were actually there. VR can be used for a variety of applications, including gaming, education, training, and therapy. Augmented Reality (AR), on the other hand, enhances the real world with digital information, typically using a smartphone or tablet camera to overlay digital images and information onto the user's view of the real world. AR can be used for a variety of applications, including gaming, retail, education, and manufacturing. Both VR and AR have the potential to transform a wide range of industries, by enabling more immersive and interactive experiences, improving productivity and efficiency, and enabling new and innovative applications. Some of the key areas where VR and AR are having an impact include education, healthcare, gaming, retail, and manufacturing. However, both VR and AR are still in their early stages of development, and there are many technical and practical challenges that must be overcome in order to make them more accessible and usable for a wider range of people and applications. These include the development of more affordable and user-friendly VR and AR hardware, the improvement of VR and AR software and content, and the creation of more robust and scalable VR and AR platforms. Overall, VR and AR are exciting and rapidly growing fields of technology that have the potential to transform many aspects of our lives, by enabling new and innovative ways of interacting with digital information and with each other.

Blockchain

Blockchain is a decentralized digital ledger technology that records transactions across a network of computers in a secure and transparent manner. It was originally developed as the underlying technology for the cryptocurrency, Bitcoin. In a blockchain, transactions are grouped into blocks and added to the chain in a linear, chronologically ordered sequence. Each block contains a unique cryptographic hash and a timestamp, and once a block is added to the chain, its data cannot be altered or deleted. This creates a permanent, tamper-evident record of all transactions in the network. One of the key features of blockchain technology is its decentralized nature, which means that it is not controlled by any single entity or organization. Instead, the network is maintained by a distributed network of nodes, each of which has a copy of the entire blockchain. This makes the network more secure and resistant to tampering or data breaches, as it would require a coordinated attack by multiple nodes to alter the data in the blockchain. In addition to its use in cryptocurrencies, blockchain technology has many potential applications in a wide range of industries, including finance, healthcare, supply chain management, and more. For example, it can be used to create secure and transparent systems for the tracking of assets, the management of digital identities, and the secure exchange of information. Overall, blockchain technology has the potential to revolutionize the way that transactions and data are recorded and processed, by providing a secure and transparent means of storing and exchanging information without the need for intermediaries.

Internet of Things (IoT)

The Internet of Things (IoT) refers to the interconnected network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, and network connectivity, which enables these objects to collect and exchange data. The IoT allows these devices to be connected and controlled remotely, enabling them to communicate with each other and with other systems over the internet. The IoT has the potential to transform many aspects of our lives, by enabling new and innovative applications in areas such as home automation, healthcare, energy management, transportation, and manufacturing, among others. For example, smart home devices connected to the IoT can allow homeowners to control lighting, temperature, and other aspects of their home from their smartphone or tablet, while wearable devices and other IoT-enabled healthcare devices can help patients manage their health and wellness more effectively. However, the IoT also presents a number of technical and practical challenges, including issues related to security, privacy, and data management. Ensuring the security and privacy of the vast amount of data generated by IoT devices is a major challenge, as it is critical to prevent unauthorized access and to protect sensitive personal and business information. Despite these challenges, the IoT is expected to continue to grow and evolve in the coming years, with many experts predicting that the number of connected devices will continue to increase rapidly, and that the IoT will become increasingly integrated into our daily lives. As a result, the IoT is poised to play an increasingly important role in shaping the future of technology and society.

5G Technology

5G Technology is the fifth generation of wireless technology that has been developed to deliver faster and more reliable mobile broadband services. Compared to previous generations of mobile networks, 5G offers several key benefits, including:

1. Higher speeds: 5G promises to deliver mobile data speeds that are significantly faster than current 4G networks, with peak speeds of up to 20 Gbps, and average speeds of 100 Mbps or more.

2. Lower latency: 5G networks are designed to have much lower latency, or the time it takes for data to travel from one point to another, which is critical for applications that require real-time communication, such as virtual reality, augmented reality, and remote surgery.

3. More capacity: 5G networks are designed to support many more connected devices than previous generations of mobile networks, making it easier for people to connect to the internet and for companies to deploy IoT devices.

4. Improved reliability: 5G networks are designed to be more reliable than previous generations of mobile networks, with improved performance in areas with high levels of interference, such as crowded public spaces and urban areas.

5G technology is being deployed around the world, and is expected to have a major impact on a wide range of industries, from telecommunications to healthcare, transportation, and entertainment. For example, 5G networks will enable new and innovative use cases such as autonomous vehicles, smart cities, and immersive media experiences, among others. However, like all new technologies, 5G also faces a number of challenges and concerns, including issues related to cost, security, and spectrum availability. Ensuring the security and privacy of 5G networks and devices is a critical concern, as the increasing reliance on mobile networks and connected devices makes them more vulnerable to cyber attacks and other security threats. Despite these challenges, 5G is expected to play an increasingly important role in shaping the future of technology and society, by enabling new and innovative applications and services, and by improving the performance and reliability of mobile networks.

Datafication

Datafication refers to the process of converting various aspects of our lives into data that can be captured, analyzed, and used to inform decisions and actions. With the increasing availability and affordability of sensors, cameras, and other data-capturing devices, along with the growth of the internet and cloud computing, more and more aspects of our lives are being datafied.

The datafication process can be applied to a wide range of areas, including:

1. Health: Wearable devices, such as fitness trackers, smartwatches, and medical devices, can collect and transmit data about our physical activity, heart rate, sleep patterns, and other health-related metrics.

2. Transportation: GPS and other sensors can collect data about our travel patterns, including the routes we take, the speed at which we travel, and the times of day when we travel.

3. Energy: Smart meters and other energy-monitoring devices can collect data about our energy usage, including how much energy we use, when we use it, and where we use it.

4. Finance: Apps, websites, and other financial services can collect data about our spending habits, income, and financial goals, and use this data to provide personalized financial advice and recommendations.

The datafication process has the potential to bring many benefits, such as improved efficiency, better decision-making, and increased personalization and customization. However, it also raises important questions about privacy, security, and the responsible use of data. As more and more aspects of our lives are datafied, it will become increasingly important to ensure that data is collected, stored, and used in a responsible and ethical manner, and that appropriate safeguards are in place to protect personal information and prevent misuse.

Digital Trust

Digital trust refers to the level of confidence that individuals, organizations, and society as a whole have in the security, privacy, and reliability of digital systems, technologies, and services. With the increasing reliance on digital systems and the growing volume of personal and sensitive information being stored and processed online, it is critical to build and maintain high levels of digital trust.

There are several key components of digital trust, including:

1. Security: Digital trust requires ensuring the security of digital systems, devices, and networks, and protecting against cyber threats such as hacking, malware, and data breaches.

2. Privacy: Digital trust requires respecting and protecting the privacy of individuals and organizations, and ensuring that personal and sensitive information is collected, stored, and used in a responsible and transparent manner.

3. Reliability: Digital trust requires ensuring the reliability and availability of digital systems and services, and minimizing the risk of system failures or disruptions.

4. Transparency: Digital trust requires being transparent about the use of personal and sensitive information, and providing individuals and organizations with control over their data.

5. Responsibility: Digital trust requires organizations and individuals to act responsibly and ethically when it comes to the collection, storage, and use of digital data.

Building and maintaining digital trust requires collaboration between governments, businesses, technology companies, and individuals. All stakeholders have a role to play in ensuring the security, privacy, and reliability of digital systems, and in promoting responsible and ethical practices when it comes to the use of digital data. In an increasingly connected and digital world, high levels of digital trust are essential for enabling the growth and development of new technologies, services, and business models, and for fostering public confidence and trust in the digital domain.

DevOps

DevOps is a set of practices and philosophies that aim to bring together the development and operations teams within an organization in order to improve the speed and quality of software delivery. DevOps emphasizes collaboration, communication, and integration between these two teams, as well as a focus on automation, continuous improvement, and innovation.

The key components of DevOps include:

1. Continuous Integration (CI): This involves automatically building and testing code changes on a regular basis, to ensure that they are functional and meet quality standards before they are deployed to production.

2. Continuous Delivery (CD): This involves automatically deploying code changes to production environments, with the goal of making new features and updates available to customers as quickly and frequently as possible.

3. Continuous Deployment: This involves automatically deploying code changes to production environments without any manual intervention, making it possible to deliver new features and updates to customers at a rapid pace.

4. Automation: DevOps emphasizes automation of repetitive tasks, such as testing, deployment, and infrastructure management, in order to reduce the time and effort required to deliver software, and to minimize the risk of errors and mistakes.

5. Monitoring and Feedback: DevOps involves constant monitoring of software systems and applications, and collecting feedback from customers, in order to identify and address any problems or issues as quickly as possible.

The goal of DevOps is to enable organizations to deliver software more quickly, with higher quality and lower risk, by breaking down the traditional silos between development and operations teams and promoting collaboration and integration throughout the software development lifecycle. By embracing DevOps practices, organizations can become more agile, more responsive to customer needs, and better equipped to compete in an ever-changing digital landscape.

AI-as-a-Service (AIaaS)

AI-as-a-Service (AIaaS) is a cloud-based delivery model for artificial intelligence (AI) technologies and services. AIaaS provides businesses and organizations with access to AI capabilities, without the need for them to invest in and maintain expensive hardware, software, and in-house expertise.

With AIaaS, organizations can consume AI services on an as-needed basis, paying only for what they use, and benefit from the latest advances in AI technologies without having to worry about the costs and complexities of managing their own AI infrastructure. AIaaS providers offer a range of services, including machine learning, natural language processing, computer vision, and other advanced AI capabilities, as well as tools and platforms for developing and deploying AI models.

The benefits of AIaaS include:

1. Lower costs: By consuming AI services on a pay-as-you-go basis, organizations can reduce the costs associated with investing in and maintaining their own AI infrastructure.

2. Scalability: AIaaS allows organizations to easily scale their AI capabilities up or down as needed, to match the changing demands of their business.

3. Access to expertise: AIaaS providers typically employ experts in AI and machine learning, providing organizations with access to expertise that would be difficult or expensive to acquire in-house.

4. Rapid innovation: AIaaS providers are able to rapidly develop and deploy new AI technologies, services, and capabilities, enabling organizations to stay up-to-date with the latest advancements in AI.

5. Flexibility: AIaaS provides organizations with a flexible and agile delivery model for AI, allowing them to easily adapt to changing business needs and requirements.

Overall, AIaaS offers businesses and organizations a convenient, cost-effective, and flexible way to access and leverage AI technologies and services. By consuming AI as a service, organizations can focus on their core business activities, and benefit from the capabilities of AI, without having to worry about the technical details.

Genomics

Genomics is the study of an organism's complete set of DNA, including its genes and their functions. It encompasses the analysis and interpretation of genomic data to understand the function, evolution, and organization of genomes, as well as their interactions with the environment. Advances in genomics have allowed scientists to decode the human genome, as well as the genomes of other species, and have provided a wealth of information about the underlying genetic factors that contribute to human health and disease.

Some applications of genomics include:

1. Precision medicine: Genomic information can be used to develop personalized treatments for patients based on their individual genetic profiles.

2. Genetic counseling and disease diagnosis: Genomics can be used to diagnose genetic disorders and to provide genetic counseling to families who may be at risk for inheriting a genetic disease.

3. Agriculture and biotechnology: Genomics can be used to improve crop yields and to develop new plant varieties that are better adapted to changing environmental conditions.

4. Evolution and conservation: Genomics can be used to study the evolution of species and to help preserve endangered species by understanding their genetic diversity and relationships to other species.

5. Environmental genomics: Genomics can be used to study the impact of environmental changes on organisms, and to develop strategies for conserving biodiversity and preserving ecosystem health.

Overall, genomics is a rapidly evolving field that holds tremendous promise for advancing our understanding of biology and for improving human health and well-being. By decoding the genomes of different species and by developing new genomic technologies, scientists are uncovering new insights into the underlying genetic factors that shape health and disease, and are paving the way for the development of new treatments and therapies.

Top 10 trending Technologies for the year 2020

2020-04-04T03:49:00.001+06:00

The IT World remains in a state of constant flux. Now, as an IT professional it is almost like a survival tactic to keep yourself updated with the ever evolving Technologies as well as the market trends. Hence, I bring to you The Top10 Technologies for year 2020.

10. Cognitive cloud computing

We have cognitive cloud computing. Now cognitive cloud is an extended ecosystem. It is due to this that we can deploy cognitive cloud computing applications and solutions to the masses using cloud computing. Not just that it is one of the next big things in the IT industry, also, it can converse in natural language and helps in decision making by understanding the complexities of Big Data. It is expected to generate revenue of 13.8 billion US Dollars by the year 2020 and hence big companies such as IBM, Microsoft, Google and Cisco are already investing in this next Generation technology to keep up with the upcoming Market.

9. 5G technology

The next technology to learn in the year 2020 is 5G technology. Now 5G represents the next generation of cellular networks and services. Switzerland is the current world leader in 5G. Technology closely followed by South Korea and the United States, a bigger role out as anticipated by the year 2020 with a global adoption of this technology. It is expected to give a minimum of 20 gbps downlink and 10gbps Uplink which would make it 40 times faster than the current 4G LTE technology opening doors for newer Services network operations and customer experiences on the part of Telecom operators companies. Mobile companies are heavily in the development and testing of 5G equipments.

8. Big data technology

We have big data technology for the year 2020. The word has been special for a few years with all these businesses moving beyond the traditional ways of data storage and processing. Big data, has made its way to the big games now with all these new technologies such as Data analytics, automation, augmented analytics and data as a service big data is in here to change the game across Industries. What is the best part about it? You can learn about it with the help of the industry's finest experts and in-house real-time projects. Now while we're on the subject, let's talk a little bit about a subset called Dark data. It means all this data that is generated along with big data, but is untapped. The potential is unlimited and by the year 2020 about 93% of all data is going to be categorized under this subset now coming back to Big Data companies which are investing in big data include Netflix, Amazon, Starbucks, Spotify and Adobe.

7. DARQ Technology

DARQ is a future technology pattern consisting of other big Technologies. It is considered to be a catalyst for change in the post Digital World. Now as you might have noticed DARQ is an acronym. So, D stands for distributed Ledger which first gained its momentum in the industry with the introduction of blockchain and Bitcoin. A stands for artificial intelligence which brings tremendous change in various domains. R as an extended reality including a reality and virtual reality and Q as in Quantum Computing which basically means you're trying to create it Technology based off of the principles of quantum theory. Google has made a major Break through by attaining Quantum Supremacy with 53 cubits of quantum processors. It has successfully carried out a random circuit program a million times in 200 seconds, which otherwise would have taken ten thousand plus years by traditional Computing. At this Moment 9 out of 10 businesses are experimenting with one or more Darkness acknowledge. The first wave of dark Technologies is coming soon. So congratulations to us all the DARQ Ages here.

6. 3D printing technology

We have 3D printing technology is one of those Technologies revolution is in the future. You should definitely look forward to in the upcoming years in the future. Now, it is said to completely change the face of domain such as Healthcare manufacturing and construction now with a market size of 10 billion. It is expected to grow at a rate of 23.5 percent every year for the next five years and big Brands are already on their way to remodel a future using 3D printing.

5. Internet of things technology

Next on the list of top 10 trending Technologies, we have the internet of things. By the year 2020, it is estimated that around 75 billion connected devices are going to exist on the face of this globe. Not just that is also paving the way for Edge Computing for Enterprises to keep up with the technological Trends. They have to build their infrastructure upon Edge base design patterns. Now, there are a few frontrunners in this particular Market. We have AWS, Cisco, Microsoft, Dell and HP, but there are other smaller businesses, which are quickly during the platform and aren't too far behind.

4. DevOps technology

DevOps has made its entrance into our top tens trending technology list every single year with a sage III functionalities. It plays a key aspect not just in software development, but also operations management. DevOps has made its way into artificial intelligence through data with increasing use of micro services DevOps continues to pay with its way into our big players like NASA, Netflix, capgemini and Dell which are a few of the existing Pioneers in this industry. Now at the market leader when it comes to online DevOps training. So if you want to get into develops the year 2020 is golden for you.

3. Hyper automation

Hyper automation is nothing but an amalgamation of two super Technologies of RPA and machine learning. Now understanding the automation mechanisms and how it is controlled and coordinated using machine learning will be a main focus of this field in the year 2020. Hyper automation is implied to have a major macroeconomic implication on the market. Hence Top Gear companies need to gear up for this convergence in demographic shifts. Now companies such as Wipro and Infosys are experimenting with this technology, but other companies are not very far behind.

2. Cyber security Technology

The widespread use of the IT ecosystem cyber security remains one of the major concerns for most companies. Now the year 2020 is going to be a year to converge multiple nascent cyber security Trends due to the automation of cyber security as well as the development of public IT infrastructure. Now multiple companies increase the security budget year by year to malicious threats as well as a response. The recent data privacy legislation top companies such as IBM, hacker one etc are making it to the top 150 companies for cyber security.

1. AI AS A SERVICE

We finally reach the top of our list at number one. We have AI AS A service and why not artificial intelligence is one of the most transformative tech evolution of this era and 2020 is going to Boom even more. But to build and deploy AI based Solutions continues to be a very expensive affair on the part of most businesses. We are providers of as a service platform. Now, we expect to see a bunch of different providers in the year 2020, would offer more tailor applications and services for special tasks. Now big Brands like Google Apple and Microsoft are Head of their game and at the Forefront of this particular initiative digging deep into the potential of this technology, they experimenting and finding out AI based solutions to stay ahead of their competitors.

I conclude my list of the top 10 trending Technologies for the year 2020.

Stylized your tablet with the new Universal Design Line covers Hama

2016-01-26T22:22:00.003+06:00

Stylized your tablet with the new Universal Design Line covers HamaMadrid. The manufacturer of accessories for technology products Hama brings new universal tablet covers, Design Line Design Line Wild Stripes and Leo, with which you can give a proper, personalized and totally fashionable style to your device. Made from polyurethane, these new products feature a highly durable exterior that is able to protect your tablet for any fall or blow to that you can see above, keeping your computer without any damage. Comfort and functionality is another feature of these accessories. You can locate your tablet in the position more suited to the task or action you are performing for more comfortable use. At the same time, it includes a reinforced rubber bands offer optimal grip. Also, these new universal covers tablets have different openings for connections, so no need to worry about removing it every time you go to load the computer or connect headphones.

But if there is a feature in highlighting this new line of covers for tablet is in its attractive design: first, the model Design Line Stripes, offers a more classic look, in white and accompanied by a stylish horizontal stripes in blue or green. Meanwhile, Leo Wild Line Design, has a more daring by mixing black with leopard texture in brown or gray appearance. Two different options will suit your style completely.

Price and product availability Stripes Design Line model is available in blue and turquoise with a recommended price of € 14.99 for 7-8 tablets "(20.32cm) and 19.99 € for the choice of 10" (25,7cm). On the other hand, Leo Wild Desing Line is available in brown and gray for € 14.99 recommended the small size 7-8 tablets "(20.32cm) and € 19.99 for 10" price (25,7cm).

For more information, please visit http://www.hama.es. About Hama Hama is one of the leading manufacturers of accessories for technology products worldwide. Headquartered in Monheim (Germany) and about 2,500 employees worldwide, Hama continues to grow thanks to its wide range of products, including all kinds of accessories for PCs, laptops, navigation, both mobile and fixed, television, photography and digital video cameras, consoles, etc.

Hama attaches great importance to quality in manufacturing and management, always investing in the latest technology. In its laboratories, equipped with the best equipment, a group of specialists ensure that all Hama products meet international quality standards.

Cruises avoid making stops in Turkey

2016-01-26T22:01:00.002+06:00

Travelers who have hired one of MSC cruises do not have to worry about a stopover in Turkey. The dramatic events produced in Turkey recently have led some tourism companies to take drastic not jeopardize its passengers decisions. Now, the decision has also been reflected in the roadmap of MSC Cruises, a company that has a large presence in the international market.

The company has unveiled the decision in a statement that wants to serve as a basis for its customers to be calm about not encounter any problem arising from what is happening in Turkey. There will be no scale in Turkish ports, at least until the situation changed again and everything returns to normal.

When asked what will happen to the scales had planned, which thought MSC Cruises is in trade for stops in other places that are equally interesting. For example, the cruise ship MSC Magnifica intended to make several stops in Turkey that will be replaced with stops at various places in Greece. This will benefit travelers with the opportunity to spend a while in the ports of Mykonos and Athens.

The company mentioned that after much thought they concluded that this was the best decision they could take because of questions and concerns that had expressed its customers in recent days. Some people, who had contracted cruise through nearby Turkey or with stopovers in this country destinations, have arisen, if they do not encounter problems when walked on earth. Since cruises are made in order to unwind, relax and enjoy a completely different days, without worrying about nothing, the last thing travelers want is to have to be aware, if there is any incident in the places they visit.

Five technologies that set the trend in 2016

2016-01-24T00:19:00.001+06:00

The expansion of new technologies is to simplify our lives with greater benefits. The technology is growing rapidly which helps consumer increasingly required innovative products that enable them to facilitate their daily lives. Here are five technologies that already set trends in the world and hope to expand further in year 2016.

Wireless charging of mobile devices

In smartphones, the Samsung Galaxy S6 was the forerunner in terms of no cord to recharge batteries in cell phones. Also, Apple has already incorporated this mode with the induction charging of Apple Watch. Meanwhile Starbucks already offers wireless charging tables in its stores in different countries which certainly contributes to its mass and will trend in most public places.

More human robots are incorporated into daily life

Operated by voice commands allow devices to help families in terms of education because they facilitate academic tasks of school. Device as Dino CogniToys IBM Watson used to answer questions contributes to pedagogy in schools worldwide and it is expected to expand this year. Also Jibo, a robot that will help solve housework allowing a personal assistant to be housewives.

Most advanced wireless headphones

Thanks to advances in Bluetooth technology, the sound quality has improved. This causes the headphones are essential for many people. However, it has managed to perfect these products and Bragi Dash and Alpha Skybuds, headphones do not need to connect between the ears as traditional as these are introduced directly into the ear opening as assistive listening devices. These models do not need wire generate, the disappearance of the headphone outputs of the smartphones. This will allow manufacturers like Apple and Samsung to offer increasingly thin models.

Wearables more functional

After the sale of nearly seven million since its launch Apple Watch market growth, this is expected. Thus Microsoft enters race to innovate new band supports both Windows Phone as iOS and Android. It should be noted that just as the traditional heart measurements, sleep and calories, also provides access to email and calendar alerts.

More sophisticated cameras

Undoubtedly, one of the best additions of camera is in the mobile devices, but increasingly improving image quality and depth of capture. It should be noted Intel RealSense your presentation on your tablet and notebook models with the recognition of facial expressions. Besides the Revolutionary Camera Light L16 DSLR quality with which you can edit from the device and Wi-Fi built.

No doubt that these five technology products will trend this year due to the characteristics of each as simplify our life and thanks to its early expansion worldwide.

HTC introduces the Live Preview, the next generation of its virtual reality system

2016-01-23T23:47:00.000+06:00

At CES 2016 event, HTC unveiled the second generation of this technological device.
The Taiwanese manufacturer HTC, a pioneer in smart technologies innovation, announced new developments in the lives VR system representing the next step to take virtual reality to the mass market. Pre Lives in each of the components have been redesigned from the ground up for maximum comfort, ergonomics and performance. This device creates a world without limits with incredible advances in both image quality and versatility,

Cher Wang, the president and CEO of HTC said that when they first announced the launch of Vive, they had an ambitious goal that was essentially change the way people communicate and interact with the world. Since then, Vive has had a positive reception from the press, critics of the industry, consumers and hundreds of partners and brands. They have worked to offer VR content innovative and dynamic. For a long time, the promise of virtual reality has been little more than a promise. Cher Wang also added that from that day, they are on the edge of a new era. Live will create a world where the only limit is the imagination.

New Town Live

Live hull design has been improved to offer greater convenience to the user, to increase the sense of immersion in virtual worlds he creates. Now the town is more compact and has a belt design that provides improved stability and balance.

Enhanced visual system, with brighter and detailed images, provides greater clarity and feeling even more intense presence. Inside, the helmet has padded supports for accessories and interchangeable nose, meaning that Live Pre adapts to user comfort and safety. Pre lives can also be easily adapted to a variety of facial shapes and supports wide variety of lenses.

Integrated front camera

Pre lives brings elements of the real to the virtual world. A newly designed front camera allows us to do many things both inside and outside the virtual world to the physical elements merge with the virtual space. You could sit, drink and find your talks without removing the helmet is just the beginning of all, that will be achieved.

Greater control

To complete the experience, RV Vive controls were revised with updated and improved ergonomics and softer edges, more balance, new textured buttons and pads to hold and give more comfort to our hands. The new dual-stage trigger makes the interaction with objects more fluid, tactile information and sends crucial information about our interaction with the virtual world. To load energy controls, it has feature of built-in rechargeable lithium polymer battery with charging via micro-USB which offers more than 4 hours on a single charge batteries. Base stations Vive also designed to make them more compact, quiet and offer a tracking improved.

Samsung Galaxy Note 5: A tablet that does not exaggerate in size

2016-01-22T21:27:00.005+06:00

Continuing the trend of phablets, Samsung launched its Galaxy Note in December 5,2015. This equipment is seeking a more executive target audience, but also artistic. Samsung surprised in 2015 with the launch of its Galaxy S6, potential smartphone features and elegant design. They released after their teams followed a similar line (especially in design). Thus, the Galaxy Note 5, on the outside, it's like having a much larger Galaxy S6. Inside, it contains interesting properties. In this article I shall tell you how it went.

Galaxy Note 5

Display : 5.7 "HD Super AMOLED Quad
Weight : 171 g
Dimensions : 153.2x76.1x7.6mm
Processor : Exynos 7420 64bit
Memory : 4GB RAM / 32GB internal (not expandable)
Operating system : Android 5.1 Lollipop
Front Camera : 5MP
Rear Camera : 16 MP with Flash
Battery : 3000 mAh (fast and wireless charging)
WiFi, NFC, Bluetooth
No radio

Design
-As mentioned at the beginning, much of the design is similar to Galaxy S6. As can be seen, the terminal is made of metal. Its edges are also covered with metal and foleados edges.

-The top is located the slot for the chip in the side Start button and volume controls are located.

-In The bottom is the entrance to the headphones, parlamtes, the port for the charger and the S-Pen. Yes, Note 5 has a small pen that contains several features which will be discussed below lines.

To the touch, the team is usually pretty safe. The edges to provide the necessary equipment will not slip out of hand strength.

Okay noted that the screen has a slight curve and the back is coated with a glass layer. While this design seeks to give elegance to the smartphone, you should consider: a strong frequency of use, fingerprints are marked in Note 5 and appears to be dirty.

The Size is ideal. The problem of acquiring tablets is always how large can be and how light can be. The Note 5 has found appropriate to be considered a tablet without being a nuisance in your pocket dimensions. Now ... if you use a housing or additional shield, yes it will be great.

Operation
It Has 4 GB of RAM, but only 1GB is free to use. This plays a bit against the operation of the phone considering that the processor is of high quality. True to form, it has a Samsung Exynos processor. This Note has a 64-bit core octa really works perfectly. There were no problems in its operation.

Software

Android Lollipop is installed in the set with high performance. The Interface is reminding the Tizen Samsumg using some teams like the recently launched Gear S2 but still usually a nice design.

Camera

Its camera is the excellent of the best on the market. Today, this camera could compete with Huawei Mate S. However, the advantage of this machine is that it preserves its resolution pictures even at night. Here are some photos.

Battery
I surprised with the quick charge function because it really is very fast. In 20 minutes, the Note 5 and to have achieved 80% charged. Its duration is also appropriate: to one day intensive. It is also fast with wireless charging.

S-Pen
The Extra Note 5 is this little pencil that sits at the bottom and that allows us to make notes as if it were a notebook. It is appreciated that, for it to work, we should not necessarily go to an application. Just remove the S Pen from the Note 5, an off screen where you can annotate saved then be activated.

'Of course also the active screen while we enter the application and perform write down easily. Bringing the pen to the screen and clicking on the button with the S Pen, various functions are activated just as interesting.

The Note 5 can also be used for drawing lovers. His application for designs is really complete. Here are some samples of drawings in Note 5.

It's true that drawing app Samsung is not superior to the ones already in the online store. It was compared with Artflow a free app download playstore and its functions were higher. However, allowing the Note 5 is still remarkable compared to what they can offer other equipment.

Additional Notes to be considered Display : Dela screen brightness is really nice. This is accomplished by properly distinguish all colors without being saturated. Even in very bright environments, the Note 5 behaves in the best way.
No radius has : It's something you have to learn to live. Many high-end devices, for some strange reason, are failing to include radio. Being even close to radio Peruvian market, this should be a consideration for manufacturers.

No Wireless charging adapter : The Note 5 only brings the USB charger. The wireless charging can be performed with any receiver even from other brands.
Fingerprint : The start button is to turn the fingerprint reader. It does not work very well and is really uncomfortable if you want to activate it with your thumb. It is not aesthetically simple.

Function Multiwindow : Quality interesting, but sometimes presents its problems. Sometimes it is activated by accident.

The Note 5 becomes a team that stands on any other smartphone so good care of its size and its functions. However, details such as the RAM and how dirty it can get to be can subtract points. The design is nice and the resolution itself are appropriate.

ASUS Republic of Gamers (ROG) GX700 is the revolution in gaming laptop

2016-01-22T20:11:00.001+06:00

I will introduce today the world's first gaming laptop 4K UHD, Mobile Intel K-SKU Hydro ROG Over clocking system, and processor acelerable, which is the revolution in gaming with laptop.

ASUS Republic of Gamers (ROG) has introduced the GX700 which is the first laptop for games with liquid cooling system incorporating the removable ROG Overclocking Hydro. This powerful laptop is powered by Intel ®k-SKU 6th generation processor and graphics card NVIDIA GeForce GTX 980 ™ to provide users with ultra-fast performance in gaming. In addition, the GX700 model is the first laptop with 4K UHD and features NVIDIA G-SYNC ™ for soft games and stunning visuals.

The ROG Over clocking Hydro system enables superior gaming performance. Among the components of te equipment is a pump to circulate coolant around the heat generator. The coolant flows through the mechanism before returning to the cooling module, where two radiators help dissipate heat. The connection between the cooling module and the team ensures that the coolant flow smoothly between the two without spilling. Also, the refrigerant used provides corrosion protection for all materials and internal components such as aluminum, iron, steel and copper alloys.

It is fed by the K-SKU Intel mobile processor and a discrete graphics processing unit NVIDIA GeForce GTX 980 (GPU). Overclocking with the ROG Hydro system, users can demand CPU performance of up to 48% more than normal, with increased bclock of about 31%, also raising the clock frequencies of 3.2 GHz to 4.0 GHz. in addition, the RAM can be increased up to 43% DDR4, 2133MHz to 2800MHz for incredible performance.

The ROG GX700 laptop is the first video game in the world with 17 " display which immerses users in real environments games 4K UHD. This equipment comes with integrated NVIDIA G-SYNC technology which synchronizes the refresh rate to the GPU to minimize stuttering frames per second; eliminates the delay and visual torn to provide users with visual effects and smoother game quickly as possible.

CES 2016: Chinese believe drone that moves people, it is basically a helicopter

2016-01-17T00:12:00.000+06:00

Tired of traffic makes you lose several hours every day? Have you dreamed of flying to be the envy of all pedestrians and, in general, users of public or private transport? If so, then the "184," a drone created by the Chinese company Ehang is what you need. It is basically a helicopter where simplicity comes first.

Presented at the Consumer Electronics Show (CES), developed in Las Vegas (Nevada, USA), this drone can only move a passenger who can only carry a small piece of luggage during the 23 minutes of continuous use before needing recharge energy.

The "184" is light enough, a mere 200 kilograms. Takeoff does not require a runway, then raise verficalmente only to then move. The user does not require complex skills pilot, since only have to press a few buttons on the panel type tablet built where the destination is indicated. The drone does the rest.

Ehang says that the 184, which is fully electric devise, can carry only a single passenger up to 10 miles or roughly 23 minutes of flight. The visitor or the person in the cockpit doesn’t do any piloting, he/she just input their destination and enjoy the ride in the air. The 184 will do all the rest of tasks for us. The aircraft claims to be able to autonomously take off, fly a route, sense obstacles, and land. And if anything goes wrong, a human pilot is supposed to step in and take over the controls from a remote command station. So we don't need to worry while arriving in the air with 184.

According to its creators, the drone is safer than a helicopter to include four propellers, as well as "multiple reservations energy" and execute the program that will land at the first sign of technical problems. This new technology of helicopter will become more popular gradually and more facilities will be included in the helicopter day by day. It is the first invented technology in 2016.

The most popular desserts

2016-01-16T23:54:00.001+06:00

We all know that one of the most complicated things in planning a wedding or any event is choosing the food, especially the desserts! They should be delicious, decorative and go with current trends, the season, the occasion, etc. There are many things to consider but we want to help you decide about the right desserts for different occasions to have your table of sweets.

Simple trends

For those who enjoy a more home-style, they can relax and breathe easier because it is fashionable and homely today. Such as artisan ice cream with the indicated temperature can function as a very good snack spring wild fruit or mint with dark chocolate pieces for summer. There are many options to surprise the palate of your guests, dare to experiment!

If you want to go for a safer option, one of the most popular desserts which has continued to the head since last year, they are infallible macarons for a color matching your wedding. They can be colored to give pretty pastels or, if you prefer the local sweets, chocolate or vanilla suffice is the recommendation in this case.

Sweet salty?

It has become very common components used in desserts salty as sea salt or bacon. It sounds strange, but the truth is that the combination is surprisingly delicious. For the less daring, you better play it safe and use only small hints of salt, while the most extravagant may experience more. Either way, it is a technique that gives the dessert a very particular contrast and certainly tasty.

The wedding cakes are in many trends in appearance, but what about the taste? Vanilla is still the favorite, looking combinations with seasonal fruits when the event is something a little more rustic. The single glazed with butter cream or Italian meringue is very fashionable and give your cake a much more provocative aspect.

Great and healthy fashions

Speaking of cookies, another thing that can not miss on any party today are cupcakes. Really this dessert has been among the first and for a few years, but I do not get tired of it. Today is better to make miniature versions for your candy table, choosing less conventional flavors like chocolate and hazelnut cream, herbal liqueur, fruit with cream cheese or a red velvet infallible.

Everything sounded really delicious but it is undeniable that we are in the fitness wave, so among the most popular desserts are also those without sugar and / or gluten. Many people have chosen to eliminate these ingredients from their diet for health, although it sounds complicated. Sugar has many substitutes and gluten, although it is a little harder, too.

Ins and Outs of Negotiable Instrument

2015-07-25T13:10:00.000+06:00

Negotiable Instruments are essentially credit instruments with features of negotiability. Credit is the privilege to buy now and pay later. It also includes borrowing of money now with a view to pay later. Instruments, which evidence or acknowledge such credits are called, credit instruments. There are some credit instruments, which are not negotiable. That is why they are called credit instruments but they do not have the features of negotiability, e.g. IOU (I owe you), Postal Order etc. Among the negotiable instruments, some are negotiable under law (N.I. Act, 1881) e.g. Cheque, Bill of Exchange, Promissory Notes and other are negotiable because of mercantile usage and custom. Treasury Bonds, Dividend warrants etc. are example of Negotiable Instruments according to usage and customs.

A negotiable instruments is transferable document, which satisfies certain conditions. These instruments pass on freely from hand to hand and thus form an integral part on the modern business. Definition of Negotiable Instruments:

As per sec. 13 of N.I. Act “A negotiable instrument means a Promissory Note, Bill of Exchange or cheque payable either to order or bearer.”
Justice K.C. Wills defines a negotiable instruments as “The property in which is acquired by anyone who takes it benefice and for value not withstanding any defect of title in the person from whom he book it.”
Thomas defines as “An instrument is negotiable when it is, by a legally recognized custom of trade or by law, transferable by delivery or by endorsement and delivery, without notice to the party liable, in such a way that (a) the holder of it for the time being may sue upon it in his own name, and (b) the property in it passes to a benefice transferee for value free from equities and free from any defect in the title of the person from whom be obtained it.”

Essential features of negotiable instruments are below:

a) The Negotiable Instruments are easily transferable from one person to another and the ownership of the property in the instrument through delivery in case of bearer and endorsement and delivery in case of order instruments. Transferability is an essential feature of a negotiable instrument but all transferable instruments are not negotiable instruments.

b) A Negotiable instrument confers absolute and good title on the transferee, who takes it in good faith, for value and without notice of the fact that the transferor had defective title thereto. This is the most important characteristic of a negotiable instrument. A person who takes a negotiable instrument from another person, who had started it from somebody else, will have absolute and undisputable title to the instrument, provided he receives for value and in good faith without knowing that the transferor was not the true owner of the instrument.

c) The holder of a negotiable instrument, who is legally called the holder in due course, possesses the right to sue upon the instrument in his own name. Thus he can recover the amount of the instrument from the party liable to pay thereon.

d) There are certain presumptions applicable to all Negotiable Instruments. One such is that the instrument has been obtained for consideration.

e) Decree can be obtained in the case of suit or promissory notes and bill of exchange much more quickly than in the case of other suits. This is because of special procedures prescribed for other suits.

Security Deposit Receipt (SDR)

2015-07-20T00:52:00.004+06:00

A security deposit receipt is a written undertaking issued by a branch of a bank to pay a certain sum of money to a specified person or organisation. A security receipt is issued and paid by the same branch of a bank and as such the same. The person or the organization in whose favour it is issued is known as beneficiary. It is sold to the applicant on payment of value who may or may not be our customers and is called the purchaser. The person or the organisation in whose favour it is issued is known as beneficiary it is sold to the applicant on payment of value who may or may not be our customer and is called the purchaser. A security deposit receipt may be sold to any person who desires to offer the same in payment of arnest money, security deposit and other dues to Government agencies autonomous bodies, companies, local authorities etc. in the course of business and other dealings.

Characteristics & payment:
1. It should be paid to the beneficiary after proper identification or it may be credited to his account & it is not transferable.
2. On the application presenting his receipt purporting to be discharged by the beneficiary, payment of the amount will be effected to the applicant.
3. The bank will not be required to examine the genuineness or otherwise of the beneficiary’s discharge on the security receipt unless the beneficiary has furnished to the bank a specimen of his signature duly attested by an authorized officer of the bank.
4. The bank reserves the right to effect payment of the amount of this security deposit to the applicant on his surrendering this receipt to the bank even without beneficiary’s discharge.

Different Bank Accounts Opening Process

2015-07-20T00:48:00.001+06:00

Banking sector is flourishing day by day. Banks are engaging themselves for different types of servicing for their customers. But at the beginning of availing some services, customers have to open account without any lapses in the bank. There are different types of accounts in banks, such as individual account, joint account, clubs & society account, trustee account etc. I will discus about these account opening procedures which will help bankers for their career and for safety of banks.

Individual account opening
1. The account opening form and specimen signature card shall be supplied to the customers which shall be filled and signed by him.
2. Suitable introduction shall be obtained from a respectable party known to the bank account holder/bank officer.
3. Manager shall use sufficient intelligence and common sense in ascertaining the genuineness of new accounts.
4. It shall be ascertained from the reference book that the new account is not similar to any other account opened earlier. Note to this effect shall be made on the account opening form and the ledger, if there is any similarity.
5. The signature of the introducer shall be verified by the officer incharge of deposit department.
6. The Manager’s approval shall be obtained on the account opening form. In case of big branches the officer incharge of Deposit Department may also approve the account opening form.
7. In the event of death of the individual, all operations in this account shall be stopped forthwith. A red line shall be drawn just below the balance of the account. As soon as information is received either through news paper per some reliable source about the death of a constituent, the date of death and source of information shall be on the ledger folio of the relevant account.

8. Balance of deceased account may be paid with the approval of Regional Chief/Head Office.
In cases where the Regional Chief/Head Office is satisfied about the bonafied of the beneficiary of the deceased, balance may be paid to clients under a letter of indemnity executed in a non-judicial stamp paper by legal heir(s) of the deceased without succession certificate upto an amount, fixed by the office. In addition, a surety of equivalent amount should be obtained from a respectable person, acceptable to the bank, who should be preferably a known client of the Bank having net worth/balance. Succession certificate will however be obtained for disposal of sasses exceeding the amount, fixed by head office.
9. The balance lying to the credit of a deceased account shall not be a claimant against any will left by that deceased.

Joint Account opening
1. The account opening form and specimen signature card shall be supplied to the customers which shall be filled in and signed by them.
2. Suitable introduction shall be obtained from a respectable party known to the bank.
3. Manager/officer shall use sufficient intelligence and common sense in ascertaining the genuineness of new accounts.
4. The signature of the introducer shall be verified by the officer Incharge of deposit department.
5. At the time of opening the account, clear and specific instructions shall be obtained regarding operation of the account and payment to the surviving member in the event of the death of one or more joint account holders which may be in any of the following forms: (a) The account shall be operated by any joint account holders.
(b) By either or survivors.
(c) By any 2 or more joint account holders or by any 2 or more survivors jointly.
(d) By all the account holders jointly.
(e) By all the survivors jointly.

These instructions, as far as possible, shall be obtained in the handwriting of the parties concerned, preferably under the signature of all the joint account holders.
6. In the event of any of the joint account holders becoming bankrupt all operations in the joint account shall be stopped until fresh instructions are given by remaining solvent account holders jointly signed by them and the official assignee.
7. No overdraft shall be allowed in a joint account, unless it is opened on jointly by all the parties to the account and charge documents in respect thereof are also signed by all of them.

Clubs and Society account opening
Procedure for opening accounts of clubs and society are follows:
1. Before opening an account in the name of clubs or other such societies, the banker must verify that a resolution was passed by the managing committee appointing the bank concerned as the banker of the question. Also information regarding the name of persons set incharge of operating the account be noted.
2. In case of borrowing by the club, the banker should consult the charter or memorandum of the club to find out whether it has the power to borrow, and if ‘yes’ whether there are any limitations in exercise of such a power.
3. In case of death or resignation of the person incharge of operating the account, the banker should stop operations on the account till another person is nominated by the club.
4. The banker should exercise due care to see that proper inquiries are effected in case it is suspected that the money of the club has been transferred to the personal account of the person incharge of the operation.

Trustee account opening
According to the trust Act of 1882, a trust is a obligation annexed to the ownership of property and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him for the benefit of another, or of another and the owner. The person who reposes the confidence is called the ‘Settlor or another Author of the Trust’ and the person in whom this confidence is reposed is called the ‘trustee’. The person for those benefit the trust is formed is called the beneficiary. A trust is usually formed by means of a document called the ‘trust deed’.
When an account is opened in the name of a person as trustee, the banker has duty to the real owner to see that no trust funds are fraudulently transferred by the trustee to his personal accounts. Besides, a banker should take the following precautions in opening an account of a trustee:
1. The banker should thoroughly examine the trust deed appointing the application as trustees, so as to as certain their powers and functions.
2. Incase of two or more trustees, clear instructions as to the person/persons who shall operate the account must be sought. In the absence of such instructions, no cheque short of the signatures of the entire trustee is honored.
3. While granting loans to trustees, the banker should thoroughly examine their borrowing powers as per the trust deed. Where mortgage or pledged is created, provision in this regard should again be inspected in the trust-deed, because without such a provision on the trust deed, trustees are not allowed to pledge or mortgage the trust properties.
4. in case of death of retirement of a trustee, much depends on the instrument of trust, as to whether the surviving trustees could act without the appointment of a new trustee in place of the deceased. The banker has therefore to carefully look into the trust deed to ascertain the exact position before allowing survivors to operate on the account. Where all the trustees die, the court would naturally appoint a new trustee.
5. Where the trustee becomes ‘insolvent’, the trust property is not affected by such insolvency and belongs to the beneficiaries, and the private creditors of the trustee, therefore, can not claim it.
6. In case of the trustee’s ‘Lunacy’ the banker must not permit operations on the account by such a trustee. In case the trust account is indebt, it must be stopped, and a fresh account opened for future operations by the new trustee.

Ins and outs of Bank Companies Act, 1991

2015-06-22T21:46:00.000+06:00

Bank Companies Act, 1991 is a guideline for Banks is a guideline for Commercial Banks and the Central Bank of the country as well. All banks of Bangladesh have to abide by the provisions of this Act. This Act has given necessary power to the Central Bank i.e. Bangladesh Bank to control the Commercial Banks and Specialized Banks in line with its monetary policy. This Act has 124 Sections. I will not discuss all the sections rather discussing ins and outs of this act.

Power of the Bangladesh Bank to control the law making of advances:
1. Whenever the Bangladesh bank is satisfied that it is necessary in interest of the public to do so, it may make the policy subject to advances to be taken by the bank companies in general or their bank company related or by any bank company in particular and when the policy has been so determined or the bank company concern shall be bound to follow the policy that it determined.
2. without prejudice to the generality of the poser conferred by sub-section, the Bangladesh Bank may make directions to bank companies in general or to any bank company in particular or any particular group of bank companies which is compulsory followed in respect of the under written matters-
(a) The credit ceiling to be furnished;
(b) The ratio to be cited between the total advances and small loans or other loans;
(c) The motive of which advances may or may not be drawn;
(d) The maximum limit of the advances may be given to Bank Company, special classes of banks or companies or person or group of persons;
(e) The secured advances and the margin of requirement; and
(f) The rate of interest to be determined on advances.

3. If any bank company default to comply with any direction referred to a subject mentioned in clause (a) and (b) of sub-section (2), the Bangladesh Bank may order that banking company to deposit at the Bangladesh Bank such amount of money as the letter may be determined; and the said banking company shall be liable to comply with such order on that conditions as the Bangladesh Bank may determine.
    Provided that the Bangladesh Bank may not pass any order to the said bank company to deposit such amount as exceeding the amount in regard of that the said default has been created.
4. The amount which is deposited with Bangladesh Bank under subsection (3) or any portion thereof may be remitted by it to the Bank Company either conditionally or unconditionally by an order in black and white i.e. in writing.

Power of the Bangladesh Bank to give of directions:
1. Where the Bangladesh Bank is satisfied that:
(a) In the public interest, or
(b) Improvement of the monetary and banking policy, or
(c) Prevention the affairs of any Bank Company having conducted detrimental of the interest of the depositors or in a manner prejudicial to the interest of the depositors or in a manner prejudicial to the interest of the Bank Company, or
(d) To make sure the proper management of any bank company in general, or
(e) It is inevitable to issue directions to banking company in general or in particular, it may issue such directions as it thinks fit and the Bank Company shall be bound to carry out such directions.
2. The Bangladesh Bank may cancel or modify any direction issued under sub-section (1) on representation to it or its own motion. Such cancellation or modification may be subject to any condition.

The future power and sanction of the Bangladesh Bank:
1. The Bangladesh Bank may:
(a) Caution or prohibit Bank Companies generally or any bank company in particular against making uinto any particular transaction or class of trasacntions;
(b) Require bank companies in general or any bank company particularly to refrain from such action as it may specify in relation to any matter in relation to the business of that bank companies or bank company or to take such action in relation there to as the Bangladesh Bank thinks proper.
(c) On request of the concerned bank company and subject to the provisions under section 76.
(d) During the inspection under section 44 or after ending such inspection, by order in writing and such condition as may be specified therein-
    (i) Require the bank company to invite a meeting with its directions with a view to considering any matter or may direct any officer of it in order to discuss such matter with an officer of the Bangladesh Bank;
    (ii) Deputy any of its officers to observe the proceedings at any meeting of the board of director of the bank company or of any committee or of any other body constituted by it and require the bank company in order to give an opportunity to that officer to be heard as such meetings, and require the officers to send a report at such meeting to the Bangladesh Bank.
    (iii) Require the bank company to send to any officer specified by the Bangladesh Bank the order communications in relation to any meeting of the board of directors of the bank company or of any committee or of any other constituted by it;
    (iv) Any of its officer for the purpose of observing the manner where the affairs of the bank company or of its branches are being conducted.
    (v) Within the specified period, require the bank company within such time as the Bangladesh Bank may specify in the order, such changes in its management as the Bangladesh Bank may bring under consideration as it thinks necessary in consequence of the state of affairs disposed un during or after the inspection.

2. The Bangladesh Bank shall make an annual report to the government trending to progress of banking in the country. In this report, it is suggested with a view to strengthening of banking business throughout the country and the required steps to be taken in that behalf shall be stated.

The restrictions on purchase of shares of bank:
1. The share of Bank shall not be come under centralization of any person, company or the members of the same family, on person, no company or member of the family either individually or jointly or in both ways, shall buy more than ten percent (10%) of the share of a bank.
2. A buyer shall make an oath declaration at the time of buying shares of a bank that he is not purchasing the share as nominee or in Benami of other person and he has never bought any share in Benami share before.
3. If the subject matter of the submitted oath or declaration paper is proved, as false, the all the share of concerning Bank shall be fortified to the Bangladesh Bank.
4. If any one maintained in sub-section (1) holds more share than fixed in that sub-section immediately before the coming into being of the Bank Companies Amdt. Act. 1995 (Act XXV of 1995), more shares than determined in this section, within one year of the coming in being of that amendment, he shall sell such shall share to a person who is not the member of the said company or family or to a company or institute who has not taken share in that company.
5. If additional share, which is mentioned in sub-section (4), is not sold within the limited and time conditions that are mentioned therein. In this field, that additional share shall be vested with the Government or any institution fixed by the Government, the Government of the said institution shall pay the value or market value, which is less between the two.
6. Notwithstanding contained in this sub-section, it shall not be applicable to the Government.
Explanation- In this sub-section the said “family” consists of wife, husband, father, mother, sons and daughters, brothers and sisters of any person and all those who are defendant on such person.

The restrictions of paying of Loan and Advances:
1. No Bank Company shall-
(a) Draw any loans or advances against the security of its own share; or
(b) Without security the person mentioned below draw any loan; or advances to any of the following persons of institutions or draw any loan or advances in cases where those persons are grantors: (i) Any of its directors; (ii) Any of the members of the family of any its directors; (iii) Any commercial institution or private company in which the Bank Company or any of its directors or any member of the family of any directors are interested as director proprietor of partner;
(iv) Any public limited company which is at any means regulated by the company itself or any of its directors or any member of the family of any of its directors or the shares of those are held by any of the said persons to such an extent about giving it regulate of no less than 20% of the voting rights.
2. No Bank Company under the following ground, draw loans or advances to any of the following persons of institutions without the approving of the majority of the directors, having the director concern- (a) To any of its directors; or (b) Persons, commercial institution or company in which any of the directors of the said Bank company is willing to as partner, director or guarantor.
Explanation- In this sub-section “director” means the directors wife, husband, father, mother, son, daughter, brother, sister and other persons dependent on the Director.
3. Repealed.
4. The managing director of every bank company shall, before the close of the month succeeding that to which the return relates, submit to the Bangladesh Bank a return in the form and manner prescribed by rules, and in the same return the following particulars shall be mentioned- (a) All loans and advances sanctioned by it to companies, private or public, in which the banking company or any or its directors is concerned as director; and (b) All loans and advances sanctioned by it to public companies in which the banking company or any of its directors is concerned as managing agent or guarantor.
5. If on verifying of any return which is submitted under sub-section (4), it appears to the Bangladesh Bank that any loans or advances referred in that sub-section have been granted to the detriment of the interests of the depositors of the Bank company the Bangladesh Bank may by order in writing for forbidding the Bank Company granting loans or advances or impose restrictions on the granting of that loans and advances on the grant thereof as it thinks proper and may be like pass an order directing the bank to secure the payment in advances of any such loans or advances within such time as may be specified in the order.

The Goals of Islamic Banking

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The present-day world is experiencing a number of economic ills including poverty of a large proportion of mankind, social and economic injustice, gross inequalities of income and wealth, high rates of unemployment, economic instability, inflation and erosion of the real value of monetary assets. All these maladies, in spite of being in conflict with the value system of Islam, are as prevalent in the Muslim world as elsewhere. No doubt they have a number of root causes. However, the failure to provide a stable and just money and banking framework has been one of the major contributing factors. No economic system can sustain its health and vigour or contribute positively to the achievement of its socio-economic goals without the support of a same equitable money and banking system.

The philosophical underpinnings
The money and banking sector of any economic system does not operate in an ideological vacuum. It has its own philosophical background and objectives. Its institutions evolve gradually to perform the functions necessary for enabling the system to realize its basic goals and to perpetuate itself by surviving the recurring shocks of history. The capitalist money and banking system is also essentially an integral part of its parent ideology. It serves the objectives of capitalism.

There is nothing inherently wrong in borrowing institutions from other cultures, provided that they are reformed appropriately to serve the goals of the guest culture. The question is whether the capitalist money and banking system, gradually adopted by Muslim countries over the last two centuries, can be made to serve the goals of Islam instead of those of capitalism without any fundamental reform. The answer could be positive only if it is assumed that the goals of capitalism and Islam are the same or that the institutions constituting the capitalist money and banking system are ideologically neutral and do not help the system realize its ‘inherent’ objectives.

The GoalsThe money and banking system should, like other aspects of the Islamic way of life, not only contribute to the achievement of the major socio-economic goals of Islam but also perform the functions that relate to its own special field. The principal goals and functions are:
1. Broad-based economic well-being with full employment and optimum rate of economic growth;
2. Socio-economic justice and equitable distribution of income and wealth;
3. Stability in the value of money to enable the medium of exchange to be a reliable unit of account, a just standard of deferred payments, and stable store of value;
4. Generate adequate savings and mobilize these efficiently goals; and
5. Render effectively all services normally expected from the banking system.

It may be asked at this point whether the goals of Islam, as stated above, are not the same as those of capitalism. On the surface they may appear to be the same but in essence there is a fundamental difference arising from the differences in the roots of the two systems, the Islamic economic system is morally-based while capitalism is secularist and morally-neutral. The ensuing discussion should help to make this point clearer.

1) Broad-based economic well-being with full employment and optimum rate of economic growth:
Islam is not an ascetic religion. It takes a positive view of life as the natural outcome of the belief that human beings are the vicegerents of God. They must lead a life that befits their status, and the Divine Guidance embodied in Islamic Teachings is intended to help them in the realization of this objective. It is designed to serve as a ‘blessing’ for mankind and aims to make life richer and worth the living, not poorer and full of hardships. Hence Muslim jurists have unanimously held the view that welfare of the people and relief of their hardships are the basic objectives of the Shariah. This view, when applied to the economic aspect of life, implies economic well-being through satisfaction of all basic human needs, removal of all sources of hardship and discomfort and improvement in the quality of life. In fact, any struggle intended to fulfill basic human needs, to remove misery and to make life a blessing has been equated by Islam with an act of virtue. Hence full and efficient employment of human resources is an indispensable goal of the Islamic system, because it helps realize the objective of board-based economic well-being and also imparts to human beings the dignity demanded by their status as God’s vicegerents. Full and efficient employment of material resources is also essential because according to Islam all resources in the heavens and the earth are meant for human welfare and need to be exploited adequately, without excess of wastefulness for the purpose for which they have been created.

While a high rate of economic growth should be the natural result of policies leading to full and efficient employment of human and material resources and broad-based economic well-being, it is not of prime importance if it is attained through the production of inessential or morally undesirable goods and services, leads to an excessive and everly rapid use of God given resources at the expense of future generations who are equal owners of these resources, and harms present or future generations by degenerating their moral or physical environment. A high rate of growth is not essential to the extent to which it contributes to full employment and broad-based economic well-being, but beyond this its importance would have to be carefully weighed against all its other implications.

2) Socio-economic justice and equitable distribution of income and wealth.

The goals of socio economic justice and equitable distribution of income and wealth are an integral part of moral philosophy of Islam and are based on its unflinching commitment to human brotherhood. The capitalist conversion to socio-economic justice and equitable distribution of income is, on the contrary, not based on a spiritual commitment to human brotherhood, but rather is the outcome of group pressures. Accordingly, the system as a whole, particularly its money and banking arrangement, is not geared to these goals, are glaring disparities of income and wealth continue to be generated.

Nevertheless, because of the influence of socialism and pressures, some of these inequalities are being partly reduced by taxation and transfers. In contrast Islam tries to uproot the causes of gross inequalities at their source, also using zakat, taxation, and transfers as additional measures to reduce inequalities over further to bring about distribution of income which is in conformity with its concept of human brotherhood. Hence it is essential that even the money and banking system and monetary policy are so designed that they are finely interwoven in to the fabric or Islamic values and contribute positively to the reduction of inequalities.

3) Stability in the value of money

Stability in the value of money should be an important goal in the Islamic frame of reference because of the unequivocal stress of Islam on honesty and fairness in all human dealings and the adverse effect that inflation tends to have on social justice and general welfare. Inflation implies that money is unable to serve as a just and honest unit of account. It makes money an inequitable standard of deferred payments and an untrustworthy store of value, and enable some people to be unfair to others, even if unknowingly, by stealthily eroding the purchasing power of monetary assets. It thus imposes a welfare cost on society to the extent to which it reduce the efficiency of the monetary system. It tends to pervert values, rewarding speculation (discouraged by Islam) at the expense of productive activity (idealized by Islam) and intensifying inequalities of income (condemned by Islam). Moreover, inflation conflicts with a riba-free (Interest) economy because it corrodes its raison deter of social justice. Although Islam urges justice to the borrower it does not approve of injustice to the lender. Inflation undoubtedly does injustice to the riba-free lender by eroding the real value of qard hasan a loan extended without interest or profit-sharing (qurud hasanah).

It may be suggested that, in the current worldwide inflationary climates, the Islamic imperative of socio-economic justice could be satisfied by indexation, or monetary correction, of all income and monetary assets including qurud hasanah. Proper monetary correction would, however, require the indexation not of income or monetary assets but of purchasing power, which is determined by the consumption and investment pattern of individuals. Socio economic justice would require the indexation of income and monetary assets by the use not of only universal index but of several indices based on different expenditure patterns. In contrast with this, widespread index-linking of incomes and monetary assets based on one universal index has not been found to be feasible because of the complexities involved and the high administrative costs of implementation. Hence indexation of only some income and monetary assets has been tried. The widest use of indexation has been in the field of wages, salaries and pensions. Indexation has also been tried for some financial assets (e.g. bank loans and deposits, Government banks), taxes, rents and mortgages.

While indexation might help ameliorate partially the inequities arising from inflation, it is not a cure of inflation. Tt may, in fact, tend to accelerate inflation and be self-defeating unless inflation is on the decline and remedial monetary, fiscal and incomes policies are being adopted. It seen therefore, that while indexation may be feasible to a limited scale and may be resorted to as a temporary sedative for the pain of inflation, the policy alternative which would best conform to the norm of socio-economic justice emphasized by the Shariah is price stability and not indexation.

Indexation of Qurud Hasanah has so far been rejected by the fuqaha because they generally consider it similar to riba in its essence. Their opposition to indexation of riba-free loans is also defensible on economic grounds because, even though it is proposed with the innocent objective of doing justice to the riba-free lender, it has the potential of initiating gross injustice to the borrower.

While inflation is in conflict with Islamic values, prolonged recession and unemployment are also unacceptable because they bring misery to certain sectors of the population and also act counter to the goal of broad-based economic well-being. A recession also tends to increase uncertainty and discourages investors from undertaking risks associated with projects that earn a return over many years. Hence, in the interest of achieving the overall objectives of Islam, it should be considered obligatory for the Islamic state to eliminate or minimize economic fluctuations and to stabilize the value of money by cutting at the roots of inflation as well as recession.

A generally accepted principal in capitalist economics is a tradeoff between unemployment and inflation. In the context of Islamic values, the concept of trade-off is questionable. While inflation is iniquitous and against the interest of long run well-being, unemployment of human resource is inequitable. It not only conflicts with the value of dignity of God’s vicegerent but also vitiates the realization of equitable distribution of income. Moreover, it is doubtful weather it is essential to have inflation to achieve full employment or to have unemployment to avoid inflation.

In the Islamic system both unemployment and inflation are undesirable, and both need to be eschewed oven though this may require fundamental changes in economic relationships. If aggregate demand is to be contained or lowered to avoid inflation, then in the overall interest of social justice and broad-base economic welfare a value judgment needs to be made about which demand should be contained or reduced an how. In a value-oriented system it would be indefensible to allow demand to expand in essential directions to attain a high rate of economic growth and, if this generates inflation, it would be equally indefensible to try to control it by reducing aggregate demand in a general, across-the board manner by crating human unemployment. Similarly, full employment must be ensured even if this demands a restructuring of production and designing of suitable technology. Hence it would be essential to regulate aggregate demand, restructure production, design a suitable technology and have an appropriate mix of monetary, fiscal and income policies to avoid both inflation and unemployment and to ensure broad-based economic wellbeing with a realistic rate of economic growth.

4) Mobilization of savings

The goal of mobilization of savings is essential because Islam categorically condemns hoarding of savings and demands their productive use for the realization of the socio-economic goals of Islam. Nevertheless, it is not possible for every savers to employ his savings productively. It would, therefore, be in the nature of fulfilling Islamic teachings if efficiently organized financial institutions could mobilize idle savings and channel them efficiently into productive uses. Such institutions should be properly equipped to be generally able to meet the genuine, non-inflationary financing needs of both the public and the private sectors for the realization of the economy’s goals.

However, riba or interest has been prohibited by Islam and neither the saver nor the user of saving is allowed to receive or pay riba, defined by the fuqaha as a predetermined positive rate of return on savings or loans. The fuqaha have, however, recognized profit which may be positive or negative and which is not predetermined like riba. Hence, in the interest of implementing Islamic teaching it is necessary to organize a banking system which mobilizes savings and yet operates, not on the basis of riba like the capitalist system, but by sharing the net outcome, whether profit or loss.

Moreover, if the economy is unable to generate adequate demand to enable the gainful employment of the idea physical and human resources, then the system should be able to bring about a sufficient monetary expansion within a non inflationary framework.

5) Rendering other service
The system should not only be able to mobilize savings effectively and allocate them efficiently for their optimum productive use to meet the needs of a growing and healthy economy but should also be able to develop primary and secondary money markets, render all banking services to the public at least as efficiently as the existing banking institutions and fulfill the non inflationary financial needs of the Government.

The development of both a primary and secondary market is essential for efficient mobilization of financial resources. While the existence of primary markets is needed for providing financial resources to those who can employ them productively, the existence of secondary markets is essential to help savers and investors ‘Iiquify’ their investments whenever they feel the need to do so. The absence of secondary market should compel severs to hold larger balances for precautionary motives, thus increasing hoardings and reducing the rate of economic growth by preventing savings from performing their natural role.

Stable, riba-free and social-welfare oriented
Is it possible to organize adjust, stable, riba-free and social welfare-oriented money and banking system for the present-day Muslim countries, all of which have developing economics? The scheme presented should be realistic and consist of a set of feasible and practical proposals which would not only solve the existing difficult financial problems of the governments but also stimulate the savings of the private sector and mobilize them efficiently for the accelerated growth of the Muslim economic system within the framework of the socio-economic goals of Islam.

Reference: An extract from the paper ‘Money and Banking in an Islamic framework’
By Dr. M. Umar Chapra.

Socio-economic impact of Islamic banking

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Bank, the most powerful instrument to shape the economy of a society, works as the intermediary between the savers and the actual users of money capital. Small savings can not individually form viable capital but when those are brought in a pool, form a sizeable money capital which plays a very important role in economic development of a country. Banks pool the savings and lends out of the same for promoting productive activities of the society.

Historically banks have performed their functions on the basis of a fixed return i.e., interest. Interest forms the basis of relationship of the bank with the depositors as well as the user of money capital. The purpose of this Short Essay is to demonstrate that the basis i.e., interest works to the detriment of social interest affecting the allocation of resources, level of economic activities and value of money in undesirable ways (1). And also to demonstrate as to how profit and loss sharing banking (Islamic banking) results in desirable effects on the allocation of resources, level of economic activities and value of money. Adoption of Islamic banking will not only save the humanity from evil consequences of interest, it will also contribute to socio-economic justice and equitable distribution of income and wealth (2), favour weaker sections of the society (3) and help establishing harmonious relationship among different groups of the people contributing towards greater stability and peace.

On allocation of resources
Conventional banks are profit oriented and their resources are allocated in such a manner so as to ensure profit earning for the institution. On the other, Islamic bank is welfare oriented and interested in maximizing social benefit.

In most of the free societies the people belong to mainly 3 (three) classes (i) the upper class, (ii) the middle class and (iii) the lower class. The upper class is economically solvent and commercially viable. A bank can earn a lot by investing with the people belonging to this class. The middle class having scarce balance income maintain their lives mostly at subsistence level. They are instantly not viable commercially but there is the bright possibility of their becoming so if financial assistance is extended in case of necessity. The other class is said to be the class of have nots. They are neither instantly viable nor have the possibility of their becoming so. They require charity services from the society.

In developing countries like Bangladesh approximately 90% people remain untouched by banks. They have no balance income to maintain an account with bank. Banking is monopolised by remaining 10% people. Out of this ten percent 9 are depositors and one belonging to the upper class is actual user of fund. In other words capital accumulated by nine is consumed by one. As the conventional banks are mostly concerned with earning interest, they continue this process of transferring resources from the poorer sections of the people to the richer. They do not bother for the nonviable groups of the people.

Islami bank in sprit has the concern for all the three classes of people. It has three heads of allocation of resources for three classes of people. (a) Investment fund for earning profit, it goes mainly to the upper class. (b) Qard for making the prospective one viable, it goes mainly to the middle class. (c) The Zakat and Sadaqa fund for sustaining and establishing the have nots in life, it goes to the lower class. By allocating resources in this manner Islami bank tries to bring harmony among different groups of the people and works as an automatic instrument for balancing the society.

On economic activities:
Conventional Bank is by nature less productive and discouraging to the new entrepreneurs. In interest based system the income of the bank is fixed and in no way related with actual outcome of business. Safe return of principal amount along with fixed interest is sufficient for them. So, they do not require to bother for better performance or more production in the projects financed by the Bank. On the contrary Islami bank is not owner of any predetermined fixed income from its investment. It is directly related with the business and have to share the actual return from business either profit or loss. So, by virtue of its nature Islami bank is concerned with better performance and more production by its clients. If clients earn profit bank will be benefited and in case of loss bank have to share the loss with the client. Massive loss by the projects financed by the bank shall threat the very existence of the bank. So, for the very survival, Islami bank has to extend its helping hands to the clients. It will help the clients with necessary Counsel and Co-operation for making the venture a success. Joint efforts by both the bank and the client will lead the project to sure success. In this process Islami bank will boost up production and bring prosperity to the society.

Islami bank by its activities encourages more and more investment and develops new entrepreneurs. Conventional banks make the people inactive. If any body can save Tk. 100,000/= he can easily earn a definite return of Tk. 12,000/= at the end of the year simply by depositing the amount to the bank without making any effort for productive investment of his money, when the rate of bank interest is 12% per annum. Where there is the opportunity of riskless definite income people do not dare to take risk of investment for uncertain return. The result is obvious-new entrepreneurs do not emerge and old one becomes poured with unmanageably large capital. But when the entire banking system will be Islamised then there will remain no room for unearned income. In an Islamic banking system the owners of money will have two alternatives to invest; they either deposit their money with a bank or may invest by themselves for further generation of cash. In both the cases they have to solder the risk of loss. Naturally in such a situation they will prefer the last one which will ultimately result into emergence of more and more new entrepreneurs. In conventional banking system the risk of business solely rests with the entrepreneur. Bank does not take the risk of loss. In case of loss also the entrepreneur has to pay both principal and interest alike. But in Islamic system bank acts as the automatic insurer for the entrepreneur by sharing the loss of the venture. So business undertaking in collaboration with Islami bank is less risky and much encouraging for the entrepreneurs. Result is obviously development of entrepreneurial skill and creation of a congenial climate for investment which is the prime concern for economic development of a country.

On value of money:
In Islam, money is a measuring scale and a unit of account. It stresses unequivocally on keeping money value stable. Erosion in the value of money i.e., inflation is denounced in Islam. Inflation implies that money is unable to serve as a just and honest unit of account. It makes money an inequitable standard of deferred payment and an untrust worthy store of value (4). Interest in the main cause of inflation which is a curse of modern economy. Interest on borrowed funds used in production raises the cost of goods and services. Similarly, interest earned by the depositors adds to the money supply. Thus both these interest rates i.e., the lending rate and the borrowing rate of an interest based bank work as two edges of a double edged sword-one inflates the cost of goods and services and the other inflates money supply in the market. Economists are unanimous that cost push and inflated money income are amongst the major causes of inflation (5). Interest contributes positively to both these causes. Islami bank closes both the doors of inflation. It neither realizes any definite amount from the client nor pays predetermined excess to the depositors. Islami bank shares the actual return of the business either positive or negative; distributes a portion of the positive return as profit among the depositors and writes off the negative return from its books of account. So, no question of raising cost of production arises and the barometer of money supply in the market moves with ups and downs in supply of goods and services.

The Modern world is tired of fighting inflation; Western economists are busy with controlling inflation by using age old principle of changing rates of interest. Rise in rates of interest begets further inflation instead of arresting the same. But profit and loss sharing banking may respond positively and act as automatic controller of inflation which is the crying need of the time.

Conclusion:
The world has been experiencing a number of economic ills. Interest sustains most of them. To get rid of the ills Kynes suggested zero rate of interest. That is not also the just answer. The correct answer is PLS banking i.e., Islamic banking. Mr. Sanat Mehta a former Finance Minister, State of Gujrat, India quoting IMF staff papers commented that ‘Interest free banking system based on Islamic tenants may adjust more easily to financial shocks and thus prove to be more stable than its western counterparts (6). One thing deserves mention here that banking is the most important element for ensuring harmonious growth of economy but not the only element. So to achieve optimum result other agencies – political, social, economic, monetary and fiscal must also play a complementary role. The impacts discussed here may be expected from a total Islamic banking system and not from one or two micro Islamic banks (7).

References:

(1) Rationale of Islamic banking – Dr. M. Najatullah Siddiqui.
(2) Money and Banking in Islam – Dr. M. Umar Chapra
(3) Al Quran, Sura Wuasas Ayat No. 5-6.
(4) Money and banking in an Islamic framework-Dr. M. Umar chapra.
(5) Islamic banking and some common misgivings- Clarifications from socio-economic
points of view-M. Azizul Huq, Executive President, Islami bank Bangladesh Limited.
(6) Quoted from a letter of Mr. Sanat Mehta enclosed with a letter dated 22.10.1986 addressed to Islami Bank Bangladesh Limited by Mr. Hunaid Khorakiwala for an sponsor of Profit Sharing Bank in India.
(7) Islamic Banking System –A Road to Social Justice
- M. Azizul Hqu. Executive President
Islami Bank Bangladesh Limited

Murabaha Post Import (MPI) Investment

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I have discussed about different Islamic banking systems in my previous articles. Now, I shall discuss about MPI. MPI stands for Murabaha Post Import, i.e. Murabaha trade on procurement of goods by importation. In other words, Bai Murabaha by import. It is also a form of investment of Islamic banking.

These are the steps of Murabaha Post Import investment:

1. Check-up Credit Restriction Schedule of Central Bank and Head Office Current Investment Policy Guidelines. Reject proposal if it conflicts with the existing Credit Restrictions of Central Bank and Head Office Policy Guidelines.

2. Visit the Business establishment of the Client. Tally the Particulars, information and figures in the application form with the original documents/papers and be sanguine about genuineness and correctness. Obtain additional information, particulars, facts and figures if required.

3. Talk to the business and important personalities of the locality to ascertain the honesty, integrity and business dealings of the client.

4. Request for confidential report of the client from local Bank Branches. Do not finalize the proposal until the confidential reports from all Bank Branches are received.

5. Confidential Reports should also be obtained from local financial, credit and leasing institutions, if felt necessary.

6. Obtain report from Credit Information Bureau (CIB) of Central Bank through Head Office Investment Division as per Instruction Circular of Head Office in this regard.

7. Obtain declaration of the client about his liability (both contingent & real) with other Banks/financial Instructions/Leasing Companies including any other Branches of Al-Arafa Islami Bank Limited.

8. Obtain Financial statement/Balance Sheet of the client for the last three consecutive years for investment proposals as per Head Office instruction. This is to be furnished by all clients irrespective of their status, i.e. individual, proprietorship, partnership, private/public limited company, Trust Body etc, engaged in business.

9. Inspect Land, Building(s), other Assets and Properties proposed to be Mortgaged or Hypothecated. Ascertain Prima-facie genuineness and correctness of those in cross-references to documents, title deeds and other relevant papers. Ascertain primarily the market value and the forced sale value of the proposed collaterals.

10. Forward Documents, Title Deeds and other relevant papers to the approved lawyer of the Bank for examination and furnishing his opinion. (Lawyer’s opinion should be clean and without ambiguity.)

11. Obtain Lawyer’s opinion.

12. Please study the following carefully and note down the actual findings in the Appraisal form against each item:
a) Whether the proposed MPI goods are readily saleable and have constant and effective demand in the market.
b) Whether the Price of the goods is subject to frequent and violent changes.
c) Whether the goods are perishable on short or in long-term duration.
d) Whether the quality and other specifications of the goods are in conformity with PI/Indent.

Please note that market price and cost price should be carefully studied by the investment committee of the Branch and properly recorded, verified and signed.

Please also give special attention to the following:
- Composition of Assets of the Client, viz. (Cash, Goods, Investments, Building, Landed Property, Stock in trade, Work-in-process, Marketable securities etc.)

- Extent and nature of liabilities of the client, i.e. whether the volume is within the manageable capacity of the Client. Opinion in this regard and justification thereof must be clearly mentioned.

- The value of Liquid Assets, viz. Cash and Book Debts of the Client.
- Respectability and Business Reputation of the Client in the Market.
- Experience of the Client in the Business.
- Where the goods will be stored and how the same will be sold. Whether the arrangement is satisfactory and Bank’s interest will be protected properly.

13. Guideline for working out the Cost and Sale Price of MPI goods:

Work out the sale price of goods and other expenses to be incurred as per following guidelines:

Cost and Sale Price of the Goods:
A)    Landed cost of the goods
PLUS
B)    Other expenditures incurred by the bank in connection with the importation, Transportation and storage before sale of the Goods to the client.

i. Conveyance- TA/DA of Bank Officials or the Agent, if any.
ii. Commission Paid to the Agent, if any
iii. Cost of Remittance of Fund
iv. Transportation Cost up to Bank’s Godown
v. Transit Insurance and Incidental Charges
vi. Other Expenses, except interest incurred (if any). Interest element, if any, is to be paid by the Client himself.
vii. Godown Rent and Godown Staff Salary (if the goods are kept in the bank’s godown before sale to the Client).

C)    Total Cost Price (A+B)         Tk. ……………………………
D)    Estimated Profit of the bank     Tk. ……………………………
E)    Sale Price (C+D)         Tk. ……………………………

Sanction
After completion of prior formalities issue a sanction Advice.

Documentation

14. Before effecting the MPI obtain sufficient collaterals/securities along-with the following Charge Documents properly executed, i.e. duly filled in, signed, stamped, verified and witnessed, where necessary:

- MPI Sanction Advice deal-wise duly accepted by the client.

- MPI Agreement (Deal-wise).

- Agreement for Pledge of Goods (Deal-wise).

- Taking Delivery of Goods by the Bank:

- Bank must arrange clearance and storage of goods by its enlisted clearing agent and properly enter into register.

- Maintenance and Storage of the MPI Goods:

15. Store the entire MPI goods including prescribed goods securities in godown (Bank’s own/hired/client’s own/hired) ensuring Bank’s effective control.

16. Goods in bulk, i.e., Coal, Pig iron, Bricks, fertilizer, Cement etc. may be stored in yeards under strict supervision and ensuring effective control of the Bank.

17. Store the goods systematically stacked and in a countable manner to facilitate easy verification. Stack the goods Client-wise/Deal-wise/Size-wise and keep proper entry in the Stock Card.

18. Godowns must be damp proof and safe from rainwater and other common hazards.

19. Store the hazardous and inflammable goods in a separate godown.

20. Store the Edible Items, Chemicals and Toxic Items separately to avoid contamination and quality deterioration.

21. Keep record in Stock and Delivery Register of the pledged stock including prescribed goods securities making entry Deal-wise, Item-wise (commodity-wise), size-wise for the physical stocks, stocks-in-transit and stocks delivered against TR.

22. Godowns be always kept under seal gala under the joint signatures of the Godown Supervisor/In charge and Authorized Official of the Bank.

23. Bank’s Sign Board in the Godown mentioning the Godown number, location be displayed in a prominent manner in front size of the godown as per specimen below:

XYZ Bank Ltd.

ABC Branch

Godown No:....

Holding No. (if any) …………….
Road/Area Name ………………..
Thana …………………………….
District ……………………………

Vouching

I shall show you the process of vouching for MPI investment.

For opening L/C posting of voucher will be as under :
Dr.     Asset as per contra on L/C General (Customer liability)
Cr.     Liability as per contra on L/C General (Bankers liability)

Dr.     Party’s account (for margin and other charges)
Cr.     Deposit A/c (Security deposit on Cash L/C)
Cr.     Income and others

For lodgement posting of voucher will be as under :

Dr.     Liability as per contra on L/C General (Bankers liability)
Cr.     Asset as per contra on L/C General (Customer liability)

Dr.    PAD (Paid against Document) A/c
Cr.    ID (International Division)

For MPI posting of voucher will be as under :

Dr.    MPI A/c M/s XYZ
Cr.    PAD

I hope this article will help bankers to understand Murabaha Post Import Investment.

OPERATIONAL PROCEDURES OF INVESTMENT UNDER MUDARABA MODE

2014-12-27T22:04:00.001+06:00

I have discussed about Mudaraba and different types of rules relating to it in my previous article. Now I shall discuss about the operational procedures of Investment under Mudaraba mode.

Mudaraba Investment Committee
For Client selection, study & appraisal of proposals, sanction / recommendation, disbursement, monitoring & supervision, recovery, Shariah compliance etc., Mudaraba Investment Committee shall be formed in all the branches. Mudaraba Investment Committee shall also be formed in all the Zonal Offices and at Investment Wing in Head Office for study, approval / recommendation, monitoring & follow-up etc.

Formation of the Committee
The Branch Incumbent, the Second Officer, the In-charge of Investment Department / any other Officer (concerned Project Officer and Field Supervisor, in case of investment under RDS) of the Branch shall be the members of the Branch Committee. The Zonal Committee shall comprise of the Zonal Head and two other senior Executive(s) / Officer(s) next to the Zonal Head. The Head Office Committee shall be formed with the following Executives:
a. The In-charge of Investment Wing
b. The In-charge of concerned Division
c. The In-charge of Asset Management Division and
c. The In-charge of concerned Department

Business Discretionary Power of the Committee

Branch Committee	At Present Branch Committee shall have no sanctioning power except sanctioning of investment under Rural Development Scheme (RDS). But, sanctioning power for investment other than RDS may be delegated to the Branch Committee in due course which may be reviewed from time to time by the appropriate authority.
Zonal Committee	At Present Zonal Committee shall have no sanctioning power. But, sanctioning power may be delegated to the Zonal Committee in due course which may be reviewed from time to time by the appropriate authority.
Head Office Committee	The Head Office Committee may sanction Mudaraba Investment as according to their circular, which varies for different banks for a single client and which may be reviewed from time to time complying the prevailing norms for exercising investment business discretionary powers. But, the Committee will not sanction any Mudaraba Investment under composite facilities / investment limit. Composite Mudaraba Investment shall be sanctioned by the appropriate authority/Board as per delegation of existing business discretionary power for investment.

The Executives/Officials below the rank of Executive President posted as Branch Incumbent or Zonal Head of In-charge of Division/Wing at Head Office shall have no business discretionary power to sanction Mudaraba Investment under their personal / individual capacity.

Responsibility of the Committee
All the members of the Committee shall jointly and severally responsible for the jobs mentioned above done by them.

Induction of Client

1. Induction / Selection of good investment client is a prerequisite for averting loss in any investment specially Mudaraba and Musharaka Mode. Due importance will, therefore, have to be given to this aspect and the following points should be considered among others while selecting Mudaraba Clients:
i. Honesty, ii. Integrity, iii. Commitment, iv. Ability, v. Potentiality, vi. Efficiency, vii. Expertise and viii. Genuineness.

2. Hold preliminary discussion with the prospective Mudaraba Client regarding his capacity, business experience, management quality and investment needs. Brief him on the Shariah rules of Mudaraba Mode of Investment. Appraise, in particular, the usual terms and conditions under which the Bank makes such investment.
3. The Clients under Mudaraba Investment mode must maintain an Al-Wadeeah Current Account satisfactorily for a reasonable period (Generally six months) to qualify themselves to avail investment. However, micro investment Clients under investment schemes like RDS need not maintain Al-Wadeeah Current Account.
4. Existing investment Clients having 3 (three) years record of availing investment from the Bank with good performance shall get preference for induction as a Client under Mudaraba mode.
5. Past performance of the existing Clients and current Investment policy of the Bank, Bangladesh Bank (Central Bank) / Government Policy, Shariah permissibility etc. shall be carefully checked at the induction stage of the Client.
6. Satisfy about reputation of the Client in the business community.
7. If the proposal is found suitable, advise the Client to submit formal Application (varies from Bank to Bank) along with other required documents / papers / information. If not found suitable, regret politely.

Application

Application for Mudaraba Investment shall be obtained on as per specimen form of the banks from all clients other than clients of the various Investment Schemes. Applications for Mudaraba investment from clients of the schemes will be obtained on the forms as circulated with the relevant Schemes duly revised. A combined form for Application, Guarantee, Sanction Advice and Agreement in respect of RDS investment shall be obtained on as per specimen format. Banker have to obtain and affix attested photograph(s) of the Mudarib on the top right hand corner of the application duly verifying the same with the photograph submitted at the time of account opening. A projection of the proposed business shall also be obtained alongwith the Application as per banks prescribed format. At the outset, Shariah permissibility of the proposal and projection of the proposed business shall be examined. If the business does not meet the requirement of Shariah and / or the projection does not apparently seems viable, the proposal shall be rejected outright. The Application is to be scrutinized to see that all columns therein are properly filled in, correct in all respect, all required documents/papers are attached with and duly signed in by the Mudarib at the appropriate place. The signature of the Mudarib on the Application shall be verified by an authorized official of the Branch. Particulars of the Application shall be recorded duly allotting a serial Number on it.

Processing and Appraisal

Bankers have to visit to the business establishment / project site of the Client and tally the particulars, information and figures in the application form with the original documents/papers/records and be sanguine about its genuineness and correctness. They have to obtain additional information, particulars, facts and figures, if required. Banker also have to talk to business and important personalities of the locality in order to ascertain the honesty, integrity, commitment, business dealings etc of the Client. Then obtain declaration of the Client about its/his/their liability (both funded and non-funded) with other Banks/Financial Institutions/Leasing Companies etc including any other branches of Islami Bank Bangladesh Ltd. Banker also obtain Report from Credit Information Bureau (CIB) of Bangladesh Bank through Head Office Investment Wing as per circular and guidelines in this regard. Confidential Reports are to be obtained from all local Banks and Financial Institutions for all general clients. Such report is not needed in respect of micro investment clients. Then banker have to inspect Land, Building(s), Other Assets and Properties proposed to be mortgaged or hypothecated. Ascertain genuineness and correctness of those in cross-references to Documents, Title Deeds and other relevant Papers.

Proper valuation of mortgaged property (market & forced sale value) is to be done. Valuation of such properties of the Corporate Branches shall be made jointly by the Investment/Section Incharge and any other Officer not below the rank of Principal Officer duly countersigned by the Branch Incumbent/Second Officer/any other Executive of the Branch. Branch Incumbent/Second Officer and Investment Incharge of the Branches other than Corporate Branches shall made valuation of such properties jointly. While accepting mortgage properties and valuation shall be done, the following guidelines shall be observed:
a.    Residential / Commercial building situated in the City Corporation / Metropolitan City / Municipality shall be preferred.
b.    Properties owned by the Investment Client himself shall be preferred and third party collaterals should be discouraged.
c.    Easily saleable properties shall be preferred. Inspecting Officials shall satisfy themselves about whether the properties can be sold, in case of need or not.
d.    Market value shall be determined on the basis of taking interview with the local people who are likely to sale and purchase such types of properties or their employees and / neighbours.
e.    Forced sale value shall be ascertained prudently by the inspecting officials considering all the probable situations which may arise while selling of properties in case of need. If the property is easily saleable i.e. many buyers may come freely to participate and there will be no hazard for bidding and transfer of possession, the forced sale may higher than those of hazardous. Forced sale value of the properties situated besides highway/ in the heart of the city or town / commercial places etc may higher than those of narrow street/ backward places/ rural area etc.
f.    Value of land and value of the construction to be made separately taking the depreciated value of the construction as per standard norms.
g.    Concerned Registry Office, Record Room, Tahshil Office etc. shall be checked to ascertain genuineness and correctness of the particulars of the property given by the clients and necessary records / reports i.e. non encumbrance certificate with search fee paid receipt, report of the lawyers/officials/representatives of the Bank etc. shall be obtained and preserved.
h.    Valuation shall be done by the external surveyor.

Then forward Documents, Title Deeds and other relevant Papers to the approved Lawyer of the Bank for examination and furnishing his opinion. (Lawyer's opinion should be clean and without ambiguity). Opinion shall not be made only on the basis of submitted documents but physical verification of such documents with the concerned Office / Department shall be made and this shall invariably be mentioned in detail in the opinion. While preparing the Appraisal Report for general clients, it is to be ensured that all information, particulars, figures and statistics shall be incorporated therein correctly with special attention to the following:

a)    Composition of assets of the Client, viz., cash, goods, investments, building, landed property, stock in trade, work-in-process, marketable securities, etc.
b)    Extent and nature of liabilities of the Client, i.e., whether the volume is within the manageable capacity of the Client. Opinion in this regard and justification thereof must be clearly mentioned.
c)    The value of liquid assets, viz. cash and book debts of the Client.
d)    Respectability, commitment, trustworthiness and business reputation of the Client in the market.
e)    Experience of the Client in the business.

Micro investment proposals under different schemes are to be appraised as per guidelines of the concerned Schemes. The Mudaraba Investment Clients must maintain formal Books of Accounts. The proposal may be classified into the following sectors/schemes:
i.    Industrial
ii.   Commercial
iii.   Different Schemes
iv.   As appropriate.

Industrial
    Investment to be made for establishment of Industrial Projects, Mills, Factories, Agri-farms, purchase of Machineries & Equipments be classified as Mudaraba- Industrial and be appraised and processed as per guidelines mentioned above and also guidelines issued / to be issued from Head Office from time to time, in this regard.

Commercial
Financing of local trade, import, export, any other commercial and trading enterprise shall be classified as Mudaraba-Commercial and be processed as per guidelines mentioned above and also guidelines issued / to be issued from Head Office from time to time, in this regard.

Different Schemes
Investment under different schemes shall be known by a particular name of the schemes, such as, Mudaraba - Transport Investment Scheme etc. Investment under such schemes shall be governed by the rules and regulations to be framed for each and every scheme and circulated / to be circulated from Head Office.

Credit restriction schedule of Central Bank and current investment policy of the Bank are to be checked. Proposal which does not conform to these policies should be declined.

Formation of Mudaraba and Fixation of Profit sharing ratio

Mudaraba is a relationship established by the parties through a mutual contract. Therefore, an Agreement must be concluded between the Bank and the investment client for the purpose of investment under Mudaraba mode. The capital of Mudaraba should be provided in the form of cash. However, it may be presented in the form of tangible assets, in which case the value of the assets is the contribution to the Mudaraba capital. The valuation of the assets shall have to be determined at the time of formation of Mudaraba by the experts or as agreed upon by the contracting parties and the assets to be used in the business. In Mudaraba Investment Profit sharing ratio may be varied from business to business, sector to sector depending on profitability of the business and risk involved. Keeping in view all the factors, profit sharing ratio shall be fixed in such a way that Bank’s share of profit does not fall below the anticipated rate of return fixed by the Head Office from time to time.

Security:
Collateral security and / or Personal Guarantee and / or any Other security to cover any loss which the bank may sustain due to breach of trust i.e. willful negligence, misconduct, mismanagement, violation of the terms of contract and obstruction etc on the part of the Mudarib shall be obtained duly insured, if necessary from the Mudarib. Head Office will, from time to time, advise norms for obtaining collateral securities to the branches in this respect. However, no collateral security excepting personal guarantee, if necessary, is to be obtained form micro investment clients.

Period of Mudaraba Investment:
The period of Mudaraba investment shall be determined on the basis of trade norms and nature of business of the client. Ordinarily, the period of investment should be for 12 months. However, period of less / more than 12 months may be fixed-up depending on the nature of the business and the need of the client.

Continuity
After expiry of the validity of the contract or after liquidation, it may be renewed for further period depending on the past performance of the Client and with the mutual consent of the Bank and the Client having settled all the operational result of the previous contract. The Bank’s investment, after full and final settlement of operational result of the previous contract as mentioned above, in the Mudaraba will, instead of taking back, be considered reinvested in the Mudaraba for the renewed period. A fresh agreement for this purpose to be executed inserting the necessary fresh terms and conditions.

Sanction

Upon completion of the appraisal & study, if the proposal is found viable and the expected rate of profit is found satisfactory (not below the anticipated minimum rate fixed by Head Office) and if it is within the delegated business discretionary power of the Branch Mudaraba Investment Committee, the Committee will sanction it putting signature of all of them, otherwise it will be regretted. The Sanction Advice (F- as per specimen at page 52) in duplicate / Regret Letter shall be issued by the Branch incumbent having got it sanctioned / regretted by the Committee. The above Sanction Advice shall be issued to all Clients other than Clients of the various investment Schemes. Sanction Advice for Mudaraba investment to the Clients of the schemes will be issued on the prescribed forms as circulated with the relevant Schemes duly revised. A combined form for Application, Guarantee, Sanction Advice and Agreement in respect of RDS Investment shall be obtained on F-220 A (as per specimen at page 35). If the proposal exceeds the business discretionary power of the Branch Committee, it will be forwarded to the Zonal Office with specific views and recommendations of the Committee.

Upon receipt of the proposal form the Branches, the Zonal Committee shall sanction it putting the signature of all of them if they are satisfied themselves in all respects after due study and if it is within their business discretionary power. If they are not satisfied, it shall be regretted instantly. The sanction/regret letter shall be issued by the Zonal Head having got it sanctioned/regretted by the Committee. If the proposal exceeds the business discretionary power of the Zonal Committee, it will be forwarded to Head Office with specific views and recommendations of the Zonal Committee.

Upon receipt of the proposal form the Zonal Offices, the Head Office Committee shall sanction it putting the signature of all of them if they are satisfied themselves in all respects after due study and if it is within their business discretionary power. If they are not satisfied, it shall be regretted instantly. The sanction/regret letter shall be issued by the In-charge of the concerned Division having got it sanctioned/ regretted by the Committee. If the proposal exceeds the business discretionary power of the Head Office Committee, it will be placed to the appropriate authority (E.P. / M.C. / E.C. / Board) as per procedure with specific views and recommendations of the Committee for consideration/approval.

On getting the Duplicate of the Sanction Advice duly accepted by the Client, it shall be recorded in details and a Number shall be allotted to each Client which shall be treated as his Mudaraba Investment Account Number so long the limit remains valid and the Client continue to do business with the Bank. Separate file for preserving documents and papers for each Client shall be maintained at the Branch, Zonal Office and Head Office. Branch Committee or the Zonal Committee will not sanction any Mudaraba Investment to Trust Organisation or Co-operative Society. Such proposal may be forwarded to Head Office with their specific views and recommendations.

Documentation:

Though the Charge Documents such as D.P. Note, D.P. Note Delivery Letter, etc. which the Bank usually obtains from investment Clients, have no relevance in Mudaraba investment deals yet, in absence of any relevant law in force in the country, the Branches will have to obtain the following documents for every Mudaraba contract or for every case of renewal thereof:
i.    Mudaraba Agreement Other than Schemes.
ii.    Mudaraba Agreement for RDS Clients.
iii.    Letter of Disbursement
iv.    Single Party D.P. Note
v.    Joint and Several D.P. Note signed by all the Directors in case of Company
vi.    D.P. Note Delivery Letter
vii.    Letter of Continuity
viii.    Insurance Policy
ix.    Letter of Installments if Bank’s share of capital is refundable on installment basis.
x.    Balance Confirmation Letter to be obtained after interim settlement.

If the Investment is secured by Personal Guarantee to cover any loss which the bank may sustain due to the willful negligence & mismanagement, violation of the terms of contract and obstruction by the Mudarib, the following documents shall be obtained:
i.    Letter of Guarantee.
ii.    Letter of Guarantee (for RDS)
iii.    Double Party D.P. Note to be made by the Client in favour of the Guarantor and endorsed by the latter in favour of the Bank.
iv.    D.P. Note Delivery Letter duly signed by the maker and the endorser (the Client and the Guarantor).

If the Investment is made collaterally secured, to cover any loss which the bank may sustain due to the willful negligence & mismanagement, violation of the terms of contract and obstruction by the Mudarib, by Mortgage of Property, obtain the following documents:
i) In case of Equitable Mortgage, Memorandum of Deposit of Title Deeds signed by the owner of the property.
ii) In case of Legal Mortgage, Registered Mortgage Deed should be obtained.
iii) A registered Power of Attorney authorizing the bank to sell the property in case of need.
iv) Personal Guarantee of the owner(s) of the Property.
v) Original Title Deed(s) with Bia-deed(s), CS, SA, RS & Mutation Parcha, DCR of the property, Mutation record, Up-to-date Rent Receipts etc. The genuineness and correctness of all these documents shall be got verified jointly by the investment / section incharge and an official of the branch not below the rank of principal officer or by the Branch Incumbent himself.
vi) Up-to-date Rent Receipts.
vii) Non-encumbrance Certificate along with Search Fee Paid Receipt. Search should be made by the Bank’s panel lawyer directly or by a suitable searcher under his supervision.
viii) Mouza Map and Site Plan of the proposed mortgage property.
ix) Approved Plan for building from the appropriate authority.
x) Clearance Certificate from the local authority/development authority regarding free from planning scheme.
xi) Permission/clearance/no objection of the concerned allotting authority i.e. RAJUK, CDA, KDA, PWD, City Corporation, Municipality, Developer, Association etc., if needed, for creation of mortgage of the property(ies).
xii) Lawyer's Certificate about verification of the Title Deeds. The Lawyer should certify in clear terms that the Property covered by the Title Deeds is free from all encumbrances and the same can be accepted as collateral security against the particular Investment. The Certificate should start with a good root of title describing the devolution of title and it should trace from the first beneficial owner down to the client / mortgagor(s). It should be self-contained without any ambiguity and clean in all respects and must state that the identity of the property has been established.
xiii) An Affidavit sworn in before a 1st Class Magistrate / Notary Public (The shall prefer 1st Class Magistrate) by the owner of the property to the effect that the property offered for mortgage as security is free from all encumbrances and the owner(s) is/are lawful owner(s) in possession and he/ she/they will not Encumber /Transfer / Sale and / or Charge the Property in any manner whatsoever to others during the continuance of Bank's Investment without prior written clearance of the Bank.
xiv) Any other documents required by the Bank as per circular issued / to be issued from time to time by Head Office.

In case Investment is Collaterally/ Additionally secured, to cover any loss which the bank may sustain due to the willful negligence & mismanagement, violation of the terms of contract and obstruction by the Muarib, by Pledge of Shares of reputed Public Limited Company on Bank's approved list and quoted in the Stock Exchange, the following additional Documents are to be obtained:

i) Agreement for Pledge of Shares along with original Share Certificates (No share in the name of minor shall be accepted as security).

ii) Share Transfer Deed in Duplicate - one copy signed, dated and another copy signed undated.
iii) Share Delivery Letter addressed to the Bank.
iv) Letter to the concerned Company to register Lien in Bank's favour.
This notice shall be sent by Registered Acknowledgement Due Post (Registered A/D Post) and confirmation of recording the Lien shall be obtained from the concerned Company.
v) Letter of Authority in Bank's favour duly signed by the shareholder to collect Dividend and Bonus on his behalf of the Share pledged to the Bank.

In case of Investment to Partnership Firms, obtain the following Documents:
i) Letter of Partnership signed by all Partners.
ii) Copy of Partnership Deed duly attested by the Incumbent-in-charge of the Branch.
In case of Investment to Private or Public Limited Company, obtain the following additional Documents:
i) Certified copy (duly certified by the Registrar of Joint Stock Companies & Firms) of the Memorandum and Articles of Association to ensure that the Company has necessary power to borrow/take Investment from any Bank.
ii) Resolution of the Board of Directors of the Company to do business and authorizing the office bearers to execute necessary documents.
iii) Personal Guarantee of all the Directors of the Company.
iv) If the Investment is allowed on Hypothecation basis, in addition to other Charge Documents, 1st charge under relevant section of the Company's Act-1994 shall be created in Bank's favour in respect of Company’s Assets prescribed as security. This charge shall be created with the Registrar of Joint Stock Companies and firms within 21 days from the date of execution of the relative Charge Documents.
v) Certificate issued by the Registrar of Joint Stock Companies & Firms under section 114 of the Companies Act, 1994 in respect of creation of Charges;
vi) Copies of Memorandum and Articles of Association with latest amendments, if any, duly certified by the Registrar of Joint Stock Companies & Firms and attested by the Managing Director on every page with Official Seal of the Company duly verified by the Branch Incumbent/Authorized Official.
vii) A certified copy of Certificate of Incorporation.
viii) A copy of Certificate of Commencement of Business in case of Public Limited Company.

In case of Investment to a Trust Organisation obtain the following Documents in addition to other Charge Documents:
i) Copy of Trust Deed duly attested by a 1st class gazetted officer and verified by the Incumbent-in-charge of the Branch with the original copy. The Trust Deed must have power to do business with Banks.
ii) Resolution of the Board of Trustees to do business with Islami Bank Bangladesh Ltd.
iii) Charge Documents shall be signed either by persons authorized by all members of the Trust Committee, if Trustees are authorized to delegate their powers by the Trust Deed or all of the Trustees;
iv) Personal Guarantee of all the Office Bearers of the Trust in their personal capacity.

In case of Investment to Co-operative Society, obtain the following documents also:
i) Clearance from the Registrar of Co-operative Societies for doing business with Islami Bank Bangladesh Ltd.
ii) Letter to be issued to the concerned Registrar of Co-operative Societies under Registered A/D Mail informing about Bank's allowing of Investment/ Facility to the concerned Society as per clearance accorded by him.
iii) Personal Guarantee of the Office Bearer of the Society in their personal capacity.
iv) A copy of Bye-laws of the Society duly certified by the Registrar of the Co-operative Societies.

Rates of Stamp Duty on various types of documents will be supplied by Head Office, concerned Department (Law Department), from time to time. Signature of the Client on Documents should be verified by the Incumbent-in-Charge/Authorized Official of the Branch by a wooden lead pencil. Before preserving the Documents in the Safe Custody, the Investment Committee of the Branch should ensure that all the formalities of documentation have been properly done and completed strictly as per terms of the Sanction Advice. After Completion of Documentation, enter the Documents in Documents Execution Register, and put into an Envelope duly inscribing the name of the Client deal-wise and preserve in the Strong Room in Fire proof Safe/Almirah under Joint Custody of the Incumbent-in-Charge of the Branch and the Officer-in-Charge of the Investment Department. Movement of Documents, if any, should be duly recorded in the "Documents Ex-Custody Register" duly signed by the Custodians.

Insurance:

The client shall obtain Insurance Policy equal to the amount of investment of the Bank in the Mudaraba investment plus ten percent covering the risk of FIRE, RSD and FLOOD & CYCLONE, where necessary with Bank’s Mortgage clause. The amount of insurance premium shall be an expense of Mudaraba business.
Insurance Policy preferably shall be obtained from any Islamic Insurance Company or in absence of Islamic Insurance Company from Sadharan Bima Corporation or from an Insurance Company on Bank’s approved list. The Insurance Policy together with premium paid receipt shall be obtained from the client, checked properly and recorded in Insurance Policy Register (B-39) and be kept in safe custody. If the client doesn’t willingly obtain Insurance Policy, the Branch shall obtain the same and pay the premium to the debit of Mudaraba Investment Account and charge the same as an expense of the business at the time of settlement. If any accident occurs, the client will be advised to lodge claim through the Branch to the concerned Company duly complying with all formalities within the stipulated time/period.

Disbursement & Operations

The Branch shall disburse the entire amount of investment to the debit of Mudaraba Investment Account to be opened in the name of the Client. In order to ensure end-use of investment and check diversion of fund, strict monitoring & supervision shall be made.

Monitoring & Supervision:In case of Micro Investment like RDS, weekly meeting and weekly collection schedule shall be observed. In other cases, weekly / fortnightly / monthly inspection of stock, business establishment and checking of Books of Accounts as the Branch Incumbent feels necessary shall be done. The Branch will, however, invariably obtain Monthly Stock Report from the client and arrange inspection by an official of the Branch.

Settlement /Adjustment of Mudaraba Investment Account:

As on the terminal date of Mudaraba contract or on the date fixed as per contract, the Mudarib will prepare Profit & Loss Account and will submit the same to the bank. Micro investment clients will submit Profit & Loss Account within 5 days from the terminal date of contract or on the date fixed as per contract while the other clients will submit such Accounts within 10 days. After receipt of the Profit & Loss Account, the branch shall verify its genuineness and got themselves satisfied. If the bank’s share profit as per agreement are within the expected rate of return of bank’s norms, it shall be accepted by the branch and the Mudarib will be advised to deposit it immediately into Mudaraba Investment Account but not later than 15 days from the date of closing the Accounts. If the bank’s share of Profit is substantially lower than the expected rate of return of bank’s norms, the branch shall forward the same with recommendations to Investment Wing for decision. No profit can be recognised or claimed unless the capital of the Mudaraba is maintained intact. If interim profit & loss accounts are prepared before expiry of the validity of the contract or before liquidation and if Mudaraba operation incurs losses, such losses shall be kept in suspense account in the books of Mudaraba business for setting it off by the profits of future operations of the Mudaraba. The distribution of profit depends on the final result of the operations at the time of expiry of the validity of the Mudaraba contract or at the time of liquidation. If losses are greater than profits at the time of expiry or liquidation, the balance (net loss) must be deducted from the Bank’s capital. In this case, as the Mudarib is a trustee he is not liable for the amount of this loss, unless there is negligence or misconduct or breach of contract on his part. If the total Mudaraba expenses are equal to the total Mudaraba revenues, the Bank will receive his capital back without either profit or loss, and the Mudarib is also not entitled to share any profit. But, if there is profit i.e. excess of revenues over expenses and is realized, it must be distributed between the parties as per the agreement.

Compensation
Mudaraba Agreement may include a clause to the effect that if any party violates any rules of Mudaraba or any terms & conditions of Mudaraba Agreement, the business or other party will have the right to impose compensation on him as determined by the Review Committee of the Bank.

Book-Keeping of Mudaraba Transactions1. A head of Account titled “Mudaraba” Investment Account will be maintained in the General Ledger for recording all transactions under this head.
2. Detail particulars of client are to be recorded properly.
3. An Investment Account Number shall be allotted to the client. No Account Opening Form is required for opening Mudaraba Investment Account.
4. General Voucher Debit will be used for debiting Mudaraba investment Account. Investment Account Pay-in-Slip will normally be used for crediting Mudaraba Investment Account. However, General Voucher Credit may be used for crediting general nature of transactions in the Mudaraba Investment Account.
5. Amount of Profit realized from the investment client shall be credited to Investment Income Account on the same day it is deposited by the client.

Accounting of Mudaraba Transactions

1. While disbursement to be made:
Dr.    Mudaraba Investment Account
Cr.    Cash or Current Account of the Mudarib
    (Being the amount disbursed under Mudaraba mode as per sanction advice No…………….. dated ……………).
2. For adjustment of Mudaraba Investment Account, the following Accounting entries will be passed:
Dr.    Cash or Current Account of the Mudarib
Cr.    Mudaraba Investment Account
    (Being adjustment of Mudaraba Investment Account No…………….)

3. For realization of Bank’s share of profit, the following Accounting entries will be passed:
Dr.    Cash or Current Account of the Mudarib
Cr.    Mudaraba Investment Account
    (Being Bank’s share of Profit realized from the Client)
Dr.    Mudaraba Investment Account
Cr.    Investment Income Account
        (Being Bank’s share of profit transferred to Income Account)

4. For sharing Loss by the Bank the following accounting entries will be passed:
Dr.    Investment Income Account
Cr.    Mudaraba Investment Account
    (Being share of loss accounted for)
5. For charging compensation, the following entries will be passed:
Dr.    Mudaraba Investment Account
Cr.    Sundry Deposit Account: Compensation Realisable
(Being the amount of compensation charge for the overdue period)
6. On realization of charged compensation, the following Accounting entries will be passed:
Dr.     Sundry Deposit Account: Compensation Realisable
Cr.    Sundry Deposit Account: Compensation Realised
    (The amount of Compensation realized will be transferred to Head Office as per Head Office instructions)
7. For the Compensation amount accrued and charged for the overdue period of the year and the Investment A/C subsequently classified.
    Dr.     Sundry Deposit Account: Compensation Realisable
    Cr.    Compensation Suspense Account.
    (Being the amount of Compensation transferred to Compensation Suspense A/C.)

8. At the time of filing Suit the following entries shall be passed for payment of the legal expenses.
    Dr.    i) Suspense A/C: Court Fee
              ii) Expenditure A/C: Legal Expenses
    Cr.    Payment Order / Account of the Lawyer.
    (Being the amount paid to the Lawyer for Court fees and Lawyer’s Charges and other related expenses for filing suit).
9. While Recovery/ Deposit is made from / by the Client after filing suit, the following entries shall be passed.
    Dr.    Cash/ Current A/C of the Client
    Cr.    Mudaraba Investment A/C
    (Being the amount paid/ deposited by the Investment Client after filing suit).

The same should be proportionately taken into principle and profit (if any) A/c. The amount to be credited to Investment A/C duly marked “Without pre-judice to any court case” and the court be informed about such payments.

Other Expenses, if incurred after filing Suit:
1. Other expenses in respect of maintenance, storage and insurance etc., if any, incurred by the Bank after     filing suit against the Client, the following entries shall be passed:
   Dr.    i) Suspense A/C        : Insurance Premium
                                            : Other Exp. (e.g. Advertisement Cost, Auction Exp. etc.)
            ii) Expenditure A/C: Legal Expenses.
   Cr.    Cash/ Payment Order A/C Favouring the Beneficiary.
    (Being the amount of expenses incurred for insuring/ maintaining storing the Stock /Other Securities of the Client).

2. After obtaining decree from the court for the Other expenses incurred above, the Suspense entries shall be reversed as follows:
    Dr.    Mudaraba Investment A/C
    Cr.    Suspense A/C     : Insurance Premium
                                       : Other Expenditure
    Cr.    Other Income     : Legal Exp. Allowed by the Court.

    (Being the amount of Insurance expenses/ Other expenses/ Legal Expenses etc. allowed by the court and recovered from the client).

3. Entries to be passed after realization of Compensation:
    While any Compensation amount is recovered/ realized from the Investment Client out of Compensation charged / imposed during the year, the following entries shall be passed.
    Dr.    Sundry Deposit Account: Compensation Realisable
    Cr.     Sundry Deposit Account: Compensation Realised
    (Note: - If the amount of Compensation already transferred to FAD, Head Office earlier, separate entry for the amount of Compensation realized should not be passed).
4. Entries to be passed while writing off the principal or Other Charges.
    No Charges or Principal, whatever small the amount may be, shall be written off by the Branch/ Zonal Office save and except, with authority to this effect in writing from the Head Office. Whenever, any such authority is received to write off any Charges or principal amount, the following entries shall be passed.
    Dr.    IBG A/C : Head Office, FAD.
    Cr.    Mudaraba Investment A/C
5. At the year end i.e. on 30th December each year Compensation realized/ realizable amount to be transferred to CAD, Head Office and the following entries to be passed: -
    Dr.    Sundry Deposit Account: Compensation Realisable or
        Sundry Deposit Account : Compensation Realised
    Cr.    I.B. General A/c, FAD, Head Office:
    ( Being the Account of Compensation Charged on Overdue Unclassified A/Cs. during the year and kept in Sundry Deposit- Compensation Realised / Realisable now transferred to Head Office).
6. The following entries to be passed while writing off/ waived Profit/ Rent amount if any.
            (1)    Dr. Profit (if any) Suspense A/c
(Being the amount of Profit written off/ waived, in case any amount of Profit kept in Profit Suspense A/c of the Branch).
           (2)    Dr.     I.B. General A/C : FAD
For the remaining amount i.e. total     waived/ written off of Profit minus (-) amount of Profit Suspense with the Branch.
(Being the remaining amount of Profit    written off/ waived as per Head Office, letter. No.............)
        Cr.    Mudaraba Investment A/C
(Being the amount of Profit/ waived / written off as per Head Office approval).

7. The following entries to be passed while the Compensation is waived if any.
    Dr.     (1)     Compensation Suspense A/c
(If any amount of Compensation of that A/c kept in Compensation Suspense A/c with the Branch).
                     (2)    Sundry Deposit- Compensation Realisable A/c
(If any amount of Compensation of that account kept in Sundry Deposit : Compensation Realisable A/c with the Branch)
                     (3)    I.B. General A/c FAD, Head Office
(For the remaining amount of Compensation waived i.e. total waived Compensation minus (-) Balance of Compensation Suspense A/c and Balance of Sundry Deposit: Compensation Realisable A/c with the Branch, if any).
   Cr.    Mudaraba Investment A/c
(Being the amount of Compensation waived as per Head Office approval).

Miscellaneous & Evaluation:

Monthly Statement of outstanding Mudaraba Investment Statement shall be prepared and submitted to Zonal Office and Head Office as per bank's Proforma. Monthly statement of Mudaraba Investment matured and closed shall be submitted to Zonal Office / Head Office as per bank's Proforma. Head Office Audit & Inspection Team while auditing and inspecting the Branches will invariably scrutinize each and every Mudaraba Investment Account closed during the year to ascertain actual position of recovery of Bank’s share of profit on investment. They will promptly report the cases of violation of principles, if any, and the instances where the Mudaraba Investment Accounts have been settled below the anticipated rate of profit. Shariah Council of the Bank will, while inspecting the Branches, also scrutinized the Mudaraba Investment Account either closed or running deals in order to get themselves satisfied about compliance of Shariah Principles in the operations of Investment Accounts under Mudaraba mode.