Education is a crucial aspect of a person's life. It is the foundation upon which individuals build their futures and shape their roles in society. Education helps to broaden the mind and exposes individuals to new ideas and ways of thinking, which can lead to personal and professional growth. It also has the power to break the cycle of poverty and inequality, as a good education can provide individuals with the knowledge and skills they need to secure well-paying jobs and improve their quality of life.
However, despite the numerous benefits of education, there are still many challenges that prevent individuals from accessing quality education. One major challenge is the lack of funding for education, which can lead to poorly equipped schools and underpaid teachers. This can result in a lower quality of education and make it difficult for students to achieve their full potential.
Another challenge is the lack of equal access to education. In many parts of the world, girls and women face significant barriers to education due to cultural and societal norms that prioritize the education of boys and men. This gender inequality in education can perpetuate the cycle of poverty and inequality, as women and girls are often denied the same opportunities as their male counterparts.
Additionally, there are often significant disparities in the quality of education provided to different socio-economic groups. Students from disadvantaged backgrounds may not have the same access to resources and support as those from more privileged backgrounds, leading to a gap in educational outcomes. This can perpetuate inequality and hinder social mobility.
There are, however, solutions to these challenges. Increasing funding for education and prioritizing the education of girls and women can help to ensure that all individuals have access to quality education. Providing support and resources to disadvantaged students can also help to level the playing field and give everyone the opportunity to succeed.
In conclusion, education is a fundamental human right that plays a crucial role in shaping the futures of individuals and society as a whole. While there are challenges that prevent some individuals from accessing quality education, solutions such as increased funding and a focus on gender and socio-economic equality can help to ensure that everyone has the opportunity to succeed.
Sale
Accessed October 27, 2021. Account-i PNA- i , both based on CM. Maybank Bankassurans launched, offering insurance products to customers at bank branches. Last modified January, 2019. The Bank not only lacks global financing products that are sale-based, but their product portfolio is entirely absent of any global banking products such as foreign exchange, money market instruments and global investment products.
Maybank Islamic Berhad
However, effective 5 June 2021, the underlying Islamic contract for many savings and current account products had been changed from qard to a CM contract, making them sale-based products 9. The IPRS on the other hand, is an arrangement between two parties to exchange a stream of profit payments for another in the same currency 54. Maybank Islamic Berhad, the Islamic banking arm of the Maybank Group, is the leading provider of Islamic financial products and services in ASEAN. For instance, AIBB does not provide any sale-based investment or global banking products to its customers. Under a CM contract, the cost of the commodities and the marked-up price will be disclosed in advance 2.
About Maybank Islamic
Accessed November 22, 2021. The product is not limit to muslim only. Began to breakthrough on information technology perspective have changed the capacity to manage business independent through the traditional system restriction of space Case 29 Panera Bread Company: Rising Fortunes? However, this is only true for new accounts opened, as existing accounts will continue to be based on the qard contract. This deposit will be offset against the actual profit payable upon maturity of the PNA-i 7. Looking at the process flow, the customer will appoint the Bank as a non-exclusive agent to undertake the required CM transactions such as purchasing commodities on behalf of the customer and subsequently selling the commodities to a third party. Accessed October 27, 2021. Retrieved 14 October 2021.
Islamic Trade Financing
Accessed October 27, 2021. Pejabat Penerangan Kerajaan Brunei. Accessed October 29, 2021. This is because it is possible that using BBA contracts in some situations such as in the sale and purchase of property under construction, could lead to the issue of transacting in non-existent property which is not allowed under Shariah 60. Accessed October 22, 2021. Last modified February 1, 2021. It is opined that the application of Tawarruq or CM in Islamic financing can potentially lead to risk of Shariah non-compliance 57.
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Since AIBB still continues to use BBA in their home financing products, it is recommended that AIBB should stop using BBA and adopt CM in their home financing too. The aim of this article is to make a comparative analysis between the sale-based contract products offered by Maybank Islamic Berhad MIB and Alliance Islamic Bank Berhad AIBB. © New Straits Times Press M Bhd. The deposit products which will newly be subjected to the sale-based CM contract are Alliance Hybrid Account-i, Alliance My eSavingsAccount-i, Alliance SavePlus Account-i, Alliance Junior Smart Saver-i, Current Account-i and Basic Current Account-i. Accessed October 28, 2021. Accessed November 22, 2021.
Structured Product
As for the term deposit accounts at AIBB, they have been based on a CM contract since the beginning. Customer can perform and monitor their trade finance transactions online anytime, anywhere. Customer can enjoy cashless shopping via Maybankard Debit. In Malaysia, Maybank Islamic is the domestic market leader in total assets, total financing, and total funding Deposits and Unrestricted Investment Account as well as profitability across all key business segments. Accessed October 23, 2021. The lack of forex products is especially concerning because most corporate clients consider currency exchange to be an important part of their business activities.
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Therefore, although structured differently, these business financing products offered by both Banks are still similar. As for AIBB, the savings and current account products offered used to be based on qard loan contracts in the past. Therefore, it is suggested that both Banks should explore other alternative sale-based contracts for their financing facilities where possible, as the overwhelming use of CM in Islamic financing does not necessarily add value to the institution 58. The sale-based contract products offered by these two Banks can be broadly categorized into deposit products, financing products, investment products and global banking products and will be analyzed according to these categories. It is designed to increase the efficiency of trade finance transactions processing whilst delivering a highly efficient system for reporting and tracing the status of the transactions and its documents.
