text:
The Islamic Finance and Markets Review - Edition 3
Amjad Ali Khan
Rahat Dar
Afridi & Angell
I LEGISLATIVE AND REGULATORY FRAMEWORK
i Legislative and regulatory regime
The United Arab Emirates (UAE) has always provided an attractive environment from which to provide Islamic finance services and products into the Gulf Cooperation Council (GCC) and beyond. In addition to being an established and vibrant global financial centre and its geographical location in the centre of the Asian and Western financial markets, the UAE also provides a legal system and a judiciary that is familiar with the principles of shariah. The UAE's Constitution identifies shariah as a principle source of law and UAE Federal Law No. 5 of 1985 Concerning Civil Transactions (the UAE Civil Code), which is deeply anchored in shariah, recognises the basic Islamic financing contracts, including:
Murabahah (cost-plus financing): Article 506 of the UAE Civil Code defines a murabahah sale as:
A sale may be by way of resale with a profit, a loss or at cost price if the capital value of the thing sold is known at the time of the contract, and the amount of the profit or loss is specified.
If it appears that the seller has exaggerated in declaring the amount of the capital value, the purchaser may reduce (the amount) by the amount of the excess.
If the capital value of the thing sold is not known when the contract is made, the purchaser may rescind the contract when he learns of it, and the same shall apply if the seller conceals a matter affecting the thing sold or the capital value, and he shall lose his right to elect if the goods are sold or consumed or pass out of his ownership after delivery.
Mudarabah (trust financing): Article 693 of the UAE Civil Code states that a mudarabah is 'a contract whereby the person owning property puts in the capital, and the mudarib puts in effort or work, with a view to making a profit'.
Musharakah (partnership financing): Article 654 of the UAE Civil Code identifies musharakah generally in the following statement: 'A company is a contract whereby two or more persons are bound each to participate in a financial project by providing a share of property or work for the exploitation of that project and the division of any profit or loss which may arise thereout.'
Ijarah (leasing): Article 742 of the UAE Civil Code defines ijarah as 'the conferring by the lessor on the lessee of the right of use intended for the thing hired for a specified period in consideration of an ascertained rent'.
While there is no specific article in UAE law that expressly refers to and deals with istisnah, the official commentary to the UAE Civil Code stipulates that the shariah principles of istisnah are applicable in the case of construction contracts (muqawala), which are defined in Article 872 as 'a contact whereby one of the parties thereto undertakes to make a thing or to perform work in consideration which the other undertakes to provide'.
While the emirate of Dubai has established itself as a major centre for business and commerce, the UAE is a relatively young country and the laws and regulations applicable to financial products and services (including Islamic finance) are rudimentary – often just providing a mandate for the formation of regulatory authorities to govern the provision of the relevant financial products and services in the UAE. Consequently, the detailed rules, regulation and policies relating to financial products and services are left to the discretion of the relevant regulatory authorities. The internal rules, policies and guidelines implemented by the authorities relating to the relevant financial products are not always made public. The laws relevant to Islamic financial services are in many cases diffused in multiple pieces of legislation and the coverage of issues (including consumer protection) is general rather than comprehensive.
The UAE is one of the largest Islamic banking markets in the world, after Saudi Arabia and Malaysia. According to the UAE Central Bank, as at December 2017, 22.4 per cent (550 billion UAE dirhams or US$149.73 billion) of all banking assets in the UAE are shariah-compliant, which represents a far steeper growth rate for Islamic finance, in comparison to that of conventional bank loans.
The principal governmental and regulatory policies that govern the UAE banking sector, including Islamic banks (except in the Dubai International Financial Centre (DIFC), where the regulatory authority is the Dubai Financial Services Authority), are UAE Federal Law No. 10 of 1980 concerning the UAE Central Bank, the Monetary System and the Organisation of Banking (the Banking Law), UAE Federal Law No. 18 of 1993 as amended (the Commercial Code), UAE Federal Law No. 6 of 1985 concerning Islamic Banks, Financial Establishments and Investment Companies (the Islamic Banking Law), and the various circulars, notices and resolutions issued by the board of governors of the UAE Central Bank, from time to time (which deal with various aspects of banking, including bank accounts, maintaining of certain reserve ratios, capital adequacy norms and reporting requirements to the UAE Central Bank).
The Banking Law is the primary legislation giving the UAE Central Bank the authority to regulate financial services (including Islamic financial services) in the UAE. According to the Banking Law, the UAE Central Bank has the power to license and regulate a wide variety of financial institutions, including those seeking to provide financing in the UAE. In particular, the following institutions are regulated:
commercial banks, which includes institutions that customarily receive funds from the public for granting loans and that issue and collect cheques, place bonds, trade in foreign exchange and precious metals, and carry on other operations allowed by law or by customary banking practice;
investment banks, which includes institutions conducting similar activities to commercial banks, with the notable exception that they do not accept deposits with a maturity of less than two years;
investment companies, which manage portfolios on behalf of individuals or companies, subscribe to equity and debt instruments, prepare feasibility studies for projects, market shares and debt instruments, and establish and manage funds;
finance companies, which provide corporate and consumer credit facilities, but may not accept deposits from individuals;
Islamic banks, which undertake all the activities of a commercial bank and additionally can own assets financed by them;
Islamic finance companies, which may provide personal, consumer, property, vehicle and trade financing, issue guarantees, enter into foreign exchange contracts with corporate entities, subscribe to shares, bonds and certificates of deposits, accept deposits from corporate entities, and manage investment vehicles; and
real estate finance companies, which are finance companies that specialise in funding real estate projects on a conventional or shariah-compliant basis.
With respect to Islamic banks, permissible activities are not specified in the Islamic Banking Law, which provides that Islamic banks means 'those whose memorandum of association includes a commitment to abide by the provisions of shariah and conduct their activities in accordance therewith'. The Islamic Banking Law contains specific provisions relating to the establishment and operation of Islamic banks, and provides that Islamic banks have the right to:
carry on all or part of banking, commercial, financial and investment services and operations;
engage in all types of services and operations practised by banks and referred to in the Banking Law, whether those operations and services are conducted for the Islamic bank's own account or for or in partnership with a third party; and
establish companies and participate in enterprises provided that the activities of the latter are in conformity with shariah.
The Islamic Banking Law provides that Islamic financial institutions and investment companies shall have the right to carry out lending, credit and other financial operations. They may also participate in enterprises, invest their funds in movable assets and receive deposits for investment thereof in accordance with the provisions of shariah. Each Islamic bank, financial institution and investment company must appoint a shariah supervisory board (SSB) consisting of at least three shariah scholars specialised in shariah law and finance, to ensure that its operations and products comply with the rules and principles of shariah. The SSB will review all proposed financial products and related documents, and issue a fatwa (opinion) on the shariah compliance of the same. Once the financial product has received the approval of the SSB, it can be offered by the Islamic bank or financial institution to the public in the UAE.
In addition to the Islamic Banking Law, Islamic banks are also subject to the provisions of the Banking Law.
The concept of a higher shariah authority was first contemplated under Article 5 of the Islamic Banking Law, which provides that this authority shall incorporate 'legal and banking personnel to undertake higher supervision over Islamic banks, financial institutions and investment companies to ensure legitimacy of their transactions accordingly to the provisions of Islamic shariah law, and also to offer opinion on matters that these agencies may come across while conducting their activities. The opinion of the said Higher Authority shall be binding on the said agencies'.
In 2017, the UAE cabinet approved the formation of the board of the Higher Shariah Authority (the Higher Authority) to strengthen consistency of the Islamic finance industry across the UAE. At the first meeting of the board of the Higher Authority, they identified a number of core objectives for the Higher Authority, in particular (1) issuing of fatwas and ensuring the legitimacy of the products, services and activities of institutions providing Islamic services; (2) introducing and approving new and existing shariah standards and uniform documents relating to best practices for global Islamic financial services; (3) notifying the UAE Central Bank of sharia matters concerning preventive systems related to global Islamic financial services, as well the sharia-compliant instruments and ways for developing the same; (4) conducting shariah research regarding Islamic financing and ways of supporting it; and (5) communicating and cooperating with other international organisations that currently set shariah regulations and standards for the Islamic financial industry. As the Higher Authority is a recent development it still remains to be seen how it will interact with, and impact on, the role of other key stakeholders, in particular the SSBs currently overseeing shariah compliance at financial institutions.
The capital markets in the UAE are still in their infancy and there are very few Islamic products listed on the local exchanges. While the UAE Central Bank is the principal financial services regulator for banks and financial institutions in the UAE, such entities are also subject to additional registration and licensing requirements at the federal and emirate levels. The Emirates Securities and Commodities Authority (ESCA) is the regulator in relation to listed securities (including sukuk). As with other jurisdictions in the GCC, the laws and regulation relating to the provision of financial products on the local capital markets are supplemented to a large extent by the regulatory regime implemented on the individual exchanges. In the UAE, while the regulators will provide the broad requirements for issuing securities, it is the individual regulators of the exchanges (such as in the Abu Dhabi Stock Exchange and the Dubai Financial Market) that will provide the detailed framework for the listing of the relevant financial products on these exchanges. A detailed review of the rules and regulations of the individual stock exchanges in the UAE and the DIFC is beyond the scope of this chapter.
While the UAE equity capital markets have been near inactive in the past few years, with only a handful of primary listings on the local exchanges, sukuk (or Islamic bonds) have bucked the trend and emerged as the fastest-growing segment of the UAE Islamic capital markets. The UAE is also a popular destination for listing sukuk. At the end of 2017, the total value of sukuk listed on NASDAQ Dubai stood at US$50.8 billion, with 11 new sukuk listings with an aggregate value of US$10.25 billion in 2017.
Decision No. 16 of ESCA's Board of Directors of 2014 Concerning the Regulation of Sukuk (the Sukuk Regulations) provides specific guidelines for the issuance of sukuk in the UAE and the listing of sukuk on the local capital markets. In particular, the Sukuk Regulations provide that:
all retail sukuk (i.e., sukuk where the maximum value of each sukuk certificate is 100,000 UAE dirhams and is offered to the public through a public subscription) shall only be issued in the UAE through public subscription and shall be listed on a local market;
the obligor (i.e., the company that will receive the funds from the issuance of the sukuk certificates) must obtain ESCA's approval before issuing or listing sukuk on a regulated market;
for a primary listing of a sukuk, the obligor must ensure that the sukuk has been approved by its SSB. If the obligor does not have an SSB, the sukuk must be approved by a shariah committee approved by ESCA;
unless ESCA provides otherwise, the nominal value of a listed sukuk must be above 10 million UAE dirhams or its equivalent in any foreign currency accepted by ESCA and the relevant capital market;
the issuer must appoint a UAE licensed bank to act as the paying agent in the UAE;
the obligor must provide a prospectus (prepared in accordance with the guidelines in the Sukuk Regulations) for a primary listing of a sukuk;
the obligor must comply with detailed continuing obligations in connection with a listed sukuk, including notifying ESCA and the relevant market of any information that may be expected to materially affect market activity, the price of the listed sukuk, or the ability of the obligor or issuer to meet its commitments under the sukuk; and
ESCA shall respond to any application for the listing of a sukuk within five business days. If no response is received in this time frame, the application shall be considered as rejected. ESCA shall have the right to attach any conditions, to any listing approval, that it deems necessary to protect the public interest.
Takaful insurance
The growth in takaful is far outstripping that of conventional insurance. In the wider Middle East, the takaful market segment is growing by 20 per cent a year. Currently, there are more than 60 takaful companies operating in 23 countries worldwide, generating takaful premiums estimated to be in excess of US$2 billion.
Under Federal Law No. 6 of 2007 regarding the Establishment of the Insurance Authority and Organisation of its Operations (the Insurance Law), the UAE Insurance Authority (the Insurance Authority) was appointed as the regulator for the insurance industry in the UAE (outside the free zones), including takaful insurance, and tasked with promoting the role of the insurance industry to indemnify persons, property and liabilities against risks to ultimately protect the national economy; to accumulate and grow national savings and invest them to support economic development in the UAE; to encourage fair and effective competition; to provide the best insurance services with appropriate coverage at a affordable rates; and to achieve job emiratisation (i.e., job creation for Emiratis) in the UAE insurance market.
Takaful insurance companies are required to comply with the provisions of the Insurance Law, and the takaful regulations below must be read in conjunction with the Insurance Law.
The Insurance Authority issued the Board of Directors Resolution No. 4 of 2010 Concerning the Takaful Insurance Regulations, which outlined rules designed to regulate the work of takaful insurance companies and can be summarised as follows:
All insurance and investment transactions by the takaful insurance company must be compliant with the provisions of shariah. As per the 2010 Regulations, all premiums should be invested in accordance with shariah. We are not aware of any instance where this is not the case. We are not aware of takaful companies investing takaful funds with conventional insurers or using conventional insurers for reinsurance purposes.
Takaful products may not be offered through an 'Islamic window' of a conventional insurance company.
Risk management operations and investment business shall be conducted by the company on wakalah or wakalah and mudarabah together.
Family takaful insurance and general insurance may not be combined in one takaful insurance company. The existing takaful insurance companies currently engaged in both types were given a specific deadline to adjust their positions.
The insurance company is committed to provide a qard hasan to the participants' fund in case of a deficit in the assets of this fund.
The maximum amount of qard hasan is the sum of shareholders' equity.
The amount of wakalah fees and how it is calculated, as well as the takaful insurance company's share of mudarabah, must be stated in advance.
An SSB must be formed in each takaful insurance company.
The Supreme Committee for Fatwa and Sharia Oversight was formed within the Insurance Authority.
It is necessary to appoint a shariah controller within each takaful insurance company.
The Insurance Authority's Board of Directors' Decision No. 26 of 2014 Pertinent to Financial Regulations for Takaful Insurance Companies (the 2014 Regulations), which was largely inspired by the EU's Solvency II standards, outlined various financial standards required for takaful insurance companies, including:
the introduction of solvency margins and a guarantee fund. The previous minimum capital requirements (MCR) of 100 million and 250 million UAE dirhams, required for insurers and reinsurers respectively, have been supplemented with the following capital requirements:
a minimum guarantee fund (MGF), which comprises an amount that is the higher of (1) not less than one-third of the solvency capital requirement (SCR); or (2) the higher of a minimum amount to be specified by the Insurance Authority for each type of business and a specified percentage of the net earned premium for each type of business; and
SCR being a risk-based capital calculation that utilises the solvency template published by the Insurance Authority. The SCR introduces, for the first time in the UAE, a risk-based capital component for insurers.
Takaful operators are required to maintain the higher of the MCR, the MGF and the SCR. In practice, it is likely that the MCR will remain the key requirement for much of the takaful industry given the relative youth and lack of scale of the takaful operators in the UAE;
the basis for calculating the financial provisions to meet its obligations towards participants and their beneficiaries, including unearned contribution reserves, outstanding loss reserves and unexpired risk reserves (all as defined in the 2014 Regulations);
determining the takaful operator's assets that meet the accrued insurance policies. The takaful operator must develop investment and risk management policies, including strict limitations on each class of asset that may be held by a single counterparty, to address concentration risk. For example, maximum limits set by law include (1) a 30 per cent limit on real estate assets; (2) a 30 per cent limit on equities – only one-third of this may be invested in a particular class of assets; and (3) a 20 per cent limit on mutual fund investment – only half of this may be invested in a particular asset class;
the accounting standards adopted by the takaful operator; and
the records and documents to be maintained by the takaful operator, which shall be made available to the Insurance Authority upon request.
While the above developments will enhance consumer protection, they will also cause some hardship for takaful operators, particularly for the smaller operators who may find it difficult to meet the extensive reporting requirements and limitations on the types of assets in which they may invest. It is expected that these requirements will encourage smaller takaful operators to merge and consolidate their business, to manage the new solvency and reporting requirements.
The vast majority of funds (including Islamic investment funds) marketed in the UAE (whether to retail customers, high net worth individuals or institutional investors) are organised offshore, and the number of onshore funds is extremely low.
There are no laws in the UAE that deal specifically with Islamic investment funds. Therefore, the legal and regulatory regime applicable to investments in general will also apply to Islamic investment funds.
The principal financial services regulator in the UAE is the UAE Central Bank. Important UAE legislation applicable to investment funds includes:
the Banking Law;
the Islamic Banking Law;
UAE Central Bank Resolution 164/A/94 (regarding the regulation of the financial companies and banking, and financial and investment consultation establishment of companies);
UAE Central Bank Resolution 89/3/2000 (regarding amendment to regulation of investment companies and banking and financial investment consultation establishment of companies);
UAE Central Bank Resolution 58/3/96 (regarding the regulation of finance companies);
UAE Central Bank Resolution 21/2/88 (regarding the system of investment banks in the state);
ESCA Resolution 3 of 2000 (concerning regulations on disclosure and transparency);
ESCA Resolution 4 of 2000 (concerning the Emirates securities and commodities authority and market);
ESCA Resolution 48 of 2008 (concerning financial advice and analysis); and
the ESCA Board of Directors Decision No. 9 of 2016 (concerning the regulation of mutual funds) (the Investment Funds Regulation).
The Investment Funds Regulation further confirmed the transfer of responsibility for the licensing and marketing of mutual funds (including any Islamic investment funds), which are defined as financial pools engaged in the activity of accumulating investors' assets for the purpose of investment against the issue of fund units of equal value, and a number of related activities from the UAE Central Bank to ESCA. ESCA approval is required for the sale, marketing and promotion of foreign securities and funds in the UAE, and the establishment of domestic funds. In particular, the Investment Funds Regulation provides that:
all foreign mutual funds (which are the most common type of investment fund in the UAE) must be approved by ESCA to be marketed in the UAE. The fact that a foreign fund may only be offered to institutional investors does not provide an exemption from the requirement to obtain ESCA approval;
a foreign mutual fund may not be marketed to the public in the UAE unless the foreign fund is (1) subject to the supervision of an authority equivalent to ESCA in its jurisdiction of incorporation and (2) authorised to make offers to the public in its jurisdiction of incorporation;
all approved foreign mutual funds, whether public or private, must be promoted by a local promoter, which includes (1) banks and investment companies licensed by the UAE Central Bank and (2) companies licensed to be local promoters by ESCA. The local promoter will act as an intermediary between the foreign fund and the persons to whom units in the fund are promoted in the UAE. The local promoter will also be responsible for a broad range of issues, including:
continuous monitoring of the operations of funds to safeguard the investment of the unitholders;
keeping records of the units distributed by the fund;
providing subscribers with copies of the foreign fund's offering document;
ensuring timely disclosure of material information and financial statements relating to the foreign fund to investors in the UAE; and
distributing dividends and redemption proceeds to the unit holders in accordance with the foreign fund's documents; and
an entity establishing a local fund must be a UAE joint-stock company or a UAE branch of a foreign company. The company or branch must have a minimum capital of 5 million UAE dirhams.
The investment policy of the investment fund must specify, among other things, proposed investment instruments, investment risks relevant to the proposed investment instruments, restrictions on types of investments and borrowing controls. The Investment Funds Regulation also prescribes certain restrictions on investment of the fund's assets, in line with the investment nature of the fund, covering:
investment in tradable securities (stocks, bonds and cash instruments) or high liquid non-tradable securities;
financial derivatives on tradable securities to control the level of risks set forth in the fund's prospectus or for hedging in an amount not greater than the total net asset value subject to disclosure thereof;
declared indexes or bank deposits to ensure liquidity with a maximum maturity of 12 months with licensed banks;
open-ended mutual funds subject to determining the investment ratio (such funds must be licensed by an entity similar to ESCA); and
immovable assets of high liquidity.
Any application for a licence from ESCA for either the establishment of a fund or the establishment of a local promoter company requires the submission of a letter of application, various constitutional documents of the applicant and a business plan of some sort. The exact documents are not prescribed by the relevant authority; rather, the normal practice is for ESCA to notify the applicant of such additional documents as it might require on an ad hoc basis. ESCA requires an applicant seeking approval for promotion of a foreign mutual fund to submit the fund's key information, an undertaking from the local promoter, a signed promotion agreement, the fund offering document, and the constitutional documents and the previous two years' audited financial statements of the applicant (although additional documents may be requested).
ii Regulatory and supervisory authorities
While the authorities identified in Section I.i have the power to regulate the provision of financial services in and from the UAE, in practice shariah supervision and compliance is still left to the individual financial institution. Currently, in the UAE shariah compliance is achieved in various ways, including by way of adopting national regulation, voluntary shariah-compliant standards and fatwas, and directives and resolutions of the Islamic financial institution's internal SSB. However, it is anticipated that the decisions and regulations issued by the Higher Authority will soon be added to the above list.
Previously, the adherence to the voluntary standards issued by standard setting bodies such as the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board varied among individual Islamic banks and financial institutions in the UAE. However, this may soon change following the Higher Authority's recommendation that all banks and financial institutions offering shariah-compliant products in the UAE comply with the requirements of the AAOIFI's standards with effect from 1 September 2018. It remains to be seen how this recommendation will be implemented in practice, particularly in the context of cross-border syndicated financing where one or more of the syndicated banks are located in jurisdictions that do not have mandatory implementation of AAOIFI standards. Islamic banks and financial institutions must continue to maintain an internal SSB (generally consisting of three to five shariah scholars) to ensure that their practices are in line with the requirements of shariah. There is no specific regulatory oversight or fit and proper person test. However, the Central Bank may request to see details of the academic and professional qualifications of the shariah scholars. The role of the SSB is to review the practices and financial products offered by an Islamic financial institution and issue fatwas, confirming that the Islamic financial institution's products and services are in compliance with the principles of shariah. Currently, it is not clear how the Higher Authority's core objectives of issuing fatwas on financial products will impact any fatwas issued by SSBs and how any inconsistency between the fatwas would be resolved. For now, Islamic financial institutions continue to seek guidance from their internal SSB; this can be problematic when arranging syndicates of Islamic banks or financial institutions, as there may be differences of opinion between the different SSBs on the application of shariah principles to the financing structure.
In determining whether a financial instrument is compliant, the shariah scholars generally adhere to the following process:
review the product concept description created by the product development team;
review the market conditions identified by the product development team;
review the product development team's views on the Islamic principles on which the transactions will be based; and
review the product development team's proposals and issuing fatwas.
The resulting fatwa of the scholars is then reviewed by the product development team and can be followed by a discussion between the scholars and the product development team to finalise the product. The need for a constant dialogue between the product development team and the scholars throughout this process should be stressed. In line with the majority of countries where shariah-compliant financial services are offered, each financial institution in the UAE has its own SSB, making individual decisions for the institution. It remains to be seen whether the adoption of the Higher Authority will result in the UAE becoming the latest country to adopt the centralised shariah compliance regime in place in other jurisdictions, such as Malaysia and Sudan, where shariah compliance is centralised within the central bank.
Originally pioneered by the Malaysian Central Bank (Bank Negara Malaysia), other central banks (e.g., in Oman, Nigeria and Pakistan) have more recently established a centralised SSB within their central bank or financial regulator. The central SSB is responsible for the approval of all shariah-compliant financial transaction structures in the country. The responsibility of the SSB of the individual financial institutions is to ensure the transactions undertaken by the institution are compliant with these rules. Any amendments requested by individual institutions will have to be presented to the central SSB for ratification. The centralised SSB and Bank Negara Malaysia maintain a register of approved scholars. Scholars cannot be a member of more than one board per type of financial institution. As a result, a scholar could, for example, be a member of the SSB of a retail bank and an investment bank, but not of two retail banks.
II COMMON STRUCTURES
i Consumer finance
Islamic banks provide a comprehensive range of core consumer banking services similar to those offered by their conventional counterparts, in particular:
Islamic banks accept deposits into current accounts for safe custody of their funds, as well as convenience and use. The bank may levy a charge for providing this service. These deposits are not subject to any conditions on drawing or depositing. The bank may use such deposits at its own risk and responsibility in respect of profit or loss.
Savings accounts are operated similarly to current accounts. However, customers may be restricted in the frequency in which they can withdraw their funds or may be required to give a notice period to the bank prior to doing so. The bank, at its discretion, may reward its customers with a profit-share generated from their deposits at the end of its financial year.
Islamic banks open investment accounts into which they accept deposits from customers seeking investment opportunities for their funds using the mudarabah contract. Deposits are held for a specified period. While the profits generated by the bank from the investment of the funds are shared between both the bank and the customer, according to a predetermined ratio, any losses must be borne by the customer, unless the loss was attributed to any fault by the bank.
Islamic banks are unlikely to give an overdraft facility to their customers since they will not charge interest for such a service. Instead, the bank may give a qard hasan to customers in case of hardship to enable them to meet certain obligations.
To provide trade finance facilities, the Islamic bank uses either the conventional letter of credit or the murabahah contract. In practice, Islamic banks tend to open a letter of credit only for customers who have an equivalent credit balance with the bank and in return for a fee. The Islamic bank is likely to use the murabahah contract for trade financing where the customer does not have adequate credit with the bank. As mentioned, under a murabahah contract, the bank earns its return from the markup profit.
ii Home finance
For the acquisition of completed properties an Islamic bank will generally provide funding by using the murabahah structure. However, for properties under construction, banks generally use the istisnah and forward ijarah structure.
For a murabahah financing the bank will (1) acquire title to the asset from a third party and (2) transfer title to the customer (subject to a mortgage over the land or flat, etc.).
Under an ijarah financing, once the asset is completed the title will first pass to the customer and then (following entry into the ijarah financing) pass to the bank. Once the lease term is completed, the title should revert to the customer (assuming that the customer has complied with its obligations under the ijarah).
iii Insurance
The participants jointly donate funds (on a tabarru' basis) to a pool for the purpose of providing mutual indemnity and protection to the participants exposed to defined risks under the takaful policy. The takaful contract is a combination of tabarru' (donation) and dhaman (indemnity) contracts between the individual insured and the pool of insured (policyholders) as represented by the takaful, and agency (wakalah) or profit sharing (mudarabah) contracts between the insured and the takaful operator.
iv Project finance
Many investors get together to become shareholders in large financial projects through the mechanism of the mudarabah. The Islamic bank's role in these funds is to act as the mudarib and to use these funds to finance a large project. This mudarabah fund can be utilised by the bank in conducting its business using any of the Islamic contracts, such as murabahah, ijarah, salam or istisnah.
v Asset finance
Islamic banks finance acquisition of assets by using the ijarah contract, and the ijarah wa iqtina for longer-term assets. This technique is particularly popular for vessel financing by Islamic banks. The title to the asset will pass from the customer to the bank. The asset will be leased back to the customer for the term of the lease. At the end of the lease period, the title to the asset will revert to the customer.
vi Investment funds
The Islamic structure used for a fund will depend on the underlying objectives of the fund. Fixed-income funds usually invest in murabahah (commonly commodity murabahah), sukuk and ijarah, with the investors investing their funds with mudarib using a mudarabah or wakalah contract (which governs the relationship between the investors and the mudarib). The ijarah fund structure is favoured as it can generate higher returns.
III TAXATION
Legislation establishing a general corporate income tax regime is currently in force in the UAE. The regime is, however, only applicable to companies active in the hydrocarbon industry and branches of foreign banks operating in the wider UAE. Under current legislation, there is no requirement for withholding or deducting for or on account of UAE taxation in respect of payments of accrued return or principal on investments.
The Constitution of the UAE specifically reserves the right to raise taxes (such as VAT) on a federal basis, for the purposes of funding its budget, to the federal government of the UAE. It is not clear how or if such taxes will affect Islamic finance agreements or institutions. This will only become clear once the relevant laws are passed.
IV INSOLVENCY
There is no separate insolvency regime for Islamic finance participants in the UAE.
V JUDICIAL FRAMEWORK
i Courts
Although the UAE has shariah courts, these courts only deal with family law-related issues, including marriage, divorce and intestacy. Any commercial disputes in the UAE (including Islamic finance disputes) are resolved through litigation in the UAE civil courts or arbitration. Consequently, should a commercial dispute be brought before a UAE court, the court is unlikely to apply a different treatment to the dispute solely on account of the transaction being shariah-compliant. The dispute will be subject to the same processes and procedures as a conventional financing counterpart. The courts will also apply the laws of the UAE in determining the case. Furthermore, if a document purports to be governed by shariah law, courts will likely disregard this choice of law, and will instead apply the applicable UAE laws.
The UAE is a federation of seven emirates. All member emirates, except Dubai and Ras al-Khaimah, are part of a federal judicial system; Dubai and Ras al-Khaimah have independent judicial systems. In every emirate, the court system consists of the Court of First Instance, the Court of Appeal and the Court of Cassation (Ras al-Khaimah, however, does not have a Court of Cassation).
Commercial disputes in the UAE (including Islamic finance disputes) are generally resolved through litigation in the UAE civil courts or arbitration. It is common for UAE banks and financial institutions to choose UAE law (or the law of a particular emirate) as the governing law of the transaction documents and the UAE courts as having exclusive jurisdiction over all related disputes.
The UAE operates under a civil law system. The civil court (or Court of First Instance) hears all claims ranging from commercial matters (including debt recovery cases) to maritime disputes. After judgment has been delivered, the parties have the right to appeal to the Civil Court of Appeal on factual or legal grounds, or both, within 30 days of the date of judgment. It is possible to introduce additional evidence to the Court of Appeal and request that additional witnesses be called to testify. Thereafter, parties may appeal on points of law alone to the Court of Cassation (the highest court in Dubai), which is usually composed of five judges. The appeal must be filed within 30 days of the date the parties were notified of the judgment of the Court of Appeal. All decisions of the Court of Cassation are final and are not subject to appeal.
Each case is decided on its own merits and facts. All court proceedings are in Arabic. All non-Arabic documents filed in court by the litigants must be translated into Arabic by a translator licensed by the Ministry of Justice. The judicial system in the UAE is essentially inquisitorial in nature. In each case, the judge will investigate the facts and apply the law to the facts in reaching his or her judgment. There is no concept of a jury trial.
All proceedings in UAE civil matters are based on the written pleadings of the parties, supported by documentary evidence. In general, there is no oral hearing in civil cases. There is a widespread practice for both the federal and the Dubai courts to refer matters to court-appointed experts for findings of fact in a variety of areas, including finance, accounting and other technical matters. Experts' reports (including reports from shariah scholars) are not binding and can be challenged by the parties, but they are usually considered persuasive by the courts. Oral evidence can only be given to establish a fact in a civil case with the permission of the court and the right to cross-examine witnesses is severely restricted.
The UAE courts do not adhere to the traditional common law standard of proof such as the balance of probability test in civil claims or the beyond all reasonable doubt test in criminal matters. The final decision in any case is at the discretion of the judge or judges hearing the case.
All commercial cases are heard by the civil courts, usually consisting of three judges in the Court of First Instance, three judges in the Court of Appeal and five judges in the Court of Cassation.
These judges may not have specialist knowledge of commercial matters. However, commercial disputes must first be referred to a Reconciliation and Settlement Committee (the Committee), appointed by the Ministry of Justice (Federal Law No. 26 of 1999 regarding establishing reconciliation committees in the Federal Courts (the Reconciliation Committee Law)). The Committee facilitates settlement and usually hears parties in person. If a claim cannot be settled, the claimant can file a claim in the Court of First Instance. If the parties reach a settlement, they record and sign its terms. This agreement is binding and enforceable. This procedure does not apply in Dubai or Ras al-Khaimah. Dubai recently passed a law creating the Centre for Amicable Settlement of Disputes, to which certain cases must be referred before initiating court action.
To maintain the legal enforceability of an agreement, it is advisable for all the elements necessary for shariah compliance purposes to be incorporated into the agreement itself. Under the UAE Civil Code, where the intention of the parties is clear from the language of the contract, the courts will not imply any further meaning or additional terms to the contrary. Save in the cases where the contract was unclear and the provisions of the law and customary practice are silent on an issue, the UAE courts are unlikely to examine the shariah aspects of a document.
In addition to the civil courts, the parties may choose to resolve a dispute through the International Islamic Centre for Reconciliation and Commercial Arbitration (IICRCA). The IICRCA is a dispute resolution forum for the Islamic finance industry, based in Dubai. The IICRCA was established for the purpose of assisting in resolving financial and commercial disputes that may arise between financial and commercial institutions or between such institutions and their clients or third parties through reconciliation or arbitration in accordance with the principles and rules of the Islamic shariah. The IICRCA handles commercial disputes in the Islamic financial industry from across the GCC as well as Malaysia. The agreement of the parties is required for the IICRCA to have jurisdiction. The IICRCA is not commonly used.
There are other regional arbitration centres, in Sharjah and Ras al-Khaimah, such as Sharjah International Commercial Arbitration Centre and Ras al-Khaimah Centre of Reconciliation and Commercial Arbitration. These arbitration centres are not commonly used.
ii Cases
We are not aware of any significant case law regarding the interpretation of Islamic financial products. Furthermore, note that the UAE does not follow the principle of stare decisis and judgments of the UAE courts are not always published.
VI OUTLOOK
i Higher Authority
While it is clear that the Higher Authority shall regulate and set standards for the Islamic finance industry in the UAE, few details have been released as to how such an authority will affect interaction with existing SSBs (i.e., will the UAE adopt something along the lines of Malaysia's centralised shariah supervisory regime (see Section I.ii) or will financial institutions still manage shariah supervision through their SSBs?).
The Higher Authority has taken major steps in developing the Islamic finance industry in the UAE, such as recommending that all banks and financial institutions offering shariah-compliant products in the UAE comply with the requirements of the AAOIFI standards with effect from 1 September 2018. Existing products and services will also need to be revised to comply with the AAOIFI standards. This is a key development and provides consistency and uniformity in the cross-border approach to offering shariah-compliant products and services, and will bring the UAE in line with other countries in the region, such as Bahrain and Jordan, where financial products and services also adhere to the AAOIFI standards. The board of the Higher Authority discussed draft standards regarding the governance of sukuk issuances at a meeting in July 2018.
It is also hoped that establishing a centralised shariah regulator such as the Higher Authority will help to address the ongoing controversy surrounding 'fatwa shopping' in the UAE (i.e., the practice by financial institutions of approaching multiple shariah scholars, to review their proposed financial products, to choose the shariah scholar who offers the most favourable fatwa).
ii Investment regulations
In 2015, ESCA's research department circulated draft regulations for (1) private equity funds, (2) real estate investment funds, and (3) investment funds. These draft regulations detailed rules and procedures on a variety of issues relating to the particular types of fund, including the offering, operating and management of such funds in and from the UAE. However, following the issuing of the less detailed Investment Funds Regulation, it is no longer clear whether ESCA still intends to proceed with the above draft regulations.
1 Amjad Ali Khan is a senior consultant and Rahat Dar is a senior associate at Afridi & Angell.
In this chapter
The Islamic Finance and Markets Review
Other chapters on United Arab Emirates
The Banking Regulation Review
The Corporate Immigration Review
The Energy Regulation and Markets Review
The Insurance Disputes Law Review
The Insurance and Reinsurance Law Review
The International Capital Markets Review
The Life Sciences Law Review
The Professional Negligence Law Review
The Real Estate Law Review
The Restructuring Review
The Technology, Media and Telecommunications Review
All titles on United Arab Emirates
The Banking Regulation Review Edition 10
Editor Jan Putnis
Slaughter and May
Banking regulation continues to confound the idea that views about how banks should be regulated will eventually settle down to an orthodoxy broadly accepted throughout the world. This edition covers 37 countries and territories in addition to our usual chapters on international initiatives and the European Union. There must be a feeling among many of the authors that banking regulation is a subject that will never settle down; that it will never return to being the rather duller subject that it was before it became a political issue more than 10 years ago.
The Transport Finance Law Review Edition 5
Editor Harry Theochari
This book is intended to provide the legal industry with a guide to transport finance today, in each of the key jurisdictions globally in which aircraft, rolling stock and ships are financed. Each contribution reflects the significance of the transport sector today, and the need for readily available funding for industries that underpin the global economy by transporting people and commodities around the world every day.
The Consumer Finance Law Review Edition 3
Editors Richard Fischer, Obrea Poindexter and Jeremy Mandell
Morrison & Foerster
Consumer choice for financial products and services is proliferating across global markets. The ability to reach consumers at any time on their mobile phones, tablets or other devices has helped attract substantial capital investment in consumer financial services. This survey of consumer finance law describes the legal and regulatory approaches taken in the jurisdictions covered. Each chapter addresses the key characteristics of, and current climate within, a particular jurisdiction. Although payments, lending and deposits are the focus of this survey, other financial products and services are discussed where relevant.
The Restructuring Review Edition 11
Editor Christopher Mallon
The global economic upswing, which began in 2016, continues to strengthen with global GDP growth reaching 3.9 per cent in the second quarter of 2018 and expected to increase further in the second half of 2018. World trade growth accelerated by 4.7 per cent in 2017, following trade growth of only 1.8 per cent in 2016. This is largely driven by cyclical improvements and an increase in investment growth in developed economies.
The Acquisition and Leveraged Finance Review Edition 5
Editor Marc P Hanrahan
Milbank LLP
While there have been ups and downs, of course, for leveraged finance over the last 40 years (most notably during the financial crisis), leveraged finance used to support acquisitions has become a very big business and is almost certainly here to stay (and probably grow). This volume is intended to contribute to the knowledge base of lawyers who participate, or aspire to participate, in leveraged finance used for acquisitions. It will hopefully provide an overview and introduction for the novice and be a ready resource for an active practitioner who needs to know about relevant laws and practices in jurisdictions around the world.
The International Capital Markets Review Edition 8
Editor Jeffrey Golden
P.R.I.M.E. Finance Foundation
This book serves two purposes, one obvious, but the other possibly less so. Quite obviously, and one reason for its continuing popularity, The International Capital Markets Review addresses the comparative law aspect of our readers' international capital markets (ICM) workload and equips them with a comparative law reference source. Globalisation and technological change mean that the transactional practice of a capital markets lawyer, wherever based, no longer enjoys the luxury, if ever it did, of focusing solely at home within the confines of a single jurisdiction. Globalisation means that fewer and fewer opportunities or challenges are truly local, and technology more and more permits a practitioner to tackle international issues.
The Initial Public Offerings Law Review Edition 3
Editor David J Goldschmidt
This publication introduces the reader to the main stock exchanges around the globe and their related initial public offering (IPO) regulatory environments, and provides insight into the legal and procedural IPO landscapes in 18 different jurisdictions. Each chapter gives a general overview of the IPO process in the region, addresses regulatory and exchange requirements, and presents key offering considerations.
The Project Finance Law Review Edition 1
Editor David F Asmus
Many of the classic project finance texts are becoming increasingly dated as the years go by, while project finance itself continues to evolve with the markets it serves. The purpose of this volume is to provide a living guide to project finance that will be updated on a regular basis, while still tackling the core project finance concepts that every practitioner needs to understand.
The Virtual Currency Regulation Review Edition 1
Michael S Sackheim
Nathan A Howell
The Virtual Currency Regulation Review is intended to provide a practical, business-focused analysis of recent legal and regulatory changes and developments, and of their effects, and to look forward at expected trends in the area of virtual currencies on a country-by-country basis. We are still very much in the early days of the virtual currency revolution. No one can truthfully claim to know what the future holds for virtual currencies, but as it does not appear to be a passing fad, we have endeavoured to provide as much useful information as practicable concerning the regulation of virtual currency
The Transfer Pricing Law Review Edition 2
Editors Steve Edge and Dominic Robertson
Transfer pricing rules are, of course, a central plank in governments' fight against profit shifting, and the application and evolution of these rules will (rightly) continue to be high up the corporate tax agenda for many years to come.
The Insolvency Review Edition 6
Editor Donald S Bernstein
Davis Polk & Wardwell LLP
This volume offers an in-depth review of market conditions and insolvency case developments in key countries around the world. A debt of gratitude is owed to the outstanding professionals the world over who dedicated their time and talents to this book. This book is a significant undertaking because of the current coverage of developments we seek to provide. As always, the hope is that this year's volume will help all of us, authors and readers alike, reflect on the larger picture, keeping our eye on likely, as well as necessary, developments, both on the near and distant horizons.
The Asset Management Review Edition 7
Editor Paul Dickson
While the global financial crisis of 2007 and 2008 may feel like an increasingly distant memory, its effects continue to be felt across the whole of the financial world. Despite significant improvements in the global economic landscape in the intervening years, global growth has been hampered in recent years by various geopolitical factors, including political uncertainty resulting from the change in administration in the US in 2016 and the rise of populist movements in Europe. The world of asset management is increasingly complex, but it is hoped that this edition will be a useful and practical companion as we face the challenges and opportunities of the coming year.
The Financial Technology Law Review Edition 2
Editor Thomas A Frick
We are delighted to present the second edition of The Financial Technology Law Review. The authors of this publication are from the most widely respected law firms in their jurisdictions. They each have a proven record of experience in the field of fintech; they know both the law and how it is applied. We hope that you will find their experience invaluable and enlightening when dealing with any of the varied issues fintech raises in the legal and regulatory field.
The Banking Litigation Law Review Edition 2
Editor Christa Band
Linklaters LLP
As we noted in the Preface to last year's edition of the Banking Litigation Law Review, banks will always be regular litigants – generally as defendants – and this year's contribution of jurisdiction-specific chapters explains how and why.
The Lending and Secured Finance Review Edition 4
Editor Azadeh Nassiri
This fourth edition of The Lending and Secured Finance Review contains contributions from leading practitioners in 25 different countries, and I would like to thank each of the contributors for taking the time to share their expertise on the developments in the corporate lending and secured finance markets in their respective jurisdictions and on the challenges and opportunities facing market participants.


text:
Law enforcement brothers share in the gift of…
Home » Missing woman's husband charged with her murder – Law Officer
Missing woman's husband charged with her murder – Law Officer
Share and speak up for justice, law & order…
COHASSET, Mass. – Ana Walshe has not been seen since Jan. 1. Her husband Brian Walshe has been suspected of foul play in her disappearance. Now he is charged with her murder, the Norfolk District Attorney's Office announced Tuesday afternoon.
"Norfolk District Attorney Michael Morrissey announce the issuance of a murder warrant in the death of Ana Walshe, 39, missing from Cohasset since on or about New Year's Day," said an emailed statement from the DA's office, according to Fox News Digital.
"The warrant was issued from Quincy District Court today January 17, 2023; the arraignment may be as soon as 9 a.m. tomorrow dependent on defense attorney availability."
Brian, 47, has been jailed since Jan. 8 on one count of misleading investigators. His bail was set at $500,000 on that charge. He was previously on house arrest with an ankle monitor after pleading guilty to federal fraud charges in 2021.
The previously convicted Massachusetts art swindler who is now an accused murderer will be transferred to the Quincy District Court for arraignment, which will likely take place Wednesday, the New York Post reported.
Brian told investigators that he last saw Ana alive in the early hours of Jan. 1, when he claims she left their Cohasset home for a "work emergency."
However, Ana, who commuted between Massachusetts and Washington, DC, for her job with property developer Tishman Speyer, has not been seen since.
Ana Walshe pictured in a November 2022 Instagram post. (Ana Walshe/Instagram)
Meanwhile, evidence has continued to mount against Brian. Despite his claims, there are no reports that she was headed on a work trip.
Moreover, there are no records of Ana getting a rideshare or boarding a plane at Boston Logan International Airport. The mother of three simply vanished.
Ana's employer reported her missing about noon on Jan. 4. Police blotters show that Brian did not call to report her missing until later that same day, three days after he claimed to have last seen her.
Brian Walsh (Screenshot Fox News)
Incriminating evidence accumulated against Brian as prosecutors announced a search of the family's home, which revealed blood and a damaged knife in the basement. A subsequent search of his mother's residence and a nearby waste facility reportedly proved fruitful as well. Investigators collected items believed to have evidentiary value that included a hacksaw, hatchet and carpet that was pulled up, The Post reported.
Fox News also noted that investigators obtained evidence of Brian shopping for cleaning solutions and other items at Home Depot after Ana was reported missing.
Sources close to the investigation said a forensic analysis of Brian's phone revealed a Google search, "How to dispose of a 115-pound woman's body" in the days after Ana went missing.
As of Tuesday afternoon, it remains unclear if authorities recovered Ana's body.
Baggage handler sucked into jet engine was warned...
Klamath Falls City Schools Adopts ZeroEyes A.I.-Based Proactive...
West Virginia man accused of kidnapping and 'burning'...

redpajama_set_name: RedPajamaCommonCrawl


Association for Care, Training & Assessment Networks (ACTAN) is an organisation dedicated to proactively providing current and relevant information regarding regulation, legislation, qualifications, and workforce development implications that impact the health and social care sector.
ACTAN has representation at both regional and national level with key stakeholders: including Skills for Care, Skills for Care and Development, National Skills Academy for Adult Social Care, National Apprenticeship steering group.
They have brought our attention to the new Department of Health guidance released on Giving adults voice, choice and control in social care. The guidance provides guidance on how registered nurses, care and support staff can enable relationship-centred care, and how they can work with others to achieve personalised care and support.
The guidance is for staff across a range of care settings, including care home staff and carers who look after people in their own homes and how staff in social care settings can ensure adults get personalised care and support.
This document provides guidance on how registered nurses, care and support staff across a range of care settings, including care home staff and carers who look after people in their own homes, can enable relationship-centred care, and how they can work with others to achieve personalised care and support.
Care: Good experiences: supporting people to experience the care and support they choose, in a variety of settings and at all stages of life, including the end of life. Ensuring adequate access to healthcare services and promoting health to optimise quality of life.
Competence: Competence to ensure people have real control over resources; open, transparent and independent processes; and engaged local communities. Support is culturally sensitive in the context of a person's life and preferences. The needs of any carers are understood and addressed.
Commitment: Identifying and meeting training needs within the social care workforce. Developing leadership, management and expertise to deliver a culture of care which is responsive to individual needs. Promoting positive relationships between service users, carers and staff.


text:
Q: Move figures inside function Show I have a ListLinePlot and a ListPlot3D that I want to combine using Show. I do not know how to change the positions of the figures. Here a toy example:
a = ListPlot3D[{{0, 0, 3}, {0, 1, 3}, {1, 0, 3}, {1, 1, 3}, {0.25,
 0.5, 1}, {0.75, 0.5, 1}}];
b = ListLinePlot[{0, 4, 2, 7, 4, 9}];
Show[{Graphics3D[{EdgeForm[], {Texture[b],
 Polygon[{{-1, -1, -1}, {1, -1, -1}, {1, 1, -1}, {-1, 1, -1}},
  VertexTextureCoordinates -> {{0, 0}, {1, 0}, {1, 1}, {0,
     1}}]}}], a}]

How can I center the figure "a" ?
Thank you.

A: I'm not sure what exactly you trying to achieve by using the 2D plot as a Texture. The following code gives me  white background:
a = ListPlot3D[{{0, 0, 3}, {0, 1, 3}, {1, 0, 3}, {1, 1, 3}, {0.25,
     0.5, 1}, {0.75, 0.5, 1}}];
b = ListLinePlot[{0, 4, 2, 7, 4, 9}];
Show[{Graphics3D[{EdgeForm[], {Texture[b], Blue,
     Polygon[{{0, 0, 0}, {1, 0, 0}, {1, 1, 0}, {0, 1, 0}},
      VertexTextureCoordinates -> {{0, 0}, {1, 0}, {1, 1}, {0, 1}}]}},
    Lighting -> "Neutral", Axes -> True], a}]

Lighting -> {{"Ambient", White}} is another way to make your polygon white.
Although you should probably consider plotting your figure "b" in 3D instead of mapping it as a texture.

redpajama_set_name: RedPajamaStackExchange


text:
Kim Cattrall's missing brother has been found dead.
Sex And The City star Kim Cattrall has announced the death of her brother, who had been missing for days.
The actress, 61, said her "one of a kind" brother Christopher Cattrall died unexpectedly.
It is with great sadness that myself and my family announce the unexpected passing of our son and brother, Chris Cattrall. At this time we ask for privacy but we want to thank you all on social media for your outpouring of love and support in this trying time.
A post shared by Kim Cattrall (@kimcattrall) on Feb 4, 2018 at 1:00pm PST
She wrote on social media: "It is with great sadness that myself and my family announce the unexpected passing of our son and brother, Chris Cattrall.
Are Lip Fillers The New Lower Back Tattoo?
Mamamia Out Loud
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"At this time we ask for privacy.
"We want to thank you all on social media for your outpouring of love and support in this trying time."
The news came just hours after the star had asked her fans to help spread the word to find her brother, who was 55.
MISSING! This is my brother Christopher Cattrall or Chris as we call him. He has been missing since Tuesday, January the 30th from his home in Lacombe, Alberta Canada. His keys, cell phone,& wallet left on the table and his front door unlocked. This is not like Chris. He he would never leave his unlocked home without those items nor his 7 beloved dogs. Chris is 55 years old, 6 feet tall, 200 pounds, blue eyes, short brown hair, goatee, average build & usually wearing a waist length hooded winter coat with black gloves, blue jeans and calf high black winter boots. If you've seen Chris contact Blackfalds RCMP at 403 885 3300 He's a one of a kind brother. Help us bring him home safe. Please spread the world. Many thanks for reading this. Kim #centralalberta #blackfalds #reddeeralberta
Tags: news-3


Today on our Romance Month we have one of my favourite authors visiting! Please help me welcome Stacy Hoff!! Her books are amazing, if you haven't read any, you need to click the links below! You will not be disappointed!
The ultimate romantic date would take place in New York City's Metropolitan Museum of Art after the museum is closed to the public. The American Wing would be the best location, right in front of Louis Comfort Tiffany's "Garden Landscape" mosaic. A blanket, some brie, a loaf of baguette and a bottle of wine would make the most romantic picnic ever. Classical musicians would be nearby, playing Pachelbel's Cannon.
"I-I'm sorry," Ana stuttered, although she wasn't sure what she was apologizing for. Her slow response, or for not being somebody better?
"Just level with me, okay?" he said again, gentler this time. "I won't be mad. Panicked, maybe. But not mad. At least not mad at you." He managed to give her a small smile. She wished to God it was sincere.
"None at all," he repeated tonelessly.
"That depends," he said, looking as if he had a sudden, severe headache.
She could have sworn she heard him swallow. It was almost as if he was choking on one of those marshmallows.
"Any hiking experience?" he asked weakly.
"I think I need a beer," he said, abruptly changing the topic.
"I can get you one, if you want." Ana felt her face go hot.
Thanks so much for having me I your blog, Angela!
Sorry, I'm a day late! Best of luck with this great adventure book!
Thanks so much, Belle Ami!!!!


text:
US Army approves hormone therapy for Chelsea Manning
AFP , Friday 13 Feb 2015
US soldier Bradley Manning: 'I am female'
A look at Bradley Manning's trial in US
Army private Bradley Manning admits to 10 charges in Wikileaks role
Manning wants charges dismissed in WikiLeaks case
The US Army has approved hormone therapy for gender "reassignment" for Chelsea Manning, the soldier convicted of leaking a trove of secret documents, in a first for the American military, officials said Friday.
The move was "based on a medical assessment for the individual," a defense official told AFP. "It was the right decision to make," said the official, who spoke on condition of anonymity.
Hormone therapy was approved recently by Colonel Erica Nelson, commandant of the US Disciplinary Barracks at Fort Leavenworth, Kansas, where Manning is now serving a 35-year prison sentence for his massive document dump, officials said.
The American Civil Liberties Union, which had backed Manning's lawsuit demanding the military authorize medical services for a gender transition, was "thrilled for Chelsea that the government has finally agreed to initiate hormone therapy as part of her treatment plan," said Chase Strangio, an attorney for Manning.
"But the delay in treatment came with a significant cost to Chelsea and her mental health and we are hopeful that the government continues to meet Chelsea's medical needs as is its obligation under the Constitution so that those harms may be mitigated," it said.
Manning's lawsuit had argued that the Defense Department was violating her constitutional rights in refusing to grant hormone therapy, as the situation amounted to "cruel and unusual" punishment.
Manning, 26, had already secured permission last year to be known under the name "Chelsea" instead of "Bradley."
The former intelligence analyst also had been allowed to wear women's underwear following a decision last year, and to undergo psychotherapy.
Manning was convicted in August 2013 of espionage and other offenses after admitting to handing over more than 700,000 classified documents to the WikiLeaks website while stationed in Iraq.
secret documents
Colonel Erica Nelson
US Disciplinary Barracks
Fort Leavenworth


text:
Q: Consulta SQL a queryset de DJango tengo la siguiente consulta SQL:
SELECT DISTINCT ON (e.id) e.id, e.nombre, e.apellido, e.estado, e.documento, c.nivelado, s.nombre AS semestre, t.nombre AS tipo
            FROM estudiante e
                JOIN caracterizacion c ON c.estudiante_id = e.id
                JOIN semestre s ON s.id=c.semestre_id
                JOIN tipo t ON t.id=c.tipo_id
                ORDER BY e.id, s.orden DESC

Quiero hacerla con Queryset de djanango algo así estudiantes = Estudiante.objects.all() pero no se como hacer los join y el order by.
Este es mi modelo de base de datos:

Dejo los modelos implicados en la consulta
Estudiante
ESTADOS = (
    (0, 'Activo'),
    (1, 'Inactivo'),
    (2, 'Egresado'),
    (3, 'Graduado'),
)
TIPOS_DOCUMENTOS = (
    (0, 'Tarjeta de indentidad'),
    (1, 'Cédula'),
    (2, 'Pasaporte'),
    (3, 'Cédula extrangera'),
)

class Genero(models.Model):
    nombre = models.CharField(verbose_name="Nombre", max_length=200)

    def __str__(self):
        return self.nombre

    class Meta:
        db_table = 'genero'

class Estudiante(models.Model):

    nombre = models.CharField(verbose_name="Nombres", max_length=200)
    apellido = models.CharField(verbose_name="Apellidos", max_length=200)
    tipo_documento = models.IntegerField(choices=TIPOS_DOCUMENTOS, default=1)
    documento = models.CharField(verbose_name="Número de documento", max_length=200, unique=True)
    celular = models.CharField(verbose_name="Celular", max_length=200, null=True, blank=True)
    telefono = models.CharField(verbose_name="Telefono", max_length=200, null=True, blank=True)
    genero = models.ForeignKey(Genero, verbose_name="Género", on_delete=models.CASCADE)
    fecha_nacimiento = models.DateField(verbose_name="Fecha de nacimiento")
    email = models.EmailField(verbose_name="Correo electronico", null=True, blank=True, unique=True)
    direccion = models.CharField(verbose_name="Dirección", max_length=200, null=True, blank=True)
    foto = models.ImageField(upload_to=custom_upload_to, null=True, blank=True)
    programa = models.ForeignKey(Programa, on_delete=models.CASCADE)
    estado = models.IntegerField(choices=ESTADOS, default=0)
    semestre_inicio = models.ForeignKey(Semestre, on_delete=models.CASCADE)
    created = models.DateTimeField(auto_now_add=True, verbose_name="Fecha de creación")

    def __str__(self):
        return ('{} {}'.format(self.nombre, self.apellido))

    def get_tipo_documento(self):
        tipo = TIPOS_DOCUMENTOS[self.tipo_documento][1]
        return tipo

    class Meta:
        db_table = 'estudiante'

Semestre
class Semestre(models.Model):
    nombre = models.CharField(verbose_name="Nombre", max_length=200, unique=True)
    orden =  models.IntegerField(null=False, blank=False, unique=True)

    def __str__(self):
        return self.nombre

    class Meta:
        ordering = ['orden']
        db_table = 'semestre'

Caracterizacion
class Tipo(models.Model):
    nombre = models.CharField(verbose_name="Nombre", max_length = 200)
    default = models.NullBooleanField(null=True, blank=True, unique=True)
    def __str__(self):
        return self.nombre

    class Meta:
        verbose_name = "Tipo de caracterización"
        verbose_name_plural = "Tipo de caracterizaciones"
        ordering = ['nombre']
        db_table = 'tipo'

class Caracterizacion(models.Model):
    SI_NO = (
        (1,'Sí'),
        (2,'No'),
    )
    estudiante = models.ForeignKey(Estudiante, verbose_name="Estudiante", on_delete=models.CASCADE)
    descripcion = models.TextField(verbose_name="Descripción", null=True, blank=True)
    semestre = models.ForeignKey(Semestre, verbose_name="Semestre", on_delete=models.CASCADE)
    tipo = models.ForeignKey(Tipo, verbose_name="Tipo", on_delete=models.CASCADE)
    nivelado = models.IntegerField(choices = SI_NO, default=1)
    usuario = models.ForeignKey(User, verbose_name="Usuario", on_delete=models.CASCADE)
    created = models.DateTimeField(auto_now_add=True, verbose_name="Fecha de creación")

    def __str__(self):
        return ('{} - {}'.format(self.estudiante, self.semestre))

    class Meta:
        verbose_name = "Caracterización"
        verbose_name_plural = "Caracterizaciones"
        ordering = ['created']
        db_table = 'caracterizacion'

A: los joins se hacen simplemente igualando
caracterizaciones = Caracterizacion.objects.filter(....) # los puntos suspensivos los para indicar que apliques los filtros que necesites
semestres = Semestre.objects.filter(...)
tipo = Tipo.objects.get(id=param_id) # param_id es una variable que me invento  e imagino que tiene un valor que recibo como parametro
# sabiendo que `.filter()` devuelve una lista y `.get()` un objeto
estudiantes = Estudiante.objectst.filter(
    caracterizacion__in=caracterizaciones, # a este atributo le añado `__in` porque estoy igualando con una lista
    semestre__in=semestres,
    tipo=tipo # aqui solo igualo porque `tipo` es un único objecto
)

te he hecho con filter y con get para hacerte el ejemplo con los dos casos pero tu puedes hacerlo como necesites.
Cabe resaltar que puedo aplicar el  filtro caracterizacion desde el modelo Estudiante aunque este no tenga este atributo porque el modelo Caracterizacion tiene un atributo FK de Estudiante Django con su magia crea un enlace interno para hacernos la vida mas fácil.
Para conocer un poco más como trabajar las consultas con Django revisa este enlace.

A: Aunque ya ha pasado tiempo después de la publicación de la pregunta, me permito adjuntar una posible solución por si alguien más la llegase a necesitar.
En vista que ya tienes diseñada la consulta en lenguaje SQL te seria fácil hacer uso del siguiente método que proporciona Django llamado "raw" en donde podrás mandarle como parámetro un String con la consulta SQL
Ejemplo:
Model.objects.raw('SELECT * FROM tabla')

Para ver más documentación sobre consultas SQL desde Django podrías revisar el siguiente enlace de la documentación oficial:
https://docs.djangoproject.com/en/2.2/topics/db/sql/


Less than two weeks after announcing its eight founding members, the Ontario Scholastic Basketball Association bid farewell to St. Marcellinus S.S. (Mississauga) after it was determined the proper application process had not gone through school or school board (Dufferin-Peel Catholic) administration.
While St. Marcellinus' decision to remain in OFSAA has impacted the basketball plans of top Canadian prospect R.J. Barrett, it appears the OBSA season will go on as scheduled.
While refusing to divulge particular high schools on the shortlist, Tipping says the league has set a hard deadline of Oct. 1 to select a new member — with preference to the Toronto area.
Along with Athlete Institute, current participating schools — BTB Prep Academy (Toronto), Bill Crothers S.S. (Markham), Father Henry Carr C.S.S. (Etobicoke), Orangeville Prep (Orangeville), The Hill Academy (Brantford) and St. John's Kilmarnock (Breslau) — are all within a two hour radius.
Barrett, who will attend Montverde Academy (as announced officially Tuesday by On Point via Twitter) in 2015-16, is an example of what the OSBA was designed to prevent — top players leaving the province for greater competition and exposure opportunities. Unlike OFSAA, which has strict transfer rules to maintain relative competitive balance, OSBA allows teams to recruit as they choose.
OSBA play begins Oct. 24 with a preseason tournament.


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Trust Lawyer in Fair Oaks Answers, "What is a Conservatorship or an Adult Guardian?"
The idea of conservatorships really came before the mainstream population a few years back when pop idol Britney Spears seemed to have an emotional breakdown right in front of the public eye. At that time, her father was named as her conservator. The term sounds like a babysitter, at best, or like a harsh authoritarian with financial power, at worst. So, what is a conservatorship, really?
A conservatorship in Sacramento or El Dorado County is ordered by the courts in cases where an individual is unable to make his or her own decisions—typically as they relate to finances and healthcare. When someone has been found unsuitable for such decisions, someone else is named to make them. This person is called the conservator. Someone who has been appointed to take care of financial matters, is called a "conservator of the estate," and someone appointed to make personal and medical decisions is called a "conservator of the person." (In some states, the person who makes personal decisions for someone who is incapacitated is referred to as the "guardian.") One person may fill both roles.
Situations That Warrant a Conservatorship
Conservators are granted to people who have been found to be somehow "incapacitated." In some states, this is also referred to as being a "protected person." To fit the criteria, the person in question will generally need to have a mental impairment to the point that he or she cannot meet his or her own health and safety needs and/or be able to manage financial affairs well enough to support oneself or legal dependents.
Again, the words mental impairment are key. Simply making bad choices or using bad judgment is not enough to warrant a conservatorship here in Sacramento. The final determination on whether or not a person fits the requirements is made only by a judge. The process can be started, however when a petition is filed with the courts asking for the appointment of a conservator. The request can be made by just about anyone who has an interest in your wellbeing, including yourself.
It is also permissible for any interested party to object to the need for a conservator or to question the choice of people considered for the role. It is usually the person's spouse or child that is appointed.
Choosing Your Own Conservator
While the role of conservator is appointed by a judge according to specific laws, that doesn't mean that an individual has no say in the matter of who will be in charge of the finances, medical, or personal care. The best course of action to ensure your wishes are followed is to work with an estate planning lawyer in advance to create a powers of attorney and medical directives. If you have these in place, you don't need to go through the conservatorship process, as the person named within will already have been given the responsibility.


© Fiona Woodcock The Bright Group International, Ltd.
This delightful drawing by artist Fiona Woodcock translates into a wonderful and contemporary shaped puzzle. The unusual edge makes a more interesting and satisfying jigsaw to complete. It also makes the puuurfect puzzle for cat lovers.
A fairly difficult and satisfying challenge;. Glad I have this to do again and again!
Prompt handling at your end, but I haven't yet received my puzzles.
I would buy from them again. I have purchased from them in the past. They provide excellent service and my puzzles have always arrived in perfect condition. Besides, the puzzles are totally wonderful.


text:
Q: How to copy objects between sessions in NHibernate I would like to copy my entities from MySQL database to brand new SQLite database (export).
I have the code below:
IEnumerable<Foo> fooList;
using (var sf = CreateMySqlSessionFactory("user", "password"))
using (var source = sf.OpenSession())
using (var sf2 = Class1.CreateSqliteSessionFactory(outputPath))
using (var dest = sf2.OpenSession())
{
     fooList = source.Query<Foo>();
     foreach (var foo in fooList)
     {
         dest.SaveOrUpdate(foo);
     }
     dest.Flush();
}

Both session factories are created without problems. Unfortunately SaveOrUpdate throws LazyInitializationException with message:
Illegally attempted to associate a proxy with two open Sessions
I understand that both sessions are open, but I couldn't find any neat solution.
The only ones I could find were about deep-cloning each foo, which too cumbersome (foo has properties of bar objects, which have another properties of boo objects etc.).
How can I perform such a bulk copy using NHibernate?
Please mind that the schema of source and destination databases are NOT the same. I used different mappings to achieve that.

A: Have you tried detaching foo from the session using:
source.Evict(foo)


LiveFm's Entertainment News anchor, Vanessa Gyan has paid tribute to her late dad Kiki Gyan of Osibisa fame.
Vanessa being the only child of Kiki Gyan posted on her facebook page to express how his late father's talent inspired many.
She dishes the latest in entertainment news, and all you need to know about your favourite celebrities in Ghana and across the world.
Vanessa worked in the United States of America, covering events for VH1, MTV and BET. She's interviewed a number of industry personalities including Boyz II Men, super-producer Swizz Beatz and Grammy Award-winner Melanie Fiona.
She relocated to Ghana in 2013.


A down-to-earth female entrepreneur with quite an accomplished background, Kanoko Oishi received her BA at Osaka University before earning her MBA at Harvard. Through Harvard's network, she also met and inspired Kay Deguchi, the founder of Ochanomizu Orthopaedic Clinic.
Upon graduating Harvard, Kanoko Oishi joined McKinsey consulting company and worked there for 12 years. Her role focused on how companies can make themselves more customer-oriented. Incredibly dedicated to her work, and highly intelligent, she quickly rose to the role of partner.
As the 2nd female partner ever, she had the freedom to work on projects that she cared about the most. As such, Kanoko focused on making a positive impact in the world of healthcare. Specifically, she wanted to help hospitals become more patient-oriented.
The nature of McKinsey's business is to conduct 3-month consulting projects, where consultants provide strategic advice to make the business more effective in some way. However, the suggested methods are not necessarily implemented, as that is entirely up to the company. Plus, hospitals in Japan have traditionally not been patient-centered. As such, Kanoko wanted a more direct impact on the ground level.
ACCOMPLISHMENTS OF MEDIVA AND PLATANUS MEDICAL CORP.
Thus, she founded both Mediva, Inc. and Platanus Medical Corp. in 2000 with renowned doctors. The company's mission is to realize innovative, patient-centered medicine and care. Now with over 120 employees, Mediva is a thriving company with hospice care centers, home care, women's clinics including a mobile facility, and family doctor practices.
As one of the first companies to offer electronic medical records for patients, Mediva began innovating right from the start. This allowed both patients and hospitals to access vital health information in a secure manner, and effectively inform doctors about the patient's existing health conditions in an emergency situation. As such, this was an extremely important step in the right direction.
Typically women in Japan avoid checking for ovarian and breast cancer, as it's extremely uncomfortable. For Medivas' women's clinics, Kanoko ensures that patients not only receive top-notch medical services, but she also ensures that patients feel immediately comfortable the minute they walk in through the doors with strategic, interior design. Through intuition and her extensive knowledge about Japan's healthcare situation, Kanoko created one of the most patient-friendly, and comforting clinics in all of Japan.
Another extremely effective service that began in 2006 is Mediva's home care practice. Since Japan has one of the world's highest percentages of elderly folks with an increasingly aging population, this practice exponentially grew. Mediva doctors visit elderly patients in the comfort of their own homes, so they do not have to make a potentially dangerous trip to a local clinic. This allows homebound patients to receive excellent health care. As such, it is one of the most valuable services that elderly patients can possible receive!
Plus, Mediva offers positive, aging rehabilitation — another untapped area in Japan. One of the most successful practices, Kanoko has witnessed a number of patients transform from using a walker to walking on their own within 3 to 6 months. And it's truly inspirational for Kanoko, who sees these patients frequently. The gratitude and overwhelming appreciation these patients have for Kanoko and fellow Mediva employees is profound, as they achieve what they thought was originally impossible!
In society, too, she has earned accolades. For her innovative healthcare work, Kanoko earned the 2014 Business Stateswoman of the Year from Harvard Business School's Club of Japan. And for spending over an hour speaking with me, I too, give her my highest personal commendation.
Not only did she teach me about the current healthcare situation in Japan, but she also taught me what it takes to run a successful business in Japan as a female entrepreneur.
1) First, it takes a bit more ingenuity than one might think. For example, although she is divorced and has a boyfriend, she still chooses to wear a wedding ring. The reason… is to avoid any potentially awkward exchanges with male business partners or colleagues. Makes sense, right? Women in America do the same thing. It's smart. It's ingenious. And it's what is needed!
2) Second, her main challenge had nothing to do with being a woman. Instead, it was the fact that she was not an MD. So Kanoko took action. She collaborated with the top physicians and recruited the best MDs and nurses to her practice. Plus, she worked hard to make a positive difference in the lives of her patients.
In the typically male-dominated world of Japanese medicine, Kanoko also concentrated on empowering female employees at Mediva to ensure that they spoke up when needed, and were appreciated by their male colleagues.
3) Third, women who want to have children in Japan and manage a career, also have to create ingenious solutions for doing both. For example, Kanoko learned how to make efficient, yet healthy bento lunches for her son, waking up extra early every morning to properly feed her entire family before moving on to her own business.
Typically, Japanese mothers do 100% of the household work, and men are often considered another child. But it's not just the household work. The realm of responsibilities for women includes: extremely tedious preparations for middle school, high school, and college entrance exams, the household budgeting and finances, and the care of elderly parents for both herself and her husband.
So how can women manage all of these household responsibilities and work? Well, it's not easy.
Kanoko recommends that women consider running their own businesses, as it permits them the absolute freedom to come and go as pleased, manage their own time, and make ends meet. She even informed me that it's easier for her to manage her schedule now, than when she worked at McKinsey.
When her only son was between the ages of 1 and 6, Kanoko moved physically closer to a top-notch daycare. Plus, she paid over 100,000 yen per month or $1,000 to have her son attend. And for her son's sake, she chose a great elementary school close to her business. That way, her son could come to her clinic after his primary school ended at 2 pm. And by running a healthcare clinic, Kanoko had the freedom to bring her son to work. There, her son was well taken care of by the wonderful women who worked for her.
But 10 years into the future, Kanoko and I spoke about how it hopefully won't be as difficult for women to work and manage a family. Instead, Japan needs more high-quality daycares with fantastic staff. Culturally, it has to become more nurturing of women who want to do both. As the population continues to increase, fewer people get married, and the birth rate steadily declines, the working population is shrinking quickly. So society will need to encourage and empower more women to do both — manage a career and have a family, with the husband's household and financial support.
And in the meantime, Kanoko's advice for women is to not worry about making everything perfect. Instead, 'good enough' should be the standard.
And she advises women to plan their own lives and do everything in one's power to have a flexible schedule.
Thank you for reading this post. Hope you enjoyed it!
Feel inspired? Want to read more? Read Mariko Fukui's interview here. Learn more about Shaherose Charania - Founder of Women 2.0. And meet entrepreneurs Kay Deguchi and Yuka Fujii.


Since a couple of months Armourfast has become a stand-alone company (whereas previously it used to be under the umbrella of Hät). I don't know if there is a link to that change, but the latest edition of the Armourfast T-34/85 kit has been substantially reworked and is now dimensionally far more accurate than it used to be (although still with some issues, as we will see below). Detail has been improved at the same time.
Pictures of the first release can be found at the HenkofHolland website.
It still is a very simple kit however, tailored for the wargaming community, and this is not surprising, given the name "Armourfast". As we can see in the scans below, the original version used to be even simpler.
Left: the rear of the box for the retooled kit showing the sticker with the manual for the retooled kit.
Right: the instructions of the original kit, found below the sticker on the back. It is obvious that the earlier release was much simpler.
The green plastic in this kit is quite soft; something in between the usual styrene and vinyl, which is slightly annoying when sanding or scoring. The plastic reacts very well to MEK however, but paint adherence is low.
The hull is a two piece affair, to which the, MG mount, rear engine deck, exhausts, fuel drums and driver's hatch have to be added. (The hull is solid underneath the latter, by the way.) These fuel drums actually took me more time to assemble than the remainder of the kit, as they are split lengthwise; the resulting seam at the ends is quite difficult to fill without damaging the parts. Apart from this, I also believe that most T-34/85 had three of these barrels, not two as you get in the kit.
The rear engine hatch is situated a tad too low, by the way.
The sponsons are open underneath, but you will not see much once the tracks are installed, partially because they are installed far too close to the sponsons if you follow the kit lay-out. I chose to build the kit OOB, but installing the tracks a bit further away (vertically that is) from the hull won't be difficult. The tracks are not quite foolproof, so be sure you get the idler in front and the drive sprocket at the rear.
The only casting flaw I found in the kit was on these tracks. One of them has an annoying sink mark at the front end. It's not that difficult to fix, as these tracks are very simple representations of what was found on the real tank. Actually, I can live with the simplifications made by Armourfast to cater for the wargaming community, but the simplicity of these tracks is, in my eyes, one step too far. Giving them just that little bit more detail wouldn't make assembly any more difficult, the finished kit any less sturdy, but would give something that would come close to the simplest of display models.
The turret comes in two main parts, with a two part gun assembly. The gun is off-set (a bit too far in my opinion) and the engineering of the kit is such that you cannot install it the wrong way around. The commander's hatch is a separate piece, and if you cut it along the hinge, you can build the turret with the hatch open. (You'd better fill the opening with a crew figure, as the inside of the turret is empty.) Installation of this hatch is not fool proof, so make sure you get the short "half" in front, and the hinge lined up (as I didn't...). Likewise, the gunner's hatch can be opened up too. In all the turret is not a bad representation of the real deal.
After assembly, which takes about 10 minutes (including cleaning up the parts, but excluding fixing the seam on the fuel tanks), you still have some sort of toolbox left for your spare's box.
I took the time to measure the kits against plans in  and  (which differ quite a lot between them) and found that the hull is slightly oversize, being close to 1/68. The turret, on the other hand, is a bit too small, coming closer to 1/75. As the sides of the hull have a slightly exaggerated slope, the relative difference in size between turret and hull is not readily discernable.
PS: note that you get two identical kits in one box, as is customary with Armourfast kits.
Below are pictures of the kit, after construction and with a coat of grey primer. I still haven't decided on a camouflage scheme, but it will either be 4BO or Russian Tank Green.
Below are pictures of the earlier release. I believe the pictures speak for themselves.
Pictures from Henk of Holland website, used with permission. Higher resolution pictures can be found here.
Sample kindly procided by Armourfast.


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Please check with us during winter storms.
For the safety of our customers and staff, we may close on occasion.
Take 91-N to exit 24. Bear right on ramp, then follow Routes 5 & 10 for 6 miles. Richardson's Candy is on the right, just before Historic Deerfield.
Take 91-S to exit 25. At the end of the ramp turn left. Travel 1/2 mile, and turn left onto Routes 5 & 10. Go straight for 5 miles Richardson's Candy is on the right, just before Historic Deerfield.


Thinking of specialized software to handle your valuation processes? Amcore Bank chose the OASIS Bidding System and is happy with the results. The bank, with assets of $5.3 billion, has just completed a year-long implementation of the software system, which manages commercial real estate valuation processes. OASIS is a product of OASIS of Global DMS, a privately-held business based in Lansdale, Penn."It was a bit bumpy at first, but the vendors were very sensitive to our training needs. And now, using OASIS is much faster than making a bunch of phone calls, and then faxing out an engagement letter" Phil Floor, vice president and commercial appraisal manager at the bank, told CPN. "The bidding system we were using previously was a configuration of a Microsoft database, and was not working. Now, we get all our responses electronically, the system allows us to store the whole chronology of the engagement, and we can do everything online. Its just very smooth in that regard." The Oasis software came out in 2006 and was developed partly as a result of the subprime market crisis triggering the subsequent increased attention to federal regulations with regards to the appraisal process, explained Oasis President Vladimir Bien-Aime to CPN. "Rules and laws were in place but have become more rigorously enforced." Web-based Oasis software helps lenders manage the valuation and approvals process with better due diligence, as it can easily track and store all the required documentation, and simultaneously makes it easier for everyone involved in the bidding including the clients. Said Amcore's Phil Floor, "Oasis cuts down on our phone time with people wondering what's going on with their deal. They can look it up online and can email us their questions immediately through the system. Our administrative staff can respond right away – it's slick." One Oasis Solution selling point is to help companies boost staff productivity. Floor noted that they have lost two employees since installing the new system, and everything is moving along fine just the same. OASIS Solutions is coming up with new systems now to help the appraisers with their end of the process, using E-Tracks to complete the reports, Oasis president Vladimir Bien-Aime told CPN. This will help detect fraud and improve portfolio management.


text:
Our Friars Deceased Friars Ignatius Donoghue
Ignatius Donoghue, OFM
Fr. Ignatius Donoghue, OFM, was born on Jan. 4, 1913 in Springfield, Mass. He graduated from St. Joseph's Seraphic Seminary in Callicoon, N.Y., and entered the novitiate at St. Bonaventure Friary, Paterson, N.J., in 1940, professing temporary vows one year later. He made his solemn profession in 1944 and was ordained in 1946.
At the time of his ordination, Fr. Ignatius volunteered for the missions in China and South America. He was assigned to St. Bonaventure Friary as Provincial assistant to the Secular Franciscans, and in 1949, went to Holy Name College as assistant cleric master.
In 1953, he went to Brazil. After one year in the seminary there, he was appointed pastor at Catalão, where he served for seven years. In 1961, he became pastor in Pires do Rio, and in 1966, he was appointed guardian of St. Francis Friary in Anapolis. Fr. Ignatius served as councilor of the custody there from 1967 to 1970, and was pastor in Cristalândia from 1968 to 1971. From 1971 to 1984, he ministered as pastor in Araguacema, a remote corner of Goiás known for bats and piranha. He was named assistant novice director in 1985. He returned to the United States in 1989 due to illness.
He died on Dec. 30, 1989 at St. Anthony Shrine in Boston. Fr. Ignatius was 76 years old, a professed friar for 48 years and a priest for 43 years.


This is a mid terraced two storey residence with gardens at front and enclosed yard at rear.
and within easy walking distance of the City Centre.
The property would be ideally suitable as a family home or for investment.
With Bay window and Period slated fireplace.
Livingroom: 18' 6" x 8' 9"
With "Waterford" solid fuel Heater, Built in wall press, cupboard under stairs.
Kitchen/Dining Area: 17' 7" x 12' 3"
With fitted Kitchen wall and floor units, worktops.
Bedroom 3 17' 4" x 6' 5"
With panelled bath, electric shower, toilet, wash basin, hotpress with dual immersion heater.
Bedroom 1. 18' 6" x 10' 7"With cast iron fireplace.
Bedroom 2. 16' 6" x 9' 6"
Total Gross Floor Area: C. 1,300 sq. ft.
Garden at front with enclosed concrete yard at rear, Garden Shed.
Double and single glazed windows.
This was last updated: 12 April 2019.