A product to enable life-insurer guaranteed investment contracts for separate accounts to function like money market instruments for sale to longer-term investors; increase spreads by 200-400% for insurers.
A product to enable life-insurer guaranteed investment contracts for separate accounts to function like money market instruments for sale to longer-term investors; increase spreads by 200-400% for insurers.
I delivered this presentation in World Takaful Conference 2014. It is giving perspective of banks for developing successful bancatakaful channel. It is alos giving ideas of additional Tkaful products which can be developed for the bank customers
BY ZALEHA ZAIN.
ISLAMIC FINANCIAL SERVICE ACT 2013 (IFSA 2013)
CRITICISM AND ITS IMPACTS.
The IFSA 2013 or Islamic Financial Service Act 2013 came into effect on 31 June 2013 after it was approved by a Parliament. Basically The it repeals the Islamic Banking Act 1983 (BAFIA) and the Takaful Act 1984 (TA) and combines the Islamic financial and takaful services under the aforementioned acts in a similar fashion. Means that those two Acts are no longer use nowadays.
FEATURES OF IFSA 2013:
to focus on Shari’ah compliance and governance in the Islamic financial sector.
To provides for a comprehensive legal framework that is fully consistent with Shari’ah in all aspects of regulation and supervision, from licensing to the winding up of an institution.
Promoting financial stability and protect the rights and interests of consumers of financial services and products based on Shari’ah compliance.
As one become financially literate it would be beneficial to be familiar with useful terminology used on a consistent basis that involves making financial decisions. Wealth building begins with comprehending. Should an individual seek the proper guidance and do the needed research to understand money the economic crisis recovery will happen. Money behavior and practices are usually learned at home or from surroundings. Be a change agent. Be accountable of your own financial security and start securing today!!
Learn Today...Lead Tomorrow...Demonstrate Forever
LaKesha Landers, Program Director, Office of Financial Literacy
Making NBFCs relevant to ‘Make-in India’& ‘Start-up India, Stand-up India’ - ...Resurgent India
The dynamic and evolving NBFC sector necessitates reforms and evolution to ensure orderly growth. While NBFCs have been on the growth trajectory over the years, there are few areas of concern which need to be addressed. The key challenges have been highlighted below:
Chaim cirtronenbaum | All Financing Option in Real EstateChaim Citronenbaum
Chaim Citronenbaum has more than 10 years of experience in real estate. He is the owner of a real estate firm. He describes here all the financing option in real estate.
I delivered this presentation in World Takaful Conference 2014. It is giving perspective of banks for developing successful bancatakaful channel. It is alos giving ideas of additional Tkaful products which can be developed for the bank customers
BY ZALEHA ZAIN.
ISLAMIC FINANCIAL SERVICE ACT 2013 (IFSA 2013)
CRITICISM AND ITS IMPACTS.
The IFSA 2013 or Islamic Financial Service Act 2013 came into effect on 31 June 2013 after it was approved by a Parliament. Basically The it repeals the Islamic Banking Act 1983 (BAFIA) and the Takaful Act 1984 (TA) and combines the Islamic financial and takaful services under the aforementioned acts in a similar fashion. Means that those two Acts are no longer use nowadays.
FEATURES OF IFSA 2013:
to focus on Shari’ah compliance and governance in the Islamic financial sector.
To provides for a comprehensive legal framework that is fully consistent with Shari’ah in all aspects of regulation and supervision, from licensing to the winding up of an institution.
Promoting financial stability and protect the rights and interests of consumers of financial services and products based on Shari’ah compliance.
As one become financially literate it would be beneficial to be familiar with useful terminology used on a consistent basis that involves making financial decisions. Wealth building begins with comprehending. Should an individual seek the proper guidance and do the needed research to understand money the economic crisis recovery will happen. Money behavior and practices are usually learned at home or from surroundings. Be a change agent. Be accountable of your own financial security and start securing today!!
Learn Today...Lead Tomorrow...Demonstrate Forever
LaKesha Landers, Program Director, Office of Financial Literacy
Making NBFCs relevant to ‘Make-in India’& ‘Start-up India, Stand-up India’ - ...Resurgent India
The dynamic and evolving NBFC sector necessitates reforms and evolution to ensure orderly growth. While NBFCs have been on the growth trajectory over the years, there are few areas of concern which need to be addressed. The key challenges have been highlighted below:
Chaim cirtronenbaum | All Financing Option in Real EstateChaim Citronenbaum
Chaim Citronenbaum has more than 10 years of experience in real estate. He is the owner of a real estate firm. He describes here all the financing option in real estate.
The NAIC & Center for Insurance Policy and Research have placed a special call for policy position briefs exploring the “potential development of a federal program to provide pandemic related business interruption coverage.”
The Centers for Better Insurance has submitted the attached short policy brief proposing the Payroll Risk Insurance Act.
Chapter 21
Capital Formation
Learning Objectives
1. Explain the differences between debt and
equity financing and the sources of each.
2.Explain the factors that influence the
desirability of alternative sources of
financing.
3.Explain what an investment banker does.
4.List the major bond rating agencies and
explain their role in the debt market.
5.List some of the pros and cons of retiring
debt early.
Two Key Questions
These questions will inform our discussion
of capital formation in the healthcare
industry:
1. How much capital is needed?
2. What sources of capital financing are
available?
1. How much capital is needed?
2. What sources of capital are available?
Two Key Questions, cont.
Distribution in Hospitals
How is the financing structure changing?
Courtesy of Cleverley & Associates
Three Ways to Generate
New Equity Capital
1. Profit retention: using net income to increase
equity (topic discussed extensively in GRIE
discussions)
2. Contributions: using philanthropic gifts to
increase equity
3. Sale of equity interests: using the issuance
of new ownership interest to increase equity
Contributions/Philanthropy
Giving USA 2016: The Annual Report on Philanthropy for the Year 2015. Researched and written by Indiana University Lilly Fami ly School of
Philanthropy.
Contributions/Philanthrop,
cont.
Giving USA 2016: The Annual Report on Philanthropy for the Year 2015. Researched
and written by Indiana University Lilly Family School of Philanthropy.
Contributions/Philanthrop,
cont.
• KEYS TO SUCCESS
1. Case statement: Defines why you need money
2. Designated development officer: Does not need to
be full-time; incentives should relate to giving
expectations
3. Trustee and medical staff involvement: People give
to people, not to organizations
4. Prospect lists: Know who in the community are prime
prospects for giving
5. Programs for giving: Variety of methods and means
to encourage giving
6. Goals: Define realistic targets for long-range planning
Issuance of Equity
• Taxable firms have relied heavily on equity
issuance to raise capital for years
• Interest in not-for-profit firms has been
generated by raising capital through using
restructured organizations and taxable
entities to raise capital
(Example of not-for-profit organizational structure on
next slide)
Issuance of Equity, cont.
FIGURE 21-1 A Parent Holding Company
Long-Term Debt
Financing
• KEY CHARACTERISTICS
1. Cost
2. Control
3. Risk
4. Availability
5. Adequacy
Long-Term Debt
Financing, cont.
KEY CHARACTERISTICS
1. Cost
• Interest rates are the most important
characteristic that affects the cost of alternative
debt financing.
Key term: coupon rate: fixed return of a long-term
debt instrument
Key term: basis point: 1/100th of 1%
• Issuance costs are simply those expenditures
that are essential to consummate the financing
• Reserve requireme ...
This proposal starts from the premise that the States must be fundamentally accountable for any pandemic business income coverage program because:
• The orders triggering pandemic business income loss originate and terminate as decisions made by the individual States; and
• The responsibility to manage the economic consequences of those individual State decisions should likewise reside with the respective States.
This document serves as a guide for microbusiness owners signing up for the AEO500.
The AEO500 is a platform for business owners to promote their products and services, develop
relationships that help their businesses thrive, and share information on the resources that have been
instrumental to the startup and growth of their company. More info: http://bit.ly/nr5ECP.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
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Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
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➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
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Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
1. August 15, 2011
Ms. Jodie Harris
Policy Specialist
CDFI Fund
U.S. Department of the Treasury
601 13th Street NW
Suite 200 South
Washington, DC 20005
RE: Comments on CDFI Bond Guarantee Program
Dear Ms. Harris,
The Association for Enterprise Opportunity (AEO) is pleased to comment on the implementation
of the Community Development Financial Institutions Bond Guarantee Program (CBGP), which
was authorized by the Small Business Jobs Act of 2010 (P.L. 111-240).
AEO is the national member organization and voice of microenterprise in the United States. For
two decades, AEO and its members have helped more than two million entrepreneurs contribute
to economic growth as they support themselves, their families, and their communities. Our 450
member organizations provide capital and services to underserved business owners in every
state, Washington, DC and Puerto Rico. More than 140 AEO member organizations are certified
Community Development Financial Institutions (CDFIs). All of these CDFIs underwrite loans
for business purposes; some are also involved in financing other community development
activities.
We believe that the bond guarantee program represents a critical opportunity to secure and
expand access to capital for underserved entrepreneurs as well as other lower-income Americans.
Main Street businesses are credit constrained. Last year alone, the major US commercial banks
turned down roughly one million applications for small business financing. 1 This trend is
expected to continue. In fact, an April 2011 survey sponsored by the Federal Reserve Bank
shows increased demand for small business credit, yet small business lending declined by more
than 2% in Q1 2011. 2 Some entrepreneurs are even less likely to get the capital they need to
grow and to hire. Microbusinesses are 40% less likely to access credit than larger small
1
AEO analysis based on interviews with banks and market share
2
The April 2001 Senior Loan Officer Opinion Survey on Bank Lending Practices; SBA Quarterly Lending Bulletin released 7 June
2011
2. businesses. 3 Fewer than half of businesses with revenues of less than $100k – about 9 million
businesses – access any credit products. 4 This means that more than 40% of black-owned,
Hispanic-owned and women-owned businesses do not access credit. 5 If these businesses are
going to grow and hire, they will need fairly priced capital (and high impact services) to support
management and growth. For many of these business owners, CDFIs (and by extension this bond
guarantee program) represent their most promising option to access capital.
At the same time, we acknowledge the challenging current fiscal environment. We are also
mindful that the pilot program is only authorized for five years. As a result, it is imperative that
the design and implementation of the CDFI Bond Guarantee program balance the urgent need to
get capital to underserved entrepreneurs and appropriately manage the risks to government
guarantors.
AEO has prepared these comments in consultation with our members and partners across the
country. AEO believes that three principles should guide decisions regarding the design and
implementation of the CBGP: sustainability, flexibility and innovation.
Sustainability
Ensure adequate risk-sharing reserve: When aggregated, the historical performance of
business loan portfolios to underserved entrepreneurs – especially microloans – may exceed
the 3% risk sharing reserve mandated by the statute. In order to address any potential
concerns regarding the adequacy of the 3% risk sharing reserve and to ensure availability of
funds to cover potential losses in excess of such amount, the application process should
require all applicants to either:
1. Engage a government approved third party to determine the appropriate risk
sharing reserve (as a percentage of the bond issuance), based on the actual
historical performance of the applicant’s loan assets in order to mitigate any
additional risk incurred by the US government, which is acting as a guarantor of
the issuance. Any additional risk sharing beyond the 3% mandated by the statute
would be required as part of the issuance to receive the government’s guarantee.
If the adequate risk reserve is deemed to be greater than 3%, the risk reserve
would be funded by the proceeds from the bond issuance. In such cases,
calculation of the mandate that 90% of proceeds invested in qualified loans should
either be based on proceeds from the bond issuance net of the risk reserve.
3
Federal Reserve Bulletin, October 2006
4
Federal Reserve Bulletin, October 2006
5
AEO analysis of US Census data
3. 2. Purchase insurance to cover the risk of losses exceeding the 3% risk-sharing
reserve mandated by the statute. The issuer would price the cost of such insurance
into the cost of funds from the bond issuance in order to mitigate the risk of loss
for the US government providing a full guarantee.
Flexibility and Innovation
The regulations governing the CDFI Fund’s Bond Guarantee Program should reflect the
flexibility granted by Congress to craft a program that serves all underserved people and
economically distressed communities, enable the full range of CDFI types and CDFI-
originated or -issued assets to be eligible for participation in the program.
All presently certified CDFIs should be eligible to participate regardless of the type of
loans they make (e.g. small business, small dollar/credit building, project finance, etc).
Stringent mission-based criteria coupled with simultaneous capital distribution plan
and CDFI certification: The statute mandates that a qualified issuer demonstrate
“appropriate expertise, capacity, and experience or otherwise be qualified to make loans
for eligible community or economic development purposes.” It is imperative that
qualified issuers are able to demonstrate a significant and sustained track record in low-
income communities. The application process should include stringent mission-based
criteria. However, in order to ensure that qualified issuers also present appropriate
capacity, the CDFI Fund should structure the application process in a manner that permits
not yet certified CDFIs to apply for certification simultaneously with submission of a
capital distribution plan. This flexibility will enable qualified new entrants and models
that have higher odds of meeting the requirements of private sector capital markets, thus
contributing to sustainability over time.
Permit broad range of uses of funds: The range of uses of bond proceeds should
include but not be limited to re-financing, purchase of loans from non-CDFI originators
as long as the loans being purchased are consistent with the mission and purpose of CDFI
lending, loan loss reserves, and the required risk sharing pool.
No arbitrary underwriting criteria: CDFIs have special experience in underwriting
borrowers unique to their markets (e.g., linked business development services to reduce
risk of non-performance, etc.). Therefore, there should be no arbitrary underwriting
requirements, such as minimum FICO scores of a borrower. Underwriting of a bond
issuance should only be based on the historical credit performance of relevant CDFIs
loans. This, however, only works if a CDFI is able to provide and report (with high data
integrity) loan level performance of its assets. The application process should request that
4. CDFIs indicate their capabilities or define the actions they are taking to improve their
capabilities in these areas.
Permit reinvestment of bond proceeds (e.g. “revolving” funds): Our member CDFIs
presently rely on a variety of revolving funds. In some cases small business lines of credit
are issued where usage depends on the borrower’s working capital needs. In other cases,
equipment loans amortize and get replaced by new equipment loans. Moreover, CDFIs
may make multiple loans to the same customer over the life of their relationship and
because many loan terms are shorter term in nature, proceeds from the repayment of the
underlying loans being financed by the bond issuance should be allowed to be reinvested
for the term of the bond in new underlying loans (rather than being required to repay the
bond).
CDFIs should be able to service their own loans: In many cases, CDFIs collect
payments directly from their borrowers. They also have other collection practices that are
unique to their markets. For these reasons, the Program must allow a CDFI or any of its
subsidiaries to act as the primary servicer of its own loans.
We understand and expect that each proposal from a CDFI or group of CDFIs will be subject to
rigorous scrutiny. We encourage the CDFI Fund to move forward as rapidly as possible and to
begin discussions with enough potential issuers to ensure that the maximum available in
guaranteed bonds are issued in each year of the pilot.
As the CDFI fund proceeds with the implementation of the CDFI Bond Guarantee Program, we
hope that you effectively balance tradeoffs so that underserved entrepreneurs and other
Americans will access capital throughout the life of the pilot program and over time.
On behalf of our members and the underserved entrepreneurs we all serve, we thank you for the
opportunity to provide these comments.
Sincerely,
Connie E. Evans
Connie E. Evans
President & CEO
Office 202.650.5580
Fax 202.650.5599
1111 16th Street, NW Suite
410Washington, DC 20036