Local Private Banks In Pakistan Finance Essay - Free Essay Example

Sample details Pages: 30 Words: 9072 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? There are a number of different banks established in Pakistan, including local incorporated commercial banks, foreign incorporated commercial banks, development financial institutions, investment banks, discount guarantee houses, housing finance companies, venture capital companies, micro finance banks and Islamic banks. Bank Alfalah was incorporated in 1997 and was later privatized by the Government of Pakistan. The Abu Dhabi Group bought the majority shares of the bank and so got the rights to control the banks operations. Don’t waste time! Our writers will create an original "Local Private Banks In Pakistan Finance Essay" essay for you Create order Since the privatization of the bank, Bank Alfalah has implement different policies to make it one of the best banks of Pakistan, which included introducing new products and services and increase its operations by opening new branches in Pakistan. Today Bank Alfalah is operating in more than 70 cities of Pakistan and operating its foreign branches in Bangladesh, Afghanistan and Bahrain. The financial statistics of Bank Alfalah are also as impressive as their human resource. The profit after taxation for Bank Alfalah in 2009 amounted to Rs 897,035 (000) and its total assets for 2009 amounted to Rs.389,070,055 (000). The stock prices and earning per share of the bank have also increased over the years. Bank Alfalah promotes its products and services through print and electronic media. Bank Alfalah also promotes itself by sponsoring different events. The major competitors of Bank Alfalah, pose close competition and are mainly large nationally incorporated banks and a few interna tional banks, that all want to become the leading banks of Pakistan, by creating some edge in the industry. To create this edge, technology has played an important role in the industry as banks are continuously trying to improve its products and services by introducing innovative products. Company Background Bank Alfalah Limited (BAL) is a private bank in Pakistan owned by the Abu Dhabi Group. Bank Alfalah was incorporated on June 21, 1997 as a public limited company under the Companies Ordinance 1984. Bank Alfalah is registered at both Karachi and Lahore Stock Exchange with a ticker name of BAFL. Its banking operations commenced from November 1, 1997. The bank is engaged in commercial banking and related services as defined in the Banking companies ordinance, 1962, with the registered office at B.A.Building, I.I.Chundrigar Road, Karachi. Since its inception, as the new identity of H.C.E.B (Habib Credit and Exchange Bank Limited) after the privatization in 1997, the management of the bank started implementing strategies and policies to carve a distinct position for the bank in the market place. This was further strengthened with a partnership with the Abu Dhabi Group which owns 70% of Bank Alfalah shares. This allowed the bank to invest more in revolutionary technology to increas e its range of products and services, perceiving the requirements of their customers and matching them with quality products and service solutions. Vision To be the premier organization operating locally internationality that provides the complete range of financial services to all segments under one roof. Mission To develop deliver the most innovative products, manage customer experience, deliver quality services that contributes to brand strength, establishes a competitive advantage and enhances profitability, thus providing value to the stakeholders of the bank. Companys Analysis Major Competitors The growth in the banking industry of Pakistan has led to an increase in the number of banks both domestic and international to be established and create a competitive industry. For Bank Alfalah its competitors come in the form of both domestic and international commercial banks established in Pakistan. Table Local Private Banks in Pakistan Allied Bank of Pakistan Limited, Karachi Arif Habib Rupali Bank Limited, Karachi Askari Commercial Bank Limited, Rawalpindi Atlas Bank Limited, Karachi Bank Al Habib, Karachi Bank Al Falah Limited, Karachi BankIslami Pakistan Limited, Karachi Crescent Commercial Bank Limited, Karachi Dawood Bank Limited, Karachi Faysal Bank Limited, Karachi Habib Bank Limited, Karachi Habib Metropolitan Bank, Karachi JS Bank KASB Bank Limited, Karachi Meezan Bank Limited, Karachi MCB Bank, Islamabad MyBank Limited, Karachi NIB Bank Limited, Karachi PICIC Commercial Bank Limited, Karachi Saudi Pak Commercial Bank Limited, Karachi Soneri Bank Limited, Karachi United Bank Limited, Karachi GR Bank Limited, Karachi However Bank Alfalah feels that its major competitors are as follows: United Bank Limited (UBL) MCB Bank Citibank Askari Bank As far as UBL is concerned, Bank Alfalah feels that it is a competitor because UBL itself is a sister company of Bank Alfalah as the Abu Dhabi Group has stake in UBL and so there is always a comparison between them. Furthermore, Askari Bank is a competitor because of the fact that the product and services that it offers is fairly similar to that of Bank Alfalah and its markup rates are similar as well. MCB, after being privatized has also introduced a wide variety of services and with its large number of account holders, it is also a big competitor. Citibank is a foreign bank that has been established in Pakistan for a long period of time and has introduced a number of first class services and as Bank Alfalah is also competing in the services industry, it needs to benchmark its product and services to a bank with a stature to that of Citibank. Technology Analysis Technical Methods that Affect the Industry The banking industry of Pakistan is at the forefront of modernizing its daily operations by introducing the latest technologies in its operations. Some of the technical methods that are used and affect the banking industry are as follows: Advanced technological products and services Automation of operational tasks Decision making tools Advanced technological products and services Automatic Teller Machines (ATM) and ATM cards have been the biggest innovations that have simply changed the way people today are now making their personal transaction. With ATM cards, people can take out money from their accounts at any time, from any bank that they want to, at their convenience. ATM cardholders can take money out of their accounts, from any 1 link network ATM, the largest ATM network of the country. Other ATM networks include Mnet and Cirrus. Today all banks are members of 1 link, while most of them are members of Mnet and Cirus. Internet Banking is another major technological product introduced by different banks of Pakistan. With the help of internet banking, customers with the convenience of their own personal computers can transfer money from their accounts, view their balances and a lot more. SMS and Phone Banking is another major advancement in the products and services introduced by banks. Telephone banking can be done 24/7, with the help of banki ng assistants, while SMS banking can be done at the customers convenience. Automation of operational tasks Technical advancements have also impacted the daily operations of banks in Pakistan. Online transfer of money between branches has increased the efficiency of exchange of money between different account holders of the same bank. Simple tasks such as balance inquiry and bank statements have become as easy as a click of a button with highly sophisticated information systems. All banks today have their own information systems that they can use in almost all departments like clearing, account opening, car leasing and remittances. Decision Making Tools In todays contemporary business, critical and timely decision making is a must and important too. Todays bank use sophisticated softwares that not only help in operations but also improves decision making by providing different reports, which can produced at different periods of time, that can help employees at every level of the banks administration. Operational Analysis Bank Alfalah is operating with an extensive network of 198 branches nationwide that are spread allover the four provinces, Different varieties of services that each branch is equipped to provide include: Branch/Retail Banking: Example: Deposits, Remittances, Lockers Consumer Banking: Example: Credit Cards, Auto Loans, Home Loans Electronic Banking: Example: Phone Banking, ATMs, Online Banking Corporate Banking: Example: Short/Long Term Finance, Trade Finance, Structured Finance Treasury Finance: Example: Money Market, FOREX Market, Investments, Govt. Securities Some of the major cities of Pakistan and the number of branches located in these cities are as follows Table 1 City Number of Branches Islamabad 8 Karachi 35 Lahore 30 Peshawar 4 Quetta 4 Rawalpindi 8 As Bank Alfalah is operating with such as extensive network of branches, it is not possible for it to control all activities of its different branches from one main location, that is their head office in Karachi, so due to this reason they have divided their branches in two areas: the north and south, these two areas are further divided into different areas, each controlled and monitored by their respective area office. There are 9 area offices in the northern area. Each branch of Bank Alfalah comes under an area office; the area offices are responsible for authorizing its branches on providing different services to its customers. Each branch has to first get an approval from the area office before providing any service to its customers. For example, a car financing application needs to be approved by the area office before any legal documents or order for a car is placed by the bank. Furthermore Bank Alfalah is also operating 7 foreign branches in three countries, namely Bangladesh, Afghanistan and Bahrain. Another major part of operations for Bank Alfalah includes remittances that come from abroad and are thus considered as home remittances. Some of banks with which Bank Alfalah has agency agreements are as follows: Union National Bank, Abu Dhabi, U.A.E First Gulf Bank, Abu Dhabi, U.A.E Alfalah Exchange Company, Abu Dhabi, U.A.E U.A.E Exchange Center, Abu Dhabi, U.A.E Bank Alfalah has also established relationships with other internationally renowned banks are part of Bank Alfalah list of correspondence banks. The total numbers of banks that are included in this list of correspondence are 170, in all major countries of the world and help Bank Alfalah in providing services to its customers. Furthermore Bank Alfalah is also a member of MoneyGram, a service that facilitates speedy transfer of remittances on a person-to-person basis a nd SWIFT (Society for Worldwide Integrated Financial Transfers), a service that facilitates banks to transfer important messages or financial transfers securely and speedily to other banks. Both these services are recognized globally, with members from all over the world. Bank Alfalah being a member of both these services reiterates its commitment of providing its customers with the state of the art services. Financial Analysis No company can remain in business if it cannot sustain and grow its profits and banks are no exemption. If Bank Alfalah wants to become a premier banking institution and to satisfy its customers, it itself needs to become a profitable organization, that not only has growth in profits, increase its assets but also provide its shareholders with the maximum return so that they are also satisfied. Operational Result Table 2 Description 2009 2008 Rupees in000 Profit before taxation 1016316 1794720 Taxation 119281 493419 Profit after taxations 897035 1301301 Earning per share 0.71 1.41 Profit after taxation for the year 2009 is Rs 897035, which is decrease of 45%,due to which earning per share also decrease, a ratio that is closely looked over by the shareholders of a company decreased from Rs. 1.41 to Rs. 0.71. One of the reason in declining in profit is that in 2008 GDP growth was 25.3% and in 2009 it was 2.7%. Ratio Analysis of the Organization: An index that relates two accounting numbers and is obtained by dividing one number by other Ratio Analysis is an important and age-old technique of financial analysis. It simplifies the comprehension of financial statements. Ratios tell the whole story of changes in the financial condition of business. It provides data fro inter firm comparison. Ratios highlight the factors associated with successful and unsuccessful firm. They also reveal strong firms and weak firms, over- valued and under valued firms. It helps in Planning and forecasting. Ratios can assist management, in its basic functions of forecasting, planning, co-ordination, control and communication. Ratio analysis also makes possible comparison of the performance of different divisions of the firm. The ratios are helpful in decision about their efficiency of otherwise in the past and likely performance in future. Ratios also helps in Investment decisions in the investors and lending decisions in the case of banker s etc. Types of Ratios Following the main types of ratios that we are going to calculate in this assignment, Liquidity Ratios Market Ratios Debt Ratios Activity Ratios Profitability Ratios LIQUIDITY RATIOS CURRENT ASSETS CURRENT RATIO = - CURRENT LIABILITIES 325,348,104 2008: = - 331,946,025 = 0.98 times 359,928,481 2009: = 366,936,635 = 0.98 times Interpretation: Current ratio is a general and quick measured of liquidity of firm. It represents the margin of safety or cushion available to the auditor. In 2008 the current ratio is 0.98 times and the current ratio of 2009 is 0.98 times. It shows that the company is not getting strong to fulfill its short term obligations. CURRENT ASSETS INVENTORY QUICK RATIO = CURRENT LIABILITIES 325,348,104 191,790,988 2008: = 331,946,025 = 0.40 times 359,928,481- 188,042,438 2009: = 366,936,635 = 0.47 times Interpretation: The quick asset test ratio is a very useful measuring of the liquidity position of the firm. It means that firms ability to pay its short-term obligations or current liabilities immediately and is a more rigorous test of liquidity than the current ratio. In 2008, the quick ratio was0.40 while in 2009 it is 0.47.It shows that there is a increase in quick ratio of 2009.This indicates that the company is getting strong to fulfill its short term obligations. A low liquidity ratio does not mean a bad liquidity as inventories are not absolutely non liquid. CASH EQUIVALENTS + MARKETABLE SECURITIES CASH RATIO = - CURRENT LIABILITIES 32,687,335+ 0 2008: = 331,946,025 = 0.098 times 35,056,012+ 0 2009: = 366,936,635 = 0.095 times Interpretation: The cash ratio indicates the immediate liquidity of the firm. A high cash ratio indicates that the firm is not using its cash to its best advantage. In 2008, the cash ratio was 0.098 times while in 2009 it has decreased to 0.095. DEBT RATIOS TOTAL LIABILITIES DEBT RATIO = TOTAL ASSETS 331,946,025 2008: = 348,990,764 = 0.95 366,936,635 2009: = - 389,070,055 = 0.94 Interpretation: It can be defined as how much sufficient our assets are in retrieving the total debts. It indicates the firms long term debt paying ability. In 2008, the debt ratio was 0.95 times while in 2009 it becomes 0.94 times. There is little change in debt ratio in 2009 as compared to 2008. TOTAL LIABILITIES DEBT EQUITY RATIO = - SHARE HOLDER EQUITY 331,946,025 2008: = 7,995,000 = 41.52% 366,936,635 2009: = - 13,491,563 = 27.20% Interpretation: Debt equity ratio also determines the companys long term debt paying ability. The lower is the ratio, the better the companys debt position. In 2008, the debt equity ratio of the company was 41.52% while it has fallen to 27.20%. It means that company is in much better position in 2009. PROFITABILITY RATIOS GROSS PROFIT GROSS PROFIT MARGIN = SALES 10,472,283 2008: = 30,966,636 = 33.82% 10,907,132 2009: = 35,561,312 = 30.67% Interpretation: Gross profit margin or gross profit ratio is the ratio of gross profit to net sales expressed as percentage. The gross profit margin measures the percentage of each sales rupee remaining after the firm has paid for its goods. The higher the gross profit margin, the better position of company would be. In 2008, the gross profit ratio of company was 33.82% while it decreased to 30.67% in 2009. It shows that company is not getting more profit margins in 2009 as compared to 2008. Net PROFIT Net PROFIT MARGIN = - SALES 1,301,301 2008: = - 30,966,636 = 4.2% 897,035 2009: = 35,561,312 = 2.52% Interpretation: Operating profit margin measures the percentage of each sale rupee remaining after all costs and expenses other than interest, taxes, and preferred stock dividends are deducted. It represents the pure profits earned on each sales rupee. In 2008, the net profit margin was 4.2% while it decreased to 2.52% in 2009. It shows that in 2009, the company is getting less profits. RETURN ON ASSETS NET INCOME ROA = TOTAL ASSETS 1,301,301 2008: = - 348,990,764 = 0.37% 897,035 2009: = 389,070,055 = 0.23% Interpretation: Return on asset measures the firms ability to utilize its assets to create profits by comparing profits with the assets that generate the profits. The higher the firms return on assets, the better will be the position of firm. In 2008, the return on asset was 0.37% while in 2009; it decreased to 0.23% which shows that the firm is not generating more profits by utilizing its assets more efficiently. NET PROFIT /(LOSS) AFTER TAXES RETUNN ON EQUITY = - SHARE HOLDERS EQUITY 1,301,301 2008: = 7,995,000 = 0.16% 897,035 2009: = 13,491,563 = 0.07% Interpretation: This ratio is one of the most important ratio used for measuring the over efficiency and performance of the firm as the primary objective of firm is to maximize its profits. This ratio is of great importance to shareholders as well as management of the company. This shows that how well the companys reserved is being efficiently used. A high return on equity shows the firms acceptance of investment opportunities and effective expense management. In 2008, the return on equity was 0.16% while in 2009; it decreased to 0.07% which shows that the company is not getting more on investment in 2009 as compared to 2008. ACTIVITY RATIO - NET SALES TOTAL ASSET TURNOVER = AVERAGE TOTAL ASSETS 30,966,636 2008: = 338,942,958 = 9.1% 35,561,312 2009: = - 369,030,409 = 9.64% Interpretation: Total asset turnover measures the activity of the asset and the ability of the firm to generate sales through the use of the assets. The higher the firms return on assets, the better the firm would be. In 2008, the total asset turnover was 9.1% while in 2009 it increased to 9.64%. It shows that in 2009, the firm gained more revenue by utilizing assets as compared to 2008. Industry and Market Analysis Major Product Lines Market Segments Banking Sector has a wide variety of products that cater to the financial need of the masses; some of the major products that a bank provides to its customers and is mostly used by the banks customers are as follows: Checking Accounts Car Financing Home Loans Credit Cards Funded and Unfunded Loans Checking Accounts There are the main types of checking accounting that banks provide: Basic Banking Account (BBA) Current Account Profit Loss Account (Pls A/c) Basic Banking Account (BBA) These accounts have no minimum balance requirement and can be opened by just Rs. 1000. A customer with a BBA, does receives an ATM card but the account cannot be turned to an Online Account. The segment that this account is targeted is towards the salaried individuals that have just started their professional careers, students or any other individual that may want to open an account with a small amount of money. Current Account Current accounts are another type of account that banks offer, this account does not provide any profit on it and neither zakat is deducted on this account. This account can be turned into an Online Account and its customers also receive an ATM card. The major segments of this account are sole proprietors, partnerships, companies (both private public) and any other individual that wants to open their account and not earn profit or pay zakat on their balances. Profit Loss Account Profit and loss accounts are one of the basic accounts that give interest to its customers deposits. These accounts pay interest annually and zakat is also deducted on these accounts. ATM card are also provided to these accountholders. The main segment targeting these accountholders are people that want to save money which might include household etc. This account does not target companies however. Car Financing Car financing facility is a very popular facility with all bank customers as it facilitates them to pay for their car over a period of time (1-5 yrs). Today banks provide additional facilities of insurance and tracking devices in cars as well. The main segments of people to whom this service is targeted are salaried individuals, businessmen and other individuals with a high disposable income. Home Loans A home loan is a product that eases the way how a banks customers purchase their home. Home loans provide the facility to purchase a new home, construct a new home or renovate a current home. Home loans are a long term loan and the main segments of population targeted include high paid salaried individuals and businessmen that are below the age of 65 and some banks even provide home loans to Pakistanis living abroad. Credit Cards Credit Cards are todays one of the most selling product that banks offer. There are three major types of credit cards: Credit Card Market Segment  [1] Silver Salaried and self employed individuals starting their careers Gold Salaried individuals or self employed individuals with high income Platinum For exclusive customers of the bank with huge deposits or very high income Funded and Unfunded Loans Funded capital is a facility where that bank provides capital to a person, in response the person places a security with the bank. Funded capitals are mainly short term; it can be a long term facility too. Unfunded capital facility comes in the form of either Letter of Credit (LC), a facility that is used for import and export facility and Letter of Guarantee (LG), a facility used in tenders filled for a specific job. The main segments of society that these products are targeted are the businessmen that maybe a sole proprietor, be in a partnership or own his company. Departmental function of Bank Alfalah Following are the main department of Bank Alfalah: Accounts Opening Operations Accounts Credits Accounts Opening Department Accounts opening department is one of the departments that come under the retail/general banking facilities provided by Bank Alfalah. Some of the major deposit accounts opened by Bank Alfalah are as follows: Major Deposit Account Products Current Account Current Accounts are non interest bearing accounts that have a minimum account opening requirement of Rs 10,000. No zakat is deducted on the accounts balance. Furthermore all current account holders receive a Hilal debit card and there are no restriction on the number of withdraws or deposits made to and from the account. Profit Loss Saving Account Profit Loss saving accounts can be opened with a minimum balance requirement of Rs 5,000 and profit is credited on a half yearly basis. There are no restrictions on the number of deposits and withdrawal made to and from the account and all account holders receive a Hilal debit card as well. Profit and loss saving account cannot be opened by a business corporation, however can be jointly opened by individuals. Profits are paid at 2% on all account balances. Basic Banking Account (BBA) Basic Banking Account was introduced by banks on an order by the State Bank of Pakistan and is current in nature. There is no minimum balance requirement for BBA, however initial deposit must be Rs 1000. Maximum two withdrawals and deposits are allowed by cheque, while there is no restriction on ATM withdrawals. Royal Profit Account Royal profit accounts are opened with a minimum balance requirement of Rs 50,000. The basic aim of this account is that the higher the balance the higher the return, as profit is credited on a monthly basis. The profit paid to account holders is as follows: Amount Profit pa. From Rs.50,000 to 999,999 2.50% From Rs.1,000,000 to 4,999,999 3.50% Rs.5,000,000 and above Negotiable Kifayat Account Kifayat account is another saving account product that can be opened with a minimum balance requirement of Rs 10,000, with a maximum limit of Rs 1 million. Profit is calculated on a monthly basis, while it is credited on quarterly basis. Bank Alfalah pays 7% pa interest on Kifayat Account. Mahana Amdan Account Mahana Amdan account is Term Deposit Receipt (TDR) for three years that can be opened with a minimum balance requirement of Rs 100,000, with a maximum limit of Rs 15 million. Profits are paid at 10% pa, credited on a monthly basis. Other features of this account include free personal accident insurance and automatic renewal for another 3 years, after the expiry of original period. Basic Requirements for Account Opening The basic requirements to open an account for individuals/self employed are as follows: CNIC Source of income (salary slip etc) NTN certificate (optional) Company letterhead or authorization (as required) The basic requirement to open an account for a partnership Partnership Deed Partners CNIC Company Letterhead NTN certificate (optional) The basic requirement to open an account for companies: Memorandum of Association Article of Association Directors CNIC Company Letterhead NTN certificate (optional) Internal Codes for Bank Alfalah Accounts Some of the major account opened at Bank Alfalah and their internal codes are as follows: Account Type Code Current Account 010***** Profit Loss Account 020***** BBA Account 0189**** Royal Profits 029***** Current Account USD 018***** Account Opening Whenever a customer comes to open their account, they have to fill a relationship contract with the bank. As part of my internship I had to fill these forms and then use the appropriate bank stamps to complete these forms. Also as part of the relationship form, I also had to do a Verisys, a verification system started by NADRA on the CNIC of the new account opener. A Verisys tells, if more information pertaining to the customer is needed to open the account or not. Furthermore as all relationship forms have to be sent to Karachi, a central location, for all account relationship forms, I had to develop a list of daily forms sent and their quantity. Accounts Department Accounts department is a backend department at Bank Alfalah that performs the following functions Reports It generates reports like Statement of Account Activity (a report on the activity of all accounts at Bank Alfalah), Statement of Affairs (a report on the assets and liabilities of Bank Alfalah ), Statement of Foreign Exchange (a report on the foreign exchange currencies at the bank) and Statement of Profit Loss (a report on the income and expenditures of Bank Alfalah ). These reports can be generated at daily, weekly, monthly, quarterly or yearly basis as required by the bank. Income and Expense The department also needs to calculate the revenues and expenses, control expenditure and forecast profits every month. Budget Formulation of yearly budgets targets in consultation with the branch manager is also done by the accounts department. Activity Checking Daily activity checking and monitoring is done by the accounts department of the whole bank Storage of Records Accounts Department also has the duty to store vouchers and system generated reports. Payments The accounts department is responsible to pay vendors on behalf of the bank with authorization from the branch manager. It also has to amortize large payments and calculate depreciation of branch assets. Activity Checking In the accounts department, I had to do daily activity checking and there are four stages in which activity checking takes place: Collecting vouchers, cheques etc from all departments Sorting Vouchers Checking Activity Packing Collecting Vouchers The first stage of activity checking is collecting all vouchers, cheques, DDs, pay order, pay slips etc from all departments of the bank. Mainly vouchers come from the operations department. After collecting these vouchers etc from the departments, we need to check if all stamps are stamped on these vouchers etc. Sorting Vouchers After all vouchers are collected, they need to be sorted into eight categories: Customer Debit: Includes debit vouchers and cheques Customer Credit: Includes credit vouchers and credit slips Income: Income vouchers Expenditure: Expenses vouchers and payment vouchers Others: Includes vouchers about excise duty, FED, teller, ATM, payables etc Online: Contain online vouchers and online credit slips etc Head Office (H.O): Includes HO vouchers and IBCA, DD advices Bills Payable General (BPG): Includes vouchers and DD, Pay orders, Pay slips etc Checking Activity After sorting takes place, daily activity is checked using the statement of account activity, which contains all daily activity of the accounts in the bank. Activity checking is done by seeing if the values and account numbers in the sorted vouchers match that of the activity and whether or not there is any missing activity that is not in the vouchers. Packing After the activity is checked, all sorted vouchers are counted, both debit and credit and then packed by totaling the vouchers. Credits Department The credit departments of Bank Alfalah work with both SMEs and corporate clients. There are two major categories of credit line facilities that Bank Alfalah provide to its customers Funded Credit Line Facility Unfunded Credit Line Facility Funded Credit Line Facility There are three major products that come under the funded credit line facility: Current Finance Karobar Finance Milkiat Finance Current Finance Current Finance is a short term facility mainly provided to companies. It provides the customers with the funds over a period of time, mainly one year. The main advantage of the current finance facility is that markup is only charged on the utilized part of the finance facility and is mainly used by companies for their working capital management. The bank to provide this facility keeps a security; mainly a mortgaged property and can provide 60% of its assessed value as funds. Karobar Finance Alfalah Karobar Finance is another short term facility that is only provided to individuals and sole proprietors. This facility also has one year validity with markup charged on the amount used. This facility again provides individuals to maintain their working capital management and is again given to individuals for a security. The conditions for current finance and karobar finance are same with one big difference, which is that in karobar finance, the individual has to clear all his balance in his account, once in a year. Milkiat Finance Alfalah Milkiat Finance is a long term facility that is provided to SMEs and there are four main types of facilities provided: Acquisition of rented commercial/industrial property Construction on an owned commercial/industrial plot Purchase of a commercial/industrial property Renovation of owned commercial property Some of the features of Milkiat finance are as follows: Tenure of 2-12 years except for renovation, which is for 2-4 years Mark up of (KIBOR+4%) Financing from Rs 0.5 million to Rs 20 million, renovation financing up to 3.5 million Eligibility age should be less than 65, with 3 years of existing business Procedure for Milkiat Finance All documents are gathered from the customer, and then they are sent to the CIB, which sends a CCIR to the bank. Other forms of verification also take place in this process. Later a valuation is done of the property to see how much financing can be provided. After the valuation process is complete, a CLP is made by the bank, which with other documents is sent for approval to the area office. When the area office approves the application, the customer is called into the bank to give the security papers to the bank and also gets all legal documents are signed and the money is transferred to the bank. Unfunded Credit Line Facility There are two types of unfunded credit line facility, which are as follows: Letter of Credit (LC) Letter of Guarantee (LG) Letter of Credits A letter of credit is a written undertaking by a bank (issuing bank) given at the request and accordance of a buyer (the applicant) to the seller (the beneficiary) to a fact payment up to a stated amount of money within prescribed time limit provided that the terms and conditions are complied with. Letter of Credits issued in the international trade business. There are two types of Letter of Credits: Usance Sight Usance Usance LC is a form of LC, whereby the bank engages to honor the beneficiary usance draft on an acceptance that the items are in accordance with the conditions. Payment is made against acceptance. Sight LC Theses are letter of credit where the bank engages to honor the beneficiarys sight draft upon presentation provided that the documents are in accordance with the conditions of the L/C. This is a more safe form of letter of credit as payment is made against the documents. Letter of Guarantees Letter of guarantees is a guarantee that the bank gives to an organization on behalf of the bank. Letter of Guarantees are mainly used when a tender for a specific job is filled by a customer. There are three main types of LGs: Bid Bond: Bid Bond are filled at the time of filling out the tender and states that if the company is given the tender, it will start working on it and will not walk away Performance Bonds: Performance Bonds are issued to the beneficiary, to guarantee him that the applicant of the tender will perform the contract under a specific period of time. Performance bonds are issued after the tender is approved of the applicant. Mobilization against LG (MALG): This is a guarantee that the bank gives when the beneficiary (the firm that issued the tender) that pays an advance of tender to the applicant (the firm that gets the tender), that he will return that advance amount. Process for LCs LGs The process for LCs and LGs is a ten step process: A request letter for the facility is received by the bank All documents pertaining to the facility are received Documents are looked over by the lawyers CCIR is received from the CIB A CLP is made Borrowers Basic Fact Sheet (BBFS) is made Credit Facility Application Form is filled by the customer Documents are sent to the Area Office for approval Documents relating to the security is kept by the bank Letter is issued to the customer Types of Securities Some of the types of securities that the bank may keep as a part of security for both funded and unfunded credit line facilities are: Mortgage of Property Pledge of Stocks Hypothecation of Stocks Lien on Stocks Securities As part of my internship I had to make BBFS and CLP for different applicants that had applied for an unfunded credit line facility. Operations Department The operations department is responsible for three major activities: Clearing Transfers Remittances Cash Transfers In large branches of Bank Alfalah, all these jobs are done by different departments, but as Bank Alfalah is a small branch, all these jobs are done by one department, known as operations. Operations department is sometimes also known as the Transact department. Clearing The clearing department is responsible for the clearing of all cheques that the bank receives daily and the different types of clearing cheques that come in the bank are: Inward Clearing Outward Clearing Online Clearing Outward Bills for Collection Inward Clearing Inward clearing takes place when a Bank Alfalah account holder drews a cheque in favor of a Non- Bank Alfalah account holder. The process for inward clearing is as follows: Cheques are received by the operations department from NIFT The bank officer verifies all particulars from the instruments and the system for sufficient balance etc. If any fault is found, then the officer will mark the cheques as a return, stating the reasons with them. If no fault is found, then the officer will post these cheques in the system by debiting the customer account. The particular of the returned cheques are entered in the O/W return of inward clearing register and returned to NIFT. Outward Clearing Cheques drawn by Non-Bank Alfalah customers in favor of Bank Alfalah customer and deposited at Branch are known as outward clearing cheques. The process for outward clearing is as follows: Cheques are received by the operations department of Bank Alfalah The customer in favor of whom the cheque is drawn is credited Clearing stamps are affixed on the cheque and sent to the other bank via NIFT. If any cheque returns the next days as a returned, the posted entries are reversed and the cheque is returned to the customer who presented it and is recorded in the cheque return register. Online Clearing Online clearing takes place when a cheque is drawn by a Non-Bank Alfalah customer in favor of a Bank Alfalah customer but is deposited at Bank Alfalah The person, who had drawn this cheque, however should have an account in the Islamabad/Rawalpindi area. The process for online clearing is as follows: The cheque is sent as an outward clearing via NIFT When the cheque is cleared, it is credited to the Bank Alfalah account via the online transfer software. Outward Bills for Collection (OBC): There are some cheques that are drawn by a Non Bank Alfalah Account that is outside the twin city area in favor of Bank Alfalah account holders and thus are treated as OBCs. The process for clearing of the OBCs is as follows: Cheques received by Bank Alfalah The officer affixes the OBC stamp on the cheques and writes its individual number from the OBC register. Entries of all OBC cheques are written in an OBC register. An OBC letter is printed, which shows the cheque numbers, the branch drawn on and amount. Original Cheques are attached to these letter and sent to the main Bank Alfalah branch in that area by courier When that area branch clears the amount from the Non-Bank Alfalah branch, it sends an Inter Branch Credit Advice (IBCA) to Bank Alfalah and the officer at the branch credits the customer account with that amount Transfers Transfers are conducted by Bank Alfalah Branch, using its software Bank Smart. There are two types of transfers: Internal Transfers Online Transfers Internal Transfers Internal transfers take place when a Bank Alfalah account holder draws a cheque in favor of another Bank Alfalah account holder. The process for internal transfer is as follows: Officer of the bank receives the cheque and determine if the cheque is an internal transfer by looking at the branch code, if they are same then it is an internal transfer The officer will post entries by credit the account in favor of whom the cheque was drawn and debit the account that drew it in the banks software. The cheque will be sent for supervision to the operations manager for authentication of the entries When supervised, the cheque will be affixed with the official stamps and kept with the bank. Online Transfers All those transfers that take place when a Bank Alfalah account holder draws a cheque in favor of a Bank Alfalah account holders are known as online transfers. The process for online transfer is as follows: The bank officer collects the cheque from the depositors. Verifys if the accounts are online and need to be transferred online Posts entries by debiting the account of the cheque, while crediting the account on the slip attached with the cheque. Sends the cheque for supervision to the operations manager When supervised, the cheque will be affixed with the official stamps and kept with the bank. Remittances There are two main types of instruments that are used to transfer money, which are as follows: Pay order: Used to transfer money within the city Demand Draft: Used to transfer money outside the city Pay Order Pay orders are made to transfer money within the city and this is a safe way to transfer money as the person who makes the transfer through pay order pays in advance. The procedure that is carried out in transferring money through pay order is as follows: Procedure for Transferring Money through Pay Order The customer will come to the bank and fill in the pay order application, giving in the details to which account the money is being transferred, the amount etc and attach a cheque to pay for the pay order. Pay orders can also be made through cash but mainly it is made through cheque. The officer checks all the details in the application, makes out the charges for the transfer that the customer will pay and then make the pay order for the customer and pass the following entry: Customer A/c Pay order payable When the customer in favor of whom the pay order was made gives the pay order to his branch, the entries passed are: Pay order payable Customer A/c Demand Draft Demand Draft is another way in which customers can transfer money outside the city. There are two types of situations for transfer of money through demand drafts: Outward DDs When a customer comes to Bank Alfalah to make a DD to transfer money outside the city is known as outward DD. The customer will fill the details in a DD application form, and will attach a cheque or pay cash as he wish. Then the officer will check all the details and make a demand draft for the customer and pass the following entries: For Cheque For Cash Customer A/C Sundry A/c Head Office Head Office Inward DDs This is the procedure adopted when the issuing branch sends copy of the instrument as an advice. When the bank receives the advice, the officer will pass the following entries: Head Office A/c DD Payable A/c When the customer comes with the DD to get his payment, the following entries are passed: DD Payable A/c Cash If that customer is a Bank Alfalah account holder then the following entries are passed: DD Payable A/c Customer Account Foreign Remittances Another type of remittances is foreign exchange transfer from another country to a Bank Alfalah account in Pakistan, through SWIFT. Bank Alfalah for foreign exchange transfers takes the help of Citi Bank for routing. Procedure for Foreign Transfers The customer will come to Citibank to transfer money to Pakistan. The entries passed will be: Customer A/c Citibank A/c Citibank will then transfer that money to Bank Alfalah Karachi. The entries are: Citibank A/c Bank Alfalah Nostro A/c (chi) Later Bank Alfalah will transfer the Nostro A/c money into the demand account. Nostro A/c Bank Alfalah Demand A/c Now when the customer will come to take his money, the following entries will be made: Demand A/c Customer A/c Cash Transfers The cash transfers in the transact department are responsible with the cash deposits and withdraws made by Bank Alfalah account holders. There are two types of cash withdraws and deposits. The first is when a Bank Alfalah account holder either deposits or withdraws cash, while the second one is when a Bank Alfalah account holder, with an online account can withdraw or deposit money to his account from the branch. As part of my internship, I was responsible to collect cheques from the customers that they deposited, put the official stamps on the different kinds of cheques, register the return cheques in a register and make OBC schedules. SWOT ANALYSIS STRENGTHS Bank Alfalah is considered to be a very sound bank in the financial circles. A bank, where the customers can safely keep their money as long as they want. I am pointing some of the major strengths of the bank: COMPASSIONATE CUSTOMER SERVICE The officers of BAL are considered as one of the most able professionals in the banking world (some belong to BCCI). However, they have added some local flavor in accordance with their targeted segmented. Especially, in FPR Branch, I observed that they interact with their clients as if they are their personal friends and discuss about their problems as their own. GOODWILL TRUST As a result of the compassionate and personalized services of the officers, the clients perception for BAL is very high. They have trust and feel themselves to be secure while banking with BAL. LOCATION Bank Alfalah has opened all its branches at commercial areas so that the customers or clients face no problems in reaching to the bank. For example, FPR branch for being situated in business and commercial hub of FPR. FOREIGN TRADE BUSINESS The bank is focusing on Trade Financing; it attaches great significance to the development and maintenance of healthy correspondent relationships with other banks and financial institutions. Towards this pursuit, BAL has developed excellent business relations with foreign banks, whose support in terms of lines of credit extended to the bank, has enabled it to handle the ever-growing trade volumes. During year 2005, the bank handled foreign trade business in excess of PKR 30.6 billion, representing an increase of 92% over the previous year. WIDE BRANCH NETWORK Bank Alfalahs objective has been to expand its branch network to meet clients needs. which is considered the infancy stage in the industry, the bank has increased the branch network more than 300. The expansion program is strategically important to increase customer base and to approach different customer segments. THE COMPUTERIZED SYSTEM BAL has got a reliable and easy to use internal computer system. Every information regarding the transactions in customers deposits has been computerized. Currently, bankexel is being practiced for this purpose but very soon, a new program named bank smart will start functioning (it has started functioning in Clifton branch) Bank is financially strong and has a huge deposit reserve. Its cost of funds is less as compared to many of its competitors. Personnel of Alfalah are well trained and highly skilled. Majority of employees has many years of experience in banking sector and are an asset for the bank. Bank Alfalah has a wide network of branches at the ideal locations, catering the financial needs of its clients. Foreign Trade is the focus of bank. It has become an ideal bank for the importers and exporters. The government commercial banks have been privatized and their domination of the banking sector has been reduced form 100% to 20%. A training course on cor porate governance has been organized for the members of the board of banks and the CEOS. The annual financial statement are prepared by the bank in accordance with the international accounting standard and are also published quarterly and half yearly accounts to provide information to their stakeholders for taking well informed decisions. Branches are online and automated. In terms of E-banking, Pakistan is doing fairly well, specially keeping in view the progress of last seven years. The numbers of online branches amongst Pakistani banks were less than from 400 in 1999 and now have been increased almost to 3,000, whereas consumers of plastic cards amongst banking were less than 300,000 and now have been increased into more than 1.6 million. The bankers these days go out of their cozy offices to market their financial products and build up customer base. Internal check on employees. . WEAKNESSES Perfection is only the claim of Allah Almighty. No other being living or dead can say this for itself. Similarly, Bank Alfalah also has some shortcomings that need to be mentioned: ADVERTISEMENT BAL has formulized a lot of products and services for its customers, even more than other commercial banks, but any advertisement on electronic media has not been seen. Since, BALs major competitor Union Bank Limited has started large media campaign, so keeping in view these threats, Bank Alfalah should emphasize more on its advertisement. PROBLEMS OF EMPLOYEES I observed during my internship that some of the employees were burdened with over work. So I think that the work should be distributed according to their post and capabilities. Banks marketing department is not very strong. Advertising done by the bank is less than the requirement. It is a step behind in using new technology as compared to other banks. Most of the employees are overloaded with work. There is uneven distribution of work and promotions are not very timely. It is slow in the introduction of new services. It is a step behind in using new technology as compared to other banks. Chances of frauds. It is slow in the introduction of new services. Most of the banks are not providing services up to the mark. Selection criteria should be more strengthened. Increments system should be on the basis of performance not on the basis of biasness. OPPORTUNITIES Bank Alfalah has grown up its business with a very high pace and it has got tremendous popularity, even with in a very short span of time. There are many opportunities for the bank and by availing that it can stand amongst the top foreign banks. INFORMATION TECHNOLOGY All the opportunities of the 21st century are to be availed in the information technology. Information technology is the future. Therefore BAL should emphasize much on IT, especially the E Banking. Bank can design a universal account like other foreign banks, to enhance online facilities. EXTENSION OF BRANCH NETWORK Bank Alfalahs growing business requires an extensive branch network. There are great opportunities for BAL for the expansion of its business. GROWTH IN DEPOSITS BAL has introduced a number of financial schemes including special royal accounts. These accounts have their unique features (discussed earlier). During the last three years, BALs deposits have been increasing @ 30%, which is a very healthy sign. Therefore, with the commencement of new schemes there can even be a greater increase in its deposits. Bank can extend its network in other countries. It can enhance its profitability by making use of new technology. It has the opportunity to introduce new products and services. It can adopt E-banking and provide credit card facility to its customers. New technology can help it enhance profitability. At the national level the biggest opportunity is to integrate into international financial market. Foreign investors in the banking industry are welcomed in Pakistan as they bring not only the precious foreign exchange investment but also skills and techniques of modern banking system, innovative products and services and n etworking into global chain. Banks will have to engage qualified professionals for providing specialized banking products and services to their customers, reorganization of existing systems as well as infrastructure with de-centralized work processes. The human resource factor plays a vital role in maintaining the efficiency and profitability level of the bank in future. Banks can introduce SME financing for: Power looms Shop owners Goldsmiths Cutlery Others like; Green field projects. In order to institutionalize the decision making process and to provide guidance to staff well defined policies can be formulated and implement. There is a huge potential for housing finance in Pakistan which has a shortage of 1.5 million housing units. The central bank should work with law ministry to bring suitable changes in foreclosure laws so that banks could play their due role in developing this important industry which will boost economic activity in the country. THREATS ECONOMIC CONDITIONS Despite the difficult circumstances that confronted the banking sector in particular and the country in general, Bank Alfalah has been still highly profitable. But, the facts cant be denied and there might be an adverse impact of such situation. COMPETITORS Bank Alfalah is facing a strong competition by its major competitors; Union Bank and Askari Commercial Bank. Business of these banks is also growing with very high pace. So Bank Alfalah has been performing very well in the presence of unstable political and economic situation but this uncertainty is a continuous threat for the bank. Bank is facing intense competition from other private commercial and foreign banks. Although it is ahead of many banks but banks like Askari are a constant threat to Bank Alfalah. All banks are facing immense competition as well as challenges to provide better customer services and to serve their customers for derivative banking products and services. Mostly banks have threat of mergers and acquisitions due to capital less then RS 1billion. Daily basis circular is a threat for baking to run their business. The restriction of 200 hundred branches for all banks to exist in market is also a great threat. Frauds are also a great threat, like recently a great fraud happened with The Bank of Punjab. The SWOT analysis of the bank signifies that its strengths overcome its weaknesses and its opportunities are more than its threats. This is a positive sign for any organization. Identification of a Main Problems and Findings The main vision of Bank Alfalah is to become a premier banking institution in not only Pakistan but also abroad. In achieving this mission, Bank Alfalah has been successful by increasing its revenues, deposit base and branches in Pakistan. Although there are no major problems at Bank Alfalah, some of the problems observed are as follows: Technological Advancements Bank Alfalah has equipped its branches with all major IT tools being used in the industry like ATMs, fax machines, photocopiers, printers, latest computers and a good connectivity architecture, however it has been observed that when its time to work, there are many failures seen in the different devices used by Bank Alfalah, especially its connectivity architecture and remains offline with the main server, that creates problems for the customers. Training Development There are effective training centers of Bank Alfalah at Karachi and Lahore. For Bank Alfalah I-8 Markaz, it employees get to train at the Lahore center. The problem with training and development is that it is only available for the officers of the bank and not for the lower staff members. Job Advancements There is no job advancements procedure for lower staff members or junior executives that have joined recently at Bank Alfalah. The main problem that was observed was that the lower staff should be trained about the operations of the bank and also the junior executives should be given promotions by defining the criterias like performance etc. Lack of Employees in some Departments Although Bank Alfalah is a very good employer of talented professionals at different branches, however, it was observed that there were some departments in the bank that lacked the number of professionals in it that resulted in efficiencies in that department. New Products Introduction Bank Alfalah has a wide variety of financial products to cater to the needs of its competitors; nonetheless the main problem seen is that it is not introducing innovative products like other banks in Pakistan, for example Standard Chartered Bank introduced a self depositing machine, a machine that can be used by consumers to deposit money at any time of the day. Priority Banking Bank Alfalah does not have any priority banking department that can cater to the need to high end customer. At Bank Alfalah there were no large companys accounts mainly because there was no department to develop relationships with large customers. Amenities at Branch Providing amenities like a separate room for prayers because currently the employees pray in the conference room of the branch. Also separate rooms should be made for the account department for sorting of vouchers as it is also done in the conference room. Incentive Schemes There are no incentive schemes for employees of Bank Alfalah like scholarship schemes for employees that want to pursue higher education. Bank Alfalah although gives a number of incentives to its employees, like personal loans at nominal markup but they are only provided to employees that are in higher ranks. Education fees are also returned by Bank Alfalah to its employees, after the have finished their studies Recommendations Some of the recommendations that I would recommend to some of the problems discussed in the above section, that might increase the efficiency of both the operations and employees of Bank Alfalah are as follows Technological Advancements Bank Alfalah should develop a modern connectivity architecture to effectively maintain an online connection of the branch with other branches and also the ATM link, which may include using modern technologies like fiber cables, routers etc. Also backup links should also be developed, Also a proper IT d

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Modernism in Sandburgs Chicago and Prayers of Steel Modernism can be seen as a reaction to the new society and environment that was formed by industrialization, which arose during the period between World War I and World War II. The modernist movement arose out of this new way of viewing the world and the self. Among the characteristics of the modernist movement were alienation and themes that were rooted in real life and real-life experiences. American poet Carl Sandburg was able to demonstrate how the individual viewed his redefined relationship with his environment and society in Prayers of Steel and Chicago. In these poems, Sandburg strives to explore how the narrator attempts to reconcile his identity of self through the use of industrialist settings and images. In Chicago, published in 1916, has accepted the world around him and acknowledges that although he is not a part of what he has witnessed, he is complacent with the alienating properties Chicago is able to provide and finds comfort in being lost within the large city. The narrator begins by describing Chicago as Hog Butcher for the World,/Tool maker, Stacker of Wheat,/ Player with Railroads and the Nations Freight Handler;/Stormy, husky, brawling,/City of the Big Shoulders to explain how industrialization has come to define the city (Chicago 1-5). The narrator then proceeds to describe his observations of individuals who live on the fringe of society, painted women under the gas lamps luring

Annotating (Glass Castle) Free Essays

Annotating (Glass Castle) Glass Castle Did you notice anything unusual about Jeannette Walls portrayal of poverty, or homelessness? Even though they had bad times with food and other necessities, they still were happy as a family * When she was young, she viewed life as an adventure and when she got older and in West Virginia she started to see reality of her life and she didn’t want to be seen as the girl who lives in the beat up house and the family that didn’t always have food * She doesn’t let her situation of poverty be an excuse or a burden for not being successful and she knew she was going to push past it * It shows that the Walls’ lifestyle was a choice, when her she figures out her mom has had land worth a million dollars and she just wanted to live the way she was living When did Jeannette figure out that her life was not normal? * When film makers came to Welch and were making a documentary and she saw films about life in New York, she saw ther e was life outside the way they were living * When her dad was prostituting her out, her view of her father was changed * When she went over to a friend’s house they had a thermostat and she had never experience one before and this she realized there was much more like that and the way she was living wasn’t normal Do you think her parents were mentally ill? Her mom would stay in bed for days at a time and she would not even take care of her own kids and do nothing, she was probably in depression The dad was an alcoholic (when he tried to quit in Arizona he had withdrawal) and this was a mental illness He might have been molested by his mother, Erma-When Erma was molesting Brian and the children told their father he denied it and became very angry, probably trying to cover up what happened to him He also never wanted to go to West Virginia, he said it was because of pride but he was probably scared of going back to Erma Being molested by his would explain his alcoholism, his anger Annotating How do you know what is important enough to take notes on when you are reading? 1. Reveals some important detail about plot a. Exposition i. We will write a custom essay sample on Annotating (Glass Castle) or any similar topic only for you Order Now Time and Place of Setting, Setting Changes 1. Setting changes frequently in Glass Castle 2. Sometimes time is very difficult to figure out, in Glass Castle they were watching Water Gate which was in 70s, they lived in Lyndon B Johnson apartment building and he was president in late 60s ii. Introduces us to Main Characters iii. Hints at, or Suggests, the Conflict 3. When Jeannette went to hospital and her dad does the Skedaddle we know the problem is going to involve her dad or parents iv. Gives us necessary background info, Anything we need to Know what is Happening 4. We need to know these things for the story to make sense b. High-Point v. Every high point is like a mini climax in a story vi. The climax is the high point at the end c. Climax vii. The point where the Main Character, or Protagonist, Can win or lose, live or die, succeed or fail. d. Denouement (Resolution) viii. Happens the second we know which way the climax is going to go-win or lose, live or die, etc. ix. The Climax and Denouement happen in almost the exact same moment e. Conflict x. Conflict is most important element of plot xi. Internal 5. Glass Castle had a lot of internal conflict going on in Jeannette’s head xii. External – Most Movies or stories 6. Ex: Batman and Bane 2. When you come across special literary devices f. Foreshadowing xiii. Something earlier in the story that gives a hint to something that happens later in the story g. Symbol xiv. In Glass Castle the Glass Castle is a symbol of hope in the beginning but later it becomes disappointment and failure because they realize their dad was never going to build h. Irony xv. When something happens that is the exact opposite of what you expect i. Flashback xvi. The whole Glass Castle is a flashback because she is telling the story of her childhood 7. A memoir is one long series of flashbacks j. Juxtaposition xvii. Where you put two opposite scenes next to each other 8. Happens a lot in books 9. Ex: When Jeannette is living in a very high end apartment and her parents are living the streets and dumpster diving 3. When it reveals the importance of the title k. Sometimes it is obvious but others it is not xviii. Ex: In Glass Castle the first half of the book it was literally the house Rex was going to build and it represented hope and the future. Towards the end it represents disappointment in her father 4. Unfamiliar vocab words l. Circle and Look up and write definition by it xix. Ex: Hirsute-means harry or shaggy 5. When it reveals something important about a character m. New Character-Character List, Do every character and just put a little description on them with something specific what they said or did xx. Ex: Brian coming up with the idea of the catapult instead of saying Jeannette’s brother n. Mark when a character does or says something that is out-of-character, or not typical of them xxi. Ex: When Jeannette steals a watch from Mr. Becker (Eventually she brings it back) 6. Theme o. One of the main ideas or lessons that the writer is trying to teach us in a book xxii. Usually more than one them, even in short stories p. Made up of two parts xxiii. Subject matter xxiv. Author’s opinion 10. Ex: Glass Castle is about poverty and homelessness and Jeannette is trying to show us that poverty can be a choice 7. Highlight any phrases or sentences that you just like q. For whatever reason, funny, cool, just something you really like 8. Take note of anything that reflects your own personal experience, or some idea you’ve had or something you strongly believe Things Mr. Danforth Tests On Level 1 Questions Literal questions that you can find in the text; concrete details you should be able to point to in the book. They are basic facts from the story (Where she worked for her first job in New York. Level 2 Questions Questions that require us to â€Å"read between the lines†-us making deductions on details or facts that are in the story and we are deducing a fact that is not written in the story. Means we come up with a fact, that is not written in the story, based up on one of two other facts in the story. Never printed in the book. Ex. : Why doesn’t Cinderella’s stepmother love her? Ex: Rex is sexually abused by his mother. He would never go back to West Virginia and also his mother, Erma molested her grandson as well. Ex: Rex is mentally ill based upon that he was molested by his mother and all the times he refused going back to West Virginia. She makes her clean all the time and gets all the really disgusting jobs and the other sisters don’t do any chores. She treats her differently because she is not her real daughter, she is her step daughter. She is jealous of Cinderella and her beauty and her daughters are ugly and fat, or maybe she’s jealous just for herself because she is old and not as pretty as Cinderella. Level 3 Reasoning Ideas that connect the story to real life in the present. Deep thinking themes. Ex: Mental illness and homelessness in the Glass Castle How to cite Annotating (Glass Castle), Essay examples

A Deferred American Dream Essay Example For Students

A Deferred American Dream Essay The American Dream has kept America running for many years, and it will continue to power the country for many years to come. The American Dream is a very special goal for everyone, even people who live outside of America. To have a dream is something special; to achieve the dream will take hard work. The United States was built on dreams as well as men who believed they could accomplish what they dreamed. The American Dream is usually a specific dream involving land, money and even the amount of freedom a citizen has. Unfortunately, these American Dreams are almost never achieved. Famous African-American poet, Langston Hughes wrote a poem called A Dream Deferred in 1951 that describes how the American Dream, over time is either accomplished or becomes a nightmare. Of Mice and Men and The Great Gatsby two books written around the same time depict this American dream and show how the dream can be a disaster if it is the only focus keeping men occupied in life. A Dream Deferred is a great work of art, and it will help to show whether or not the two books about the American Dream are stories of success or failure. Of Mice and Men written by John Steinbeck in 1937 is the story of two brothers who dream of owning their own farm one day, but end up working at another farm as they are traveling. The book depicts some of the obstacles that stand in the way of the farm and also shows how such a simple American dream as owning a farm can ruin two lives. F. Scott Fitzgerald wrote The Great Gatsby in 1925, which talks about a man named Gatsby, who works very hard to attain money and a house so he can impress a women named Daisy, who he has loved his entire life. He never gets to be with her, but she is able to see what he has done for her. Langston Hughes poem shows both books as examples of how the American dream is almost impossible to achieve by narrating how dreams change over the years when they are put aside. The American Dream is a goal attempted by Lennie and George in Steinbecks Of Mice and Men and Jay Gatsby in Fitzgeralds The Great Gatsby by tracing how each main character searches for the American Dream, measures the success of the American Dream but how each ultimately ends in tragedy as measured by Langston Hughess A Dream Deferred.