Pakistan Microfinance Sector Analysis

Pakistan Microfinance Sector Analysis The aim of this study refers to highlighting the key challenges and prospects for the microfinance sector of Pakistan. Being practiced since last few years, microfinance is considered to be an imperative financing practiced by financial institutions for the development of countrys economy. This study has been carried out using the following four steps: present scenario of microfinance in Pakistan, identification of internal and external challenges, prospects in microfinance, and policy recommendations to boost microfinance sector in Pakistan. In this research, microfinance framework has been used to better understand the process of building a sustainable microfinance institution. The findings have been obtained through Primary data which has been collected by sending 80 questionnaire surveys to microfinance sector. The companies that have participated are banks and other financial institutions. This research contributes in three ways. First, microfinance institutions will be facilita ted in highlighting the challenges and prospects that are being neglected in the process of analyzing the problems and opportunities faced by this sector. Second, other financial institutions and banks, realizing the significance of this business, will get encouragement to enter this sector with more innovative products and better standard practices. Thirdly, it will help the country in coming up with new strategies for micro financing. Moreover, microfinance sector may start conducting more training sessions to enhance the skills of the clients which will impact positively on this sector. INTRODUCTION Statement of the Problem Poverty cannot be illustrated, it can be experienced. One knows more about it when he is starving and can not manage to pay for food. He and his children want new cloths on festivals but can not buy these, due to low income. He is sick, but he is not able to buy medicine. He wants to send his children to school, but can not bear the expenses. He wants to be appreciated in society, but is treated poorly by the institutions of the state and society. He is voice less and incapable (Gobind M et al,2008). Poor people save all the time, although mostly in informal ways. They invest in assets such as gold, jewelry, domestic animals, building materials, and things that can be easily exchanged for cash. They may set aside corn from their harvest to sell at a later date. They bury cash in the garden or stash it under the mattress. They participate in informal savings groups where everyone contributes a small amount of cash each day, week, or month, and is successively awarded the pot on a rota ting basis. Some of these groups allow members to borrow from the pot as well. The poor also give their money to neighbors to hold or pay local cash collectors to keep it safe. However widely used, informal savings mechanisms have serious limitations. It is not possible, for example, to cut a leg off a goat when the family suddenly needs a small amount of cash. In-kind savings are subject to fluctuations in commodity prices, destruction by insects, fire, thieves, or illness (in the case of livestock). Informal rotating savings groups tend to be small and rotate limited amounts of money. Moreover, these groups often require rigid amounts of money at set intervals and do not react to changes in their members ability to save. Perhaps most importantly, the poor are more likely to lose their money through fraud or mismanagement in informal savings arrangements than are depositors in formal financial institutions. The concept of microfinance was launched to help the poor population of the world. The significance of microfinance cannot be neglected for the development of any economy. Microfinance encourages poor households to consume their funds in productive activities by providing them small amount of loans. Poor household refers to low-income people who traditionally lack access to banking and other related financial services. The concept tend to empower would-be entrepreneurs to take up a trade for living, allow them to start earning, and thus to provide their families with income stability. The income that generates from such businesses not only helps in expanding those activities but also contributes to the income of the household bringing benefits for the whole family. In Pakistan, about one-third of the population is Å“un-banked?, or lacking access to finance, which if appropriately tapped can offer tremendous opportunities to both banking institutions and businesses. As a step towards mainstreaming the un-banked, SBP has envisaged increasing the size of micro and small enterprise (MSE) financing from one million borrowers to four million borrowers, and from Rs.1 billion to four billion by the year 2010. In this context, increasing institutional outreach and sinking micro financing in to the sector are considered pivotal strategies. Other areas of interest include regulatory regimes, product and process innovations, relationship management and monitoring, and market intelligence data (Sohailuddin Alavi, 2007). According to ILO (2005) cited by Dahri (2007) it is concluded that the reality for most of the worlds poor is that they have to work often for long hours, in poor working conditions and without basic rights and presentation- at work that is not productive enough to enable them to themselves and their families out of poverty, it is Å“decent and productive? employment that matters, not employment alone. In developing countries, so many strategies have been put into practice and research has been done but it is felt that it is not enough and research should remain continue in light of latest reports and research to highlight the challenges and opportunities of microfinance. These studies are helping in bringing new strategies into practice. As Pakistan is also a developing country, further suggestions would help to overcome the challenges faced by microfinance and avail the opportunities that exist for this kind of financing. To keep these things in mind attempt has been made to iden tify the internal, external challenges and opportunities as special objective in this study. LITERATURE REVIEW The great challenge before us is to address the constraints that exclude people from full participation in the financial sector. Together, we can and must build inclusive financial sectors that help people improve their lives.(Kofi Annan, 2007). However, poverty is a widespread problem found in the rural areas of Pakistan, as almost 28 per cent of the total rural households is categorized as poor. In this regard, the provision of credit, especially micro-credit, has now become an effective tool and a successful strategy for poverty eradication. In Pakistan over the past few years, the number of active borrowers has increased by 85 per cent while total outstanding loans grew by 115 per cent (Economic Survey of Pakistan, 2005-2006). The broader definition of microfinance includes not only microcredit but also other financial services, which can be offered to the poor. Interested economists found soon that not only small credits but also other services connected with lending could improve economic lives of the poorest (Bauer, Chytilova Morduch, 2008). Most MFIs connect their credit services also with educational or saving programs or business trainings, retraining scheme or technical trainings. Logically, the investments can turn out to be more profitable when the people have access to training, which can enhance their skills. Historically, the goal of microfinance was the alleviation of poverty. For many years, microfinance had this primary social objective and so traditional MFIs consisted only of non-governmental organizations (NGO), specialized microfinance banks and public sector banks. Although the Microfinance sector has reached a maturity stage over the last three decades, but the capacity of operational level staffs has not enhanced to that extent (Hassan Islam, 2008) A variety of studies have found a few key strengths and positive impacts produced by the implementation of microfinance programs in poor and impoverished areas of the world. First, microfinance programs can be an effective way to provide low?cost financial services to poor individuals and families (Stephens Tazi 2006). Second, such programs have been shown to help in the development and growth of the local economy as individuals and families are able to move past subsistence living and increase disposable income levels (Khandker, 2005). MFIs should take initiatives to upscale their Microenterprise clients to SME level and provide necessary support to link these clients with mainstream financial institutions. The MFIs should take responsibilities of their clients managerial skill development training (Hassan Islam, 2008). In addition, many studies (primarily microfinance institution impact studies and academic researcher qualitative or case studies) have shown that microfinance programs were able to reduce poverty through increasing individual and household income levels, as well as improving healthcare, nutrition, education, and helping to empower women. For example, standard of living increases, which help to eradicate extreme poverty and hunger, have occurred at both the individual and household levels as a result of microfinance programs (Khandker, 2005). Furthermore, it has been demonstrated by some research that microfinance programs increase access to healthcare, making preventative healthcare measures more affordable to the poor (Morduch, 1998). Finally, it has been shown that such programs can help borrowers to develop dignity and self-confidence in conjunction with loan repayment, and self?sufficiency as a means for sustainable income becomes available.The Microfinance Summit Campaign Report (2006) estimates that there are now more than 3,000 microfinance institutions, serving more than 100 million poor people in developing countries. The total cash turnover of these institutions world-wide is estimated at $2.5 billion and the potential for new growth is outstanding.One individual who gained worldwide recognition for his work in microfinance is professor Muhammad Yunus who, with Grameen Bank, won the 2006 Nobel Peace Prize. Yunas and Grameen Bank demonstrated that the poor have the ability to pull themselves out of poverty. Yunus also demonstrated that loans made to the working poor, if properly structured, had very high repayment rates. His work caught the attention of both social engineers and profit-seeking investors (Grameen Bank, 2008). Some key strengths and positive impacts of microfinance programs in poor and impoverished areas of the world that; Microfinance programs can be an effective way to provide low-cost financial services to poor individuals and familie s (Stephens Tazi 2006). Such programs help in the development and growth of the local economy allowing individuals and families to move past subsistence living, and therefore increases their disposable income levels (Khandker 2005). Negative impacts of microfinance and microcredit programs are that; microfinance programs benefit the moderately poor more than the destitute, and thus impact can vary by income group (better-off benefit more from microcredit) (Jonathan Barbara 2002; Morduch, 1998; Dugger, 2004). Both formal and semi-formal financial institutions cover a very small share of MFIs markets as compared to informal market (Aleem, 1990). Hassan and Islam (2008) in a study conclude that, uplifting of client, managerial skill development programs for both client and staff of MFI and governmental policies can uplift the MFI growth which in turn has positive impact on overall macroeconomic growth of country. Moreover, the studies conducted on micro-credit were mainly based on the impact assessment of the programme. Realizing the situation, there is a need for an empirical study to analyze the factors that determine challenges faced by MFIs and future prospects in microfinance programme. Objectives of the Study The objectives of the study are: To explore the present scenario of MF in Pakistan To identify the challenges faced by MFIs in Pakistan To identify the internal and external constraints of MFIs in Pakistan. To provide policy recommendations to boost MFIs sector in Pakistan RESEARCH METHODOLOGY Conceptual Frame Work Utilizing the above mentioned details, a framework is suggested for MFI. Generic Framework for Building Sustainable Micro Finance Bank (MFB) Source: SOHAILUDDIN ALAVI (2007) Å“Microfinance in Pakistan: Challenges and Prospects?, journal of the Institute of Bankers Pakistan Volume 74, Issue No. 3 page 52-61 Data Collection In this research study, primary data has been obtained from questionnaire survey. The primary data here has been collected through a comprehensive questionnaire in this research. Primary data There are several choices for primary data collection i.e. survey (questionnaire), interview, observations and experiments. These choices are shown in below figure. The primary data here has been collected through a comprehensive questionnaire in this research. Primary Data Sources Source: Ghauri, P. Gronhaug, K. (2005). Å“Research Methods in business Studies?, 3ed. Prentice Hall. Size of the Sample The questionnaire was distributed to 80 executives in four different MFIs. These executives have the responsibility of key customers identification, analysis and operational activities involved in the management process. Out of the 80 respondents 54 (67.50%) have responded. The author has done the convenience sampling due to the limitations. Questionnaire We have divided this Questionnaire into three segments; External Challenges Internal Challenges Prospects First and second section measure challenges, both internal and external faced by MFI and third section addresses the future prospects for MFI. Each section is based on separate research objectives. Only closed-ended questions are included in the questionnaire. In closed-ended questions Likert-scale method (Proctor, T. 2005) is used for response. Seven different scaling options are included in Likert-scale method to minimize the response biasness. The scales: strongly agree, agree, slightly agree, neither agree nor disagree, slightly disagree, disagree and strongly disagree are assigned ranks from 1- 7 respectively. DATA AND METHODOLOGY Data and Sampling As we have limited MFIs in the country so author has distibuted 80 questionnaires and 54 responses are received (67.50%) from Karachi, Islamabad and Lahore cities. In the above section, the six factors highlighted addressees the external challenges of MFIs in the market of Pakistan. Govt.s due importance to the sector Staff trainings by the MFIs Utilizations of the loans Importance of clients skills development by the MFIs Islamic point of view Local norms Its clear from the table 1(b) that Å“Government is giving due importance to MFI?, out of 54 respondents 78% response positively and 22% in negative. It means Government considers MFI as a very important sector in the country development process. Second question is about Microfinance Institutions staffs training level; there is 50% response in positive and 50% in negative. This indicates that MFI staff working in market needs adequate training. Ultimately, their training may draw some positive impact on MFI sector in specific, and at large it may benefit the countrys economy. Third and the most important factor about the utilization of loan money by client, surprisingly 70% of respondents say that loans are used for investment purpose by client and not for personal consumption. However, 30% of respondents believe that loan taken by client is used for their private consumption. The fourth question is about MFI attitude towards clients skills development shows; only 26% of responses are positive and 74% responded negatively. This result indicates a gap for policy makers of MFIs concluding that they are not putting due efforts in their business because their client is usually not only poor but also lacking management and other skills. Further research can be done on the level of skill of client and the growth of their business and relationship with MFI. The second last question in the first section addresses the perception of the client about financial institute in religious perspective; 80% of respondents are positive that financial intuitions are largely perceived as non-Islamic. This issue can be resolved by focusing on the establishment of Islamic MFIs or marketing the concept of microfinance more aggressively. Final question is about the norms restrictions on the financial sector, again 53% of responses are positive about the existence of such norms and 43% are negative. We may say that in future these norms may go to decline. Internal Challenges The section 2 of the challenges is about the key internal challenges faced by MFI. We have discussed six different internal challenges; the first and probably the most important challenge is about the availability of other cheaper financial resources. 74% of the respondents agree that the availability of other cheaper source of finance is a great challenge for them and 36% responded in opposite. This indicates the fact that the cost of borrowing is high for small borrowers. Effort should be done to make small loans available at some competitive cost in comparison to other financial products. About the limited physical presence of MFI, 87% response is positive and only 13% is negative, which again reveals the gap for policy makers that the limited presence may be the major cause of low performance and growth of MFI sector. The third question is about the general inability of MFIs about risks and standard practices; 52% responded positively about the situation but 48% do not agree. We may say that there is a great need for MFIs to mitigate the risk factors and adopt the standard practices. The fourth question is about the incompatibility of conventional banking with the need of microfinance product; 52% of respondents are positive about the inaptness of conventional banking with microfinance product need while 48% do not agree that there is incompatibility of microfinance need and traditional banking. So we may say that a second majority of MFI believes that conventional banking system can also cater to the need of microfinance product. The second last question of this section is about the availability of quality human resource in comparison to other financial institutions; 48% of the respondents are positive about the availability of quality human resource due to scare funds while 52% do not agree. This shows that availability of quality human resource is not much of an issue in MFIs. Final question is about the lacking in value chain and delivery process of mic rofinance product; a majority of 59% is positive that there are lacking in value chain and delivery process, but 37% are of opposite view and 4% are uncertain about the answer to this question. Prospects/Opportunities The third and the last section is about the opportunities for MFIs, first question is about the promotion of different kinds of business through MFIs; 56% of respondents are positive that MFIs are promoting all kinds of business and 44% do not agree. The second majority of respondents believe that MFIs are not addressing all kinds of business. Hence, there is a need to look at the different kinds of businesses served by MFIs. In the question about the role of MFI,s in reduction of poverty, 83% are positive about the role of MFI in poverty reduction, while a minority of 17% do not agree. The fourth question about the role of MFI in economic growth of country; 100% respondents advocate that MFIs are working for the economic development. 100% respondents are positive that MFIs are not only working against poverty but also playing some other roles too in economy. Finally a 70% of respondents are positive about the alliance of commercial banks and MFIs , 13% do not agree about the allianc e and 17% are uncertain. CONCLUSION AND RECOMMENDATION In this study, conclusions will be drawn on the basis of literature review and analysis made through market research. The reasearch is divided into two parts: conclusions and recommendations. Conclusions From this study we conclude that; Government is providing due importance to MF sector. MFIs staff needs training which can impact positively on MF Sector. A majority of 70% believe that loan is utilized in investments activities rather than personal consumption. MFIs have very low attention toward its clients skill development. A majority of population perceive MFIs and other financial services against their religious beliefs. Lastly norms and culture poses threats to MFIs and Banks. Cost of microfinance is relatively high in compassion to other financial products. Standards of practices and processes need improvement in MFIs. Alliance of commercial banking and microfinance is viewed as positive. Recommendations MFIs staff working in market needs adequate training. Ultimately, their training will draw some positive impacts on MFI sector in specific and may also benefit the economy of the country at large. MFIs are not putting due efforts in their business because their client is usually not only poor but also lacking management and other skills. Further research can be done on the level of skills of the client and growth of his/her business to elaborate the different skill levels. There may be a need of Islamic MFIs or marketing the concept of microfinance more aggressively to avoid the potential biasness in financial organizations. Effort should be done to make small loans available at some competitive cost in comparison to other financial products. There is a great need for MFIs to mitigate the risk factor and adopt the standard practices. Limitation of Research This study had the following limitations The author was not able to distribute the questionnaire to company executives all over the country. Time period to conduct the study was very limited. Some of the respondents did not answer the questions seriously Sample size was limited to 3 cities only which cannot be easily applicable to all population of Pakistan. The questionnaire was sent to respondents through e-mail. It was not feasible for the author to conduct the interviews personally. All respondents cant maintain same level of accuracy in answering the questions due to lack of time and interest. It may create little discrepancy to some extent in formulating the conclusions. Refrences www.sbp.org.pk/publications/prudential/micro_prs.pdf www.sbp.org.pk/l_frame/MF_Bank_Ord_2000.pdf Kofi, Annan. UN secretary,.2007. Avalibale atÂÂ  : http://www.diplomatie.be/en/travel/visa/default.asp Herani, Gobind M, Rajar , Allah Wasayo, Wasim, Mohammad Pervez and Shaikh, Riaz Ahmed., 2008. The Nature of Poverty and Its Prospects: Pakistan Evidence. Journal of Global Economy ,4(3), pp. 183-194. Global Monetary and Financial System: Principal Issues. Journal of the Institute of Bankers Pakistan , 74 (2) pp 1-6 Available at:www.ibp.org.pk/journal/Journal-Apr-Jun-2007.pdf Pakistan Statistical Profile Available at: agingandwork.bc.edu/documents/CP03_Workforce_Pakistan.pdf M. Bauer, J. ChytilovÃÆ'Â ¡, J. Morduch., 2008.Behavioral Foundations of Microcredit: Experimental and Survey Evidence from Rural India. American Economic Review,59 (1) pp71-86 Rashed Al Hasan., K.M. Zahidul Islam., 2008. Bridging the Gap between Microfinance and SME Financing in Bangladesh: Unlocking the Potentials. Daffodil International University Journal of Business and Economics, 3.(1), pp 41-57 Shahidur R. Khandker., 2005.Microfinance and Poverty: Evidence Using Panel Data from Bangladesh .The World Bank Economic Review, 19(2), pp263-286 Jonathan Morduch., 1998. Does Microfinance Really Help the Poor? New Evidence from Flagship Programs in Bangladesh, Department of Economics and HIID Harvard University. Available at: www.princeton.edu/rpds/papers/pdfs/morduch_microfinance_poor.pdf Grameen Bank. Available at: http://www.grameen-info.org/ Dugger, Celia W. 2004. Å“Debate Stirs over Tiny Loans for Worlds Poorest.? New York Times. Morduch, J., and Haley, B. (2002), ËÅ"Analysis of the Effects of Microfinance on Poverty Reduction, NYU Wagner Working Paper No. 1014 Available at: http://www.nyu.edu/wagner/workingpapers.html Briefing Note Summary of the Poverty and Social Impact Assessment: Pakistan Microfinance Policy May 2006 Available at: www. pipl.com/directory/name/Tazi/Hind Pakistan Microfinance Sector Analysis Pakistan Microfinance Sector Analysis The aim of this study refers to highlighting the key challenges and prospects for the microfinance sector of Pakistan. Being practiced since last few years, microfinance is considered to be an imperative financing practiced by financial institutions for the development of countrys economy. This study has been carried out using the following four steps: present scenario of microfinance in Pakistan, identification of internal and external challenges, prospects in microfinance, and policy recommendations to boost microfinance sector in Pakistan. In this research, microfinance framework has been used to better understand the process of building a sustainable microfinance institution. The findings have been obtained through Primary data which has been collected by sending 80 questionnaire surveys to microfinance sector. The companies that have participated are banks and other financial institutions. This research contributes in three ways. First, microfinance institutions will be facilita ted in highlighting the challenges and prospects that are being neglected in the process of analyzing the problems and opportunities faced by this sector. Second, other financial institutions and banks, realizing the significance of this business, will get encouragement to enter this sector with more innovative products and better standard practices. Thirdly, it will help the country in coming up with new strategies for micro financing. Moreover, microfinance sector may start conducting more training sessions to enhance the skills of the clients which will impact positively on this sector. INTRODUCTION Statement of the Problem Poverty cannot be illustrated, it can be experienced. One knows more about it when he is starving and can not manage to pay for food. He and his children want new cloths on festivals but can not buy these, due to low income. He is sick, but he is not able to buy medicine. He wants to send his children to school, but can not bear the expenses. He wants to be appreciated in society, but is treated poorly by the institutions of the state and society. He is voice less and incapable (Gobind M et al,2008). Poor people save all the time, although mostly in informal ways. They invest in assets such as gold, jewelry, domestic animals, building materials, and things that can be easily exchanged for cash. They may set aside corn from their harvest to sell at a later date. They bury cash in the garden or stash it under the mattress. They participate in informal savings groups where everyone contributes a small amount of cash each day, week, or month, and is successively awarded the pot on a rota ting basis. Some of these groups allow members to borrow from the pot as well. The poor also give their money to neighbors to hold or pay local cash collectors to keep it safe. However widely used, informal savings mechanisms have serious limitations. It is not possible, for example, to cut a leg off a goat when the family suddenly needs a small amount of cash. In-kind savings are subject to fluctuations in commodity prices, destruction by insects, fire, thieves, or illness (in the case of livestock). Informal rotating savings groups tend to be small and rotate limited amounts of money. Moreover, these groups often require rigid amounts of money at set intervals and do not react to changes in their members ability to save. Perhaps most importantly, the poor are more likely to lose their money through fraud or mismanagement in informal savings arrangements than are depositors in formal financial institutions. The concept of microfinance was launched to help the poor population of the world. The significance of microfinance cannot be neglected for the development of any economy. Microfinance encourages poor households to consume their funds in productive activities by providing them small amount of loans. Poor household refers to low-income people who traditionally lack access to banking and other related financial services. The concept tend to empower would-be entrepreneurs to take up a trade for living, allow them to start earning, and thus to provide their families with income stability. The income that generates from such businesses not only helps in expanding those activities but also contributes to the income of the household bringing benefits for the whole family. In Pakistan, about one-third of the population is Å“un-banked?, or lacking access to finance, which if appropriately tapped can offer tremendous opportunities to both banking institutions and businesses. As a step towards mainstreaming the un-banked, SBP has envisaged increasing the size of micro and small enterprise (MSE) financing from one million borrowers to four million borrowers, and from Rs.1 billion to four billion by the year 2010. In this context, increasing institutional outreach and sinking micro financing in to the sector are considered pivotal strategies. Other areas of interest include regulatory regimes, product and process innovations, relationship management and monitoring, and market intelligence data (Sohailuddin Alavi, 2007). According to ILO (2005) cited by Dahri (2007) it is concluded that the reality for most of the worlds poor is that they have to work often for long hours, in poor working conditions and without basic rights and presentation- at work that is not productive enough to enable them to themselves and their families out of poverty, it is Å“decent and productive? employment that matters, not employment alone. In developing countries, so many strategies have been put into practice and research has been done but it is felt that it is not enough and research should remain continue in light of latest reports and research to highlight the challenges and opportunities of microfinance. These studies are helping in bringing new strategies into practice. As Pakistan is also a developing country, further suggestions would help to overcome the challenges faced by microfinance and avail the opportunities that exist for this kind of financing. To keep these things in mind attempt has been made to iden tify the internal, external challenges and opportunities as special objective in this study. LITERATURE REVIEW The great challenge before us is to address the constraints that exclude people from full participation in the financial sector. Together, we can and must build inclusive financial sectors that help people improve their lives.(Kofi Annan, 2007). However, poverty is a widespread problem found in the rural areas of Pakistan, as almost 28 per cent of the total rural households is categorized as poor. In this regard, the provision of credit, especially micro-credit, has now become an effective tool and a successful strategy for poverty eradication. In Pakistan over the past few years, the number of active borrowers has increased by 85 per cent while total outstanding loans grew by 115 per cent (Economic Survey of Pakistan, 2005-2006). The broader definition of microfinance includes not only microcredit but also other financial services, which can be offered to the poor. Interested economists found soon that not only small credits but also other services connected with lending could improve economic lives of the poorest (Bauer, Chytilova Morduch, 2008). Most MFIs connect their credit services also with educational or saving programs or business trainings, retraining scheme or technical trainings. Logically, the investments can turn out to be more profitable when the people have access to training, which can enhance their skills. Historically, the goal of microfinance was the alleviation of poverty. For many years, microfinance had this primary social objective and so traditional MFIs consisted only of non-governmental organizations (NGO), specialized microfinance banks and public sector banks. Although the Microfinance sector has reached a maturity stage over the last three decades, but the capacity of operational level staffs has not enhanced to that extent (Hassan Islam, 2008) A variety of studies have found a few key strengths and positive impacts produced by the implementation of microfinance programs in poor and impoverished areas of the world. First, microfinance programs can be an effective way to provide low?cost financial services to poor individuals and families (Stephens Tazi 2006). Second, such programs have been shown to help in the development and growth of the local economy as individuals and families are able to move past subsistence living and increase disposable income levels (Khandker, 2005). MFIs should take initiatives to upscale their Microenterprise clients to SME level and provide necessary support to link these clients with mainstream financial institutions. The MFIs should take responsibilities of their clients managerial skill development training (Hassan Islam, 2008). In addition, many studies (primarily microfinance institution impact studies and academic researcher qualitative or case studies) have shown that microfinance programs were able to reduce poverty through increasing individual and household income levels, as well as improving healthcare, nutrition, education, and helping to empower women. For example, standard of living increases, which help to eradicate extreme poverty and hunger, have occurred at both the individual and household levels as a result of microfinance programs (Khandker, 2005). Furthermore, it has been demonstrated by some research that microfinance programs increase access to healthcare, making preventative healthcare measures more affordable to the poor (Morduch, 1998). Finally, it has been shown that such programs can help borrowers to develop dignity and self-confidence in conjunction with loan repayment, and self?sufficiency as a means for sustainable income becomes available.The Microfinance Summit Campaign Report (2006) estimates that there are now more than 3,000 microfinance institutions, serving more than 100 million poor people in developing countries. The total cash turnover of these institutions world-wide is estimated at $2.5 billion and the potential for new growth is outstanding.One individual who gained worldwide recognition for his work in microfinance is professor Muhammad Yunus who, with Grameen Bank, won the 2006 Nobel Peace Prize. Yunas and Grameen Bank demonstrated that the poor have the ability to pull themselves out of poverty. Yunus also demonstrated that loans made to the working poor, if properly structured, had very high repayment rates. His work caught the attention of both social engineers and profit-seeking investors (Grameen Bank, 2008). Some key strengths and positive impacts of microfinance programs in poor and impoverished areas of the world that; Microfinance programs can be an effective way to provide low-cost financial services to poor individuals and familie s (Stephens Tazi 2006). Such programs help in the development and growth of the local economy allowing individuals and families to move past subsistence living, and therefore increases their disposable income levels (Khandker 2005). Negative impacts of microfinance and microcredit programs are that; microfinance programs benefit the moderately poor more than the destitute, and thus impact can vary by income group (better-off benefit more from microcredit) (Jonathan Barbara 2002; Morduch, 1998; Dugger, 2004). Both formal and semi-formal financial institutions cover a very small share of MFIs markets as compared to informal market (Aleem, 1990). Hassan and Islam (2008) in a study conclude that, uplifting of client, managerial skill development programs for both client and staff of MFI and governmental policies can uplift the MFI growth which in turn has positive impact on overall macroeconomic growth of country. Moreover, the studies conducted on micro-credit were mainly based on the impact assessment of the programme. Realizing the situation, there is a need for an empirical study to analyze the factors that determine challenges faced by MFIs and future prospects in microfinance programme. Objectives of the Study The objectives of the study are: To explore the present scenario of MF in Pakistan To identify the challenges faced by MFIs in Pakistan To identify the internal and external constraints of MFIs in Pakistan. To provide policy recommendations to boost MFIs sector in Pakistan RESEARCH METHODOLOGY Conceptual Frame Work Utilizing the above mentioned details, a framework is suggested for MFI. Generic Framework for Building Sustainable Micro Finance Bank (MFB) Source: SOHAILUDDIN ALAVI (2007) Å“Microfinance in Pakistan: Challenges and Prospects?, journal of the Institute of Bankers Pakistan Volume 74, Issue No. 3 page 52-61 Data Collection In this research study, primary data has been obtained from questionnaire survey. The primary data here has been collected through a comprehensive questionnaire in this research. Primary data There are several choices for primary data collection i.e. survey (questionnaire), interview, observations and experiments. These choices are shown in below figure. The primary data here has been collected through a comprehensive questionnaire in this research. Primary Data Sources Source: Ghauri, P. Gronhaug, K. (2005). Å“Research Methods in business Studies?, 3ed. Prentice Hall. Size of the Sample The questionnaire was distributed to 80 executives in four different MFIs. These executives have the responsibility of key customers identification, analysis and operational activities involved in the management process. Out of the 80 respondents 54 (67.50%) have responded. The author has done the convenience sampling due to the limitations. Questionnaire We have divided this Questionnaire into three segments; External Challenges Internal Challenges Prospects First and second section measure challenges, both internal and external faced by MFI and third section addresses the future prospects for MFI. Each section is based on separate research objectives. Only closed-ended questions are included in the questionnaire. In closed-ended questions Likert-scale method (Proctor, T. 2005) is used for response. Seven different scaling options are included in Likert-scale method to minimize the response biasness. The scales: strongly agree, agree, slightly agree, neither agree nor disagree, slightly disagree, disagree and strongly disagree are assigned ranks from 1- 7 respectively. DATA AND METHODOLOGY Data and Sampling As we have limited MFIs in the country so author has distibuted 80 questionnaires and 54 responses are received (67.50%) from Karachi, Islamabad and Lahore cities. In the above section, the six factors highlighted addressees the external challenges of MFIs in the market of Pakistan. Govt.s due importance to the sector Staff trainings by the MFIs Utilizations of the loans Importance of clients skills development by the MFIs Islamic point of view Local norms Its clear from the table 1(b) that Å“Government is giving due importance to MFI?, out of 54 respondents 78% response positively and 22% in negative. It means Government considers MFI as a very important sector in the country development process. Second question is about Microfinance Institutions staffs training level; there is 50% response in positive and 50% in negative. This indicates that MFI staff working in market needs adequate training. Ultimately, their training may draw some positive impact on MFI sector in specific, and at large it may benefit the countrys economy. Third and the most important factor about the utilization of loan money by client, surprisingly 70% of respondents say that loans are used for investment purpose by client and not for personal consumption. However, 30% of respondents believe that loan taken by client is used for their private consumption. The fourth question is about MFI attitude towards clients skills development shows; only 26% of responses are positive and 74% responded negatively. This result indicates a gap for policy makers of MFIs concluding that they are not putting due efforts in their business because their client is usually not only poor but also lacking management and other skills. Further research can be done on the level of skill of client and the growth of their business and relationship with MFI. The second last question in the first section addresses the perception of the client about financial institute in religious perspective; 80% of respondents are positive that financial intuitions are largely perceived as non-Islamic. This issue can be resolved by focusing on the establishment of Islamic MFIs or marketing the concept of microfinance more aggressively. Final question is about the norms restrictions on the financial sector, again 53% of responses are positive about the existence of such norms and 43% are negative. We may say that in future these norms may go to decline. Internal Challenges The section 2 of the challenges is about the key internal challenges faced by MFI. We have discussed six different internal challenges; the first and probably the most important challenge is about the availability of other cheaper financial resources. 74% of the respondents agree that the availability of other cheaper source of finance is a great challenge for them and 36% responded in opposite. This indicates the fact that the cost of borrowing is high for small borrowers. Effort should be done to make small loans available at some competitive cost in comparison to other financial products. About the limited physical presence of MFI, 87% response is positive and only 13% is negative, which again reveals the gap for policy makers that the limited presence may be the major cause of low performance and growth of MFI sector. The third question is about the general inability of MFIs about risks and standard practices; 52% responded positively about the situation but 48% do not agree. We may say that there is a great need for MFIs to mitigate the risk factors and adopt the standard practices. The fourth question is about the incompatibility of conventional banking with the need of microfinance product; 52% of respondents are positive about the inaptness of conventional banking with microfinance product need while 48% do not agree that there is incompatibility of microfinance need and traditional banking. So we may say that a second majority of MFI believes that conventional banking system can also cater to the need of microfinance product. The second last question of this section is about the availability of quality human resource in comparison to other financial institutions; 48% of the respondents are positive about the availability of quality human resource due to scare funds while 52% do not agree. This shows that availability of quality human resource is not much of an issue in MFIs. Final question is about the lacking in value chain and delivery process of mic rofinance product; a majority of 59% is positive that there are lacking in value chain and delivery process, but 37% are of opposite view and 4% are uncertain about the answer to this question. Prospects/Opportunities The third and the last section is about the opportunities for MFIs, first question is about the promotion of different kinds of business through MFIs; 56% of respondents are positive that MFIs are promoting all kinds of business and 44% do not agree. The second majority of respondents believe that MFIs are not addressing all kinds of business. Hence, there is a need to look at the different kinds of businesses served by MFIs. In the question about the role of MFI,s in reduction of poverty, 83% are positive about the role of MFI in poverty reduction, while a minority of 17% do not agree. The fourth question about the role of MFI in economic growth of country; 100% respondents advocate that MFIs are working for the economic development. 100% respondents are positive that MFIs are not only working against poverty but also playing some other roles too in economy. Finally a 70% of respondents are positive about the alliance of commercial banks and MFIs , 13% do not agree about the allianc e and 17% are uncertain. CONCLUSION AND RECOMMENDATION In this study, conclusions will be drawn on the basis of literature review and analysis made through market research. The reasearch is divided into two parts: conclusions and recommendations. Conclusions From this study we conclude that; Government is providing due importance to MF sector. MFIs staff needs training which can impact positively on MF Sector. A majority of 70% believe that loan is utilized in investments activities rather than personal consumption. MFIs have very low attention toward its clients skill development. A majority of population perceive MFIs and other financial services against their religious beliefs. Lastly norms and culture poses threats to MFIs and Banks. Cost of microfinance is relatively high in compassion to other financial products. Standards of practices and processes need improvement in MFIs. Alliance of commercial banking and microfinance is viewed as positive. Recommendations MFIs staff working in market needs adequate training. Ultimately, their training will draw some positive impacts on MFI sector in specific and may also benefit the economy of the country at large. MFIs are not putting due efforts in their business because their client is usually not only poor but also lacking management and other skills. Further research can be done on the level of skills of the client and growth of his/her business to elaborate the different skill levels. There may be a need of Islamic MFIs or marketing the concept of microfinance more aggressively to avoid the potential biasness in financial organizations. Effort should be done to make small loans available at some competitive cost in comparison to other financial products. There is a great need for MFIs to mitigate the risk factor and adopt the standard practices. Limitation of Research This study had the following limitations The author was not able to distribute the questionnaire to company executives all over the country. Time period to conduct the study was very limited. Some of the respondents did not answer the questions seriously Sample size was limited to 3 cities only which cannot be easily applicable to all population of Pakistan. The questionnaire was sent to respondents through e-mail. It was not feasible for the author to conduct the interviews personally. All respondents cant maintain same level of accuracy in answering the questions due to lack of time and interest. It may create little discrepancy to some extent in formulating the conclusions. Refrences www.sbp.org.pk/publications/prudential/micro_prs.pdf www.sbp.org.pk/l_frame/MF_Bank_Ord_2000.pdf Kofi, Annan. UN secretary,.2007. Avalibale atÂÂ  : http://www.diplomatie.be/en/travel/visa/default.asp Herani, Gobind M, Rajar , Allah Wasayo, Wasim, Mohammad Pervez and Shaikh, Riaz Ahmed., 2008. The Nature of Poverty and Its Prospects: Pakistan Evidence. Journal of Global Economy ,4(3), pp. 183-194. Global Monetary and Financial System: Principal Issues. Journal of the Institute of Bankers Pakistan , 74 (2) pp 1-6 Available at:www.ibp.org.pk/journal/Journal-Apr-Jun-2007.pdf Pakistan Statistical Profile Available at: agingandwork.bc.edu/documents/CP03_Workforce_Pakistan.pdf M. Bauer, J. ChytilovÃÆ'Â ¡, J. Morduch., 2008.Behavioral Foundations of Microcredit: Experimental and Survey Evidence from Rural India. American Economic Review,59 (1) pp71-86 Rashed Al Hasan., K.M. Zahidul Islam., 2008. Bridging the Gap between Microfinance and SME Financing in Bangladesh: Unlocking the Potentials. Daffodil International University Journal of Business and Economics, 3.(1), pp 41-57 Shahidur R. Khandker., 2005.Microfinance and Poverty: Evidence Using Panel Data from Bangladesh .The World Bank Economic Review, 19(2), pp263-286 Jonathan Morduch., 1998. Does Microfinance Really Help the Poor? New Evidence from Flagship Programs in Bangladesh, Department of Economics and HIID Harvard University. Available at: www.princeton.edu/rpds/papers/pdfs/morduch_microfinance_poor.pdf Grameen Bank. Available at: http://www.grameen-info.org/ Dugger, Celia W. 2004. Å“Debate Stirs over Tiny Loans for Worlds Poorest.? New York Times. Morduch, J., and Haley, B. (2002), ËÅ"Analysis of the Effects of Microfinance on Poverty Reduction, NYU Wagner Working Paper No. 1014 Available at: http://www.nyu.edu/wagner/workingpapers.html Briefing Note Summary of the Poverty and Social Impact Assessment: Pakistan Microfinance Policy May 2006 Available at: www. pipl.com/directory/name/Tazi/Hind

Environmental Valuation Of Bako National Park Environmental Sciences Essay

‘Marketing Malaysia as a finish of excellence and to do the touristry industry a major subscriber to the socio-economic development of the state ‘ This is Tourism Malaysia ‘s mission statement. It has been 37 old ages that Tourism Malaysia aims to promote the growing of touristry which will besides lend to state ‘s economic development and quality of life. The authorities began to take touristry earnestly in the late eightiess. Malaysia has launched ‘Visit Malaysia Year ‘ as the selling run in 1990, which contributed 54 % addition in international tourer reachings for that twelvemonth. The figure of visitants supports on increasing since so. Chart 1 below shows the tendency of tourer reachings and grosss to the state for the past 10 old ages. There was a rapid growing in both tourer reachings and grosss till the figure slowed down in the 2002 an 2003. This was due to worldwide frights of terrorist act, September 11 onslaught on the WTC in New York, followed by bird grippe diseases and Severe Acute Respiratory Syndrome ( SARS ) onslaught. However the tendency continues to increase despite reverses in the undermentioned old ages till present which amounting to 22 million of tourer reachings and RM 49,561.2 million in grosss for 2008. At the minute, touristry is the state ‘s 3rd largest beginning of foreign exchange net incomes after fabrication and oil. Malaya, being situated within the tropical part, has many nature-based touristry attractive forces, for illustrations, caves, waterfalls, hot springs, beaches, coral reefs, mountains, and birds and wildlife sanctuaries. For these grounds, the authorities is really acute in advancing these nature-based attractive forces. To conserve these nature-based attractive forces, the authorities has established a web of protected countries for the preservation of biological diverseness. Malaysia has ever been recognized to be one of the richest biodiversity in the universe. This is in line with the National Policy on Biological Diversity whose vision is to â€Å" transform Malaysia into a universe Centre of excellence in preservation, research and use of tropical biological diverseness by the twelvemonth 2020 † ( MoSTE, 1998 ) . The World Conservation Union ( IUCN ) has defined national park as natural country of land and/or sea, designated to a ) protect the ecological unity of one or more ecosystems for present and future coevalss, B ) exclude development or business unfriendly ( harmful ) to the intents of appellation of the country, and degree Celsius ) provide a foundation for religious, instruction, recreational and visitant chances, all of which must be environmentally and culturally compatible ( IUCN, 1994 ) . These national Parkss are established for the intent of saving, hence leting and encouraging entree for instruction, diversion and touristry intents. The direction of touristry in sing the natural countries is complicated in Malaysia. Authority for assorted natural resources is randomly divided under different authorities umbrellas and several province governments ( Hall, 1994 ) . In Peninsular Malaysia, tellurian protected countries are chiefly managed by the Department of Wildlife and National Parks ( DWNP ) and the Department of Forestry. The Marine protected countries are managed by the Federal Marine Parks Section under the Ministry of Natural resources and the Environment. In Sabah, the tellurian protected countries are managed by Sabah Parks, Sabah Wildlife Department, Sabah Forestry Department and Sabah Foundation, while all the Marine protected countries are managed by Sabah Parks. In the instance of Sarawak, all tellurian and marine protected countries are managed by the Sarawak Forestry Corporation. Malaysia has 30 gazetted national Parkss which inclusive of 6 Marine Parkss. There are 8 national Parkss located in Peninsular Malaysia, 7 are in Sabah and 15 are in Sarawak. A sum-up of the national Parkss in Malaysia is in Table 1. Table 1: List of National Parks in Malaysia Location Parks Date established Size ( hour angle ) /area Attractions Peninsular Malaya Taman Negara National Park, within 3 province boundaries of Pahang, Kelantan and Terengganu 1939 434,300 hectares Largest in the state Canopy walk Wildlife observation Endau-Rompin National Park, Johor-Pahang boundary line 49,000 hectares Rock formation Sandstone tableland Tropical wood Tanjung Piai Johor National Park, Johor 2001 Wetlands Coastal Rhizophora mangle Bird observation and fishing Penang National Park, Penang 2003 2,562 hectares Meromictic lake Wetlands Mangroves Coral reefs Turtle nesting beaches Payar Marine Park, Kedah 1985 Screens 2 maritime stat mis of 4 islands Coral reefs Marine life Snorkeling Scuba diving Redang Marine Park, Terengganu 1985 25 square kilometer Coral reefs Marine life Snorkeling Scuba diving Tioman Marine Park, Pahang 39 kilometer long and 12 kilometers broad Coral reefs Marine life Snorkeling Scuba diving Cragged Mersing Marine Park, Johor White beaches Coral reefs North borneo Crocker Range National Park Assorted dipterocarp forest Montane forest Pulau Tiga Park Coral reefs Beach forest Kinabalu Park 4,101 meters above sea degree Mount mounting Tunku Abdul Rahman Park Beach forest Turtle Island Park Turtle nesting beach Tawau Hills Park 27,972 hectare Sarawak Bako National Park 1957 2727 The oldest park Heath forest Open scrubland Mangrove Kubah National Park 1988 2230 The universe of thenar Montane forest Assorted dipterocarp forest Heath forest Gunung Gading National Park 1983 4196 Home of rafflesia Montane forest Assorted dipterocarp forest Batang Ai national Park 1990 24040 Home of orang utan Assorted dipterocarp forest Riparian wood Regenerated forest Tanjung Datu National Park 1994 1379 The smallest park Assorted dipterocarp forest Beach forest Niah National Park 1974 3138 The archaeological site of Sarawak Assorted dipterocarp forest Limestone forest flora Heath forest Lambir Hills National Park 1975 6949 The virgin rain forest of Sarawak Assorted dipterocarp forest Heath forest Gunung Mulu National park 1974 52865 The biggest cave chamber in the universe Assorted dipterocarp forest Limestone forest flora Montane forest Similajau National Park, Bintulu 1976 8996 Where the rapids meet the sea Assorted dipterocarp forest Beach forest Mangrove forest Talang-Satang National Park 1999 Sarawak ‘s polo-neck islands Marine polo-neck preservation Bukit Tiban National Park, Bintulu 2000 Conservation and research presentation Water-based diversion Wildlife watching Jungle trekking Maludam National Park, Sri Aman 2000 Peat swamp The last feasible ruddy banded langur population ( monkey ) Rajang Mangroves National Park, Sarikei 2000 The Rhizophora mangle ecosystem Mangrove forest Gunung Buda National Park 2001 The newest national park Limestone forest Loagan Bunut National Park 1990 10736 The largest natural lake Peat swamp wood Assorted dipterocarp forest Beginning: hypertext transfer protocol: //www.malaysiamydestination.com Ministry of Natural Resource and Environment, 2006 In this survey, the range is limited to the tellurian protected country i.e. national park country, which is the most recognizable class of protected countries. As diversion is one of the grounds of the appellation of these national park countries, they are view as the of import subscriber to the touristry industry. Sarawak National Parks Modern Parkss and militias were established in the late 1800s. With this, Sarawak attempts began with the being of the National Park Ordinance in 1956 and the constitution of a Board of Trustees to administrate this. In 1973, there is a alteration in the disposal of national Parkss, where the Board of Trustees is replaced by the Conservator of Forests. Since so, Sarawak Forestry Corporation has been charged with the duty of implementing the regulation. Sarawak Forestry Corporation managed all 15 tellurian and marine Parkss in Sarawak province which covers the entire country of 184,922 hour angle. The aims of the National Parks and Wildlife Division ( NPWD ) are: – To set up and pull off the National Parks, Wildlife Sanctuaries, nature Militias, Forest Parks and other tantamount militias throughout Sarawak. To supply recreational and other installations in National Parks, Wildlife Sanctuaries, nature Militias, Forest Parks and other tantamount militias. To develop an effectual promotion and extension service on nature preservation. To set about research in the ecology, saving and extension of wildlife and their natural home ground. There are four subdivisions within the NPWD, viz. Parks and Nature Reserves Branch, Wildlife Branch, Planning & A ; Development subdivision and Interpretation & A ; Conservation Education Branch. The chief duties of Parks and Reserves Branch include overall direction of all Parkss and militias. The Wildlife Branch chief activities are wildlife direction and research. These include home ground direction, confined genteelness, species direction veterinary, enforcement and licensing. The research is chiefly on Primatess, big and little mammals, birds, reptilians and amphibious vehicles. The Planning and Development Branch is responsible to pull off the Planning and Investigation Unit and the Design and Implementation Unit. Last, the Interpretation and Conservation Education Branch is responsible for four units which are Interpretation Unit, Conservation Education and Extension Unit, Research Unit and Administration Unit. Bako National Park ( BNP ) was the first to be gazetted as a protected country on 1 May 1957 among all the 15 national Parkss in Sarawak. It is located 37 kilometres to the E of the capital metropolis of Kuching. Covering an country or 2727 hectares of a rugged sand rock, in the map, BNP is at the tip of the Muara Tebas peninsular. It was merely until 1985, the route from Kuching to BNP was completed and in order to entree to the park, it requires a short express boat journey of about 25 proceedingss ride along the Bako River. BNP is one of the smallest national Parkss in Sarawak, yet recorded as one of the highest rate of visitants to day of the month. BNP is celebrated for its rain forest, forest wildlife, jungle watercourses, waterfalls, works life, secluded beaches and trekking trails. The jungle trekking trails are good maintained web of 16 colour-coded walking trails, from easy ambles, full twenty-four hours treks to overnight bivouacing expeditions which allows the visitants t o acquire to the most out of its alone environment. The undermentioned tabular array provides inside informations of trekking journey in BNP. No Name of trail Trail length ( kilometer ) One manner clip & A ; Distance from HQ Colour Code 1 Tanjung Sapi 0.5 30 proceedingss ( 0.8km ) White/Red 2 Telok Paku 0.8 1 hr ( 1.2 kilometer ) White 3 Ulu Assam 0.8 1 A? hours ( 1.4km ) Blue/Red 4 Telok Delima 0.25 45 proceedingss ( 1km ) Blue/White 5 Telok Pandan Besar 0.75 1 hr ( 1.75km ) Yellow 6 Telok Pandan Kecil 1.5 1 A? hours ( 2.5km ) Yeloow 7 Serait 1.25 1 A? hours ( 2.2km ) White/yellow 8 Lintang 5.25 3 A? hours return Red 9 Tajor 2.75 2 A? hours ( 3.5km ) Red/White 10 Tanjung Rhu 1.8 2 A? hours ( 4.2km ) Red/Yellow 11 Bukit Keruing 2.25 3 A? hours ( 5.5km ) Blue 12 Paya Jelutong 0.2 3 A? hours ( 5.7km ) White/Blue 13 Bukit Gondol 2 4 A? hours ( 7.7km ) Yellow/White 14 Ulu Serait 2.75 3 hours ( 4.8km ) Blue/yellow 15 Telok Sibur 0.8 3 A? hours ( 5.3km ) Red/Black 16 Telok Limau 5.75 7 hours ( 10km ) Red/Blue 17 Telok Kruin 1.5 7 A? hours ( 10.5km ) Blue/Black 18 Pa ‘ Amit ( Lakei Island ) 1.0 30 proceedingss ( from Base ) OrangeRevised Fess and Accommodation ChargesEffective 1 July 2002Entrance FeesVisitor Category Single Entry ( per individual ) Multiple Entry ( Non-transferable ) ( per individual ) 5-Entry Base on balls ( Movable valid for 1 individual ) 1-month cogency 3-months cogency Adult RM10.00 RM50.00 RM100.00 RM40.00 Student/Senior Citizen/Disabled individual RM5.00 RM25.00 RM50.00 RM20.00 Assorted Group* n.a. n.a. n.a. n.a. Child, 6 old ages and below Free Free Free FreeType of accomodationFacilitiesRate per darkNo. of units availableForest Lodge, Type 5 2 suites with 3 individual beds each Non-air conditioned Fan merely Shared bathroom and lavatory RM100+ per room or RM150+ per house 7 Forest Lodge, Type 6 2 suites with 2 individual beds each Non-air conditioned Fan merely Attached bathroom and lavatory RM50+ per room or RM75+ per house 2 Forest Hostel 4 suites with 4 individual beds each Non-air conditioned Fan merely Shared bathroom and lavatory RM15+ per bed or RM40+ per room 3 Camp site ( bivouacing equipment is non provided ) Public bathrooms and lavatories RM5 per individual 18 sites + Plus 5 % authorities service revenue enhancement Beginning: hypertext transfer protocol: //www.forestry.sarawak.gov.myRules and RegulationsThe regulations and ordinances are at that place to protect the park for the benefits of visitants. It is an offense to: – Enter without a license ; Kill, gaining control, toxicant or upset any animate being ; Cut, take, destruct or put fire to any object ; life or inanimate, dead or alive, Introduce any animate being or works onto the park ; Damage, erect any edifice or other constructions ; Litter Punishments: The minimal mulct for the above offenses is RM1,000 and six months imprisonment. License: Visitors must obtain a certified license before come ining the national Parks, nature Militias or Wildlife Centre from the nearest engagement offices. For professional movie shapers and those transporting out expeditions, a particular permission from the Sarawak State Secretary must be acquired in progress. Exclusion of liabilities: Any individual sing Sarawak ‘s national Parkss, nature militias and wildlife Centres enter at their ain hazard. The license to come in is granted capable to the status that the Forest Department and/or the State Government and/or Officer shall non be responsible for any physical, mental or emotional hurt sustained, or any loss of life, or belongings or whatsoever sort within these countries. The State Government of it Officer disclaims any act ( s ) or skip nevertheless caused or originate within these countries. LITERATURE REVIEW Economic Evaluation of Environment Policy shapers in developed states have realized that it is of import to take into history the economic rating in the procedure of determination devising. However, in developing state like Malaysia, the rating of environmental good is regarded as unfamiliar. Though researches sing this issue in Malaysia published are found to be rare, the determination proved that our state besides give values on environmental goods. Economic rating refers to the measuring on footings of money values to non-marketed goods and services. Non-marketed goods and services include those which can non be straight bought and sold in the unfastened market topographic point. Goods and services which have economic value contribute positively to human well-being. This is determined by the penchants of the persons which show the degree of satisfaction. These penchants can be revealed in the context of willingness to pay ( WTP ) . On the contrary, human well-being will besides necessitate to digest with the unwanted values which revealed in the context of willingness to accept ( WTA ) . Economic rating technique aims to find the entire economic value ( TEV ) . TEV identifies the alterations in human well-being that accrue from a alteration in the proviso of the good. These values may accrue to users and non users. The illustrations for this would be the willingness to pay for the saving of the forest in the national park and the preservation of endangered species like the proboscis monkey, even though the person may non hold seen the species while in the national park. TEV is made up of the amount of usage and non-use value. Use values may be direct or indirect. An illustration for this would be a wood in a national park. Visitors to the forest brand direct usage of it and the fact that the forest protecting the water parting of the part is an illustration of an indirect usage. A non-use value, besides known as inactive usage values, is when persons are willing to pay even though they make no direct usage of it. There are two methods in gauging the economic values of non-marketed goods and services which are revealed penchants ( RP ) and stated penchants ( SP ) . RP and SP can be use to gauge the usage value, nevertheless non-use values can merely be estimated by SP techniques. RP is exercised when the penchant of the persons is revealed by their buying wont in the existent market, which is price-based. In contrast, SP measures the demand of goods and services which do non hold market monetary value as they are non straight sold. Normally, the study would inquire on how much money would persons are WTP or WTA to bask the benefit of the goods and services, for illustration, the being of the environment. Property market ( WTP ) Labour market ( WTA ) Contingent ranking Contingent ( conjoint ) evaluation Choice experiments Paired comparings Market monetary values ( WTP ) Contingent rating ( WTP/WTA ) Choice modeling ( WTP/WTA ) Debaring behavior ( WTP ) Random utility/ distinct pick theoretical accounts ( WTP ) Hedonic pricing Travel cost method ( WTP ) Benefit transportation Stated Preferences conjectural markets does response/production maps Entire Economic Value Non-use Value Use Value Revealed Preferences conventional and proxy Figure 1 Economic rating techniques Developed states every bit good as the developing states have accepted that environmental goods can be measured utilizing several methods. In developed states, the methods used are beforehand where they have applied the usage of benefit transportation into their researches. However in Malaysia, the most common is CVM and merely late CM was adopted in researches done byaˆÂ ¦aˆÂ ¦aˆÂ ¦aˆÂ ¦aˆÂ ¦aˆÂ ¦aˆÂ ¦aˆÂ ¦aˆÂ ¦.. Revealed penchants technique Stated penchant technique SP technique which ask conjectural inquiries, are categorized into contingent rating ( CV ) and multi-attribute rating ( MAV ) ( Anna Merino-Castello, 2003 ) . Contingent Valuation ( CV ) CV measures the WTP through direct inquiries such as â€Å" How much are you willing to pay? ‘ and ‘Are you willing to pay RMx? ‘ . The former estimates the single penchants utilizing the open-ended method which is penchant based. The latter inquiry estimates the single penchants utilizing the referendum or dichotomous pick evocation. The respondents are merely given the option of replying yes or no, which is choice-based. This implies the premise of random public-service corporation map where the coefficients value are obtained through the appraisal of binary logit utilizing the maximal likelihood process. However, an increasing figure of empirical surveies revealed that dichotomous pick consequences seemed to be significantly larger that open-ended values, perchance due to ‘yeah-saying ‘ ( Hanley et al. , 2001 ) . Both open-ended and dichotomous CV attacks have restrictions in gauging values. These restrictions are: 1. merely one property to be valued by respondent 2. respondents are improbable to give accurate response for conjectural market 3. May bring on some respondents to act strategically when public goods are involved Due to these restrictions, researches in rating of non-use value exchanging to the option stated penchant technique which is MAV. The chief difference between CV and MAV is that CV analyses one property of the merchandise at a clip whilst MAV analyses more than one property at the same time. This includes whether the properties are attached to one another or a trade-offs between them. Choice Modelling ( CM ) Similar to CV, MAV can be categorized into preference-based and choice-based method. In preference-based, the respondents are required to rate or rank each alternate merchandise in conjectural and existent market. On the other manus, in choice-based method, the respondents need to take one among several options merchandises which is more realistic because the respondents execute this mundane as a consumer taking a series of viing merchandises. In preference-based, the respondents does non necessitate doing any committedness to take a peculiar option, hence this is the ground why choice-based method is more preferable than preference-based attack. Preference-based method is by and large termed as conjoint analysis ( CA ) which comprises of contingent evaluation and paired comparing while choice-based method globally termed as pick mold ( CM ) which comprises of contingent ranking and pick experiment. CA and CM are differentiated by the signifier of the public-service corporation map. CA use a deterministic public-service corporation map and CM use the random public-service corporation map. Deterministic public-service corporation map is assumed to be related to an person ‘s evaluation via a transmutation map o : Uij = o [ Vij ( Xij ) ] This information is estimated utilizing ordinary least squares ( OLS ) arrested development techniques which implies the premise of the cardinality of evaluations graduated table ( Bateman et al, 2002 ) . In contrast, CM usage random public-service corporation map which represents the incorporate behavioural theory of determination behaviour and is composed of a deterministic constituent Vij and s stochastic I µij: Uij = Vij ( Xij ) + I µij This random public-service corporation theory ( RUT ) leads to the distinct pick theoretical accounts which describes the behaviour of respondents ‘ pick chances in response to alterations in properties that step differences across other respondents. This information is estimated utilizing the maximal likeliness method. All these four methods in multi-attribute rating differ in the quality of information they generate, in their grade of complexness and besides in their ability to bring forth WTP estimations that can be shown to be consistent with the usual steps of public assistance ( Bateman et al, 2002 ) . In contingent evaluation, respondents are presented with a figure of events one at a clip and are asked to rate each one separately in a numeral graduated table. The evaluation is so transformed into public-service corporation graduated table. This indirect public-service corporation map is assumed to be related to respondents ‘ evaluation via a transmutation map which leads to a typical analyzed utilizing OLS arrested development technique. As mentioned before, this implies strong premises of cardinality of evaluation graduated tables. This is inconsistent with the consumer theory. Hence, contingent evaluation does non bring forth public assistance consistent value estimations. In mated comparing, respondents are asked to take their preferable alternate out of a set of two picks and to find their penchant in a numeral graduated table. The public-service corporation map is besides estimated utilizing OLS. In a contingent ranking, respondents are required to rank a set of alternate options from most to least preferable. Each option has two or more properties, which are offered at different degrees across options. The respondents are required to rank their options. One of the options must be the current executable pick set of the respondent. The ground is, if the position quo is non included, the respondents may be forced to take the options which they non prefer at all. This rank order informations is estimated utilizing maximal likelihood process. In pick experiment, respondents are given a series of options and are required to bespeak their most preferable option. The baseline option, which is the position quo, need to be included in each of the pick set. This experiment gives welfare consistent estimations because, 1. the respondents needs to tradeoff alterations in property degrees against the cost of doing these alterations 2. the respondents can take the position quo 3. we can stand for the econometric technique used in a manner which is precisely parallel to the theory of rational and probabilistic pick. 4. we can deduce estimations of counterbalancing and tantamount excess. This conditional logit theoretical account can be estimated utilizing the maximal likelihood process.

Elements of the Authors World Present in Utopian Fiction...

In Samuel Butlers Erewhon, a traveler finds a land that is not totally unlike his own society, but he soon discovers that they have a very different culture from his. By using the failings of Erewhonian society, the author draws the readers attention to flaws of his own society. This device is used in other works studied this semester, by creating a world that is not completely different from the authors own in an effort to make society realize its faults. Thomas Mores Utopia is similar to Erewhon because it makes commentary on certain social issues of his time, disguised as a story about a different culture. George Orwells 1984 and Margaret Atwoods The Handmaids Tale were also written based on the societies in which the†¦show more content†¦From this it becomes apparent that knowledge should be useful, and the acquisition of such language should be carried out in an effective manner. In other words, performance and practice prevailing over pure theory (Bisenz 18). The y are also taught a hypothetical language which does not have any use in the real world, but is nevertheless taught to all students. This is a parody against the enforced study of Greek and Latin in England, and the Victorian cultural appropriation of ancient Greek to undergrid ideologies of class difference and colonial conquest (Whitmarsh 67). Butler calls attention to the religious hypocrisy shown by people of his own society in some Erewhonian practices. The narrator states in spite of all the to-day they make about their idols, and the temples they build, and the priests and priestesses whom they support, I could never think that their professed religion was more than skin deep (Butler 87). He is referring here to Erewhons state religion, which he conceives to be very superficial because of the displays made of it. On the other hand, Ydgrun is the goddess that most people actually believe in, but publicly, they often deny her and are ashamed of her. Their actions however, serve her accordingly. TheShow MoreRelatedChris Pawling2932 Words   |  12 PagesIntroduction: Popular Fition: Ideology or Utopia? Christopher Pawling Popular Fiction and Literary criticism * Despite the growth of interest in popular fiction, it has been difficult to introduce courses on them in college and university syllabi because it is still not considered as mainstream literature, just a minor or peripheral genre. * The self-definition of English literature depends heavily on what is absent from its field- its significant other- popular literature or paraliteratureRead MoreWomen s Dream By Rokeya Shekhawat Hossain Essay1751 Words   |  8 PagesWhile feminists have been using literature to spread their beliefs and to advocate gender equality for centuries, science fiction as a genre is traditionally masculinist in its approach to the ideology of humanity. Within science fiction texts, human values are frequently represented by white male protagonists who become capable of overcoming natural limitations while women are reduced to insignificant supporting roles. Feminism seeks to counter such sexist depictions of humanity, and although suchRead MoreEssay about The Power of Horace McCoy’s They Shoot Horses, Don’t They?2674 Words   |  11 Pagesorder to discuss such reiteration and negation of Modernist themes in the novel, a brief discussion of Modernism is necessary. The ter m ‘Modernism’ refers to the drastic shift in aesthetic and cultural values of art and literature following the First World War. The movement marked a noticeable break from the ordered, stable and inherently ‘meaningful’ texts of the nineteenth century and from Victorian optimism, instead presenting a profoundly pessimistic picture of society. In literature, Modernism becameRead MoreThe Sonnet Form: William Shakespeare6305 Words   |  26 Pagesanswer. In the following Petrarchan sonnet, John Keats’s â€Å"On First Looking into Chapman’s Homer,† the octave describes past events—the speaker’s previous, unsatisfying examinations of the â€Å"realms of gold,† Homer’s poems—while the sestet describes the present—the speaker’s sense of discovery upon finding Chapman’s translations: Much have I travell’d in the realms of gold,   Ã‚  Ã‚  And many goodly states and kingdoms seen;   Ã‚  Ã‚  Round many western islands have I been Which bards in fealty to Apollo hold. Read MoreVictorian Novel9605 Words   |  39 Pagesframe the period of Victorian literature, it is commonly accepted that it was the reign of Queen Victoria (1837-1901) that saw the novel emerge and flourish, all the more that the 1937 was the year when Dickens’ Oliver Twist, the first major work of fiction. The first readers of both, Dickens and Eliot were not conscious they lived in the ‘Victorian period’. They thought that this was a modern era marked with turbulent transition. However, the most crucial writers of the period grew up in the earlierRead More The Death of the ‘Authorlessness Theory’? Essay6470 Words   |  26 Pagessomething other than Judy Chicago’s discourse with her suggestion. Chicago writes, â€Å"[Susan and I] decided to embroider each woman’s name on the front of her runner, which would drop over the viewers’ side of the table,† adding a significant visual element to the project. Another major creative contributor to the project was Ken Gilliam, who â€Å"began by designing the flatware and eventually designed the entire installation of The Dinner Party, along with numerous objects, tools, and machines the pieceRead MoreAn Analysis of H.G. Wells’ Short Stories â€Å"Mr Skelmersdale in Fairyland†, â€Å"the Door in the Wall† and â€Å"a Dream of Armageddon†14742 Words   |  59 PagesWorks Cited............................................................................................................. 32 2 â€Å"I have dreamed a dream†¦Ã¢â‚¬  Lars Wallner, Autumn 2008 Introduction Everyone has dreams; dreams of a better life, another world, an escape from reality. Sometimes it is these dreams that motivate us, that make us struggle, that keep us going. But is that all they are? What if the dreams were something more? What if we could realise those dreams and go into them? As a writerRead MoreEssay on Silent Spring - Rachel Carson30092 Words   |  121 Pagesis an imprint of The Gale Group, Inc., a division of Thomson Learning, Inc. Gale and Design ® and Thomson Learning are trademarks used herein under license. The following sections, if they exist, are offprint from Beachams Encyclopedia of Popular Fiction: Social Concerns, Thematic Overview, Techniques, Literary Precedents, Key Questions, Related Titles, Adaptations, Related Web Sites.  © 1994-2005, by Walton Beacham. The following sections, if they exist, are offprint from BeachamsRead MoreCritics of Novel 1984 by George Orwell14914 Words   |  60 Pagesdeeds bring Winston into the eye o f the opposition, who then must reform the nonconformist. George Orwells 1984 introduced the watchwords for life without freedom: BIG BROTHER IS WATCHING YOU. Written by: George Orwell Type of Work: novel Genres: utopian literature; social criticism First Published: 1949 Setting: Oceania Main Characters: Winston Smith; Julia; OBrien; Big Brother/Emmanuel Goldstein Major Thematic Topics: mutability of the past; the existence of fact through memory; memory; history;Read MoreRomanticism and Modernism as Strange Bedfellows: A Fresh Look at Jack Kerouacs On the Road12240 Words   |  49 Pagesfrom a series of notebooks that documented his travels across the United States and Mexico. These notes were compiled and fictionalized into a bildungsroman tale of two young men who were searching the back roads, tiny hamlets and big cities of post-World War II America. This became the critically acclaimed novel, On the Road. At the center are two young men, Sal Paradise (Kerouac), a college student, and an unpublished writer from New Jersey, and Dean Moriarty (Neal Cassady), a philosophizing, womanizer-car-thief

A Rose For Emily By William Faulkner - 949 Words

In William Faulkner’s â€Å"A Rose for Emily† it is clear how Emily’s gender affects how the individuals in the town perceive her. Emily’s gender particularly affects how men understand her. Throughout the whole piece Emily is seen as a helpless individual who is lonely and has suffered losses throughout her life. When the reader reaches the end of the story the actions that Emily has taken is unexpected because of the way she is perceived by the narrator. In the beginning of the story, when the whole town was at her funeral and the men were discussing her life, none of the townspeople ever say anything negative about Emily. The men went to the funeral because they saw Emily as a fallen monument to the town. The narrator discusses how the town felt that Emily had become a tradition for them to take care of her. The narrator even points out how she did not have to pay taxes. This clearly shows how women are perceived in this town. Women are seen as unable t o take care of themselves and as innocent humans. The way the narrator talks about Emily gives the reader the idea that Emily could never hurt anyone, because of this idea the reader is shocked at the end of the story. The feminist view of Emily allows the reader to be shocked by the ending of the story and it also allows the reader to see the way masculinity is understood in this piece. The men in this piece are mostly seen in a stereotypical masculine way. They are seen as the providers and protectors for the families. TheShow MoreRelatedA Rose For Emily By William Faulkner923 Words   |  4 PagesA Rose for Emily; A Tale of The Old South William Faulkner was born in New Albany, Mississippi in 1897 but lived most of his life in Oxford, a small town nearby. After dropping out of high school then briefly joining the Canadian Air Force, he returned home and completed three terms at the University of Mississippi (Fulton 27). During his early twenties Faulkner spent time in New Orleans and Europe before returning to Oxford and publishing his first book of poems. In 1929 he married Estelle FranklinRead MoreA Rose For Emily By William Faulkner1729 Words   |  7 PagesJune 24, 2015 â€Å"A Rose for Emily† In every neighborhood there is always that one house that is a mystery to everyone. A house that everyone wants to know about, but nobody can seem to be able to dig up any answers. It’s the type of place that you would take any opportunity or excuse to get to explore. The littler that is known, the more the curiosity increases about this mysterious place or person. In the short story â€Å"A Rose for Emily† by William Faulkner, this mysterious person is Emily Grierson, andRead MoreA Rose For Emily By William Faulkner1577 Words   |  7 Pagesâ€Å"A Sarah Markins Dr. Bibby ENG 107 February 11, 2015 â€Å"A Rose for Emily† by William Faulkner â€Å"A Rose for Emily†, written by William Faulkner in 1931, follows a series of peculiar events in Miss Emily Griersons life. Written in third person limited, Faulkner utilizes flashbacks to tell of the period between the death of Emily’s father and her own passing. Split into five short sections, the story starts out with the townspeople of Jefferson remembering Emily’s legacy and how each new generation ofRead MoreA Rose For Emily By William Faulkner1552 Words   |  7 PagesRyan Dunn Mrs. Williams English 11 March 11, 2016 In the short story â€Å"A Rose for Emily† by William Faulkner, the reader is given a glimpse of the internal conflict of the main character, living in the past, and the involvement of an over involved society causing the reader to look into the consciousness of an individual haunted by a past and lack of a future. The story is set in a post-Civil War town in the South. He is able to give the reader a glimpse of the practices and attitudes that had unitedRead MoreA Rose For Emily By William Faulkner1507 Words   |  7 Pages1897, William Cuthbert Faulkner was born in New Albany, Mississippi. He stands as one of the most preeminent American writers of the twentieth century. His literary reputation included poetry, novels, short stories, and screenplays. Faulkner won two Pulitzer Prizes for Fiction and the Nobel Prize in Literature. â€Å"A Rose for Emily† is a short fascinating story written by William Faulkner and it was his first short story published in a national m agazine. The story involved an old woman named Emily GriersonRead MoreA Rose For Emily By William Faulkner883 Words   |  4 PagesIn the timeless classic, â€Å"A rose for Emily† by William Faulkner we are introduced to Emily Grierson, a matured sheltered southern woman; born to a proud, aristocratic family presumably during the American Civil War. Through out the short story William Faulkner uses many literary devices such as symbolism, metaphors and allegory to play with â€Å"time† and how time reflects upon his main character Emily Grierson. Emily being one who denies the ability to see time for what it is linear and unchangeableRead MoreA Rose For Emily By William Faulkner1270 Words   |  6 PagesWilliam Faulkner’s short story â€Å"A Rose for Emily† thoroughly examines the life of a strange woman name Emily Grierson who lives in the town of Jefferson. If we examine â€Å"A Rose for Emily† in terms of formalist criticism, we see that the story dramatizes through setting, plot, characterization, and symbolism on how Miss Emily’s life is controlled by a possessive love she had for her father and lover. William Faulkner uses Emily’s life as the protagonist to examine from a formalist aspect. In orderRead MoreA Rose For Emily By William Faulkner1780 Words   |  8 PagesIn 1930, William Faulkner wrote a five-part story entitled â€Å"A Rose for Emily† that follows the life of a young woman named Miss Emily Grierson. Faulkner sets his story in the Old South, soon after the ending of America’s Civil War, and represents the decaying values of the Confederacy (Kirszner Mandell, 2013a, p. 244). One of these values which the text portrays quite often in â€Å"A Rose for Emily†, is the patriarchal custom of society viewing men as having more importance than their female counterpartsRead MoreA Rose For Emily By William Faulkner1277 Words   |  6 PagesMiss Emily Grierson, the main character in the strange short story â€Å"A Rose for Emily† written by William Faulkner. It would be best to examine her in a mental capacity as well as the circumstances that may affect her. Throughout the story, Miss Emily’s unpredictable and eccentric behavior becomes unusual, and the reader, like the townspeople in the story, is left to speculate how Miss Emily has spent years living and sleeping with the body of Homer Barron. An important quote from the story was thatRead MoreA Rose For Emily By William Faulkner931 Words   |  4 PagesShort Stories A Rose for Emily is a short story written by William Faulkner. This story takes place in Faulkner s fictional city, Jefferson, Mississippi, in Yoknapatawpha County. Young Goodman Brown is a short story written by Nathaniel Hawthorne. This story takes place during the 17th century and discusses the Puritan belief that all of humanity exists in a state of corruption, except those who are fortunately born into a state of grace. In â€Å"A Rose for Emily,† Emily’s house is a commemoration