Analyzing Impact of Banking Laws on Islamic Banks

This assignment involves analyzing the impact of banking laws and legislations on converting conventional banks into Islamic banks in Libya. The study examines different methods of communication that help strengthen value chains. It also discusses various books, journals, and online resources related to the topic, including articles on key performance indicators, double-entry bookkeeping, and hospitality marketing.

Hospitality Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................2
ACTIVITY 1....................................................................................................................................2
Preparation of Journal, Ledger and trail balance.........................................................................2
ACTIVITY 2....................................................................................................................................5
Key Performance Indicator For Restaurants ...............................................................................5
Stages of HR life Cycle for the role of Food and Beverage Manager on a cruise ship...............6
Importance of Hr life cycle stages for talent management..........................................................7
Recommendation.........................................................................................................................7
ACTIVITY 4....................................................................................................................................7
Negative behaviour of waiting staff.............................................................................................7
Overcoming issues of staff retention...........................................................................................8
Importance of Hr life cycle for overcoming issues of staff retention..........................................8
ACTIVITY 5....................................................................................................................................8
Legislation's that are used by Carnival UK.................................................................................8
ACTIVITY 6....................................................................................................................................9
Impact of regulations, legislation and ethical principles on decision making for Carnival UK..9
ACTIVITY 7....................................................................................................................................9
Different functional roles within hospitality sector.....................................................................9
ACTIVITY 8....................................................................................................................................9
Different methods of communication, coordination and monitoring in food and Beverage
department ...................................................................................................................................9
Methods of communication helps in strengthening value chain................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
1

INTRODUCTION
Hotel sector consist of different fields includes lodging, food, event planning,
transportation and traveling. It also has an additional field in tourism industry. It is providing its
services into restaurant, hotel or an amusement park etc.
Present study is focused on Carnival Corporation & PLC company. It is a British
American cruise operator. It was founded by Ted Arison in 1972.Its headquarter was located at
Miami, Florida, Unites States. Currently, the world's largest travel company. It is consisting of
two companies Carnival Corporation and Carnival plc.
Report will be based upon the ledger, journal and trial balance. It includes key
performance indicator of the restaurant. This will also include stages of the HR life cycle and
talent management and its importance.
ACTIVITY 1
Preparation of Journal, Ledger and trail balance
JOURNAL ENTRY
Date Particulars L.F. Debit
amount(£)
Credit
amount(£)
01/02/19 Purchase a/c Dr.
To Kate Kitchen
To Harry
34553
5001
29552
03/02/19 Cash a/c Dr.
To Sales
11203
11203
03/02/19 Cash a/c Dr.
To Sales
1824
1824
06/02/19 Kate's a/c Dr.
To Sales
5001
5001
10/02/19 Cash a/c Dr.
To Sales
8966
8966
10/02/19 Cash a/c Dr.
To Sales
1687
1687
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14/02/19 Bank a/c Dr.
To Maganne
2008
2008
17/02/19 Cash a/c Dr.
To Sales
11710
11710
17/02/19 Cash a/c Dr.
To Sales
1611
1611
17/02/19 Harry a/c Dr.
To Cash
29552
29552
22/02/19 Cash a/c Dr.
To Kate
7013
7013
24/02/19 Cash a/c Dr.
To Sales
10614
10614
24/02/19 Cash a/c Dr.
To Sales
1715
1715
LEDGER ACCOUNT
Cash a/c
Date Particulars J.F Amount(£
)
Date Particulars J.F Amount(£)
03/02/19 To Sales 11203 17/02/1
9
By Harry 29552
03/02/19 To Sales 1824 By bal c/d 26791
10/02/19 To Sales 8966
17/02/19 To Sales 1687
17/02/19 To Sales 11710
17/02/19 To Sales 1611
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22/02/19 To Kate 7013
24/02/19 To Sales 10614
24/02/19 To Sales 1715
56393 56393
Purchase a/c
Date Particulars J.F Amount Date Particulars JF Amount
01/02/19 To kate Kitchen 5001 By bal c/d 34553
01/02/19 To Harry 29552
34553 34553
Sales a/c
Date Particulars J.F Amount Date Particulars JF Amount
To bal c/d 69916 03/02/19 By Cash 11203
03/02/19 By Cash 1824
10/02/19 By Cash 8966
10/02/19 By Cash 1687
17/02/19 By Cash 11710
17/02/19 By Cash 1611
17/02/19 By Harry 29552
24/02/19 By Cash 10614
24/02/19 By Cash 1715
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69916 69916
Bank a/c
Date Particulars JF Amount Date Particulars JF Amount
14/02/19 To Maganne 2008 06/02/19 By Kate 5001
To bal c/d 2993
5001 5001
Maganne a/c
Date Particulars JF Amount Date Particulars JF Amount
To bal c/d 2008 14/02/19 By Bank 2008
2008 2008
Kate's a/c
Date Particulars JF Amount Date Particulars JF Amount
06/02/19 To Bank 5001 01/02/19 By Purchase 5001
To bal c/d 7015 22/02/19 By Cash 7015
12016 12016
Harry a/c
Date Particulars JF Amount Date Particulars JF Amount
17/02/19 To Cash 29552 01/02/19 By Purchase 29552
29552 29552
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TRIAL BALANCE
S. No. Particulars L.F Debit Amount(£) Credit Amount(£)
1 Cash a/c 26791
2 Purchase a/c 34553
3 Sales a/c 69916
4 Bank a/c 2993
5 Maganne a/c 2008
6 Kate a/c 7015
7 Suspense a/c 10586
Total 76931 76931
ACTIVITY 2
Performance indicator for restaurant
There are different indicators that will help in evaluating the performance for restaurant
are as follows:
 Availability of revenue per seat: It helps in determining the profitability of restaurant. It
shows that how many customers are come in one hour that will be help in calculating the
revenue of per hour. If the revenue earned is less then for improving it hae to make
adjustment that help in increasing profitability. This shows Key indicator shows per
revenue of Restaurant.
 Bookings: Bookings by the customers helps in that how much profit earned by the
restaurant in certain period. This will help in identifying the consumers interest regarding
the services that is offered by it and through this it will help in evaluating performance
(Foster and Carver, 2018).
Parameters that is used to monitor financial performance
 Maximizing employment benefits:- This principle will help in benefit restaurants as
those who are giving extra benefits to their employers is having good financial condition.
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Those who are not offering these benefits their performance may not be good as
compared to other competitors in the marketplace.
 Paying Taxes:- Financial condition can be determined as if it is paying taxes or not.
Restaurants who are paying taxes there performance is good while those who are not
paying taxes may be their performance is not good. Hence, these principles helps in
measuring financial performance (Bowie and et. al., 2016).
ACTIVITY 3
HR life cycle stages that is used in the role of Food and beverage manager
There are four steps of HR Life cycle are as follows:
 Recruiting:- It includes recruiting new people for the company that will help in
benefiting for future growth. As for hiring food and beverage manager interview has
been conducted by Hr head of Carnival Corporation. It selected the candidate based on
the qualification of it that is able to fulfill the position in the company.
 Orientation:- It is the process of introducing new employee with other employees at the
workplace. It also emphasizes that employee can be familiar with the work environment
easily.
 Career Development:-This provides an opportunity for the food and beverage manager
to upgrade its skills according to the needs and wants of the company. As professional
growth is being developed of the manager (Rogerson, 2017).
 Termination:- This is the last stage where manager is leaving the company through
retirement after its successful career. In this all the formalities regrading the company
will be fulfilled by the employee. All these stages are to be considered that will help
company in managing Hr life cycle.
Hr life cycle stages in talent management
It plays an important role for talent management in Carnival Corporation. As the first
stage is recruiting it is important while hiring any candidate for the company. It is important for
hiring right talent that can be able to meet the requirement of the company. Hiring right talent
helps in growth of the company. Second stage is orientation it is the most important stage that
helps in inbibiing in the culture of the company. Further, new employee is introduced with the
work environment, its colleagues so that it will not feel alone. It helps in knowing about policies
and procedures of the company (Mejia and Torres, 2018).Third stage is related to career
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development of new employee that helps in upgrading the skills of employee. Last stage is
termination of employee either by retirement or by terminate it if right talent is not hired by the
company that will lead to terminate employee after certain period. Therefore, talent management
is necessary for the every organization.
Recommendation
From the above stages it will be interpreted that processes and documentation can be
enhance for selecting an effective management. As these stages helps in growth of Carnival
Corporation. Hr processes can also be improved by organizing employee engagement activities
increasing interaction between employees. Documentation work can be reduced if it can do its
work through software that are generally used in Hr department in different companies (Higgins-
Desbiolles and et. al., 2017).
ACTIVITY 4
Waiting staff behaviour
Different companies is having their own policies and procedures in the company. As
Carnival Corporation is cruise operator company in that behavior of the waiting staff is not good.
Staff is not happy with their work hours as additional work is operating through them after their
working hours so that will reduce their interest from company. If they are not providing extra
benefits that will lead to change in the behavior of staff. Working conditions also affect working
of staff as other staff is not cooperating in doing the work that have a negative impact on them (5
stages of human resource life cycle in need of improvement, 2019).
Overcoming issues of staff retention
This problem can be overcome by maintaining good employee relations in Carnival
Corporation & PLC. This can be reduced by hiring talented people who are meting the
requirements of the company. By focusing on the employee development helps in increasing
staff retention. Providing them proper facility at the workplace will enhance growth as well as
increase in retaining of employees. Empowering employees for their helps in retain them for
longer period. By providing refreshment in between work helps in retain them in the company
(Bryer, 2016).
Need of HR life cycle in the employee retention
It helps in overcoming issues of staff retention as at time of interview offering them
better paying scale and extra advantage that will retaining them in the company. Job rotation
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practice is one of the effective way of retain employees. By organizing employee motivation
activities helps in retention of employees.
ACTIVITY 5
Legislation's that are operated in the company
Various legislation's that is being used by Carnival UK
1. Equality act 2010:- This act defines that every employee in the carnival UK will be
treated equally no biasness will be there based on age, disability and gender. As in
Carnival UK all employees will be treated equally that motivates them to do work in a
better way that will help business in growing. (Sangster and Rossi, 2018).
2. Health and Safety act 1974:- This act provides adequate lightning, ventilation, work
space and heating including washing facilities and refreshment of employees. As it is
important to provide proper safety to the employees at workplace. It plays an important
role at work to maintain safety that helps in creating safe environment in Carnival UK
(Mann, Funnell and Jupe, 2016).
3. Discrimination act 1975:- In this legislation there is no inequality between employees
regarding age, gender, disability, race and religion. This creates a negative impact on
behavior of employees and employees also feel insecure at work.
For example:- Manager is appointed in the Carnival UK company as there is no discrimination
on the basis of gender so in this equality act is applied that every person will be treated equally
either it is male or female (Yang, 2019).
ACTIVITY 6
Impact of rules and procedures that is being used while taking decision
As per view of Yin, Zhu and Kaynak, 2015. health and safety act ensures that proper
safety is required in the premises otherwise it will influence working of employees in Carnival
UK. Ethical principle that will impact decision making for Carnival UK is employee turnover as
employees are leaving the company every month that will impact revenue of the company.
Lindberg and et. al. 2015 stated that equality act defines that every employee will be
treated equally otherwise it will affect performance of Carnival UK. Employee satisfaction is
another ethical principle that affect decision making in company. As if employees are satisfied
retention of employees is high that leads to less employee turnover.
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ACTIVITY 7
Roles that is used in the company
Functional roles in hospitality sector are as follows:
Hr manager and marketing manager:- There is an interrelation between Hr manager and the
marketing manager. As Hr manager looks after all the activities of company from recruiting an
employee to its termination. As marketing manager have to deal with promotional activities for
that they have to organize campaigns so for that they have to take permission from Hr manager.
Housekeeping and Front office:- Housekeeping is related to the front office as it is the
responsibility of housekeeping manager to maintain cleanliness at the front office of company. In
relation with this front office manager also have keep the place neat and tidy ensure that there is
waste split in the surrounding area (Abdalla, Aziz and Johari, 2015).
ACTIVITY 8
Techniques that is used in communication between the employee
According to the Parmenter, 2015 different methods of communication in food and
beverage department by organizing meeting, through training, Nonverbal, presentations etc. In
food department chef can organize meeting for contacting to other workers in company. Manager
can use different methods in coordinating, monitoring performance of employees in Carnival
UK.
Methods of communication helps in strengthening value chain
Communication methods help in strengthening value chain as by providing transparency
between the team that enhance proper communication so that value chain is strengthen among
employees. It can also strengthen by using the latest technology (Oyigbo and Ugwu, 2017).
CONCLUSION
As per the above study it can be said that as finance department is the main branch that
will providing books of accounts of the company. Following this Human resource department it
emphasizes on different aspects of the human resource that will help in providing various
facilities to its employees. Performance can be measured by evaluating key factors such as cash
flow, revenue per hour etc. As different legislation's have an influence on decision making of the
company. From the above study it can be observed that there are different methods of
communication that helps in strengthening value chain.
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REFERENCES
Books and Journal
Abdalla, M.A., Aziz, M.R. and Johari, F., 2015. Analyzing the Impact of Banking laws and
Legislations on the Converting of Conventional Banks into Islamic in Libya. International
journal of management and applied research. 2(4).pp.156-171.
Bowie, D and et. al., 2016.Hospitality marketing. Routledge.
Bryer, R., 2016. Linking Pacioli's double-entry bookkeeping, algebra, and art: accounting history
or idle speculation?.Accounting History Review.26(1).pp.33-40.
Foster, M. and Carver, M., 2018. Explicit and implicit internationalisation: Exploring
perspectives on internationalisation in a business school with a revised internationalisation
of the curriculum toolkit. The International Journal of Management Education.16(2).
pp.143-153.
Higgins-Desbiolles, F and et. al., 2017. How sustainable is sustainable hospitality research? A
review of sustainable restaurant literature from 1991 to 2015. Current Issues in Tourism,
pp.1-30.
Lindberg, C.F and et. al. 2015. Key performance indicators improve industrial
performance.Energy Procedia.75. pp.1785-1790.
Mann, I., Funnell, W. and Jupe, R., 2016. The liberal contest for double-entry bookkeeping in
British Government.Accounting, Auditing & Accountability Journal. 29(5). pp.739-766.
Mejia, C. and Torres, E.N., 2018. Implementation and normalization process of asynchronous
video interviewing practices in the hospitality industry. International Journal of
Contemporary Hospitality Management.30(2).pp.685-701.
Oyigbo, T.E. and Ugwu, O.O., 2017. Appraisal of key performance indicators on road
infrastructure financed by public-private partnership in Nigeria. Nigerian Journal of
Technology.36(4).pp.1049-1058.
Parmenter, D., 2015. Key performance indicators: developing, implementing, and using winning
KPIs. John Wiley & Sons.
Rogerson, C.M., 2017. Business incubation for tourism SMME development: International and
South African experience.
Sangster, A. and Rossi, F., 2018. Benedetto cotrugli on double entry Bookkeeping. De
Computis-Revista Española de Historia de la Contabilidad.15(2).pp.22-38.
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