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Gufranul Alam
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Bank Management
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Dr. Ahmad Hakimi Tajuddin
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Bank Management
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30TH MAY
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Bank: Kuwait Finance House (Malaysia) Berhad

1. Background:

Islamic banking is one of the most rapidly growing banking industries today. Similarly, the
corporate and banking services provided by Islamic financial institutions have been widely
used by many Muslims around the world while Malaysia reported the RM835.19 billion asset
size of Islamic banks alone (Lo & Leow, 2014). The Malaysian market comprises 15 Islamic
financial institutions ranging from local to foreign banks, each offering risk-sharing
investment accounts (musharaka and mudaraba). In this case, we have chosen to draw an
analysis of the foreign bank also known as the Kuwait Finance House.

Kuwait Finance House (Malaysia) Berhad (KFH Malaysia) was granted a license under
Malaysia's Islamic Banking Act (Malaysia) 1983 on May 8, 2005. In 2005, KFH Malaysia
opened its branch. KFH's strategy to establish a wholly-owned subsidiary in Malaysia
followed Bank Negara Malaysia's (BNM) decision to open the nation's Islamic banking
industry to qualified international enterprises as recommended by its Financial Sector Master
Plan (KFH Malaysia, n.d.).

The regional headquarters of KFH in the Asia-Pacific zone, a primary responsibility of the
financial institution is to provide the customers with innovative Shariah-compliant financial
solutions. In addition, it serves as an intermediary and facilitator to encourage investments
and commerce in both directions between Malaysia, Asia-Pacific, and the Middle East. It also
provides a comprehensive selection of Shariah-compliant financial products and services
within Corporate and Retail Banking, Treasury, and International Business (bin Shuib, bin
Sulaiman & bin Mohamad, 2011). The following report further discusses and analyzes the
past trend performance based on key risks of KFH along with how the challenges in the local
and global Islamic banking market arise.

2. Trend Performance and Ratio Analysis:

2021 2020 2019

Return on 73,687 / (12,780)/ (8,593,098 + (79,023)/ (9,086,644 +

Asset (7,376,609 + 9,086,644 / 2) 9,292,211 / 2)
8,593,098 / 2) = -0.14% = -0.85%
 =0.92%

Return on 73,687/1,694,467 (12,780)/ 1,772,317 (79,023)/ 1,711,395

Equity =4.34% = -0.72% = -4.61%

Loan-to- 3,669,301 / 4,190,380/ (4,501,003 + 4,786,413 / (5,138,082 +

deposit ratio (3,931,455 + 5,550 6,644 + 2,141,227) 6,820 + 2,053,750)
+ 1,588,714) =63% =66.4%
=66%
Profit Margin 73,687/387,998 (12,780)/ 377,602 (79,023)/ 473,953
=18.99% = -3.38% = -16.67%

Ratio analysis is a quantitative method to analyze the financial performance of any company,
in this case, a financial institution. The above table indicates the performance of the past 3
years is summarized based on profitability, loan-to-deposit, liquidity, and revenue ratios to
draw a valid financial comparison.

The return on asset (ROA) is a financial ratio indicating the profitability and efficiency of a
company relative to its total assets. It is calculated by dividing net profit/loss over average
total assets. The higher the ROA, the more efficient a company is. In this case, KFH’s ROA
in 2019 is negative indicating -0.85% while improving in 2020 but still generating a negative
ratio i.e. -0.14% as the total asset is decreasing and net loss is generated in both the years
(Appendix 1) (Appendix 2) (Appendix 3) (Appendix 4).

The negative ROA indicates that the KFH hasn’t used its assets efficiently and effectively to
generate income, as well as the pandemic, may have adversely impacted the net profit.
Further, in 2022, the total assets have slightly decreased from two previous years while at the
same time generating a net profit (Appendix 1) (Appendix 2). Thus, this indicates better
performance and KFH recovering from the losses.

Return on equity (ROE) measures the financial performance by dividing net income over
shareholder’s equity. It gives the picture of how efficiently the company is managing
shareholder’s investment. In this case, KFH has negative ROE in both 2019 and 2020 which
indicates that it has incurred a net loss (Appendix 1) (Appendix 2) (Appendix 3) (Appendix
4). Hence, the loss indicates the implications of the pandemic impacting the KFH. Contrary
to 2019 and 2020, KFH generated net profit in 2021 (Appendix 1) (Appendix 2), hence
proving the efficient return relative to shareholder’s equity.

The loan-to-deposit ratio (LDR) is used to evaluate a bank's liquidity by comparing its total
loans to its total deposits during the same period. If the ratio is incredibly high, the bank may
lack sufficient liquidity to meet any unforeseen funding need. If the ratio is too low, it is
possible that the bank is not growing as fast as it could. The ideal LDR ratio must be between
80% to 90%. The ratio has slightly decreased from 66.4% to 63% in 2020 and increased to
66% in 2021. Overall, the loan-to-deposit ratio is moderate as it is in the range of 60% to
70% with slight variations in the last 3 years. However, the LDR ratio of KFH does not
match the ideal required LDR ratio, hence, threatening the liquidity position which could be
improved with a better economy.

If a bank's deposits are growing, additional funds and customers are being brought. As a
result, the bank will likely have more funds available for lending, which should boost profits.
The ratio indicates that the total customer and corporate deposit of $7,198,652 (5,138,082 +
6,820 + 2,053,750) in 2019 decreased in 2020 to $6,648,874 and further decreased by
$1,123,165 ($6,648,874 - $5,525,709) (Appendix 1). The shrinkage could be a result of
customers withdrawing their funds during a pandemic to meet their needs due to lockdown
and unemployment. Another reason for decreasing deposits could be lower interest rates as
individuals would prefer to spend rather than save at lower interest rates. According to Figure
1 below, the interest rates in Malaysia have declined from 2019 to 2021, hence, indicating
one of the reasons for declining customer deposits. On the other hand, the loan decreased
from 2019 to 2021 (Appendix 1)(Appendix 2) (Appendix 3) (Appendix 4).

.
Net profit margin is a measure of net income generated as a percentage of revenue. It depicts
how each dollar invested generates revenue. Net profit is one of the fundamental indications
of a company's financial health. By evaluating increases and falls in its net profit margin, a
business can evaluate the efficacy of its current operations and estimate earnings based on
revenue. The profitability of KFH has improved from 2019 to 2021, going from negative to
positive as shown in the table above.

KFH generates a net loss in 2019 and 2020, due to high operating costs and decreasing
revenue incurred during the pandemic. The economy recovering from the adverse impacts of
the pandemic results in net profit in 2021 (Appendix 1) (Appendix 2).

3. Key Risk Analysis:

Due to the fact that Islamic banks are not authorized to apply interest rates, their exposure to
credit risk is greater than that of conventional banks, and most of the existing studies on the
impact of credit risk in Islamic banks include the size of the banks' assets among many
others.

Credit risk is the risk that a counterparty may be unable to meet the terms of a contract in
which the Bank has a gain position. As of 31 December 2021, the level of credit risk in the
Group and the Bank, as measured by the cost to replace profitable contracts, was
RM5,805,274 (2020: RM7,310,323). However, throughout the duration of the contracts, this
amount will fluctuate based on maturity dates and market rates or prices (Annual Report,
2021).
According to the Annual Report (2021), the foreign exchange-related contracts and Ijarah
rental swap-related contracts of KFH are subject to market risk and credit risk. The risk-
weighted amount of foreign exchange-related contracts of less than a year has increased from
RM1,403,000 to RM 3,330,000, indicating the higher risk and the greater amount of
regulatory capital required (Appendix).

The Capital Adequacy Ratio of KFH increased from 38.88% in 2020 to 42.804% in 2021
(approximately 10%) (Appendix 5). Thus, a bank with a high capital adequacy ratio is
regarded to be solvent because it exceeds the minimum standards. Therefore, the better a
bank's CAR, the more likely it is to absorb unanticipated events and act as a cushion against
losses.

Liquidity risk is the exposure to loss resulting from the inability to meet cash flow
obligations. It occurs when the Bank lacks sufficient maturing assets to cover non-rolled-over
maturing liabilities. Thus, to evaluate the liquidity of KFH, the liquidity coverage ratio (LCR)
developed in accordance with Basel Accord is suitable. The ratio divides highly liquid assets
upon net cash flow.

KFH's excellent financing profile is supported by retail deposits (71 percent of customer
deposits at the end of 2020), which are contractually short-term but steady. The bank's USD3
billion Sukuk program enables the bank to diversify its financing sources, manage foreign-
currency risks and liquidity shortages, and maintain a stable net funding ratio (119 percent at
the end of 2020). The bank's liquidity coverage ratio was excellent (208 percent at end-2020).

During the three months ended 31 March 2022, KFH Group maintained a strong HQLA
buffer, averaging around KD 5.100 billion (post-haircut) against an average net cash outflow
of KD 2.531 billion. In addition, the LCR for the 2021 period was 201.53 percent (Kuwait
Finance House, 2022).

After applying flow rates, the average HQLA portfolio consists of 91.84 percent "Level 1"
assets, mostly cash and reserve balances with the CBK and central banks of countries in
which our subsidiaries operate. The primary drivers of net cash outflows were retail deposits,
small company deposits, and unsecured wholesale funding, which accounted for 72.41
percent of total cash withdrawals (Kuwait Finance House, 2022).

Operational risk refers to losses stemming from failed internal processes, people, systems, or
external events. KFH's ORM Policy strives to control the institution's total operational risk.
This policy is regularly evaluated to ensure that it is consistent with the Bank's overall
objectives. Several operational risk tools have been adopted in an effort to reduce operational
risk to an acceptable level within the Bank's risk tolerance. A clear delegation of authority
has been designed and implemented in order to provide accurate job descriptions. This
delegation of authority is evaluated frequently to ensure that it remains current.

4. Financial Challenges in Local and Global Market:

Financial institutions encounter various challenges, particularly in risk and performance in

both domestic and global markets.

Domestic Market:

Despite the government's support for Islamic banking in Malaysia, a number of challenges
remain, including a shortage of human resources, misconceptions regarding Islamic money,
and problems with harmonization and standardization. Islamic banking provides an extensive
selection of products, some of which involve consumer debt (Iqbal, 2007). As a result, some
consumers struggle to maintain their commitments to pay their bank installments, while
others enjoy delaying payment. This exposes financial institutions to default risk.

Secondly, Shariah principles and objectives must be followed by Islamic banks. The Islamic
banking system will achieve its purpose of wealth and human wellbeing once the Maqid al-
Sharah is fulfilled. In Malaysia, Islamic banking is leaning toward debt-based financing, with
just a small part of profit-sharing-based finance (murabah/mushrakah) remaining, which is
not Shariah's goal for the economy and people (Iqbal, 2007). Hence, this would drive the
religious customers away by weakening the trust in the Islamic banking system. The
customers would feel as if their values have been threatened and challenged.

Thirdly, Islamic banks have a concentrated ratio of deposits in Malaysia. One Islamic bank
may focus on financing the Information Technology industry, while another Islamic bank
may do the same for the agricultural industry, without seeking to diversify into other areas.
Since there are no formal markets for transferring risks to produce diversity, risk transfer is
highly confined. Consequently, Islamic banks are susceptible to cyclical shocks within a
particular industry. According to a small number of industries, a lack of variety increases
their susceptibility to new entrants, especially overseas conventional banks that are better
equipped to meet these issues (El-Galfy & Khiyar, 2012).
It is argued that concentrated Islamic banking will lead to dysfunctional interest rate
mechanisms, credit system abuse, and derivative markets, among other dysfunctional
situations. In practice, government authorities have no authority over such a massive
financial institution.

Lastly, the expansion and success of any industry are reliant on its human resources. As a
rapidly expanding industry, Islamic finance needs more professionals and talent with a wide
array of skills and comprehensive training. According to a MIFC research, 60% of workers in
the Islamic financial business require additional training and expertise in Islamic finance
(Dewa & Zakaria, 2012). The lack of understanding of Islamic financing has a significant
impact. In the modern Islamic financial industry, there is a need for more individuals with
key knowledge and skills in Islamic finance globally.

According to Shaffaii (2008), Malaysia had difficulty recruiting qualified employees in the
Islamic finance industry in order to fulfill its goal of converting 20% of the conventional
banking sector to Islamic financing by 2010. In 2008, around 5% of the banking industry had
switched to Islamic finance. The greatest hindrance to the expansion of the Islamic banking
industry is a scarcity of qualified candidates who can command a salary. In Malaysia, a
number of academic training programs are provided to alleviate this issue and foster the
growth of the Islamic banking industry (Dewa & Zakaria, 2012).

Global Market:

To minimize procrastination and the payment of late fees, Islamic banks must implement
penalties. In such cases, Malaysian Islamic banks adopt the ideas of taw (compensation) and
gharmah (protection) (penalty). However, implementing the ideas of taw and gharmah can be
problematic since it might result in ambiguities in the contract, and assessing the actual loss
or compensation of the facility can also be challenging. In Islamic banking, the enforcement
of taw and gharma when Malaysia accepts both while Islamic banks in the Middle East use
only the tawd and not the gharmah (Iqbal, 2007). Hence, KFH being a foreign financial
institution follows different regulations in different countries to comply with the law.

If Sukuk represents receivables or any debt, Sukuk transaction is governed by bay al-
requirements and laws. This (bai al-dayn) may occur if the underlying assets of Sukuk are
sold at a deferred price or if the capital of murabah Sukuk is converted. In relation to the
Malaysian Islamic capital market, bayal-Dayn relates to the notion of trading debt deriving
from a range of exchange contracts, such asal-ijrah thumma al-bay (rent linked with the sale),
murbaah (markup sale), and istin (interest-free sale). In this context, the Advisory Council
(SAC) of the Securities Commission Malaysia permits the use of bay al-dayn in the Sukuk
market on a spot price basis, either to the debtor or a third party.

However, The Muslim World League's International Islamic Fiqh Council (IIFC) permits the
spot-price sale of debt to the debtor; however, the IIFC-MWL prohibits the discount sale of
debt to a non-debtor or third party. In addition, according to Usmani, it is forbidden to sell a
debt to a non-debtor, a practice known as rib al-nasah and rib al-fal (Ibrahim, 2015). Thus,
such differences may impede the regulations of the Islamic capital market and lay the seed of
controversy.

In addition, the Islamic banking industry currently lacks its own benchmark for evaluating
interest rates, instead of relying on conventional standards (Ibrahim, 2015). Therefore, KFH
did not establish a ceiling price for the product. According to their reasoning, setting a return
ceiling appears to result in a product with two prices.

5. Recommendation for Risk and Performance Improvement:

A risk management culture must be formed in Islamic banks. Introducing an internal

evaluation system is one method for fostering this culture. It is strongly suggested that all of
their assets must be independently risk-weighted. Overall, KFH must introduce other
initiatives to improve the financial ratio and loan-to-deposit ratio. In the medium and long
term, these may grow into more intricate systems. Installing such a plan can assist in bridging
gaps in risk management arrangements, hence increasing the frequency with which these
arrangements are evaluated by regulatory agencies and external credit rating agencies.

In substitution of taw and gharmah, the researchers recommend that Islamic banks establish a
tabarru (gift) fund and its accompanying legislation to avoid a dispute over late payment fees.
A consumer who misses a payment deadline will be charged a fee that will be donated to
charity. Islamic banks will transfer the leftover funds to the underprivileged, those in need,
and others, after deducting service fees and other charges. In addition, the bank may analyze
a defaulter's status when the customer is experiencing true financial difficulties, such as
poverty, unemployment, etc., and the Qur'an (2:280) directs the creditor to allow the debtor
sufficient time (Iqbal, 2007).

The researchers urge that Islamic banking must use more financing products based on profit-
sharing and strive to satisfy the Maqid al-Sharah, which will assist the economy to flourish.
The learning of Maqid al-Sharah and other tools such as malaah (benefit) and arurah
(necessity) should be addressed and described to stakeholders of Islamic banking so that
Islamic banking does not continue on a different path (Sufian, 2007).

In addition, the experts recommend strict adherence to Islamic financial norms. When Islamic
finance is compelled to employ controversial concepts, the industry must investigate the
implications and replace them with non-controversial concepts, such as bay al-dayn. In order
to remove gharar and other risks, they must also recommend the usage of bay al-dayn within
strict guidelines and where the regulatory framework allows such facilities (Sufian, 2007).
 References:

1. Annual Report [2019]. Kuwait Finance House (Malaysia) Berhad. Available at:
https://www.kfh.com.my/malaysia/reports/malaysia/annual-reports/KFH-Malaysia-Annual-
Report-Year-
2019/document_en/KFH%20Malaysia%20Annual%20Report%20Year%202019.pdf.pdf.
[Accessed 26 May 2022].
2. Annual Report [2021]. Kuwait Finance House (Malaysia) Berhad. Available at:
https://www.kfh.com.my/malaysia/reports/malaysia/annual-reports/KFH-Malaysia-Annual-
Report-Year-2021/document/Signed%20KFHMB%20Master%20FS%20FY2021.pdf.pdf.
[Accessed 26 May 2022].
3. bin Shuib, M.S., bin Sulaiman, A.A. and bin Mohamad, M.T., 2011. Middle east bank and
their challenge operation in Malaysia: A case study on Kuwait Finance House Malaysia
Berhad. African Journal of Business Management, 5(11), pp.4000-4006. Available at:
https://academicjournals.org/journal/AJBM/article-abstract/AF4DE7215443. [Accessed 25
May 2022].
4. Dewa, N. and Zakaria, S., 2012. Training and development of human capital in Islamic
banking industry. Journal of Islamic Economics, Banking and Finance, 8(1), pp.95-108.
Available at: https://platform.almanhal.com/Files/Articles/22310. [Accessed 26 May 2022].
5. El-Galfy, A. and Khiyar, K.A., 2012. Islamic banking and economic growth: A review.
Journal of Applied Business Research (JABR), 28(5), pp.943-956. Available at:
https://clutejournals.com/index.php/JABR/article/view/7236. [Accessed 26 May 2022].
6. Ibrahim, M.H., 2015. Issues in Islamic banking and finance: Islamic banks, Shari’ah-
compliant investment and sukuk. Pacific-Basin Finance Journal, 34, pp.185-191. Available
at: https://www.sciencedirect.com/science/article/pii/S0927538X15000761. [Accessed 26
May 2022].
7. Iqbal, Z., 2007. Challenges facing Islamic financial industry. Journal of Islamic Economics,
Banking and Finance, 3(1), pp.1-14. Available at:
https://www.academia.edu/download/66647297/Challenges_Facing_Islamic_Financial_Ind
u20210423-27451-1pnfj0t.pdf. [Accessed 26 May 2022].
8. KFH Malaysia, n.d. About Us. Available at: https://www.kfh.com.my/malaysia/corporate-
banking/about-
us.html#:~:text=Kuwait%20Finance%20House%20(Malaysia)%20Berhad%20(KFH%20M
alaysia)%20is,Operations%20on%208%20August%202005.. [Accessed 25 May 2022].
9. Kuwait Finance House, 2022. Liquidity Coverage Ratio Disclosure. Available at:
https://www.kfh.com/dam/jcr:0d8ae058-01b0-4efd-9452-
2679763b72c9/LCR%20Disclosure-Q1%202022.pdf. [Accessed 26 May 2022].
10. Lo, C.W. and Leow, C.S., 2014. Islamic banking in Malaysia: A sustainable growth of the
consumer market. International Journal of Trade, Economics and Finance, 5(6), p.526.
Available at: http://www.ijtef.org/papers/427-E303.pdf. [Accessed 25 May 2022].
11. Sufian, F., 2007. The efficiency of Islamic banking industry in Malaysia: Foreign vs
domestic banks. Humanomics. Available at:
https://www.emerald.com/insight/content/doi/10.1108/08288660710779399/full/html.
[Accessed 26 May 2022].
Appendices:

Appendix 1
Appendix 2
Appendix 3
Appendix 4
Appendix 5
 Individual assignment Marking Scheme (Marks: 100 scale to 35%)

Poor Good Excellent

Bank’s brief background and 0 – 4 marks 4.1 – 8 marks 8.1 – 12 marks
competitive environment of the Superficial background of bank and Sufficient description of bank and Good description of bank’s
industry./ 12 marks industry competitive environment. industry competitive environment. background. Coherent. Quality of
Mostly irrelevant information Generally coherent. Research meets research generally exceeds
provided. expectations. Credible sources of expectations. Credible sources of
Incoherent facts and too brief. research. research. Indication of understanding of
industry
Trend of the bank’s 0 – 8 marks 8.1 – 16 marks 16.1 - 24 marks
performance of revenue, Basic structure; Well structured; Well structured;
profitability, loans and Discussion on at least one (1) or two Discussion on at least three (3) types of Discussion on four (4) types of
deposits. To include (2) type(s) of performance measure performance measures. (ROE, ROA, performance measures. (ROE, ROA,
calculation e.g relevant ratios / (ROE, ROA, Risk Weighted Capital Risk Weighted Capital Ratio, Earnings Risk Weighted Capital Ratio, Earnings
24 marks Ratio, Earnings per Share, Net Interest per Share, Net Interest Income, Asset per Share, Net Interest Income, Asset
Income, Asset quality/Net impaired quality/Net impaired loan ratioetc.) quality/Net impaired loan ratio etc.)
loan ratio etc.)
Key risks e.g. credit risk, liquidity 0 –8 marks 8.1 – 16 marks 16.1 - 24 marks
risk, market risk, interest rate Discussion on at least one (1) or two Discussion on at least three (3) key risks. Discussion on at least four (4) key
risk etc. To include calculation (2) key risk (s). risks.
as measurement for the
selected risk/24 marks
Financial challenges of the 0 – 5 marks 15.1 – 10 marks 10.1 - 15 marks
bank in the domestic and Discussion on at least one challenge in Discussion on at least three Discussion on at least four challenges in
international markets. / domestic and international market challenges in domestic and domestic and international market each.
15 marks each. international market each.
Recommendations for the 0 – 5 marks 5.1 – 10 marks 10.1 – 15 marks
improvement of the bank. / 15 Discussion on at least one valid Discussion on at least two valid Discussion on at least three valid
marks recommendation forperformances and recommendations for performances recommendations for performances and
risk mitigation each. and risk mitigation each. risk mitigation each.
Format and references. / 0 – 3.33 marks 3.34 – 6.67 marks 6.68 – 10 marks
10 marks No proper Harvard references and do Proper Harvard references and good Adhere to Harvard references, well-
not comply assignment format assignment format presentation. structured and presented assignment
requirements. format and presentation.
 TAYLOR'S GRADUATE CAPABILITIES (TGC) RUBRICS
Criteria Weightage Outstanding (15.01-20.00) Mastering (10.01-15.00) Developing (5.01-10.00) Beginning (0.00-5.00)
(%)
Propose solutions Develop a comprehensive Develop a feasible and Develop a feasible plan to Develop a plan to solve
to existing and 20 and consistent plan to solve consistent plan to solve solve problems and problems and recognizes
emerging problems problems and recognise problems and recognizes recognizes some few consequences of
consequences of solutions consequences of solutions consequences of solutions solutions that articulates a
TGC 2a.2 that articulates a reason for that articulates a reason that articulates a reason for reason for choosing a
choosing a solution. for choosing a solution choosing a solution solution.

Criteri Weightage Outstanding (11.26-15.00) Mastering (7.51-11.25) Developing (3.76-7.50) Beginning (0.00-3.75)
a (%)
Demonstrate self- Explore a topic in-depth, Explore a topic in depth, Explore a topic with some Explore a topic at a surface
inquiry in learning* 15 yielding a rich awareness yielding insight and/or evidence of depth, providing level, providing little
and/or little-known information indicating occasional insight and/or insight and/or information
TGC 4.2 information indicating interest, initiative and information indicating mild beyond the very basic facts
intense interest, initiative effort in the subject interest, initiative and effort in indicating low interest,
and effort in the subject. the subject. initiative and
effort in the subject.

*The demonstration of self-inquiry in learning will be assessed through small group discussion(s) where students need to demonstrate their critical
thinking, leadership and problem-solving skills.
 Gufranul's I.A
by GUFRANUL ALAM .

Submission date: 27-May-2022 10:23PM (UTC+0800)

Submission ID: 1845382210
File name: 214370_GUFRANUL_ALAM_._Gufranuls_I.A_1639521_140186888.docx (31.29K)
Word count: 2877
Character count: 15674
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Gufranul's I.A
ORIGINALITY REPORT

19 %
SIMILARITY INDEX
14%
INTERNET SOURCES
3%
PUBLICATIONS
12%
STUDENT PAPERS

PRIMARY SOURCES

1
www.kfh.com.my
Internet Source 6%
2
Submitted to International Centre for
Education
2%
Student Paper

3
www.kfh.com
Internet Source 2%
4
Submitted to University of Dhaka
Student Paper 1%
5
Submitted to International Islamic University
Malaysia
1%
Student Paper

6
volunteer.bcs.org
Internet Source 1%
7
www.tandfonline.com
Internet Source 1%
8
Submitted to International University of
Malaya-Wales
1%
Student Paper
9
Submitted to Colorado Technical University
Student Paper 1%
10
www.bbazaar.my
Internet Source 1%
11
bugcorporate.com
Internet Source 1%
12
Submitted to Colorado State University,
Global Campus
<1 %
Student Paper

13
Submitted to University of Sussex
Student Paper <1 %
14
www.publicbankgroup.com
Internet Source <1 %
15
Submitted to Taylor’s Education Group
Student Paper <1 %
16
Submitted to European University
Student Paper <1 %
17
Submitted to University of Ulster
Student Paper <1 %
18
www.diva-portal.org
Internet Source <1 %

Exclude quotes Off Exclude matches Off

Exclude bibliography Off