Nature Of The Organisation : A Australian Islamic Loans

1377 WordsAug 16, 20156 Pages
Nature of the Organisation MAIL (Mate Australian Islamic Loans) is an organisation created with young Australian Muslims in mind. It aims to help young Australians get Islamic compliant home loans and car financing without having to do any complicated research about the rules and regulations that allow loans to be Sharia compliant in Australia – this means that they can be assured that they can borrow the money they need without contravening their religious principles. Ethical Obligations Ethical obligations are a set of standards that define a moral course of action and draw a line between right and wrong within the organisation. The ethical obligations placed on MAIL include those that are placed on all financial organisations but also…show more content…
Legal obligations for general companies include: • Keeping financial records including: o General ledger o Cash records o Debtor and sales records o Creditor and purchases o Wage and superannuation records o A register of property, plant and equipment showing transactions and balances in relation to individual items o Inventory records o Investment records o Tax returns and calculations o Deeds, contracts and agreements. • When the organisation is set-up, you must: o Register the name with ASIC and obtain an Australian company number (ACN) o Have a registered office • You must also: o Display the company name at every place at which your company carries on business and that is open to the public. Also, a public company must display its name and the words ‘registered office’ prominently at its registered office. o Display the company name, the words ‘Australian Company Number’ (or ‘ACN’) or ‘Australian Business Number’ (or ‘ABN’) and the relevant number on:  The common seal (if the company has one)  Every public document of the company  Every negotiable instrument (e.g. cheque, promissory note ) of the company  All documents lodged with ASIC • The organisation must keep: o Registers of members (shareholders) o Registers of charges created by the company over company property (s271 of the Corporations Act was
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