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t. e. Islamic banking, Islamic finance (Arabic: مصرفية إسلاميةmasrifiyya 'islamia), or Sharia-compliant finance[ 1 ] is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic finance include mudarabah (profit ...
Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms [citation needed] or payment terms.
(The Jordan Islamic Bank uses Amanah (trust) mode for current accounts/demand deposits, the bank may only use the funds in the account at its "own risk and responsibility" and after receiving permission of the account owner.) [189] Sources disagree over the definition of these two contracts.
Riba (Arabic: ربا ,الربا، الربٰوة, ribā or al-ribā, IPA: [ˈrɪbæː]) is an Arabic word used in Islamic law and roughly translated as "usury": unjust, exploitative gains made in trade or business. Riba is mentioned and condemned in several different verses in the Qur'an (3:130, 4:161, 30:39, and most commonly 2:275-2:280). [1]
Murabaḥah, murabaḥa, or murâbaḥah (Arabic: مرابحة, derived from ribh Arabic: ربح, meaning profit) was originally a term of fiqh (Islamic jurisprudence) for a sales contract where the buyer and seller agree on the markup (profit) or "cost-plus" price [1] for the item (s) being sold. [2] In recent decades it has become a term for ...
Profit and Loss Sharing (also called PLS or participatory banking) refers to Sharia-compliant forms of equity financing such as mudarabah and musharakah. These mechanisms comply with the religious prohibition on interest on loans that most Muslims subscribe to. Mudarabah (مضاربة) refers to "trustee finance" or passive partnership contract ...
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
Qardh al-hasan (Arabic: قرض الحسن, transl. benevolent lending) is the one which is without a collateral. However some Ulama deem it a form of interest-free loan (fungible, marketable wealth) that is extended by a lender to a borrower on the basis of benevolence (ihsan). Al-qardh, from a shari’a point of view, is a non commutative ...