Search results
Results From The WOW.Com Content Network
Islamic banking and finance has its own products and services that differ from conventional banking. [ 1][ 2] These include Mudharabah ( profit sharing ), Wadiah (safekeeping), Musharakah ( joint venture ), Murabahah (cost plus finance), Ijar ( leasing ), Hawala (an international fund transfer system), Takaful (Islamic insurance), and Sukuk ...
Muamalat (also muʿāmalāt, Arabic: معاملات, literally "transactions" [1] or "dealings") [2] is a part of Islamic jurisprudence, or fiqh. Sources agree that muamalat includes Islamic "rulings governing commercial transactions" [3] and Majallah al-Ahkam al-Adliyyah). [4] [. Note 1]
Sukuk. Sukuk ( Arabic: صكوك, romanized : ṣukūk; plural [ a] of Arabic: صك, romanized: ṣakk, lit. 'legal instrument, deed, cheque') is the Arabic name for financial certificates, also commonly referred to as " sharia compliant" bonds . Sukuk are defined by the AAOIFI ( Accounting and Auditing Organization for Islamic Financial ...
The basic murabaha transaction is a cost-plus-profit purchase where the item the bank purchases is something the customer wants but does not have cash at the time to buy directly. [48] However, there are other murabaha transactions where the customer wants/needs cash and the product/commodity the bank buys is a means to an end. (Thus violating ...
A cryptocurrency, crypto-currency, or crypto[ a] is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. [ 2] It has, in a financial point of view, grown to be its own asset class.
t. e. Islamic banking, Islamic finance ( Arabic: مصرفية إسلامية masrifiyya '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 ...
Ijarah, ( Arabic: الإجارة, al-Ijārah, "to give something on rent" [ 1][ 2] or "providing services and goods temporarily for a wage" [ 3] (a noun, not a verb)), is a term of fiqh (Islamic jurisprudence) [ 1] and product in Islamic banking and finance . In traditional fiqh, it means a contract for the hiring of persons or renting/leasing ...
Substance over form is an accounting principle used "to ensure that financial statements give a complete, relevant, and accurate picture of transactions and events". If an entity practices the 'substance over form' concept, then the financial statements will convey the overall financial reality of the entity (economic substance), rather than simply reporting the legal record of transactions ...