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Liability

A present economic obligation that is enforceable against an Islamic bank or financial institution. Enforcement entails settlement by means of...

    Long-Term Lease

    An ijarah in which an asset is leased for a long period of time in a way that ujrah (compensation)…

      Liability Recognition

      In the context of Islamic financial accounting, a liability is recognized in the balance sheet (statement of financial position) when…

        Low Balling

        With respect to quoting audit fees by an auditor, it refers to the practice of quoting a low fee (usually…

          Long-Term Ijarah

          An ijarah in which an asset is leased for a long period of time in a way that ujrah (compensation) is…

            Letter of Credit

            A modern application of guaranties that constitutes a guaranty issued by a bank on behalf of a local merchant, securing…

              Lease of Liability

              A form of Islamic lease in which the contract is linked to the lessor’s liability. Lease of liability is the…

                Layy

                Arabic (ليّ) for the act of delaying repayment/payment of due debts (duyun) on maturity. Such a delay/procrastination may be the…

                  Luzum al-Aqd

                  The state in which a contract (aqd) is devoid of any option (khiyar) that may allow one of its parties...