An istisna’a contract in which one counterparty (the seller or the buyer) is also a counterparty to a previous istisna’a…
It stands for restricted investment account, which is an Islamic investment account which is subject to certain restrictions imposed by…
An amount that is taken out of an Islamic bank’s income (mudaraba income, investment account holders’ income, etc) as a…
Arabic (ركاز)- singular of rakaiiz– for all valuable objects underground. It includes all treasures (gold, silver, precious stones, etc.) whether…
Arabic (ركن) for one of the pillars/ elements/ cornerstones of a contract (aqd- عقد). The primary arkan (pl. of rukn)...
An Arabic expression that translates as gain of non-owned assets (i.e., assets whose risk is not borne by the profit…
A salam contract in which the seller (the short) or the buyer (the long) in the original (previous) salam becomes…
In the context of selling (ba’i or bay‘- البيع), ribh (in Arabic script: ربح) refers to the difference resulting from…
A form of sale and buy-back (inah sale– بيع العينة) in which a commodity is sold for a spot price (thaman)…
An approach for performing audits (both financial and Shari’ah) with a specific focus on associated risks and risk-related areas that…