A guaranty that is restricted by al-wasf or description. As such, guaranty is classified as current guaranty and deferred guaranty.…
A form of einah sale (بيع العينة) in which a commodity is sold for a spot price (thaman) and then is…
The amounts which are due from an Islamic bank’s clients as a result of sale transactions that are based on…
Arabic (ربا القروض) for riba associated with lending and borrowing (i.e., received in lending or paid in borrowing). It is…
Arabic (رهن) for an arrangement whereby a valuable asset is posted as collateral for a debt (dayn). The collateral may…
A type of partnership (sharika) which is formed by two or more parties who share their good reputations, creditworthiness, and…
Arabic (رخصة) for a dispensation or permission or exemption as given by shari’a to Muslims in specific circumstances (e.g., illness,…
It is a form of musharaka in which the Islamic bank or financial institution owns shares or units representing an…
In Arabic iflas (إفلاس). In general, it is a situation when a person runs short of funds. The bankrupt person...
A pledge (rahn) in which the posted asset, in association with a credit transaction, can be provided by a third…