Islamic-Finance

Top 20 FREQUENT WORDS

islamic 18 sale 18 price 8 goods 7 riba 7 contract 6 profit 6 seller 6 asset 5 finance 5 paid 5 qur 5 salam 5 bai 4 buyer 4 delivered 4 investment 4 lender 4 means 4 ownership 4 sukuk 4

DOCUMENT KEY POINTS

• the qur anic ban on riba i qur an mentions that the person who deals with a riba will stand on judgment day as one who is being beaten by satan into insanity
• i qur an makes it clear that a trade and a riba are not same and that god forbade a riba and allowed a trade

• features of istisna a i istitsna is a pure sale contract and not a hire contract i commodity is non existing and is to be manufactured to bring it to existence i does not include natural goods like fruits cereals etc i quantity quality price are fixed at the time of signing the contract i price need not be paid in advance
• it can be either be paid in installments or can be partially deferred until delivery

• i the client leases the asset from the bank paying a fixed monthly rental i the client purchases the asset from the bank at the end of the lease period
• ijarah lease i the bank and the client agree on the terms of the lease

• i sukuk is a certificate of equal value representing undivided shares in ownership of tangible assets and services or in the ownership of the assets of particular projects or investment activity
• sukuk i sukuk is the arabic name for a financial certificate but can be seen as an islamic equivalent of bond

• takaful i takaful means guaranteeing each other in arabic i it is an islamic system of mutual insurance built around the concept of tabarru donation gift
• i each participant contributes to a fund to cover expected claims while also benefiting from a share of investment returns

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DOCUMENT WORD ANALYSIS

Main Category

AlHuda Material\islamic banking

KeyWords

contract price sale asset financing lease client purchase ijarah payment profit musharakah lessee amount commodity housing agreement contracts ownership project

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DOCUMENT REFERENCES

Number of Pages

23

Published Date

2016-09-17 00:27:06

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