An accounting term that comes from the Latin word "debere", which means "to owe". Debit is a journal entry that...

The transactions that an entity carries out involving income and expense items. Examples of financing activities or transactions include issuing…

An accounting transaction (and an element of an entity’s income statement) that reflects the consumption of an asset (broadly, an...

Arabic (ركن) for one of the pillars/ elements/ cornerstones of a contract (aqd– عقد). The primary arkan (pl. of rokn)…

An Arabic expression (ربح ما لم يضمن) that translates as gain of non-owned assets (i.e., assets whose risk is not…

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…