An interest rate cap that has a forward start date. In other words, the cap comes into effect at some…

Arabic for obligation or duty. In this sense, and in usul al-fiqh, fardh (فرض) encompasses all acts considered by shari’a…

A futures contract which matues at most distant months. That is, it has expirations or delivery dates furthest into the…

A fatwa that was issued based on consensus reached by companions (sahaba) of the Prophet (pbuh), particularly the four orthodox…

A position in which negative deltas offset positive deltas. The overall delta of the position is zero or very close…

It stands for zero-volatility spread; the spread that would be realized over the whole risk-free spot rate curve if a…

A limited liability company and any business entity that has no significant assets or ongoing business activities/operations. Typically, shells have…

The correlations which are observed between a convertible’s theoretical value and relevant influential factors such as the underlying stock price,…

A financial transaction that involves trading a security that has not yet been issued, but rather is scheduled to be…

Processes of going public by voluntarily following the rules that public companies follow and filing the documents they file. By…