In the context of Islamic financial accounting, an asset is recognized in the balance sheet (statement of financial position) when…

From a shari’a perspective, it is permissible to leave a pledged asset/collateral, with respect to a credit transaction, in the…

A transaction that depends on occurrence of an uncertain event (s). The condition of occurrence is agreed on by the…

A bill of exchange which is drawn on or by a bank, payable at some preset future date, to securitize…

Arabic (عقد التبرع) for noncommutative contract or gratuitous contract. This type of contracts (aqd) is based on voluntary charitable actions/donations…

An Arabic term (عارية المنافع) that translates as gratuitous loan of usufruct (iqradh al-manfa’ah– إقراض المنفعة). It arose from the…

Arabic (المسترسل) for a buyer who does not haggle over the price (i.e., takes the price for granted). In general,…

Impediments to legal competence. More specifically, awaridh (plural of aridhah) are all emerging shortcomings or deficiencies that deprive a competent…

A sale (bay') that involves the exchange of an asset for specified monetary units (the price/ thaman). With respect to...

It stands for additional tier-1 sukuk; the additional proceeds from a sukuk issuance that are used to enhance an entity's...