Islamic bank definition

Islamic bank means any company which carries on Islamic banking business and holds a valid licence; and all the offices and branches in Malaysia of such a bank shall be deemed to be one bank;

Islamic bank means a bank licensed under the Islamic Banking Act 1983 [Act 276];

Islamic bank means a Bank having license as Scheduled Islamic Commercial Bank from State Bank of Pakistan or a Bank, which accepts deposits on profit and loss basis and will include all Banks or financial institutions, approved by Shariah Advisor for the purpose of banking by the Trust.

Examples of Islamic bank in a sentence

• The investment account holders and the Islamic bank generally participate in the returns on the invested funds.

• RHB Banking Group was the first commercial banking group to have a full-fledged Islamic bank in Malaysia that was transformed from an Islamic banking window when it first commenced its operations.

• Under this arrangement the Islamic bank can commingle the investment account holder’s funds with its own funds or with other funds the Islamic bank has the right to use (e.g., current accounts).

• Unrestricted Investment AccountsWith this type of account, the investment account holder authorizes the Islamic bank to invest the account holder’s funds in a manner which the Islamic bank deems appropriate without laying down any restrictions as to where, how and for what purpose the funds should be invested.

• Regulated Islamic banking servicesAny of the regulated activities permitted to be undertaken by an Islamic bank licensee (see LR-1.3).

More Definitions of Islamic bank

Islamic bank means a Bank having license as Scheduled Islamic Commercial Bank from State Bank of Pakistan or a Bank, which accepts deposits on profit and loss basis and will include all Banks or financial institutions, approved by ShariahAdvisor for the purpose of banking by the Trust.

Islamic bank means a bank licensed under the Islamic Banking Act 1983;’; and

Islamic bank means a bank licensed under the IBA ;

Islamic bank means an Islamic banking company licensed under the Banking Companies Ordinance, 1962 or any other regulation for the time being in force and shall include a bank incorporated outside Pakistan and carrying on Islamic banking business in Pakistan as a scheduled bank.

Islamic bank means an Islamic financial institution which is a bank;

Islamic bank means such a banking company or an Islamic banking branch(es) of a banking company licensed by Bangladesh Bank, which follows the Islamic Shariah in all its principles and modes of operations and avoids receiving and paying of interest at all levels.

Islamic bank means a bank licensed under the Islamic Financial Services Act 2013, other than a licensed international Islamic bank;