Islamic banking business definition

Islamic banking business means any financial business, the aims and operations of which are, in addition to the conventional good governance and risk management rules, in consonance with the ethos and value system of Islam;

Islamic banking business means banking business whose aims and operations do not involve any element which is not approved by the Religion of Islam;

Islamic banking business means such banking business, the goals, objectives and activities of which is to conduct banking business/activities according to the principles of Islamic Shariah and no part of the business either in form and substance has any elements not approved by Islamic Shariah.

Examples of Islamic banking business in a sentence

• The unaudited interim financial statements incorporated those activities relating to the Islamic banking business.

• Islamic banking business refers generally to the acceptance of deposits under the principles of Shariah.

• These rules establish the prudential framework for Islamic banking business firms.

• An Islamic banking business firm’s risk management strategy will usually refer to risk tolerance although risk appetite may also be used.

• Note For an Islamic banking business firm’s ICAAP, see rule 3.1.5.

• An Islamic banking business firm must deduct from CET 1 capital the amount of a defined benefit pension fund that is an asset on the firm’s balance sheet.

• An Islamic banking business firm must deduct reciprocal cross holdings in shares, or other instruments that qualify as capital, of an entity concerned.

• This Division sets out the criteria and formulae for the inclusion, in an Islamic banking business firm’s regulatory capital, of interests held by third parties.

• Any bank licensed to conduct Islamic banking business shall be governed by the provisions of this Act.

• An Islamic banking business firm must examine its holdings of index securities and any underlying holdings of capital to determine whether any deductions are required as a result of such indirect holdings.

More Definitions of Islamic banking business

Islamic banking business means the practice of all banking activities in conformity with Sharia and mainly avoiding all types of interest deals (usury or riba) as a lender or a borrower;

Islamic banking business means business whose aims and operations are not contrary to Hukum Syara’ and which consists of receiving of deposits or other repayable funds from the public, paying or collecting cheques drawn by or paid in by customers, the granting of financing facilities to customers, and includes such other business as the Authority may authorise for the purposes of this Order;

Islamic banking business means banking business who aims and operations do not involve any element which is not allowed by the Religion of Islam”