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

• 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.

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

• In the calculation of CET 1 capital, an Islamic banking business firm must derecognise all unrealised gains and unrealised losses that have resulted from changes in the fair value of liabilities that are due to changes in the firm’s own credit risk.

• An Islamic banking business firm must deduct from CET 1 capital the amount of its goodwill and other intangible assets (except mortgage servicing rights).

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

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

• In the calculation of CET 1 capital, an Islamic banking business firm must derecognise the amount of the cash flow hedge reserve that relates to the hedging of items that are not fair-valued on the balance sheet (including projected cash flows).

• In the calculation of CET 1 capital, an Islamic banking business firm must derecognise any increase in equity capital or CET 1 capital from a securitisation or resecuritisation transaction (for example, an increase associated with expected future margin income resulting in a gain-on-sale).

• Subsection (5) shall not apply to a bank licensed to conduct Islamic banking business or to that unit of a bank carrying on Islamic banking business through a window which purchases or otherwise acquires immovable property for the purpose of enabling that bank or that unit to carry on Islamic banking business.

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

More Definitions of Islamic banking business

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

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 the business of—

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;