Islamic banking institution definition

Islamic banking institution means a licensed Islamic bank (excluding a licensed international Islamic bank) or a licensed bank, as the case may be;
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Islamic banking institution means a full-fledged Islamic bank, Islamic banking subsidiaries or Islamic banking branches of conventional banks;
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Islamic banking institution means a licensed person which is−
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Examples of Islamic banking institution in a sentence

  • If a member has an entitlement to default invalidity/death insurance immediately before taking out fixed benefit insurance cover, the level of the member's default invalidity/death insurance will be determined by the Board.

  • It is based on a collective sharing of risk by a group of individuals whose payments are akin to premiums invested by the Islamic banking institution in a mudarabah arrangement for the benefit of the group.

  • Nevertheless, in the event of non-delivery of the commodity by the seller under the initial Salam contract, the Islamic banking institution is not discharged of its obligation to deliver the commodity to the purchaser under the parallel Salam contract.

  • In this case, the Islamic banking institution will not have any recourse to the customer should the business incur losses due to the investment policy as there would have been no such policy prescribed by the Islamic banking institution in the first place.

  • The Mudharabah Interbank Investments (MII) mechanism, moreover, allows a deficit Islamic banking institution to obtain investment from a surplus Islamic banking institution on a mudarabah (profit-sharing) basis.

  • The proportion of the capital investment may be on a permanent basis or, on a diminishing basis where the obligor progressively buys out the share of the Islamic banking institution (thus, this contract is named Diminishing Mushārakah, which is categorized under Mushārakah contract for the purpose of the Framework).

  • In particular, Mudārabah interbank investments in the domestic Islamic money market would attract the credit risk of the Islamic banking institution instead of equity risk despite having similarities in the contractual structure.

  • The relevant legal recourse provided under the AP that requires the obligor to perform their obligation to purchase the underlying asset from the Islamic banking institution shall be a key determinant for the AP to be recognised as binding or non-binding.

  • Islamic banking institution as the purchaser of the commodity makes full payment of the purchase price upon execution of the Salam contract.

  • However, as directed in the NWSS Act, these “nonrevenue-generating” activities are to be undertaken with separate Government funding.

Related to Islamic banking institution

  • banking institution means a bank, bank and trust company, trust company, savings bank, private bank, or a national banking association, organized and doing business under the provisions of any law of this state, or of any other state of the United States, or under the provisions of any law of the United States of America.

  • credit institution means a credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013;

  • Mobile Banking means the banking services accessible from the Device you have registered with us for Mobile Banking.

  • Online Banking is the internet-based service providing access to your Bank account(s);

  • Local Banking Day means a day (other than a Saturday or Sunday) on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in the place of presentation of the relevant Covered Bond or, as the case may be, Coupon; and

  • UK Financial Institution means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.