Islamic banks definition

Islamic banks means banks licensed as such by the Bank of Mauritius “Islamic financial institutions” means financial institutions licensed as such by the Financial Services Commission (Amended Act No. 10 of 2017
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Islamic banks means banks licensed as such by the Bank of Mauritius;
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Islamic banks means banks licensed as such by the Bank of Mauritius “Islamic financial institutions” means financial institutions licensed as such by the Financial Services Commission(Amended Act No. 10 of 2017 Government Gazette No. 70 of 24.07.17)
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Examples of Islamic banks in a sentence

  • The funds not invested in the foregoing avenues shall be placed as deposit with scheduled Islamic banks / Islamic Divisions of conventional banks.

  • The Bank compares its rates with the rates offered by peer Islamic banks in the market along with performing analysis of its profitability and studies of other market indicators.

  • When there are no specific accounting standards under AAOIFI, Islamic banks must use International Financial Reporting Standards (IFRS).

  • Bankers to the Scheme shall be any bank (must be Shariah compliant/ Islamic banks and Shariah compliant/ Islamic banks window) appointed by the Management Company.

  • They are contractual arrangements under which Islamic banks invest clients’ funds, often (though not always) on a pooled basis, and are generally treated by the bank as off balance sheet.

  • Because Managing a PSIA is a Financial Service, the DFSA regulatory regime that applies to Persons carrying on Financial Services in or from the DIFC applies to Islamic banks that manage PSIAs. As PSIAs are not financial products, the issue of PSIAs, or any advising or arranging activities conducted in relation to PSIAs, especially by a third party, do not attract prospectus like disclosure or any advising or dealing related COB requirements (such as a suitability assessment).

  • Benchmark70% PKR base closing price of physical gold and 30% deposit rates of three Islamic banks.

  • Bank cheques and negotiable instruments drawn to the order of the Customer and deposited (by such mode as shall be made available by the Bank) in the Account shall be accepted as collection items, unless agreed otherwise by the Bank and in accordance with the banking practices prevailing at Islamic banks operating in the UAE.

  • Conventional (non Islamic) banks, financial institutions and insurance companies.

  • For off-balance sheet items, the excess is to be calculated after the application of credit conversion factors as detailed in chapter CA-4 of the Capital Adequacy Module for Islamic banks.

Related to Islamic banks

  • L/C Bank means the Acceptable Bank providing a letter of credit pursuant to Section 5.3 of the Facility Lease.

  • Co-Syndication Agents as defined in the preamble hereto.

  • Internet Banking means the service we offer by which you can access and transact on a nominated account by using a personal computer and accessing via our website. This includes transactions processed through the mobile banking facility as well as the smartphone app facility.

  • Limited line credit insurance producer means a person who sells, solicits, or negotiates one or more forms of limited line credit insurance coverage to an individual through a master, corporate, group, or individual policy.

  • Syndication Agents as defined in the preamble hereto.

  • E-cigarette means any electronic oral device, such as one composed of a heating element and battery or electronic circuit, or both, which provides a vapor of nicotine or any other substances, and the use or inhalation of which simulates smoking. The term shall include any such device, whether manufactured, distributed, marketed, or sold as an e-cigarette, e-cigar, and e-pipe or under any other product, name, or descriptor.

  • Basecoat means a coat of colored material, usually opaque, that is applied before graining inks, glazing coats, or other opaque finishing materials and is usually topcoated for protection.

  • Banks shall include the Agent in its individual capacity.

  • Co-Syndication Agent means each of Bank of America, N.A. and Xxxxx Fargo Bank, National Association in its capacity as co-syndication agent for the credit facility evidenced by this Agreement.

  • foreign financial institution means an institution registered as a foreign financial institution with the Ministry of Finance in the Mexican Banking and Financial Institutions, Pensions, Retirement and Foreign Investment Funds Registry for purposes of Article 195, Section I of the Mexican Income Tax Law.

  • DIP Lenders has the meaning assigned to such term in Section 2.05(b).