Islamic contract definition

Islamic contract means a contract which complies with the Shari’ah and satisfies the conditions specified by the Authority;
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Islamic contract means a contract which complies with the Shari’ah and satisfies any conditions specified by the Central Bank for that purpose;”
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Islamic contract means a contract designed to comply with the Shari’ah and which satisfies conditions specified by the Central Bank for purposes of complying with the Shari’ah;
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Examples of Islamic contract in a sentence

  • Islamic contract issued on stand alone assets identified on the balance sheet.

  • The courts held that the Islamic contract of BBA was similar to a conventional loan and hence the Islamic banks could not claim the unearned profits because it was equal to interest calculation.Although the learned judges arrived at their decisions by rejecting the Islamic banks’ claim on the unearned profits, the judgment in these two cases did not question the validity and legality of profits derived from the BBA facility.

  • Investor appoints the Manager to undertake the investment activities on their behalf under the Islamic contract of “Wakalah Bil Istithmar” or “Agency for Investment”.2.

  • Shariah Principles Applicable1- Investor appoints the Manager to manage and invest the Fund under the Islamic contract of “Wakalah Bil Istithmar” or Agency for Investment.

  • BFIN402-ISLAMIC BANKING (3Cr.:3Lec):This course provide students with general overview regarding Islamic banking where several concepts will be covered starting from an introduction to Islamic banking and finance, to understand how Islamic banks are operating; Islamic contract law; financial instruments of Islamic banking and finance; financial accounting for Islamic banking products; Corporate governance; Islamic assets and fund management; Islamic bonds valuation and risk management techniques.

  • This implies that higher financing concentration based on Islamic contract which is primarily of debt-based financing could provide greater needs for liquidity while exposing banks assets portfolio to liquidity risk.

  • This implies that the higher concentration of Islamic contract could reduce the banks’ need to maintain sufficient reserve in the form of loan loss provision while IAH are being used as alternative source of internal liquidity funding especially when the banks are exposed to unexpected losses.

  • The basic principle of Islamic contract law is that the owner of an asset has both its risk as well as reward, and one cannot get reward without bearing its commensurate liability or risk.

  • Investor appoints the Manager to manage and invest the fund under the Islamic contract of “Wakalah Bil Istithmar” or Agency for Investment.2. BIMB Invest is appointed to undertake the investment activities on behalf of the investor for a fee (“Ujrah”).3.

  • Islamic contract (ISCON) is used in measuring Murabahah financing risk refer to Table 1.

Related to Islamic contract

  • EPC Contract means the Seller’s engineering, procurement and construction contract with the EPC Contractor.

  • sub-contract means the primary contractor’s assigning, leasing, making out work to, or employing, another person to support such primary contractor in the execution of part of a project in terms of the contract;

  • Public contract means an agreement between a public body and a nongovernmental source that is

  • Privatization contract or “contract” means an agreement or

  • Sub-contracting means the primary contractor’s assigning or leasing or making out work to, or employing another person to support such primary contractor in the execution of part of a project in terms of the contract.

  • Multiyear contract means a contract that extends beyond a one-year period, including a contract that permits renewal of the contract, without competition, beyond the first year of the contract.

  • Supply contract means a contract under which a lessor buys or leases goods to be leased.

  • Project Contract means any contract between the District or the Corporation and any contractor or vendor regarding the construction, production or other acquisition or installation of any part of an Acquisition Project.

  • CFD Contract or "CFD" shall mean a contract which is a contract for difference by reference to fluctuations in the price of the relevant security or index;

  • Procurement Contract or “Contract” means any written agreement of the Authority for the acquisition of goods or services of any kind in the actual or estimated amount of $25,000, or more.

  • framework contract means a payment service contract which governs the future execution of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account;

  • Construction management contract means a contract in which a party is retained by the owner to

  • Collective Bargaining Agreement means any Contract that has been entered into with any labor organization, union, works council, employee representative or association.

  • Construction Contract or “contract” means a written agreement between a contractor and a public agency for the construction, alteration, demolition, or repair of a facility, other than a contract having a dollar value of less than $30,000.00 or a contract that provides for 3 or fewer payments.

  • Connection Contract means a contract under which Distributed Generation is connected to the Network entered into by the Distributor and a Distributed Generator in accordance with Part 6 of the Code, and, for the purposes of this Agreement, the Distributor and a Distributed Generator are deemed to have entered into a Connection Contract if the regulated terms in Part 6 of the Code apply;

  • Procurement Plan means the Recipient’s procurement plan for the Project, dated April 2, 2010, and referred to in paragraph 1.16 of the Procurement Guidelines and paragraph 1.24 of the Consultant Guidelines, as the same shall be updated from time to time in accordance with the provisions of said paragraphs.

  • Collective Bargaining Agreements shall have the meaning provided in Section 5.05.

  • Open Contract means a Contract which has not been closed out and which has not yet matured;

  • Master Contract means the CATS Master Contract between the Maryland Department of Budget and Management andTO Contractor dated December 19, 2005.

  • Sub-Contractor means the person named in the Contract for any part of the works or any person to whom any part of the contract has been sublet by the contractor with the consent in writing of the Engineer-in-charge and will include the legal representatives, successors and permitted assigns of such persons.

  • Charter contract or "contract" means a fixed-term, renewable contract

  • Loan Contract , subject to section 15, means a contract under which a person in the course of a business carried on by him provides or agrees to provide, whether on one or more occasions, credit to another person, not being a body corporate, in one or more of the following ways —

  • Training Contract means an agreement signed by the employer and the Apprentice or Trainee (and a parent or guardian if applicable), in accordance with the Act and Regulatory requirements.

  • Job order contracting means a project delivery method in which:

  • Group contract means a contract for health care services which by its terms limits eligibility to members of a specified group. The group contract may include coverage for dependents.

  • Transit-oriented development means infrastructure improvements that are located within 1/2 mile of a transit station or transit-oriented facility that promotes transit ridership or passenger rail use as determined by the board and approved by the municipality in which it is located.