Islamic deposit definition

Islamic deposit means a sum of money or monies worth received by or paid to any person, under which the receipt and repayment shall be in accordance with the terms of an agreement made on any basis including custody or profit sharing;

Islamic deposit means a sum of money or money's worth received or paid on terms by any person, under which the receipt and repayment shall be in accordance with the terms of any agreement consistent with the shariah on any basis including of custody or profit sharing;

Islamic deposit means a sum of

Examples of Islamic deposit in a sentence

• This risk refers to the effect of profit/interest rate changes on the market value of Islamic money market instruments, Islamic deposit placements and sukuk.

• Other Permitted Investments– Islamic money market instruments; – Units or shares of Shariah compliant UCITS schemes; – Islamic deposits with any credit institutions (in the event there is no Islamic deposit available, then the cash of the Shariah Portfolio must be placed in a non-interest bearing account); – Shariah compliant financial derivative instrument (only for hedging purposes).

• Although the Fund does not invest in interest bearing instruments, the movement of the interest rate will have an impact on the profit rate of the Islamic money market instruments and Islamic deposit placement, and consequently affect the expected return of the Fund’s investments.

• The sources of Islamic banks and their uses of these funds have been investigated in a number of studies, particularly Abdul-Gafoor (2003), Alam (2000) and Haron (1995).The three main types of Islamic deposit accounts are as follows.

• The remaining will be invested in Islamic money market instruments, Islamic deposit placements, sukuk and/or other Shariah-compliant permitted investments.

• Any downward movement of the profit/interest rate may result in a loss of the expected return from the Fund’s investments in Islamic money market instrument and Islamic deposit placement.

• We also do not investigate riskiness at the bank or system level where Islamic deposit taking and limits on hedging and trading may be important.For each loan contract the CIB records the identity code and total exposure of the borrower and his location and industry.

• This risk refers to the effect of interest rate changes on the market value of Islamic money market instruments, Islamic deposit placements and sukuk.

• The remaining will be invested in Islamic money market instruments, Islamic deposit placements and/or other Shariah- compliant permitted investments.

• Although the Fund does not invest in interest bearing instruments, the movement of the interest rate will have an impact on the profit rate of the Islamic money market instruments and Islamic deposit placement, and consequently affect the expected return of the Fund‟s investments.