Islamic financial institution definition

Islamic financial institution or “IFI” means:

Islamic financial institution means an Authorised Firm whose entire business operations are conducted in accordance with Shari’a;

Islamic financial institution means a financial institution carrying on Islamic financial business;

Examples of Islamic financial institution in a sentence

• An authorised firm that is an Islamic financial institution must prepare and maintain all financial accounts and statements in accordance with the accounting standards of AAOIFI or any other accounting standards approved in writing by the Regulatory Authority.

• Similarly (but rarely in Indonesia), depositors may save in an Islamic financial institution without receiving a remuneration, usually with the expectation that the funds are used for social or religious purposes.

• An Islamic financial institution must perform an internal Shari’a review to assess the extent to which the institution complies with fatwas, rulings and guidelines issued by its Shari’a supervisory board.

• An Islamic financial institution must take reasonable steps to ensure that the members of the Shari’a supervisory board are independent of and not subject to any conflict of interest with respect to the institution.

• Masraf Al Rayan is licensed by the Bank under Licence No. 17 to operate as an Islamic financial institution (IFI) .

More Definitions of Islamic financial institution

Islamic financial institution means an Islamic banking institution or financial holding company, as the case may be;

Islamic financial institution means a company licensed to carry on financial institution business in Uganda whose entire business comprises Islamic financial business and which has declared to the Central Bank that its entire operations are and will be conducted in accordance with the Shari’ah;”

Islamic financial institution or “IFI” means−(a) a licensed Islamic bank;(b) a licensed takaful operator and professional retakaful operator;(c) a licensed bank and licensed investment bank approved under section 15(1)(a) of the FSA to carry on Islamic banking business; and(d) a prescribed institution approved under section 33B(1) of the DFIA to carry on Islamic financial business. 5.3 A glossary of terms used in this policy document is set out in Appendix 2.

Islamic financial institution means a financial institution which is Shariah compliant including Modarabas, Non-Banking Financial Institutions, Takaful operators/ window takaful operators and anyother Shariah compliant financial company or entity notified by the Commission from time to time;

Islamic financial institution means institutions defined in clause 24.31 above and who perform their function strictly in compliance with the Islamic Shariah Principles.

Islamic financial institution means institutions defined in clause 15.41 above and who perform their function strictly in compliance with the Islamic Shariah Principles.

Islamic financial institution or “IFI” means any: