Islamic financial institutions definition

Islamic financial institutions or “IFIs” means –
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Islamic financial institutions or “IFI” means –
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Islamic financial institutions means financial institutions licensed as such by the Financial Services Commission;
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Examples of Islamic financial institutions in a sentence

  • The profit rate risk is expected to be minimal as the Fund’s investments comprise mainly Shariah-compliant short term deposits with approved licensed Islamic financial institutions.

  • The objective of this standard is to prescribe the accounting and reporting principles for recognition, measurement and disclosures in relation to shariah compliant Wa’ad (promise), Khiyar (option) and Tahawwut (hedging) arrangements for Islamic financial institutions.

  • Income recognition Profit income from Shariah-compliant deposits with licensed Islamic financial institutions is recognised as it accrues, using the effective profit method in profit or loss.

  • Dr. Amir started his career as a tutor in 2003 at Faculty of Economic & Muamalat, USIM and is still attached with the university as a senior lecturer, teaching several subjects such as Islamic financial institutions and markets, principles and practice of Islamic banking, Halaqah studies, credit management, Qawaid Fiqhiyyah and Islamic capital market.

  • This relates to bank balances and Shari’ah compliant deposits held with Islamic financial institutions.

  • The profit rate risk is expected to be minimal as the Fund’s investments comprise mainly short term Islamic deposits with approved licensed Islamic financial institutions.

  • Because an Islamic INMA firm is an Islamic financial institution, it must comply with the Islamic Finance Rules 2005.Note Interest-bearing deposits are not permitted by Shari’a, so Islamic financial institutions typically raise funds through PSIAs and other Shari’a-compliant sources of funding.

  • The objective of this standard is to establish the principles of accounting and financial reporting for the impairment and credit losses on various Islamic financing, investment and certain other assets of Islamic financial institutions (the institutions), and provisions against onerous commitments enabling in particular the users of financial statements to fairly assess the amounts, timing and uncertainties with regard to the future cash flows associated with such assets and transactions.

  • Revenue that Islamic financial institutions derive from financial services will not be considered to be revenue from a prohibited activity.

  • Islamic financial institutions will not be subject to Financial Screening as outlined in the section “Financial Screening” below.


More Definitions of Islamic financial institutions

Islamic financial institutions or “IFIs” means:(a) licensed Islamic banks under the IFSA;(b) licensed banks and licensed investment banks under the FSA approved under section 15(1)(a) FSA to carry on Islamic banking business; and(c) prescribed institutions under the DFIA approved under section 129(3) DFIA to carry on Islamic banking business or Islamic financial business; andfor the purposes of Part B only, shall include licensed takaful operators under the IFSA.
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Related to Islamic financial institutions

  • 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.

  • 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.

  • your financial institution means the financial institution nominated by you on the DDR at which the account is maintained.

  • EEA Financial Institution means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

  • Financial Institutions has the meaning set forth in the preamble in this Agreement.

  • regulated financial institution means a state or nationally chartered bank, savings and loan association or savings bank, credit union, trust company, or other state or federally chartered lending institution or a regulated affiliate or regulated subsidiary of any of these entities.

  • Designated Financial Institution shall have the meaning specified in Section 14.12(a).

  • Licensed financial institution means a financial institution issued a license under this act.

  • Eligible Financial Institution means, as of the date of any assignment as contemplated in Section 8.07(a)(i), a commercial bank or financial institution (i) with a credit rating on its long-term senior unsecured debt of either (a) “AA-” or better from S&P or (b) “Aa3” or better from Xxxxx’x; and (ii) having shareholders' equity of not less than $5,000,000,000.

  • Qualified Financial Institution means, at any time, a financial institution organized under the laws of any jurisdiction in the United States of America or Europe that at such time has outstanding debt obligations with a stated maturity of one year or less from the date of issue and rated A-1 or higher by Standard & Poor’s, a division of The McGraw Hill Companies, Inc., Ratings Group (or any successor) or P-1 or higher by Moody’s Investors Service, Inc. (or any successor) or, in either case, such other comparable rating, if any, then used by such rating agency.

  • Affected Financial Institution means (a) any EEA Financial Institution or (b) any UK Financial Institution.

  • Participating Financial Institution means a financial institution participating in Interac e-Transfer Services, Online Payment Services, or Western Union Services, as the case may be.

  • Non-Reporting Financial Institution means any Financial Institution that is:

  • Financial institution means a Bank, Development Finance Institution, Non Banking Finance Company, Modaraba or an institution registered under relevant laws to provide financial services within or outside Pakistan.

  • credit institutions means credit institutions as defined under Directive 2006/48/EC;

  • 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.