Qard definition

Qard means a contract of lending money whereby the borrower is obliged to repay the equivalent amount to lender.

Qard means interest-free loan method.

Qard means fully repayment with guarantee. Qard refers to a contract of lending money by a lender (Customer) to a borrower (Bank) where the latter is bound to repay an equivalent replacement amount of the lender. The acceptance and continuance of an account will be entirely at the discretion of the Bank subject to the lender complies with Terms & Conditions under concept of Qard. The Bank in this situation is guaranteeing the fully repayment of the money and will return the same to the lender accordingly, subject to the Bank’s procedures.

Examples of Qard in a sentence

• If there is a deficit in the Risk Fund due to the Company's negligence, then it is the responsibility of the Company to ensure that the fund is stable through outright transfer method and not deemed as an advance through the Qard.

• Any deficit in the Risk Fund would be met through an interest free loan (Qard) from the Shareholders’ Fund.

• You further agree that your future surplus arising from RF during your Takaful period can be used to pay for outstanding Qard in RF (if any) to Us. This Certificate reflects the terms and conditions of the contract of Takaful as agreed between You, Us and participants of the RF.

• In the event of insufficient balance in Risk Fund (RF) to pay your Takaful Benefits during the period of Takaful, We will make good the balance in the RF under the principle of Qard (loan) provided that the insufficiency is not due to Our negligence.

• If the GTF is in deficit, We will provide an interest-free loan to the GTF based on Qard to rectify the deficit.

More Definitions of Qard

Qard means an interest free loan of any fungible commodity including money;

Qard means an interest-free loan provided by Us in the event of deficit in the Tabarru’ Fund. The

Qard means an interest-free loan provided by Us in the event of deficit in the Tabarru’ Fund. TheQard is repayable from the future Underwriting Surplus of the Tabarru’ Fund.

Qard a Shariah principle which refers to a contract of lending money by a lender to a borrower where the latter is bound to pay an equivalent replacement amount to the lender.

Qard means an interest-free loan provided by Us to the Participants’ Risk Fund in the event it becomes deficit and unable to pay the Takaful benefits to eligible participants. This amount will be recovered from future Surplus prior to distribution.

Qard means a benevolent loan or other forms of financial support to the takaful fund from the shareholders’ fund made pursuant to section 95 of the Islamic Financial Services Act 2013;’;

Qard means a benevolent loan made from the shareholders’ fund to the family fund to fulfill a short term financial need of the family fund which shall be repaid by the family fund;