Examples of Qard Hassan in a sentence
In addition, Murabahah is most used among Islamic financial services (35 IMFIs), ahead of unpaid deposits (11 IMFIs), Qard Hassan and Mucharakah (7 IMFIs) and Mudharabah (6 IMFIs); other Islamic services are used by very few IMFIs (Sanabel, 2012).
Except for Wakalah fees, allocation charges and Qard Hassan, no other inter-segment transactions occurred during the year.
The social nature of Islamic finance emerges most clearly in the practices of Zakat and Qard Hassan.
Deficit in participants’ funds that cause cash deficit which results in participants’ fund inability to meet its day to day expenses and obligations, a Qard Hassan must be extended immediately by shareholder fund.
However, what may be suitable does not fit the facts:in regard of total assets for Islamic financial products in 2010, the share ofMudharabah and Mucharakah is only a little over six per cent, whereas that of Murabahah accounts for two thirds and Qard Hassan for one quarter (Zulkhibri, 2016).
Finally, the mode of Qard Hassan (benevolent loan) is the only mode of free of charge principle.
And any predetermined payment over the above actual amount of principal sum is prohibited in Islam.20 An exception to this is the loan in the form of Qard Hassan (free interest loan) which does not accept any interest or additional amount against the money lent.
The management of the Company believes that the takaful business will be able to generate sufficient profits in future to repay the Qard Hassan.
Qard Hassan represents non-profit Islamic financing provided by the shareholders to the policyholders with respect to the deficit arising from the takaful operations which will be settled from the surplus arising from such business in future years.
Segment information (continued) Except for wakalah fees and Qard Hassan, no other inter-segment transactions occurred during the year.