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Muamalat (also muʿāmalāt, Arabic: معاملات, literally "transactions" [1] or "dealings") [2] is a part of Islamic jurisprudence, or fiqh. Sources agree that muamalat includes Islamic "rulings governing commercial transactions" [3] and Majallah al-Ahkam al-Adliyyah). [4] [. Note 1]
Islamic banking, Islamic finance ( Arabic: مصرفية إسلامية masrifiyya 'islamia ), or Sharia-compliant finance [1] is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic finance include mudarabah (profit-sharing ...
Ijarah, ( Arabic: الإجارة, al-Ijārah, "to give something on rent" [1] [2] or "providing services and goods temporarily for a wage" [3] (a noun, not a verb)), is a term of fiqh (Islamic jurisprudence) [1] and product in Islamic banking and finance . In traditional fiqh, it means a contract for the hiring of persons or renting/leasing of ...
This applies to murâbaḥah or other fixed payment financing transactions, although some authors believe late fees may be charged if they are donated to charity, or if the buyer has "deliberately refused" to make a payment. Maisir. This is usually translated as "gambling" but used to mean "speculation" in Islamic finance.
A transaction manager designed for rapid, high-volume online processing, CICS originally used standard system datasets, but now has a connection to the IBM Db2 relational database system. Runs on OS/360 and successors and DOS/360 and successors, IBM AIX, VM, and OS/2. Non-mainframe versions are called TXSeries. Tuxedo – 1980s.
Hawala or hewala ( Arabic: حِوالة ḥawāla, meaning transfer or sometimes trust ), originating in India as havala ( Hindi: हवाला ), also known as havaleh in Persian, [1] and xawala or xawilaad [2] in Somali, is a popular and informal value transfer system based on the performance and honour of a huge network of money brokers ...
The basic murabaha transaction is a cost-plus-profit purchase where the item the bank purchases is something the customer wants but does not have cash at the time to buy directly. However, there are other murabaha transactions where the customer wants/needs cash and the product/commodity the bank buys is a means to an end. (Thus violating the ...
Substance over form is an accounting principle used "to ensure that financial statements give a complete, relevant, and accurate picture of transactions and events". If an entity practices the 'substance over form' concept, then the financial statements will convey the overall financial reality of the entity (economic substance), rather than simply reporting the legal record of transactions ...