RIBA, The major Islamic financing system strictly prohibits charging or paying interest, which is known in Arabic as:, TAKAFUL, To manage excessive risks and protect transactions, an Islamic property or vehicle financing plan is often integrated with an Islamic insurance scheme known as, UJRAH, This concept refers to a fixed service charge or fee applied in Islamic credit cards as a substitute for conventional interest charges, MURABAHAH, This cost-plus financing arrangement involves a bank selling a specific property or machinery to a client at a known cost plus a stated profit margin:, GHARAR, In Islamic banking, all finance contracts must maintain absolute clarity to prevent excessive uncertainty, which is prohibited under Shariah as, TAAWIDH, When a credit card user defaults or delays a payment, the bank applies a permissible Shariah-compliant indemnity or compensation framework called, TAWARUQ, A series of commodity-based buying and selling transactions used by modern Islamic banks to provide cash liquidity for credit cards or personal use is, IBRA, What is the specific Arabic financial term used to describe a contract rebate given to a customer for making an early loan settlement?, IJARAH, A contract widely used in Malaysia for vehicle financing that involves leasing an asset and later transferring ownership to the customer is, MAYSIR, Islamic banking strictly filters transactions to protect consumers from getting involved in prohibited wealth-gathering activities like gambling or games of chance, known in Arabic as

CHAPTER 6 CTU351

by
Print
Embed

Leaderboard

Visual style

Options

Switch template

Continue editing: ?