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Sukuk
Sukuk ( ar, صكوك, ṣukūk; plural of ar, صك, ṣakk, legal instrument, deed, cheque, links=no) is the Arabic name for financial certificates, also commonly referred to as "sharia compliant" bonds. Sukuk are defined by the AAOIFI ( Accounting and Auditing Organization for Islamic Financial Institutions) as "securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets." The Fiqh academy of the OIC legitimized the use of sukuk in February 1988.Visser, Hans. 2009. ''Islamic finance: Principles and practice.'' Cheltenham, UK and Northampton MA, Edward Elgar. p.63 Khan, ''What Is Wrong with Islamic Economics?'', 2013: p.251 Sukuk were developed as an alternative to conventional bonds which are not considered permissible by many Muslims as they pay interest (prohibited or discouraged as Riba, or usury), and also may finance businesses involved in activities not permitted under Sharia (gambling, alcohol, pork ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Instrument
Financial instruments are monetary contracts between parties. They can be created, traded, modified and settled. They can be cash (currency), evidence of an ownership interest in an entity or a contractual right to receive or deliver in the form of currency (forex); debt ( bonds, loans); equity ( shares); or derivatives ( options, futures, forwards). International Accounting Standards IAS 32 and 39 define a financial instrument as "any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity". Financial instruments may be categorized by "asset class" depending on whether they are equity-based (reflecting ownership of the issuing entity) or debt-based (reflecting a loan the investor has made to the issuing entity). If the instrument is debt it can be further categorized into short-term (less than one year) or long-term. Foreign exchange instruments and transactions are neither debt- nor equity-based and bel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Saudi Electricity Company
Saudi Electricity Company ( ar, الشركة السعودية للكهرباء; SEC) is the Saudi electric energy company. It enjoys a monopoly on the generation, transmission and distribution of electric power in Saudi Arabia through 45 power generation plants in the country. In 2019 SEC was ranked by Forbes as the 5th largest company in the Kingdom, and the 578 worldwide, with total annual sales of $17.1 billion . The company was formed in 2000 by Order of the Council of Ministers through a merger of existing regional electricity companies in the Central, Eastern, Western and Southern regions into a single joint stock company. In 2009, the Electricity and Co-generation Regulatory Authority (ECRA) announced its intention to split the company into four generation companies and separate transmission and distribution companies to encourage competition in the domestic utilities sector. A transmission company – National Grid SA – was established in 2012 to operate the national g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Development Bank
The Islamic Development Bank ( ar, البنك الإسلامي للتنمية, abbreviated as IsDB) is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and located in Jeddah, Saudi Arabia. There are 57 shareholding member states with the largest single shareholder being Saudi Arabia. History It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation) with the support of the King of Saudi Arabia at the time ( Faisal), and began its activities on 3 April 1975. On the 22 May 2013, IDB tripled its authorized capital to $150 billion to better serve Muslims in member and non-member countries. The Bank has received credit ratings of AAA from Standard & Poor's, Moody's, and Fitch. Saudi Arabia holds about one quarter of the bank's paid up capital. The IDB is an observer at the United Nations General Assembly. Membership The presen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Citigroup
Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant #Citicorp, Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citigroup is Delaware General Corporation Law, incorporated in Delaware. Citigroup is the List of largest banks in the United States, third largest banking institution in the United States; alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four (banking)#United States, Big Four banking institutions of the United States. It is considered a Systemically important financial institution, systemically important bank by the Financial Stability Board and is commonly cited as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investment Grade
In investment, the bond credit rating represents the credit worthiness of corporate or government bonds. It is not the same as an individual's credit score. The ratings are published by credit rating agencies and used by investment professionals to assess the likelihood the debt will be repaid. Credit rating agencies Credit rating is a highly concentrated industry with the "Big Three" credit rating agencies – Fitch Ratings, Moody's and Standard & Poor's (S&P) – controlling approximately 95% of the ratings business. Credit rating agencies registered as such with the SEC are "nationally recognized statistical rating organizations". The following firms are currently registered as NRSROs: A.M. Best Company, Inc.; DBRS Ltd.; Egan-Jones Rating Company; Fitch, Inc.; HR Ratings; Japan Credit Rating AgencyKroll Bond Rating Agency Moody's Investors Service, Inc.; Rating and Investment Information, Inc.; Morningstar Credit Ratings, LLC; and Standard & Poor's Ratings Services. U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abbasid Caliphate
The Abbasid Caliphate ( or ; ar, الْخِلَافَةُ الْعَبَّاسِيَّة, ') was the third caliphate to succeed the Islamic prophet Muhammad. It was founded by a dynasty descended from Muhammad's uncle, Abbas ibn Abdul-Muttalib (566–653 CE), from whom the dynasty takes its name. They ruled as caliphs for most of the caliphate from their capital in Baghdad in modern-day Iraq, after having overthrown the Umayyad Caliphate in the Abbasid Revolution of 750 CE (132 AH). The Abbasid Caliphate first centered its government in Kufa, modern-day Iraq, but in 762 the caliph Al-Mansur founded the city of Baghdad, near the ancient Babylonian capital city of Babylon. Baghdad became the center of science, culture and invention in what became known as the Golden Age of Islam. This, in addition to housing several key academic institutions, including the House of Wisdom, as well as a multiethnic and multi-religious environment, garnered it a worldwide reputation as the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harun Al-Rashid
Abu Ja'far Harun ibn Muhammad al-Mahdi ( ar , أبو جعفر هارون ابن محمد المهدي) or Harun ibn al-Mahdi (; or 766 – 24 March 809), famously known as Harun al-Rashid ( ar, هَارُون الرَشِيد, translit=Hārūn al-Rashīd) was the fifth Abbasid caliph of the Abbasid Caliphate, reigning from September 786 until his death. His reign is traditionally regarded to be the beginning of the Islamic Golden Age. His epithet "al-Rashid" translates to "the Orthodox", "the Just", "the Upright", or "the Rightly-Guided". Harun established the legendary library Bayt al-Hikma ("House of Wisdom") in Baghdad in present-day Iraq, and during his rule Baghdad began to flourish as a world center of knowledge, culture and trade. During his rule, the family of Barmakids, which played a deciding role in establishing the Abbasid Caliphate, declined gradually. In 796, he moved his court and government to Raqqa in present-day Syria. A Frankish mission came to offer H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Umayyad Mosque
The Umayyad Mosque ( ar, الجامع الأموي, al-Jāmiʿ al-Umawī), also known as the Great Mosque of Damascus ( ar, الجامع الدمشق, al-Jāmiʿ al-Damishq), located in the old city of Damascus, the capital of Syria, is one of the largest and oldest mosques in the world. Its religious importance stems from the eschatological reports concerning the mosque, and historic events associated with it. Christian and Muslim tradition alike consider it the burial place of John the Baptist's head, a tradition originating in the 6th century. Muslim tradition holds that the mosque will be the place Jesus will return before the End of Days. Two shrines inside the premises commemorate the Islamic prophet Muhammad's grandson Husayn ibn Ali, whose martyrdom is frequently compared to that of John the Baptist and Jesus. The site has been used as a house of worship since the Iron Age, when the Arameans built on it a temple dedicated to their god of rain, Hadad. Under Roman rule, beg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Damascus
)), is an adjective which means "spacious". , motto = , image_flag = Flag of Damascus.svg , image_seal = Emblem of Damascus.svg , seal_type = Seal , map_caption = , pushpin_map = Syria#Mediterranean east#Arab world#Asia , pushpin_label_position = right , pushpin_mapsize = , pushpin_map_caption = Location of Damascus within Syria , pushpin_relief = 1 , coordinates = , subdivision_type = Country , subdivision_name = , subdivision_type1 = Governorate , subdivision_name1 = Damascus Governorate, Capital City , government_footnotes = , government_type = , leader_title = Governor , leader_name = Mohammad Tariq Kreishati , parts_type = Municipalities , parts = 16 , established_title = , established_date ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shariah
Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the religious precepts of Islam and is based on the sacred scriptures of Islam, particularly the Quran and the Hadith. In Arabic, the term ''sharīʿah'' refers to God's immutable divine law and is contrasted with ''fiqh'', which refers to its human scholarly interpretations. In the historical course, fiqh sects have emerged that reflect the preferences of certain societies and state administrations on behalf of people who are interested in the theoretical (method) and practical application (Ahkam / fatwa) studies of laws and rules, but sharia has never been a valid legal system on its own. It has been used together with " customary (Urf) law" since Omar or the Umayyads. It may also be wrong to think that the Sharia, as a religious argument or belief, is entirely within or related to Allah's commands and prohibitions. Several non-graded crimes are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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