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Sukuk
Sukuk (; plural of ) 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, etc.). Sukuk securities are structured to comply with Sharia by paying profit, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Riba
''Riba'' (, or , ) is an Arabic word used in Islamic law and roughly translated as " usury": unjust, exploitative gains made in trade or business. ''Riba'' is mentioned and condemned in several different verses in the Qur'an3:130 and most commonl 2:275-2:280 . It is also mentioned in many '''' (reports of the life of [...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 foreign exchange-based (reflecting foreign exchange instruments and transactions), 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. ... [...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 company based in New York City. The company was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank, and The Travelers Companies, Travelers; Travelers was spun off from the company in 2002. Citigroup is the List of largest banks in the United States, third-largest banking institution in the United States by assets; 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 being "too big to fail". It is one of the eight global investment banks in the Bulge Bracket. Citigroup is ranked 36th on the Fortune 500, ''Fortune'' 500, and was ranked #24 in Fo ... [...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. 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 Agency; Kroll Bond Rating Agency; Moody's Investors Service, Inc.; Rating and Investment Information, Inc.; Morningstar Credit Ratings, LLC; and Standard & Poor's Ratings Services. Under the Credit Rating Agency Reform Act, an N ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abbasid Caliphate
The Abbasid Caliphate or Abbasid Empire (; ) was the third caliphate to succeed the Islamic prophet Muhammad. It was founded by a dynasty descended from Muhammad's uncle, Abbas ibn Abd al-Muttalib (566–653 CE), from whom the dynasty takes its name. After overthrowing the Umayyad Caliphate in the Abbasid Revolution of 750 CE (132 AH), they ruled as caliphs based in modern-day Iraq, with Baghdad being their capital for most of their history. The Abbasid Revolution had its origins and first successes in the easterly region of Khurasan, far from the Levantine center of Umayyad influence. The Abbasid Caliphate first centered its government in Kufa, modern-day Iraq, but in 762 the caliph al-Mansur founded the city of Baghdad as the new capital. Baghdad became the center of science, culture, arts, and invention in what became known as the Golden Age of Islam. By housing several key academic institutions, including the House of Wisdom, as well as a multiethnic and multi- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harun Al-Rashid
Abū Jaʿfar Hārūn ibn Muḥammad ar-Rāshīd (), or simply Hārūn ibn al-Mahdī (; or 766 – 24 March 809), famously known as Hārūn al-Rāshīd (), was the fifth Abbasid caliph of the Abbasid Caliphate, reigning from September 786 until his death in March 809. His reign is traditionally regarded to be the beginning of the Islamic Golden Age. His epithet ''al-Rashid'' translates to "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. Domestically, Harun pursued policies similar to those of his father Al-Mahdi. He released many of the Umayyads and 'Alids his brother Al ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Umayyad Mosque
The Umayyad Mosque (; ), also known as the Great Mosque of Damascus, 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. Two shrines inside the premises commemorate the Islamic prophet Muhammad's grandson Husayn ibn Ali, whose Battle of Karbala, martyrdom is frequently compared to that of John the Baptist. The site has been used as a house of worship since the Iron Age, when the Aram-Damascus, Arameans built on it a temple dedicated to their god of rain, Hadad. Under Roman Syria, Roman rule, beginning in 64 CE, it was converted into the center of the imperial cult of ancient Rome, imperial cult of Jupiter, the Roman god of rain, becoming one of the largest templ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Damascus
Damascus ( , ; ) is the capital and List of largest cities in the Levant region by population, largest city of Syria. It is the oldest capital in the world and, according to some, the fourth Holiest sites in Islam, holiest city in Islam. Known colloquially in Syria as () and dubbed, poetically, the "City of Jasmine" ( ), Damascus is a major cultural center of the Levant and the Arab world. Situated in southwestern Syria, Damascus is the center of a large metropolitan area. Nestled among the eastern foothills of the Anti-Lebanon mountain range inland from the eastern shore of the Mediterranean on a plateau above sea level, Damascus experiences an arid climate because of the rain shadow effect. The Barada, Barada River flows through Damascus. Damascus is one of the List of oldest continuously inhabited cities, oldest continuously inhabited cities in the world. First settled in the 3rd millennium BC, it was chosen as the capital of the Umayyad Caliphate from 661 to 750. Afte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shariah
Sharia, Sharī'ah, Shari'a, or Shariah () is a body of religious law that forms a part of the Islamic tradition based on scriptures of Islam, particularly the Qur'an and hadith. In Islamic terminology ''sharīʿah'' refers to immutable, intangible divine law; contrary to ''fiqh'', which refers to its interpretations by Islamic scholars. Sharia, or fiqh as traditionally known, has always been used alongside customary law from the very beginning in Islamic history; has been elaborated and developed over the centuries by legal opinions issued by qualified jurists – reflecting the tendencies of different schools – and integrated and with various economic, penal and administrative laws issued by Muslim rulers; and implemented for centuries by judges in the courts until recent times, when secularism was widely adopted in Islamic societies. Traditional theory of Islamic jurisprudence recognizes four sources for Ahkam al-sharia: the Qur'an, ''sunnah'' (or authentic ahadith) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conveyancing
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title). The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. It is a legal requirement in all jurisdictions that contracts for the sale of land be in writing. An exchange of contracts involves two copies of a contract of sale being signed, one copy of which is retained by each party. When the parties are together, both would usually sign both copies, one copy of which being retained by each party, sometimes with a formal handing over of a copy from one party to the other. However, it is usually sufficient that only the copy retained by each p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
