By Muhammad Akram Khan
Islamic economics and finance have elevated in significance during the last few a long time, with new Islamic monetary associations commencing up and a couple of very important books released at the topic.This word list, absolutely up to date and revised for the recent variation, makes use of effortless to appreciate language to introduce phrases utilized by Muslim students, historians and felony specialists. The ebook covers phrases from Arabic, Urdu, Turkish, Malaysian and English assets when overlaying the Islamic aspect of such phrases as taxation, banking, assurance, accounting, and auditing.The book's unassuming but finished nature will attract economists, bankers and accountants in addition to scholars and researchers with an curiosity in economics and finance.
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Extra info for Islamic Economics and Finance: A Glossary (Routledge International Studies in Money and Banking, 23)
Such deposits, termed as CDs or central deposits, may be used both as a tool of monetary policy and a means of 38 CDs financial intermediation. The central bank may create an instrument which could be termed as ‘central deposit certificate’ or CDC. The CDCs may be invested in CDs throughout the banking system. The rate of return on the CDCs will approach the average rate of profit on investment for the whole economy. The central bank may keep CDs in foreign exchange with member banks, should it have a surplus of foreign exchange.
It also has a characteristic similar to the ordinary sale in that the price may be paid at the time of delivery of the product. See also back-to-back ’istisna‘. bai‘ al-laban fi duru‘ al-’an‘am 23 al-bai‘ al-jabarW Lit: Forced sale. Tech: A sale deal concluded forcibly against the free will of the owner of an asset, usually, to discharge an obligation of the owner (like paying of his overdue debt), or to remove harm from others (like sale of hoarded grains in times of general shortage), or to serve public interest (like widening of a passage to a mosque).
Daman ‘ala khatar al-tarWq An agreement whereby a person undertakes to indemnify another person if the latter suffers a loss during a journey, provided that the traveller undertakes the journey on the same route as identified by the indemnifier. 44 daman al-khusran daman al-khusran Lit: Surety for loss. Tech: Standing surety for someone’s loss in a business. An application has been made of this principle in the case of riba-free banking. The state can hold out a guarantee to the depositors of a riba-free bank to make good any loss in the deposits through mudarabah or musharakah with the bank.