Holy city of Islam that houses the Kaba toward which Muslims pray
Originally a term describing a sale in which the seller sells his merchandise for more than the price at which he acquired it. The term is used in contemporary Islamic finance to describe a financing scheme in which a financial institution, usually a bank, agrees to purchase merchandise for a client provided that the client promises to purchase it from the financial institution at an agreed mark-up.
A form of partnership where one party provides the funds while the other provides expertise and management. Any profits accrued are shared between the two parties on a pre-agreed basis, while loss is borne by the provider(s) of the capital. Synonym: qirad.
A Muslim is a person whose religion (deen) is Islam (willing submission to Allah, Lord of the Universe). One who formally announces his Islam by testifying to the fact that there is none deserving of worship except Allah and that the Prophet Muhammad (pbuh) is the Messenger of Allah.
An amount of expense charged against a bank's income/capital, set aside in anticipation that a proportion of the bank's financing/loan portfolio may be ultimately uncollectible. Synonyms: loan loss provision, impairment provision, allowance for bad debt.