Islamic Sample Clauses

Islamic principles do not prohibit the making of profit, provided that there is a level of risk sharing between the parties” Islamic funding must be structured so that it meets the requirements of each Islamic financial institution’s Shariah committee (responsible for providing guidance on Shariah requirements and determining (on behalf of its institution) whether the proposed financing and related documentation is Xxxxxxx compliant). The views of the Shariah committee at a certain institution or in a different jurisdiction may be different from another’s, which may be more or less conservative. Amendments to the structure may be required to balance the changing requirements of the respective Shariah committees within the context of a parallel conventional financing. Islamic finance institutions may not be as flexible in their approach as conventional lenders in similar circumstances as a result of the constraints imposed on Islamically financed products. The strict views of certain Shariah committees may not be immediately compatible with the project company’s structuring requirements, with the result that project companies need to be willing to be flexible in their approach. The long-term nature of project finance brings its own challenges in this regard since project companies may be unable to obtain from certain Islamic institutions the flexibility to change the transaction or refinance during its tenor. While maintaining adherence to Shariah principles, Islamic finance institutions will need to keep these matters under review and be creative in their approach if they are to remain competitive in the international capital markets.
Sample 1
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Related to Islamic

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  • India As used herein, “

  • Norway No country specific provisions. Poland

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