Islamic bank definition

Islamic bank means a Bank having license as Scheduled Islamic Commercial Bank from State Bank of Pakistan or a Bank, which accepts deposits on profit and loss basis and will include all Banks or financial institutions, approved by Shariah Advisor for the purpose of banking by the Trust.

Islamic bank means any company which carries on Islamic banking business and holds a valid licence; and all the offices and branches in Malaysia of such a bank shall be deemed to be one bank;

Islamic bank means a bank licensed under the Islamic Banking Act 1983 [Act 276];

Examples of Islamic bank in a sentence

• The investment account holders and the Islamic bank generally participate in the returns on the invested funds.

• For example, investment account holders may require the Islamic bank not to invest their funds in instalment sales transactions or without guarantor or collateral or require that the Islamic bank itself should carry out the investment itself rather than through a third party.

• Further, the Islamic bank may be restricted from commingling its own funds with the restricted investment account funds for purposes of investment.

• Investment risk reserveInvestment risk reserve is the amount appropriated by the Islamic bank out of the income of investment account holders, after allocating the mudarib share, in order to cater against future losses for investment account holders.

• Personal account transactionA transaction undertaken by an employee of an Islamic bank licensee in a financial instrument, for his own account.

More Definitions of Islamic bank

Islamic bank means a bank licensed under the Islamic Banking Act 1983;’; and

Islamic bank means an Islamic banking company licensed under the Banking Companies Ordinance, 1962 or any other regulation for the time being in force and shall include a bank incorporated outside Pakistan and carrying on Islamic banking business in Pakistan as a scheduled bank.

Islamic bank means an Islamic financial institution which is a bank;

Islamic bank means such a banking company or an Islamic banking branch(es) of a banking company licensed by Bangladesh Bank, which follows the Islamic Shariah in all its principles and modes of operations and avoids receiving and paying of interest at all levels.

Islamic bank means a bank licensed under the IBA ;

Islamic bank or "Islamic Banking" means a system of banking or banking activities that is consistent with Islamic Shariah law and principles. This will also includes all banks or financial institutions, approved by the Shariah Advisory Board of the Fund for the purpose of banking activities.

Islamic bank means a bank licensed under the Islamic Financial Services Act 2013, other than a licensed international Islamic bank;’;