Islamic banking business definition

Islamic banking business means any financial business, the aims and operations of which are, in addition to the conventional good governance and risk management rules, in consonance with the ethos and value system of Islam;

Islamic banking business means banking business whose aims and operations do not involve any element which is not approved by the Religion of Islam;

Islamic banking business means such banking business, the goals, objectives and activities of which is to conduct banking business/activities according to the principles of Islamic Shariah and no part of the business either in form and substance has any elements not approved by Islamic Shariah.

Examples of Islamic banking business in a sentence

• Islamic banking business refers generally to the acceptance of deposits under the principles of Shariah.

• The unaudited interim financial statements incorporated those activities relating to the Islamic banking business.

• The credit risk management policy of an Islamic banking business firm should clearly set out who has the authority to approve loans to employees.

• An Islamic banking business firm must have adequate systems and controls to ensure that the amount of distributable profits and maximum distributable amount are calculated accurately.

• These rules establish the prudential framework for Islamic banking business firms.

• An Islamic banking business firm’s remuneration policy should be consistent with its credit risk management policy and should not encourage officers to attempt to generate short-term profits by taking an unacceptably high level of risk.

• An Islamic banking business firm’s risk management strategy will usually refer to risk tolerance although risk appetite may also be used.

• This rule applies to an additional tier 1 or tier 2 instrument issued by an Islamic banking business firm.

• If an Islamic banking business firm has an overseas branch, the firm must deduct from CET 1 capital whichever is the higher of any capital requirement imposed by the Regulatory Authority or the financial regulator in the jurisdiction in which the branch is located.

• An Islamic banking business firm must deduct from CET 1 capital the amount of a defined benefit pension fund that is an asset on the firm’s balance sheet.

More Definitions of Islamic banking business

Islamic banking business means the practice of all banking activities in conformity with Sharia and mainly avoiding all types of interest deals (usury or riba) as a lender or a borrower;

Islamic banking business means business whose aims and operations are not contrary to Hukum Syara’ and which consists of receiving of deposits or other repayable funds from the public, paying or collecting cheques drawn by or paid in by customers, the granting of financing facilities to customers, and includes such other business as the Authority may authorise for the purposes of this Order;

Islamic banking business means banking business who aims and operations do not involve any element which is not allowed by the Religion of Islam”