Islamic financial institution definition

Islamic financial institution or “IFI” means:

Islamic financial institution means an Authorised Firm whose entire business operations are conducted in accordance with Shari’a;

Islamic financial institution means a financial institution carrying on Islamic financial business;

Examples of Islamic financial institution in a sentence

• Shari’a board or shari’a supervisory boardAn independent body of specialized jurists who, collectively, are entrusted with the duty of directing, reviewing and supervising the activities of an Islamic financial institution in order to ensure that they are in compliance with Islamic Shari’a rules and principles.

• Shari’a board or shari’a supervisory boardAn independent body of specialized jurists who, collectively, are entrusted with the duty of directing, reviewing and supervising the activities of an Islamic financial institution in order to ensure that they are in compliance with Islamic Shari‟a rules and principles.

• An Islamic financial institution is in PIIB category 5 if it manages a profit sharing investment account (see r 1.3.5).

• In the case of a takaful entity that is not an Islamic financial institution, this Chapter applies only to the part of the entity’s business that is Islamic financial business.

• Note An authorised firm whose entire business operations are conducted in accordance with Shari’a is an Islamic financial institution (see INAP, glossary, def Islamic financial institution).

More Definitions of Islamic financial institution

Islamic financial institution means an Islamic banking institution or financial holding company, as the case may be;

Islamic financial institution means a company licensed to carry on financial institution business in Uganda whose entire business comprises Islamic financial business and which has declared to the Central Bank that its entire operations are and will be conducted in accordance with the Shari’ah;”

Islamic financial institution means institutions defined in clause 15.41 above and who perform their function strictly in compliance with the Islamic Shariah Principles.

Islamic financial institution means institutions defined in clause 24.31 above and who perform their function strictly in compliance with the Islamic Shariah Principles.

Islamic financial institution or “IFI” means any:

Islamic financial institution or “IFI” means−(a) a licensed Islamic bank;(b) a licensed takaful operator and professional retakaful operator;(c) a licensed bank and licensed investment bank approved under section 15(1)(a) of the FSA to carry on Islamic banking business; and(d) a prescribed institution approved under section 33B(1) of the DFIA to carry on Islamic financial business. 5.3 A glossary of terms used in this policy document is set out in Appendix 2.

Islamic financial institution or “IFI” means:(a) licensed Islamic banks under the IFSA;(b) licensed banks and licensed investment banks under the FSA approved under section 15(1)(a) of the FSA to carry on Islamic banking business; and(c) prescribed institutions under the DFIA approved under section 129(1) of the DFIA to carry on Islamic banking business or Islamic financial business.