In Islamic Finance, debt, lending and borrowing are governed by the principles laid out by the Qur’an and Sunnah. These principles emphasize justice, fairness, and the prohib
Financial institutions play a crucial role in today’s financial transactions, offering a range of services. Among the most commonly used services are ATM services. ATM cards
Over the past few decades, Muslims have been striving to restructure their financial systems in accordance with Islamic law and principles. The conventional financial institutions,
From the earliest times, people have engaged in the exchange of various commodities through different forms of trade and sale. There are two main types of sales: spot sales and def
A mortgage is one of the most common financing needs for the average person or household, as home prices usually fall far ahead of the average disposable income. It should then com
Musawamah is a type of sales contract used in Islamic finance used for trading in goods, assets and commodities, as well as a form of financing of these goods.
It shares many
Due to the variety of wakalah agreements – Shariah-compliant agency contracts where one party has the authority to act or represent another – these contracts can be bro
In a previous entry, we saw how wakalah agreements – a Shariah-compliant agency contract where one party has the authority to act or represent another – can be broadly
One of the most common types of contractual relationships in the Islamic world is wakalah. Derived from the Arabic word to act, protect or remedy on behalf of someone else, it i
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