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Glossary  
Definition of Major Islamic Finance Instruments
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GCC = Gulf Cooperation Council

A political alliance and trade bloc consisting of six states of the Arabian Gulf: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

Ghalat = Mistake

A negative element that can affect the validity of `aqad. In Arabic, it connotes error in perception.

Gharar = uncertainty

One of three fundamental prohibitions in Islamic finance (the other two being riba and maysir). Gharar is a sophisticated concept that covers certain types of haram uncertainty in a contract. It is an exchange in which one or more parties stand to be deceived through ignorance of an essential element of the exchange. Gambling is a form of gharar because the gambler is ignorant of the result of the gamble. The prohibition on gharar is often used as the grounds for criticism of conventional financial practices such as short selling, speculation and derivatives.

Gharim =
Alternative spelling = Gharimun

A debtor who does not have the funds, after repayment of his debt, would not equal the nisab. The Shafi`i and Maliki jurists divide the gharimun into two types: (i) those whose debts were incurred in their own benefit; and (ii) those whose debts were incurred benefiting others. The gharimun are one of the eight groups mentioned in the Quran as legitimate recipients of zakah funds.

Ghasb = forfeiture

Wrongful appropriation of property by force

 

 
Latest Issue
Wednesday 25th March 2015
Volume 12 Issue 12
   
Cover Story
IFN Rapid
News Briefs
Asset Management
Takaful
Ratings
Moves
IFN Reports
  Qatar insurance sector the fastest-growing in the GCC, Takaful included
  Islamic finance gains more traction in Europe
  Sovereign Sukuk: Fulfilling their promises, countries take action
  Appetite for Malaysian government Sukuk strong ahead of Barclays’ index inclusion
  Current Sukuk opportunities are unattractive to Islamic insurers, says AM Best
  Malaysia (potentially) downgraded — Sukuk market affected?
  High cost holding back Islamic microfinance industry in Indonesia
  IFN Global Trendswatch
  IFN Weekly Poll: Are we about to see a wave of social impact Sukuk issuances?
IFN Country Correspondents
  Indonesian retail Sukuk 2015: Exceeding the target
  Afghanistan: Islamic finance steadily gaining inroads
IFN Sector Correspondents
  An impressive growth of Al Meezan Mutual Fund
  Islamic syndications remain sluggish
IFN Country Analysis
  Tunisia: Slow and steady
IFN Sector Analysis
  Sukuk: The icon
Features
The UAE’s progression as a global hub for the Islamic economy
Sukuk: An alternative method for raising capital
Takaful and re-Takaful: Mainstays of Islamic insurance
Case Study
Sharjah Islamic Bank’s Sukuk: The first senior unsecured paper since October 2013

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