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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 23rd April 2014
Volume 11 Issue 16
   
Cover Story
IFN Rapid
News Briefs
Asset Management
Takaful
Ratings
Moves
IFN Reports
  The race is on!
  Sabana REIT struggling in a challenging market
  Innovative approach makes waves in Islamic asset management
  Hong Kong: The next Sukuk destination?
  From construction to retail: The competition heats up
  Islamic securitization ó a new approach to asset bundled securities in the West?
  Omani Sukuk: A matter of initiative
IFN Country Correspondents
  Qatar's upgrade
IFN Sector Correspondents
  Searching for Islamic finance investors in global private equity
  The slow growth of Shariah products: Time to stop blaming others
IFN Country Analysis
  Islamic finance in Oman: The industryís new up and coming market
IFN Sector Analysis
  Sukuk: The face of Islamic finance
Features
  Omanís Islamic banking sector: A review
Following the introduction of Omanís Islamic banking framework, the country has taken steps to initiate Shariah compliant services across its finance sector...
  Islamic finance and Oman: One year on
A full year after Oman finally issued its Islamic banking framework, ANTHONY COLEBY examines the state of its Shariah compliant finance sector and the challenges it continues to face...
  Perspectives of Takaful in France
Of the 16 million Muslims in the EU, France is not only home to the largest Islamic population in Europe; but in proportion to its size and population is also the largest Muslim community in the Western world...
Case Study
SECís largest Sukuk issuance to date

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