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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 22nd April 2015
Volume 12 Issue 16
   
Cover Story
IFN Rapid
News Briefs
Asset Management
Takaful
Ratings
Moves
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  Malaysia taps international legal expertise to boost Islamic finance market
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IFN Sector Correspondents
  Cross-border distribution — A key concern for Islamic funds
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IFN Country Analysis
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IFN Sector Analysis
  Derivatives and hedging in Islamic finance
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Oman’s meteoric rise
Update on the regulation of derivatives in Canada
Effects of Islamic derivatives on the strategic positioning of Islamic banking
Islamic hedging and the role of IIFM
Case Study
World’s first export credit agency-guaranteed Sukuk: Emirates Airline

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