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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 15th October 2014
Volume 11 Issue 41
   
Cover Story
IFN Rapid
News Briefs
Asset Management
Takaful
Ratings
Moves
IFN Reports
IFN Country Correspondents
  Pakistan: Promising development
  The rise of Islamic personal financing
  Jordan officially inaugurates regulations for Sukuk
  Continued enthusiasm in UK real estate
  Hibah: Recent Malaysian Shariah resolutions and its enforceability
IFN Sector Correspondents
  Takaful and re-Takaful: Takaful growth in Africa
IFN Country Analysis
  Tunisia: One step at a time
IFN Sector Analysis
  Ratings: A vital component
Features
  Overview of Islamic finance in Nigeria
Islamic finance in Nigeria, otherwise known as non-interest banking, has maintained consistency in growth...
  Sukuk hit the mainstream
The last three months, dating from the issue of the UK government Sukuk in July, have shown that Islamic finance, and Sukuk in particular, is moving out of its traditional markets in the Gulf and Malaysia...
  Sukuk: Current challenges facing non-Muslim sovereign issuers
As we approach the end of the year and move into the fourth quarter, MATTHEW SAPTE looks at the growth of the Sukuk sector and evaluates the regulatory development of the market over 2014...
  Conversation with Cobalt
Our exclusive IFN Correspondent for the Takaful sector in Europe, interviews Zubair Miah, the Shariah scholar at Cobalt, the only Shariah compliant underwriting agency working within the London insurance market...
Case Study
Hong Kong sovereign Sukuk: Evidence of a Sukuk-friendly environment

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