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UIF Corporation (UIF) is an American financial service company headquartered in Southfield, Michigan.It provides residential and commercial real estate financing, vehicle financing, and time deposit savings accounts conforming to Islamic principles that prohibit the payment and receipt of interest.
Bia'muajjal was introduced in 1983 by Bank Islam Malaysia Berhad. [92] [93] Because in Islamic finance the markup in murabahah is charged in exchange for deferred payment, bai' muajjal and murabahah are often used interchangeably, (according to Hans Visser), [92] or "in practice ... used together" (according to Faleel Jamaldeen). [62]
Similar to interest rate swaps of conventional finance. As of 2007, this kind of swap had the largest market of any variety of swaps.) [406] According to Harris Irfan, the Islamic finance market is "awash" with "profit rate swap" contracts, [407] including a global standard developed by the IIFM and International Swaps and Derivatives Association.
The "pipeline" consists of 40 shell companies which have bank accounts in Venezuela, Panama, Curaçao, St. Lucia, Miami and Lebanon. Tarek El Aissami's father Zaidan El Amin El Aissami, who is also known as Carlos Zaidan, was a military associate of Saddam Hussein.
Instead of lending money to banks at a rate of 6.5% for them to lend to exporting firms at 8% (as it does for conventional banks), it uses a musharaka pool where instead of being charged 8%, firms seeking export credit are "charged the financing banks average profit rate based on the rate earned on financing offered to ten 'blue-chip' bank ...
The industry has been praised for turning a "theory" into an industry that has grown to about $2 trillion in size; [6] [7] [8] for attracting banking users whose religious objections have kept them away from conventional banking services, [9] drawing non-Muslim bankers into the field, [2] and (according to other supporters) introducing a more stable, less risky form of finance.
Bank of Beirut and Arab Countries; BankMed; Banque Libano-Française; BLOM Bank; BSL Bank; Cedrus Bank; Creditbank; Crédit Libanais; First National Bank; Fransabank; Intercontinental Bank of Lebanon (IBL) Lebanon and Gulf Bank; Saradar Bank; Bank of Beirut; Société Générale de Banque au Liban (SGBL) Lebanese Swiss Bank; AM Bank (Al-Mawarid ...
In every verse it is used as part of the phrase qardh al-hasan, and always in reference to a loan to Allah rather than other human beings. [4] One example is . If you loan to Allah, a beautiful loan [tuqridu llaha qard hasan], He will double it to your (credit), and He will grant you Forgiveness ..(Qur’an 64(al-Tagabun):16–17.) [5]
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