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An example of the concept of wakalah is in a mudarabah profit and loss sharing contract (above) where the mudarib (the party that receives the capital and manages the enterprise) serves as a wakil for the rabb-ul-mal (the silent party that provides the capital) (although the mudarib may have more freedom of action than a strict wakil). [166]
The intention is to promote "the concept of participation in a transaction backed by real assets, utilizing the funds at risk on a profit-and-loss-sharing basis". [2] Profit and loss sharing is one of two categories of Islamic financing, [2] the other being debt like instruments [5] such as murabaha, istisna'a (a type of forward contract ...
The oil and gas industry operates in countries throughout the world in accordance with a number of different types of agreements. These agreements generally fall into one of four categories (or a combination of the categories): risk agreements, concessions, production sharing agreements (PSAs, also known as production sharing contracts, PSCs) and service contracts.
(Reuters) - United Airlines Holdings Inc and Air Canada on Friday expanded their code-sharing agreement, as the carriers look to accelerate their post-pandemic recovery and cash in on the growing ...
By Blake Brittain (Reuters) -GlobalFoundries and IBM said on Thursday they have settled dueling lawsuits in which GlobalFoundries was accused of breaching a contract with IBM and the computer ...
Production sharing agreements can be beneficial to governments of countries that lack the expertise and/or capital to develop their resources and wish to attract foreign companies to do so. They can be very profitable agreements for the oil companies involved, but often involve considerable risk.
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In April 2004, the extension area north of block 5 was included to the production sharing agreement. Inauguration of new offshore facilities took place on 23 February 2005. [5] In May 2008, Maersk Oil drilled the world record extended reach well BD-04A in the field with the GSF Rig 127 operated by Transocean. The well was drilled incident free ...
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