Mal meaning

Terminology In bai salam arrangements, the purchaser is known as the rabb-us-salam, the vendor as the muslam ilaih, the agreed price as the ra’s-ul-mal, and the underlying item as the muslam fih. Owing to the historic foundations of Shari'ah principles—and the jurisprudence informing bai salam—the language largely centres on commodities, particularly within agriculture. As contemporary Shari'ah structures have broadened to suit a wider range of situations, this Practice Note will therefore use ‘assets’ rather than ‘commodities’. It should be noted that not every asset is suitable for a bai salam arrangement (see the section on ‘Excluded assets’ below). The roots of bai salam reach back to the earliest Islamic era, created to assist farmers and agricultural labourers who needed funds to cultivate crops and deliver the harvest. Bai salam is also commonly termed bay salam, bai al-salam, bay al-salam, or simply salam. Impact of differing Shari'ah schools of thought and scholars: a number of Shari'ah-compliant transactions, particularly those that have been in operation for a significant amount of...

Banking & Finance glossary A Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) The foremost Islamic, international, autonomous, independent, not-for-profit corporate body that develops and issues accounting, auditing, governance, ethics and Shari’ah benchmarks and standards for Islamic Financial Institutions (IFIs) and the wider Islamic finance sector. Founded in Bahrain in 1991, it is backed by a number of institutional members across more than 45 countries, including central banks and regulatory authorities, financial institutions, accounting and auditing practices, and legal firms. Its pronouncements are currently applied by leading Islamic financial institutions across the world and have advanced a progressive and gradual harmonisation of global Islamic finance practice. It also delivers professional qualification programmes—notably Certified Islamic Professional Accountant (CIPA), Certified Shari’ah Adviser and Auditor (CSAA), and the corporate compliance programme—in efforts to strengthen the industry’s human capital and governance frameworks. For further details, see Practice Note: Key participants in the Islamic finance industry—Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Acceleration Acceleration is the formal action...

Form and contents of award Under the Macau Arbitration Law (MAL, art 64.1), an arbitral award must be set out in writing and bear the signature of the arbitrator or arbitrators. Where there is a panel, the signatures of a majority of its members are adequate, so long as the absence of any signature is explained (MAL, art 64.2). Regarding what the award must contain, the law sets two core duties for the arbitrator(s): They must explain the grounds for the decision, unless the parties have agreed that no reasons are to be provided, or the award records an agreement reached by the parties under MAL article 63. They must state the date of the award and the place of arbitration, in line with MAL article 49(1) and (2). Further statutory obligations apply, including the duty to notify the parties. Once the award has been issued, a copy signed by the arbitrator or arbitrators in accordance with articles 64...