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Prosperitus Capital Partners
Contact person/department: Kamran H. Khan Co-Managing Partner Address:
Berkeley Square House London W1J 6BD
Telephone: +44 207 193 5755 Mobile: +44 7943 866 552
E-mail:
kamran.khan@
prosperituspartners.com
They are the first of their kind to launch a private equity fund. Their ideal drive and focus is centred on Sharia complaint funding and connecting the markets in the west to the markets in the Middle East. They are doing this by translating the message of Islamic Finance. Prospertious business approach is connected to both innovation and management of the individual asset classes. They intend to foster operations in the Middle East, North Africa. Porspe- ritus, also have a parallel conventional platform.
Commander Fund Asset Management Ltd
Contact person/department: Mark Randall Address:
4 Creed Court 5 Ludgate Hill London
EC4M 7AA
Telephone: +44 (0) 20 7246 9940 Fax: +44 (0) 20 7246 9944
E-mail:
mark.randall@commanderfund.co.uk Website:
www.commanderfund.co.uk
Commander fund is primarily a conventional based asset mana- gement and operations corporation. Yet, in recent years they have been working on pioneering the closes thing to a Sharia compliant Hedge fund. They are also promoting the Middle East and develo- ping a strong client base and market presence there.
Capitala
Contact Person. Department : Patricia Assaad Address:
Al Moroor Street PO Box 30398
Email:
patricia.assaad@
capitala.ae Telephone: +971 2 412 1111 Fax: +971 2 412 1222
Description: Capitala are the masterminds behind some of the most beautiful and nubile real estate development in the Middle East. They are focused on striking the balance between community cohesion and good business decision making. There main project Arzanah, is a US$6 billion development on Abu Dhabi island. Located in the Zayed Grand Mosque District
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Islamic Finance Glossary
I
Ibadat - Worship or Ritual act.
Ibaha - Lit: permissibility. Ibaha refers to the rule that every economic transaction is mubah (permissible) unless expressly and specifically forbidden by the Shari’ah. Ibnu Sabil IFI - Islamic Financial Institution, may be a bank or any financial instiution conducting business according to the Shari’ah principles.
Ihsan - Carrying out noble deeds without expecting any worldly rewards but doing it for the pleasure of Almighty God. The doing of good and showing it in both deed and action, a sense of social responsibility borne from religious convictions. Ihsan constitutes the highest form of worship (Ibadah); it is excellence in work and in social interactions. Lexically, meaning help, aid, and support. Also Al-Ihsan.
Ihtikar - Hoarding: the prohibited practice of purchasing essential commodities, such as food and storing them in anticipation of increase in prices. Ijab - Offer (in contract). Opp. Qabul.
Ijarah (1) - letting on lease. Technically, sale of a definite usufruct in exchange for a definite reward. Commonly used for wages, it also refers to a contract of land lease at a fixed rent payable in cash. It is contrary to «Muzarah» when rent is fixed as a certain percentage of the produce of land banks. It is an arrangement under which an Islamic bank leases equipment, a building or other facility to a client against an agreed rental. The rental is so fixed that the bank gets back its original investment plus a profit on it.
Ijarah Thumma Bai - Lease Agreement Incorporating sale of leased asset at the end of the lease period. Ijarah Muntahiya Bil Tamleek - Lease Agreement with option to own the leased asset at the end of the lease period.
Ijarah Wa Iqtina - Lease Agreement with option to acquire the leased asset at the end of the lease period. Often used in the context of home purchasing Ijarah wa Iqtina extends the concept of Ijarah to a hire and purchase agreement. It is a contract under which the Islamic bank finances equipment and machinery, building or other facilities for the customer against an agreed rental together with a unilateral undertaking by the bank or the customer that at the end of the lease period, the bank’s ownership in the leased asset would be trans- ferred to the customer. The rental is so fixed that the bank recovers its investment plus a profit. Ijarah wa Iqtina extends the concept of Ijarah to a hire and purchase agreement. It is a contract under which the Islamic bank finances equipment and machinery, building or other facilities for the customer against an agreed rental together with a unilateral undertaking by the bank or the customer that at the end of the lease period, the bank’s ownership in the leased asset would be transferred to the customer. The rental is so fixed that the bank recovers its investment plus a profit. Ijarah wa Iqtina extends the concept of Ijarah to a hire and purchase agreement. It is a contract under which the Islamic bank finances equipment and machinery, building or other facilities for the customer against an agreed rental together with a unilateral undertaking by the bank or the customer that at the end of the lease period, the bank’s ownership in the leased asset would be transferred to the customer. The rental is so fixed that the bank recovers its investment plus a profit. Ijarah wa Iqtina extends the concept of Ijarah to a hire and purchase agreement. It is a contract under which the Islamic bank finances equipment and machinery, building or other facilities for the customer against an agreed rental together with a unilateral undertaking by the bank or the customer that at the end of the lease period, the bank’s ownership in the leased asset would be transferred to the customer. The rental is so fixed that the bank recovers its investment plus a profit.
Ijarah (2) - A form of leasing contract in which there is a transfer of ownership of service (for use of an asset) for a specified period for an agreed upon lawful consideration. Instead of lending money on interest, Ijarah allows a financial institution to earn profits by charging rentals for the use of the asset. Often used by Islamic banks for financing. Under this scheme of financing an Islamic bank purchases an asset as per specification provided by the client. The period of lease and the lease rental fee are set in advance and may be determined by mutual agreement according to nature of the asset. During the period of the lease, the asset remains in ownership of the bank (as lessor), but the client (as lessee) has the right to use it.
Ijarah Sukuk - A Sukuk (Islamic bond) having Ijarah as an underlying structure. Ijarah Muntahia-bi-tamleek A lease ending in the transfer of the ownership to the lessee in such a way that the lease and sale are kept separate and independent transactions. Use of the this term for leasing is better known as ljarah wa iqtina, as the latter tends to give the impression that the Ijarah and the sale are working side by side when actually they have to be two separate deals to fulfil the Shari’ah requirement. See ljarah wa iqtina.
Ijma - Consensus, usually on a given issue as represented by the agreement of the jurists. It is has traditionally been recognised by most Muslim jurists as an independent source of Islamic jurispru- dence, along with the Qur’an, Sunnah and Qiyas (analogical deduction). Ijtihad
Illah - The attributer of an exchange or event that entails a particular Divine ruling cases possessing that attribute- cause of Prohibition of specific exchange contracts.Illah is the basis for applying analogy for determining permissibility or otherwise of any transaction.
Inan - A type of Shirkah: a form of partnership in which each partner contributes capital and has the right to work for the business but not necessarily equally.
Infaq - Spending. In the literature of Islamic economics , It usually refers to spending on poor, orphan, Traveler or the people who ar unable to return their debts. Insurance. Pooling of risks and many individuals and business entities and transforming them to an insurer/insurance company or a large group in return for payment of a premium. Interim Financing
Islamic Banking - Financial services that comply with the requirements of the Shari’ah. While designed to meet the requirements of the Shari’ah, Islamic banking is not restricted to Muslims; both the financial services provider and the client can be non-Muslims so long as they agree to abide by the requirement of the Shari’ah. Synonym with Islamic finance or Islamic financial services.
Istijrar - A recurring or repeat sale for continuous purchase. A master agreement between a buyer and supplier which facilitates purchasing of goods on ongoing basis (such as monthly) without explicit offer and acceptance each time; the price is fixed either upfront or concluded after a predetermined period which is subject to certain conditions.
Istislah - To deem proper, a method employed by Muslim jurists to solve problems that find no clear answer in sacred religious texts. It is related to the term Maslaha or «public interest» Istislah bears some similarities to the natural law tradition in the West, however, whereas natural law deems good that which is known self-evidently to be good, according as it tends towards the fulfillment of the person, Istislah calls good whatever is connected to any one of the five basic objectives of the Shari’ah: protection of faith, life, progeny, property and reason, some add also honour.
ITFO - Import Trade Finance Operations.
76 GlobalIslamic Finance June 2010
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