gif 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 inno- vation and management of the individual asset classes. They intend to foster operations in the Middle East, North Africa. Porsperitus, also have a parallel conventional platform.
Commander Fund Asset Management Ltd
Contact person/department: Mark Randall Address:
4 Creed Court 5 Ludgate Hill London
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.
EC4M 7AA 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 M Musawamah
Bargain on price, where the seller does not disclose the original cost of the goods. Musawamah is a form of Murabaha, the difference being that the seller and the buyer bargain on price without reference to the actual price paid by the seller; the seller may not wish disclose the original price of the goods, or have full knowledge of the cost of the goods that may have been purchased in a lot with other goods. Musawamah was a common form of negotiation used in trading business in commerce in the early days of Islam and is not widely adopted by Islamic banks.
Musharakah 1. The literal meaning of Musharakah is sharing, an investment partnership with profit-loss-sharing implications. All the partners contribute capital towards the financing to
undertake a business activity. The partners share profits on a pre-agreed ratio while losses are shared according to each partner’s capital contribution. The business activity may be managed by all, some, or just one of the partners. Musharakah allows Islamic banks to provide financing for purchase of an asset required by a customer; the bank invests capital in the co-ownership in the asset with the customer, instead of providing interest-bearing loans. The bank will achieve a return on its capital contribution in the form of a share of the actual profits earned, according to a ratio agreed in advance. However, unlike a traditional creditor, the bank will also share in any losses.Musharakah is often used by Islamic banks for financing large projects. The concept is distinct from fixed-income investing. 2. A contract of partnership in which two or more partners provide capital and share profits or losses as the case may be. An investment partnership with profit-and-loss sharing. A musharakah contract is similar to a mudarabah contract, the difference being that in a musharakah all the partners contribute to the capital and share in both the profit and the loss. They also have the right, but not the obligation to participate in the management. All partners have a right to participate in the management of the project. However, the partners also have a rig ht to waive the right of participation in favour of any specific partner or person. Profit is shared as per-agreed ratio while the loss is shared in proportion to the capital contributed (money invested by each partner. The term also refers to a financing technique adopted by Islamic banks instead of lending on interest. It is an agreement under which the Islamic bank provides funds which are mingled with the funds of the client and both are entitled to share in the resulting profit on a pre-agreed ratio and share the loss in accordance with their capital contributions. Also termed as a joint venture. Two forms ofMusharakah are: Permanent Musharakahand Diminishing Musharakah.
Musharakah, Permanent
Musharakah, Diminishing
An agreement which allows equity participation and sharing of profit on a pro rata basis. The duration of the contract is unspecified making it suitable for Islamic banks to finance projects where funds have to be committed over a long period. In this form of Musharakah an Islamic bank participates in the equity of a project and receives a share of profit on a pro rata basis. The period of contract is not specified, so it can continue so long as the parties concerned wish it to continue. This technique is suitable for financing projects of a longer life where funds are committed over a long period and gestation period of the project may also be long.
Another form of Musharakah allowed as a financing mode by Shari’ah scholars in recent years. An agreement that combines the concept of partnership as in Musharakahto invest in a joint asset and leasing. It allows equity participation by a bank and a customer in an asset and provides a method through which the bank keeps on reducing its equity in the project and ultimately transfers the ownership of the asset to the customer. This involves the customer simultaneously purchasing the bank’s equity in the form of unit shares, pro- gressively reducing it until the bank is left with no equity left and thus ceases to be a partner. Until such time, the bank leases its share to the customer who pays a rental to the bank for the use and enjoyment of the bank’s equity share. Islamic banks use this mode widely for financing home purchases, commonly known as Islamic mortgages.
Mushtarik Muzara’a
N Najash
Net Working Capital
Nisab Non- Commutative
Prohibited practice of deceiving and inciting a potential buyer of goods during the course of pre-sale negotiations or bidding to secure a greater value that the true worth of the goods. Current assets minus current liabilities.
Exemption limit for the payment of zakat. It is different for different types of wealth. The contract of sale is in which seller gives the thing sold, and receives the no price or remuneration in return.. Participant in Takaful. Share-cropping: an agreement between parties in which one person agrees to till the land of the other person in return for a part of the produce of the land.
84 Global Islamic Finance October 2010
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