Al Mudaraba Al Muqayadah A type of mudaraba in which the rab al mal (investor) sets rules on how the mudarib (entrepreneur) shall invest the money. An example would be specifiying specific asset classes or business sectors that the mudarib can or cannot invest in.

Al Mudaraba Al Mutlaqah A type of mudaraba in which the rab al mal (investor) gives the mudarib (entrepreneur) full freedom to invest in whatever businesses or asset classes he or she deems appropriate in order to maximise profits. Any procedures or actions outside the context of the routine business shall first be approved by the rab al mal.

Alim Scholar

Arbun A down payment given to the seller once a sale agreement is signed. If the agreement is executed on time the arbun is deducted from the total paid to the seller. If the buyer cancels the sale the arbun is not refundable and stays with the seller.

Awqaf Plural of waqf

Bai' Sale

Bai' al I'nah A transaction where a seller sells an asset to a buyer on a cash basis, and then buys it back for a higher price. Islamic scholars disagree on whether bai' al I'nah are Shariah compliant.

Bai' al salam The same meaning as salam

Bai' al-Aajil A sale where the payment is deferred - also known as bai' bi thaman ajil

Bai' Bi thaman Ajil / BBA See bai' al-aajil

Bai' Mu'ajjal / Bai' bi thaman ajil A sale where the payment is deferred

Batil Used to describe a contract that is not valid under Shariah law because of inherent features of the contract. Batil is sometimes used interchangably with fasid, although some scholars use fasid to refer to a contract that could be valid if not for certain characteristics.

Commodity Murabah Also known as tawarruq

Daman A form of guarantee or security - typically in a contract - which could be the provision of collateral or an actual guarantee.

Fasid Used to describe a contract that is defective because certain aspects mean it fails to be Shariah compliant

Fatwa A legal ruling from a recognised religious authority on issues concerning Shariah law. In Islamic finance it is often a ruling that a particular transaction or structure is shariah compliant

Fiqh Islamic jurisprudence

Fiqh muamalat Islamic commercial jurisprudence

Gharar Uncertainty. In Islamic finance this typically refers to speculative transactions that contain an element or risk or a lack of sufficient information that make them haram (prohibited).

Gharar fahish Excessive uncertainty, which prevents the transaction being Shariah compliant

Gharar fil ajal Occurs when one party in a transaction is unaware of, or is given faulty information about, when the assets in question will be delivered.

Gharar fil miqdar Occurs when one party in a transaction is unaware of, or given incorrect information about, the quantity of a given asset he or she is buying.

Gharar fil sifah Occurs when one of the parties in a transaction is uncertain about the characteristics of the assets

Gharar fil taslim Occurs when one of the parties in a transaction does not know whether the assets have been delivered, or has received faulty information about this.

Gharar motawasit A moderate degree of uncertainty that could still allow a transaction to be Shariah compliant

Gharar yaseer A small amount of uncertainty that does not prevent the transaction being Shariah compliant

Halal Anything that is Shariah compliant or abides by Shariah rules

Hamish Jiddyah A security deposit the customer pays the bank or financier at the promise (wa'd) stage of a transaction. If the transaction does not take place the financier/bank has full recourse to the deposit.

Haram Something prohibited under Shariah law

Ijara Leasing - the sale of usfruct of a certain asset for a specific period of time with the client paying rental fees to the owner of the asset. Usually a financier or bank enters as a mediator between the owner of the asset and the client. The bank purchases the asset from the former and leases it to the latter in return for pre-agreed rental payments from the client to the bank. Unlike conventional leasing, an ijara lease starts from the date upon which the asset is delivery, rather than date of agreement. If the company sells the asset to the bank and then leases it back, this must be done through two separate transactions rather than the one transaction that would be required in a conventional sale and lease back agreement.

Ijara mawsuf fi dhimma A forward lease agreement to lease a property or asset, which is still to be constructed and delivered, on a future date. The rentals (lease payments) can be collected before the delivery of the asset.

Ijara muntahia bi tamaluk An ijara lease that ends with ownership of the asset moving from the lessee from the lessor. This could be through sale, gift, or equity claim and occurs in a separate agreement where both parties provide a wa'd (promise) that the transaction will take place after the end of ijara agreement at defined exercise price and certain agreed upon terms.

Ijara thumma bai' An ijara lease that ends with the lessee buying the asset. Also known as ijara muntahia bi tamaluk.

Ijara wa iqtina An ijara lease that ends with the lessee buying the asset. Also known as ijara muntahia bi tamaluk.

Ijma' A consensus, particularly one among Islamic scholars.

Ijtihad Diligence in reaching a conclusion on a specific issue through the careful and comprehensive consultation of Islamic theology and legal theory.

I'nah Also known as Bai' a I'nah

Istihsan To deem something preferable, often in comparison with a literal prescription of Shariah law. A way of using one's own judgement to deviate from a literal interpration of Shariah law.

Istisna' The advance purchase of manufactured goods - a sale transaction in which one party provides funding for a good or an asset yet to be manufactured or constructed. It differs from a salam transaction through the nature of the assets, their price delivery date and the terms of contract cancellation.

Istisna' sukuk Certificates of equal value used to finance an istisna'. The sukuk holders will be partial owners of the goods or asset being constructed in the istisna'.

Madhab A school of thought or interpretation within fiqh. Also written as mazahib.

Maqasid al Shariah General objectives or goals of Shariah.

Maysir/Maisir Gambling or any game of chance. Maysir is considered a broader term than qimar. It is not permitted under Shariah because it involves making money from pure luck without effort, and because it can lead to one party making a monetary gain from another's loss. Maysir was a pre-Islamic game of chance.

Mudaraba / Qirad An agreement between two parties, with the rab al mal providing the capital for the project and the mudarib managing the project. Profits are distributed according to a predetermined ratio, but losses are borne by the rab al mal.

Mudaraba sukuk Certificates of equal value representing ownership in a project funded through a mudaraba agreement.

Mudarib/Mudareb Working partner. One of the parties involved in mudaraba agreement. The mudarib, sometimes referred to as the entrepreneur, handles the management receives a share of the profit

Murabaha/Muqaradah A financing contract with agreed cost and profit margins, and with settlement either on a deferred lump sum or through instalments.

Murabaha sukuk Certificates of equal value to finance purchase of goods through murabaha transaction, which makes sukuk holders collective owners of the murabaha commodity.

Murabahah mujjal Deferred murabaha. Also known as bai' bi thaman ajil

Musharaka Mutanaqisa A diminishing musharaka. A form of musharaka where the partnership agreement ends with one partner owning the asset or business, through purchasing the other party's share in a series of installments. It is one of the most common form of musharaka. Sometimes written as musharaka mutanakisa

Musharaka A partnership agreement between Islamic banks and its clients, or between two or more parties. Each participant, or sharik, contributes capital in equal or varying amounts to establish or share in a project. Each becomes an owner of the project's capital, and shares profits and losses in proportion to their contribution.

Musharaka muntahiah bi tamaluk A musharaka ending with sale of ownership in which one of the partners ends up owning the asset, business or project.

Musharaka sukuk Certificates of equal value representing ownership in a certain project that is being set up or maintained through a partnership contract, making sukuk holders joint owners of the project.

Musharik One of the parties in a musharaka partnership agreement.

Qard A loan

Qard Hasan A benevolent loan. An interest free loan given for a specified period of time. At the end of that period, the borrower is required to only pay back the principal value of the loan, with no interest payment or compensation for the time value of the money.

Qimar Gambling, with specific reference to betting and wagering. It is not considered Shariah compliant because it involves acquiring money with no effort or through pure luck.

Qirad Also known as mudaraba

Qiyas Measuring - extension of a certain Shariah ruling from an original case to a new one because of similar conditions and aspects in both cases.

Qur'an The Muslim holy book, which Muslims believe to be the word of God as revealed by the prophet Mohammad

Rab Al Mal/Rabbu Al Mal The party in a mudaraba agreement that supplies the capital.

Retakaful Reinsurance for a takaful company

Riba Usury. Usually used to refer to interest in finance.

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Oct 2016
1 Citi 38,857.97 184 9.39%
2 HSBC 38,447.58 227 9.29%
3 JPMorgan 34,744.34 142 8.40%
4 Bank of America Merrill Lynch 28,556.15 119 6.90%
5 Deutsche Bank 18,270.77 72 4.42%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Oct 2016
1 JPMorgan 13,268.07 33 6.30%
2 Bank of America Merrill Lynch 11,627.56 29 5.52%
3 Citi 11,610.06 30 5.52%
4 HSBC 10,091.34 29 4.79%
5 Santander 9,533.17 25 4.53%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Oct 2016
1 Citi 13,617.40 57 11.05%
2 JPMorgan 12,607.77 55 10.23%
3 HSBC 9,327.72 50 7.57%
4 Barclays 8,643.78 30 7.02%
5 Bank of America Merrill Lynch 6,561.15 18 5.32%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
3 Morgan Stanley 141.22 46 7.64%
4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Oct 2016
1 UniCredit 3,966.12 27 13.01%
2 SG Corporate & Investment Banking 2,805.90 16 9.20%
3 ING 2,549.27 20 8.36%
4 Citi 2,526.98 15 8.29%
5 HSBC 1,663.71 16 5.46%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Oct 2016
1 AXIS Bank 5,944.45 123 18.53%
2 HDFC Bank 3,792.05 100 11.82%
3 Trust Investment Advisors 3,390.86 145 10.57%
4 Standard Chartered Bank 2,299.63 31 7.17%
5 ICICI Bank 1,894.86 51 5.91%