Each of Al Rayan Bank's accounts is fully approved by the Sharia Supervisory Committee.
A - Z of Islamic finance
Learn more about Islamic finance terminology with our A to Z of Islamic finance.
O to U
- A loan, free from any benefit. Used in an Al Rayan Bank Current Account
- Rab Al Mal
- The owner of capital
- Ras Al Mal
- Capital. The money or property which an investor places in a profit-seeking venture
- Interest or usury. Prohibited in Islamic law.
- Age of maturity
- Charitable giving. An act of charity.
- A loan which draws forth no profit for the creditor
- The occasion when the full price of the goods is paid in advance at the time of contract
- Currency exchange
- A sukuk has similar characteristics to a conventional bond with the key difference being that it is backed by tangible assets such as property.
- Known as ‘Islamic insurance’, Takaful means ‘guaranteeing each other’ in Arabic
- Trade or business
- The financial charge for using services, including salary, allowance, commission and fee
How is Islamic finance different?
Islamic finance works differently to conventional banking and is regarded as ethical by those who use it. But how is it different and why is it considered ethical?