ContractA contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more mutually agreeing parties. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. A binding agreement between actors in international law is known as a treaty.
ShariaSharia (ʃəˈriːə; sharīʿa ʃaˈriːʕa) is a body of religious law that forms a part of the Islamic tradition. It is derived from the religious precepts of Islam and is based on the sacred scriptures of Islam, particularly the Quran and the Hadith. In Arabic, the term sharīʿah refers to Allah's immutable divine law and is contrasted with fiqh, which refers to its human scholarly interpretations. The manner of its application in modern times has been a subject of dispute between Muslim fundamentalists and modernists.
BankA bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Whereby banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities.
English lawEnglish law is the common law legal system of England and Wales, comprising mainly criminal law and civil law, each branch having its own courts and procedures. Although the common law has, historically, been the foundation and prime source of English law, the most authoritative law is statutory legislation, which comprises Acts of Parliament, regulations and by-laws. In the absence of any statutory law, the common law with its principle of stare decisis forms the residual source of law, based on judicial decisions, custom, and usage.
Islamic banking and financeIslamic banking, Islamic finance (مصرفية إسلامية masrifiat 'iislamia ), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic banking/finance include Mudarabah (profit-sharing and loss-bearing), Wadiah (safekeeping), Musharaka (joint venture), Murabahah (cost-plus), and Ijara (leasing).
IslamIslam (ˈɪslɑːm; ۘالِإسْلَام, al-ʾIslām ʔɪsˈlæːm, ) is an Abrahamic monotheistic religion centered on the Quran and the teachings of Muhammad. Adherents of Islam, called Muslims, number approximately 2 billion globally and are the world's second-largest religious population after Christians. Muslims believe that Islam is the complete and universal version of a primordial faith that was revealed many times through earlier prophets such as Adam (believed to be the first man), Ibrahim, Moses, and Isa (Jesus), among others.
SomaliaSomalia, officially the Federal Republic of Somalia (Jamhuuriyadda Federaalka Soomaaliya; جمهورية الصومال الفيدرالية), is a country in the Horn of Africa. The country is bordered by Ethiopia to the west, Djibouti to the northwest, the Gulf of Aden to the north, the Indian Ocean to the east, and Kenya to the southwest. Somalia has the longest coastline on Africa's mainland. Its terrain consists mainly of plateaus, plains, and highlands. Hot conditions prevail year-round, with periodic monsoon winds and irregular rainfall.
