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Debits and credits in double-entry bookkeeping are entries made in account ledgers to record changes in value resulting from business transactions. A debit entry in an account represents a transfer of value to that account, and a credit entry represents a transfer from the account. [ 1][ 2] Each transaction transfers value from credited ...
t. e. Islamic banking, Islamic finance ( Arabic: مصرفية إسلامية masrifiyya 'islamia ), or Sharia-compliant finance[ 1] 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 finance include mudarabah (profit ...
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [ 1][ 2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and ...
v. t. e. A chart of accounts ( COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are ...
Usmani interprets the verse to mean that it is a "misconception" to believe that "whenever price is increased, taking the time of payment into consideration, the transaction comes within the definition of interest" and thus riba. [116] Charging extra for deferred payment in a credit sale such as murâbaḥah is not riba, but late charges are. [117]
Islamic banking and finance has its own products and services that differ from conventional banking. [ 1][ 2] These include Mudharabah ( profit sharing ), Wadiah (safekeeping), Musharakah ( joint venture ), Murabahah (cost plus finance), Ijar ( leasing ), Hawala (an international fund transfer system), Takaful (Islamic insurance), and Sukuk ...
Website. www .icap .org .pk. The Institute of Chartered Accountants of Pakistan ( Urdu: ادارہَ محاسبانِ منشوری ، پاکستان, ICAP) is a professional accountancy body in Pakistan. It has over 10,000 members working locally and globally. [ 1][ 2] The institute was established on July 1, 1961 to regulate the profession of ...
Challan. Challan or Chalan is a common Hindi word (चालान, cālān) that has become an Indian English technical word used officially in many professional, especially financial transactions. It usually means an official form or receipt of acknowledgement or other kind of proof document, piece of paperwork, police citation, etc.