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Dealing in Shari'a compliant financial instruments as agent
Dealing in Shari'a compliant financial instruments as agent means buying, selling, subscribing for or underwriting any Islamic financial instrument on behalf of a client (see LR-1.3.25 ff).
Dealing in Shari'a compliant financial instruments as principal
Dealing in Shari'a compliant financial instruments as principal means buying, selling, subscribing for or underwriting any Islamic financial instrument on one's own account (see LR-1.3.22 ff).
Default
Failure to service a credit in accordance with agreed terms, e.g. late or incomplete payments, or infringement of any other material provision of the credit documentation.
Default Funds'
Also known as clearing deposits or guarantee fund contributions (or any other names), are clearing members' funded or unfunded contributions towards, or underwriting of, a CCP's mutualized loss-sharing arrangements.
Added: October 2018Deposit(s) or Deposit account(s)
For the purposes of the CBB Law, refer to Resolution No. (23) of 2009 in respect of Definition of Deposit (see Appendix CP-2).
Amended: October 2012Derivative(s)
A generic term for a financial instrument whose value is dependent on, or derived from, the changes in the absolute or relative value of some underlying asset or market index or rate. Often used for futures, options and swaps.
Amended: January 2015Designated market
Any of the following investment exchanges:
— American Stock Exchange— Australian Stock Exchange— Bolsa Mexicana de Valores— Bourse de Montreal Inc— Channel Islands Stock Exchange— Chicago Board of Trade— Chicago Board Options Exchange— Chicago Stock Exchange— Coffee, Sugar and Cocoa Exchange, Inc— Euronext Amsterdam Commodities Market— Hong Kong Exchanges and Clearing Limited— International Securities Market Association— Johannesburg Stock Exchange— Kansas City Board of Trade— Korea Stock Exchange— MidAmerica Commodity Exchange— Minneapolis Grain Exchange— New York Cotton Exchange— New York Futures Exchange— New York Stock Exchange— New Zealand Stock Exchange— Osaka Securities Exchange— Pacific Exchange— Philadelphia Stock Exchange— Singapore Exchange— South African Futures Exchange— Tokyo International Financial Futures Exchange— Tokyo Stock Exchange— Toronto Stock ExchangeDigital Financial Advice
Digital financial advice, also commonly known as robo-advice or automated advice is the advising on financial instruments as defined under LR-1.3.45 using algorithms and technology and with limited or no human financial advisor involvement.
Added: April 2019Diminishing Musharaka (see Musharaka)
A musharaka in which the Islamic bank agrees to transfer gradually to the other partner its (the Islamic bank's) share in the Musharaka, so that the Islamic bank's share declines and the other partner's share increases until the latter becomes the sole proprietor of the venture.
Director
A person who acts in the capacity of director of a firm (whether appointed or not, or whether titled director or not). In the case of a sole trader, unincorporated body or partnership, a person directing its affairs, or a partner (of a partnership). Directors are a controlled function (cf. LR-1A.1.2).
Amended: April 2012Disabled customer(s)
For the purpose of Module BC 'disabled' means: all those who suffer from permanent total or partial physical or sensory impairments as a result of illness, accident, congenital or hereditary factor that may prevent them from accessing banking and financial services on an equal basis with others. These are the customers who have the ability to make their own decisions but need assistance to do so, due to their circumstances. The term 'disabled' includes visual impairments and hearing impairments and physical impairments.
People who have limited ability to take their own decisions (mental impairment) do not fall within this definition.Added: April 2016
