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Underwriting (as defined in Paragraph CM-4.2.7)
A binding commitment by the reporting bank to purchase securities issued by, or provide syndicated credit facilities to (as the case may be) an unconnected party ("the issuer" or "the borrower") at a mutually agreed price.
Added: January 2012Unencumbered Assets
Assets free of legal, regulatory, contractual or other restrictions on the ability of the bank to liquidate, sell or transfer these assets. Liquid assets should not be used to cover trading positions or to secure, collateralize or credit-enhance any transaction, nor be designated to cover operational costs (such as rents and salaries).
Added: October 2018Units in Shari'a compliant collective investment undertakings
Rights or interests (however described) of the participants in a collective investment scheme.
Unrestricted Investment Accounts
With this type of account, the investment account holder authorizes the Islamic bank to invest the account holder's funds in a manner which the Islamic bank deems appropriate without laying down any restrictions as to where, how and for what purpose the funds should be invested. Under this arrangement the Islamic bank can commingle the investment account holder's funds with its own funds or with other funds the Islamic bank has the right to use (e.g., current accounts). The investment account holders and the Islamic bank generally participate in the returns on the invested funds. Unrestricted participating investment bonds and any other accounts that are of a similar nature are equivalent to unrestricted investment accounts.
