RTS Pakistan

Fitra

FITRA GUIDE: Karachi, April 2023. Ramazan ul Mubarak 1444 H Fitra is a Wajib (obligatory) Zakat. Fitra per person is calculated as the cost of 3 kgs of any one of the listed commodities, of quality according to your lifestyle. The prevailing rates for reasonable quality, of some of these commodities are given below: Flour […]

FINANCIAL WISDOM BEHIND PROHIBITION OF INTEREST

It must be kept in mind that it is not only Islam that prohibits interest but all revealed divine religions and famous societal thinkers condemned the charging of interest. All Divine Religions Abhor Riba The reasons why all divine religions, especially Islam, have given such severe verdict against Riba are that the basic teachings of […]

List of Directors Bank Letter

List of Directors/Partners Bank Letter must be printed on Company LetterHead and Stamped and signed by all Directors/Partners of the Company. This letter can be used for Private Limited Company, Partnership, & Sole Prioperitorship with the little amendments in the company section and replace Directors with Partners/Entrepreneur. LIST OF DIRECTORS/PARTNERS “Name of Bank” Bank Limited […]

Company Bank Account Opening Request Letter

Company Bank Account Opening Request Letter must be printed on Company LetterHead and Stamped and signed by all Directors/Partners of the Company/Partnership. This letter can be used for Private Limited Company, Partnership, & Sole Prioperitorship with the little amendments in the company section and replace Directors with Partners/Entrepreneur. Company Bank Account Opening Request Letter To […]

Bank Signing Authority Company Letter

Bank Account Signing Authority Company Letter must be printed on Company LetterHead and Stamped and signed by all Directors of the Company. This letter can be used for Private Limited Company, Partnership, & Sole Prioperitorship with the little amendments in the company section and replace Directors with Partners/Entrepreneur. Bank Signing Authority Company Letter CERTIFIED TRUE […]

IJARAH – Islamic Leasing

IJARAH – Islamic Leasing

IJARAH – Islamic Leasing The meaning of Ijarah – Islamic Leasing is to give something on rent. This is to rent a fixed asset to a person (the lessee) by the owner (the lessor) at an agreed rent price for an agreed period. A customer comes to bank for an Ijara agreement to receive any […]

TAKAFUL – Islamic Insurance

Takaful

TAKAFUL – Islamic Insurance Takaful – Islamic Insurance is originated from Arabic word Kafalab. It means “joint guarantee”. This is a cooperative scheme where participants pay donations (a premium), which is also called Tabarru, in a common pool. In return, this donation is used to compensate valid claim. RE-TAKAFUL – Reinsurance Re-takaful or Reinsurance operates […]

Why we do Murabaha Contract

Murabaha Sale

Murabaha Sale! It is a sale when a person expressively mentioned about cost or original price of the goods and adds some profit before selling to next. Murabaha is absolutely not a loan or not any kind of loan. It is simply a sale and purchase deal either on cash or on deferred payment. Differentiate […]

Define Mudarabah Types, Principle, Risk for Islamic Banks

Mudarabah Partnership

The Mudarabah contract is a form of partnership between one who contributes efforts in the form of managerial skills (Mudarib) and the other who contributes capital (Rabb-ul-maal). Profit from the outcome of the venture is shared between the capital provider and manager. Profit will be shared according to mutually agreed profit sharing ratio. However, losses […]

Musharakah Partnership – Basic rule of Musharakah

Musharaka

Musharakah: The English meaning of Musharakah is “Sharing” Partnership. It is a structured joint venture or partnership in which the profit and loss of enterprise are shared according to Islamic finance. It means all partners will need to share loss as per the ratio of invested amount; however, profit may be shared as per mutual […]