Islamic Banking Midterm

Oh gosh, tomorrow will be having Islamic Banking midterm. Studied so many chapters..came into so many Arabian words @ Islamic term...some more need to memorize all. 1 word to describe it all "GG".

For example;
Musharakah : Financing through equity participation @ partners

Mudharabah : Bank offer financing, entrepreneur offer labour + expertise

Musaqat : Agriculture loan

Musawamah : Spot sale

Murabahah : Cost + profit

This few still considered ok cause not that tough to memorise. The coming ones were more tougher

For example;
Bai Murabahah : Cost plus profit

Bai Tawliyah : Sale with no profit

Bai Wadhiah : Sale of commodities at lower price

Bai Salam : Advance payment for goods to be delivered later on

Bai Istina : Sale by order

Bai Bithaman Ajil (BBA) : Deferred payment sale

Bai Istijrar : Wholesale /supply financing

Bai Inah : Selling asset at deferred payment

Ijarah : Leasing equipment, building or facility at agreed fixed charge

Oh damn, its so hard to memorize. Miss Ung said, IF u good at memorizing, u'll score. Omg! i just wondered how to solve this problem. Should i consult her ? She is also my academic adviser but i mention put this problem into the form. haha.

Besides that, this Islamic banking products have supporting contracts;
For eg;
Rahnu : mortgages

Kafalah : Guarantor

Wakalah : sounds like Wa Kalah. Lol. it means Agency by the way.

Qard Hassan : Benevolent Loan. Interest free loan.

Hiwalah : Transfer of debt to other people

Hibah : Gift/Reward

However, i found out that Islamic Banking can be summarized.Firstly, Islamic banking prohibits Riba (unearned income) such as interest; and
Secondly, Gharar (Excessive risk). The others were just the products/commodities offered by Islamic Banking.

Still got 1 chapter to go. All the best to my classmates and those that are taking Islamic Banking midterm with me tomorrow =)