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"Money may be defined as the means of valuation
and of payments : as both the unit of account and
the generally accepted medium of exchange" (2)

(Features) ^y^imCA^f

(2) Modren Economic Theory. Dewett. Kewal Krishan India Delhi, Eighteen
revised edition, 1983. P:409

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The Historic Judgment on Interest,Usmani, (.Justice Muhammed Taqi

Usmani,)Karachi, Idaratul_Ma,araf ,lstedition,2000 A.D ,P:93

"The commodities are classified into the commodities of first order which are

normally termed as 'consuption goods' and the commodities of the higher order

wich are called 'production goods'. Since money , having no intrinsic utility,

could not be included in 'consupion goods' most fo the economists had no;

option but to put it under the categery of production goods."

The Theory of Money and Credit, Ludwig Von Mises, ^Liberty Clissics

Indianapolis ,9180, P: 95,Ch:5Part:one

"It is usual to divede economic goods into the two classes of those
wich satisfy human needs directly and those which only satisfy them
indirectly:that is'consuption goods , or goods of the first order, and production
goods ,or goods of the higher order ."
Introducion to Economic Principles, Dr.A.N Agarawala„Katab Mahal 1983.

"Robertson defines money as a commodity which is used to
denote any thing which is widely accepted in payment for goods or in discharge
of other kinds of business obligation."

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- : L^2^^t7^fKewalKrishanDewett
"How money differs from goods? Goods are
mainly of two types: the consumer goods, and
producer or capital goods. It cannot be consumed
as such.There was a time when some
commodities served as money and there are
exceptional circumstances in modern time too,
c.g,in Germany in 1945 when htere was hyper
inflation ,cigarattes served as money .But normally
is not an ordinary consumer good.,.
Money cannot also be regarded as a capital
good.Capital goods like machines and raw
materials help in the manufacture of goods by their
physical transformation. ...It performs entirely a
different function. Money is an exchange good,
and useful only in an exchange economy."

(1) Modren Economic Theory ,P:409

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The Theory of Money and Credit ,P:95 (0

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(1) The theory of Money and Credit:

"This is the compete justification the suggfestion put farword by Knies that

economic goods should be divided into means of production objects of

consuption.and media of exchange".?: 5 02

"Regarded from this point of view , these goods what Adam Smith called them

"dead stock, which produces nothing." P:102

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link up to as a commission house between the
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fc«4^ ~:(Post Dated Cheque)^? \fj tji -?

c^ l^ J<i~/ (Dishonour)j>7^CC>

www.KitaboSunnat.com *-^£AM£

di^J4<£- ^(Creditor)cT'j(Beneficiaiy)>^

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j? U^ <^4 ^ ^3/ \£j£ Jt "Shari'a Standards" js\

An issuance a cheque against a current account is
a form of hawala if the beneficiary is a creditor of
the issuer or the account holder for the amount of
the cheque, in which case the issuer, the bank and
the beneficiary are the transferor, the payer and
the transferee respectively.

If the beneficiary is not a creditor to the issuer of
the cheque, then this is not a hawala transaction
because there can be no hawala transaction
without an existing debt. In the absence of a debt,
the transaction becomes an agency contract for
recovery of the amount of the debt on behalf of
the transferor, which is lawful in Sharia.
If the beneficiary of the amount of a cheque is a
creditor to the issuer, then issuing a cheque
against the account of the issuer without a balance
is unrestricted transfer of debt if the bank accepts
the overdraft. If the bank rejects the overdraft,
then this is not considered a transfer of debt, in
which case the potential beneficiary may have
recourse to the issuer.

The holder of a traveler's cheque, the value of
which has been paid by him to the issuing
institution, is a creditor to such an institution. If
the holder of the traveler's cheque endorses the
cheque in favour of his creditor, it becomes a
transfer of debt in favour of a third party against
the issuing institution that is a debtor to the holder

of the traveler's cheque. This is a restricted
transfer of debt and the amount of the debt is the
value of the cheque for which the institution
received payment 0)

ij0^\ Q\ JU- Jjo JJL- < Jj***J\ CL-£Jt Q\ r^^aJli
\*pXL»i iiUJI qa <Uj j (Ja*E) mJl*1> lHJ 0*3 ^-^ /*JJ
(JxJiJI j^*j Nii fr^ji ^ oUj ill Q* tiJJi (j-*Ji <U* <Uj j
8ft jb (JjtXj \J_? tUoJt aj£L> ^> 4*1** ^JL* uLi <^Ls.

(1) Shari'a Standards 1423 All, 2002 Accounting and Auditing
Organization for Islamic Financial Institutions.

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(Bill of Exchange)(j£?
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'D Jibf "/i/tjs\ iJl t£ "Bill of Exchange"^

/$bl &A~ (/I ^ 4^ "Maturity" j£ (j^
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-^JJ! /w*JI <u*-j c-j^i

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yijyr.^ 1 I ^ium o* ^Jj—^ OJiJ^-5 (The Drawer)
_q*ju> tujCj ,i JUJt q* Ud** (The Drawee) «*JUoJ

(0 ^

A bill of exchange is an order from a creditor to
the debtor to pay a certain sum of money to
himself or to the bearer.

-(i ir/r)jiirri js^j^^ljf fjWIjb

An unconditional order in writing, addressed by
one person to another singed by the person giving
it, requiring the person to whom it is addressed to
pay on demand or at a fixed or determinable future
time a sum certain in money or to the order of a
specified person, or to bearer.

Intrudaction to Economic Principles. Dr. A.N.Agarwal ( I )

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An unconditional promise in writing made by one
person to another signed by the maker engaging to
pay on demand or at a fixed or determinable future
time, a sum certain in money to or to the order of
a specified person, or to bearer.

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-Sharia Standards j ^jn^^j^tjriWI :x>ii^L^J^ (0

jt*s\J tfj&jj&jtf (r)

Promissory Note: a financial instrument containing
an unconditional undertaking singed by the maker
to pay on demand, or at a fixed or determinable
time in future, a certain sum of money to the
holder or to the bearer of the instrument, or to the
order of a designated party.O)

J/(J^(BillofExchange)Jv.>'k-£>

(I) Glossary; Banking and Finance, English-English-Urdu, Shakil Faruqi
Student Edition, State Bank of Pakistan, Institute of Bankers Pakistan, Lahore
School of Economics.

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Ju«t*XJt f jj^ *jUa*JI t>t> ^1* '4— >Jt ±j±L>. y Ol

(BankDraft)^fvJ^

A bill of exchange payable on demand, usually
drawn by one bank on another or by on branch on
another, a popular means of transfer of funds.

W

*

A bank draft is a cheque drawn by one bank upon
another bank or its own branch situated at a
different place, requiring it to pay a certain sum of
money to a specified person or to his order to the
bearer. A bank draft may be inland or foreign.
Usually persons who have to make payment to
distant creditors go to their bank to obtain a bank
draft. They have to deposit with the bankers the
amount to be remitted a small commissions. Draft
is then issued which is sent to the creditor
concerned who gets it encashed.

*<i£ W^W Sharia Standardsi^L/'^f-^U^l/^/j^w^

(0 Glossary; Banking and finauce, English- English- Urdu, Shakil Faruqi
Student Edition, State Bank of Pakistan, Institute of Bankers.

(PayOrderVivT^

It is a cheque tike instruments issued by bank on
the request of its customers or in payment of its
own expenses or dues, drawn on itself, to pay a
specified sum of money to the order of specified
person. Payment orders are usually issued by the
banks on receipt of full amounts involved, which
means that it would not be returned unpaid due to
\azk of funds, it is also called Bankers Cheques or
Cashiers Cheques.

*^ m •* ** ****** * *+ w ♦* **

\Jf\ <lC\ t-Ji jihtC wjis jj<L if 6%*

(Bond)>L

Bond is an interest bearing government or
corporate security, obligating the bond issuer
under an agreement called bond indenture to pay

(I) Intrudaction to Economic Principles, Dr. A.N.Agarwal. p:352.

C) Glossary; Banking and finance, English-English-Urdu, Shakil Faruqi

Student Edition, State Bank of Pakistan, Institute of Bankers Pakistan, Lahore

School of Economics.

the bond holder a principal amount on the date of
maturity and periodic payment of interest over the
life of the bond, bonds are long term debt
instrument and are a preferred mode of raising
long term funds without selling shares, bon
enables the bond issuer to convert non liquid or
less liquid assets into marketable instruments, the
market value, or the price of the bond in the
market differs from the face value or hepar value
of the bond at the maturity by a discount factor
based primarily on the current interest rate and the
bond rating generally, if interest rate rises bond
price fall and vice versa.

(fit <* <*J<C <^j,y Ji /<Lij ,L/,/jr! L

^utjijll^SjV^fyjjStfL-fdtj?

(I) Glossary; Banking and finance, English- English- Urdu, Shakil Faruqi Student
Edition, State Bank of Pakistan, Institute of Bankers Pakistan, Lahore School of
Economics.

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L- If £^L&^Jvlj!(3^LX^IJj^;>L tf «t^4^(Treasuiy Bills)

(Bonds Convertible into Shares)-/ J? IlM^IT
J3t (Non.Convertible into Shares);>* l^/Jt IT^f j

www.KitftboSuimat.com -•c-Jjz,j>£«z-±Zij*s

A bond that can be converted into a common
stock at a conversion ratio specified at the time of
bond issue, it has all the factors of a regular hond,
namely the par value, the coupon rate, maturity
period the interest payment period, but
additionally, the band issuer pays dividend and
offers the option to the investor to convert the
bond into a number of common stocks as per
conversion ratio of the conversion price of the
stock, as a result the market price of the bond is
affected both by the interest rate movements as
cell stock market movements, the cost of
conversion option is usually gauged by the
premium paid for the bond in the secondary
market trading, convertible bonds proved a
potential gain to the investor if the bond price goes
up, while at the same time offer an attractive bond
yield, specially for corporate bond whose price is
likely to materially increase over the maturity
period, the market value of the option attached to

-J*'i&J/ r * r ^IfcoF^;

convertible bond is zero or insignificant at the time
bond stars selling initially in the secondary market,
but the value of the option increases as the bond
price clibs up, it is also possible that bond price
bay fall instead of rising with disastrous
consequences for the option holder, therefore
convertible bond can also be risky in addition to
being potentially rewarding.

(Treasuiy Bills^y^Wu^- 1

(Treasaiy Certificates)^ l^l^bL^- r

(MinucipalBonds) ;r >tV J f^/>'-r

(') Glossary; Banking and finance, English-English-Urdu, Shakil Faruqi Student
Edition, State Bank of Pakistan, Institute of Bankers Pakistan, Lahore School of
Economics.

tiffin

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-^1/ ^^c^j^i^i (i)

-3jjt*Jt Af-i^)t Ji* t j#i^ Ugotfr Cj^ri
Government Securities, which are usually bonds
that pay a fixed amount of interest each year gave
unlike most commercial securities a guaranteed
saftey factor concerning then ultimate repayment.
These securities arc traded in the Market, and their
prices fluctuate in value, depending on trends and
condition of the economy/ 2 )

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(2) The New Encyclopaedia Britannica v:10, p:595.

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(Warrants)^ U^

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J

Warrants arc securities issued with preferred
stacks or bond or certificates, that give the holder
the right to buy a proportionate amount of
common stock at specified price, usually higher
than market price at the time of issue of warrants,
for a specific period of time, or perpetuity. In this
sense, warrants are options to the holder of
corporate stocks or bonds.

iflra :u a ^WU>Jl^jUlijuJt^iUtSjjuJI^U-yt4M!^wst»ysM (i)

J^'tJ^'Cj? g "Negotiable"^ <jl ctfj,uj: ITl/;^

(Options)c^0L>

Option is a contract giving the asset holder the
right but not the obligation to sell or buy an asset
at an agreed price called strike price or exercise
price over a short period in future which is of
critical importance in the contract, if the contract
stipulates a fixed date for transaction in future, it is
a European Style option, if the transaction can be
done a number of times in future over the contract
period it is Bermuda Style option, if the time of
transaction is chosen by the holder up to maturity
date of the contract if is an American Style option.

(1) Glossary; Banking and Finance, English-English-Urdu, Shakil Faruqi
Student Edition, State Bank of Pakistan, Institute of Bankers Pakistan, Lahore
School of Economics.

In securities market, this contract could be a call
option.

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p13£2-±} ij* j cJ jt /g ,/t /

^^^^lT J-jCc. "Options"L"^l>0 "

CD Glossary; Banking and Finance, English-English-Urdu, Shakil Famqi
Student Edition, State Bank of Pakistan, Institute of Bankers Pak.stan, Lahore
School ot Economics.

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"An Introdcution to *J£*JyJtjxr'ilt <L ^U J^ {fjj**

Here comes the question whether or not
Bai-al-Dain is allowed in Shariah. Dain means debt
and Bai means sale. Bai-al-Dain, therefore
connotes the sale of debt. If a person has a debt
receivable from a person and he wants to sell it at
a discount, as normally happens in the bills of
exchange, it is termed in Shariah as Bai-al-Dain.
The traditional Muslim jurists (fuqaha) are
unanimous on the point that Bai-al-Dain with
discount is not allowed in Shariah. The
overwhelming majority of the contemporary
Muslims scholars of Malaysia have allowed this
kind of sale. They normally refer to the ruling of
shafiit school wherein it is held that the sale of
debt is allowed, but they did not pay attention to
the fact that the shall ite jurists have allowed it only
in a case where a debt is sold at its par value.
In fact, the prhibition of Bai-al-Dain is a logical
consequence of the prohibition of riba, or interes.
A debt receivable in monetary terms corresponds
to money, and every transaction where money is

exchanged for the same denomination of money,
the price must be at par vlaue. Any increase or
decrease from one side is tantamount to riba and
can never be allowed in shariah.
Some scholars argue hat the permissibility of
Bai-al-Dain is restricted to a case where the debt is
created through the sale of a commodity and its
sale may be taken as the sale of a commodity. The
argument, however, is devoid of force, for, once
the commodity is sold, its ownership is passed on
to the purchaser and it is no longer other than
money. Therefore if he sells the debt, it is no more
than the sale of money and it cannot be termed by
any stretch of imagination as the sale of the
commodity.

That is why this view has not been accepted by
the overwhelming majority of the contemporary
scholars. The Islamic Fiqh Academy of Jeddah,
which is the largest representative body of the
Sharia scholars and has the representaion of the
Muslim countries, including Malaysia, has
approved the prohibtion of Bai-al-Dain
unanimously without a single dissent.^)

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(1) An introduction to Islamic Fainanc. p:216.

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^ w^.jjJ^jSeTj^ (The Nature of Money)' j^jS J ^ jt

One of the most important characteristics of
islamic financing is that it is an asset-backed
financing. The conventional / capitalist concept of
financing is that the banks and financial institution
deal in money and monetary papers only. That is
why they are forbidden, in most countries, from

trading in goods and making inventories, [slam, on
the other hand, does not cccognize money as a

subject-matter of trade In conventional

financing, the financier gives money to his client
as an interest- bearing loan, after which he has no
concern as to how the money is used by the
client.(l)

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www.KitftboSumiat.com () _^_/

(Comslomaiy Price) J/^>^U^

(I) An Introduction to Islamic Finance. p:20.

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U&Ju*^ UUiyr^jt^ Dt d i^/i</^ js^jji
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www.KiteboSuTmat.ccm

English Books

A

^ An Introduction to Islamic Finance

E

•$* Encyclopaedia of BritannicaV:3, p:722

F

-$- Footnotes on Introduction to Economics Principles

G

# Glossary; Banking and Finance, Englihs-English-Urdu, Shakil
Faruqi Student Edition, State Bank of Pakistan, Institute of Bankers
Pakistan, Lahore School of Economics

H

■$* The Historic Judgment on Interest, Usmani, (Justice Muhammad
Taqi Usmani) Karachi, Idartul-Ma'arif, 1 st edition, 2000 A.D

I

ty Introduction to Economics ■ Principles, Dr. A. N. Agarawal, Kitab
Mahal,1983

M

■#- Modem Economics Theory, Dewett, Kewal, Krishan, India Delhi,
Eighteen revised edition, 1983, p:409

t ¥

N

■$■ The New Enc cyclopaedia Britannica v: 10, p:595

s

-%■ ShajiVa Standards 1423 AH. 2002, Accounting and Auditing
Organization for Islamic Financial Institutions

T

•#■ The Theory of Money and Credit. Mises, Ludwig Von Mises

I