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US 2007/0192238 A1Published application
Method and system for corporate overdraft
OwnerAmmar Shata, Fahad Malaikahinventors
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OwnerAmmar Shata, Fahad Malaikahinventors
Estimating the term…
Methods and systems for providing a Shari'a compliant overdraft facility. A client offers to sell an asset to an overdraft provider, such as a financial institution. If the asset meets credit eligibility criteria, the provider may set up an overdraft account for conducting trade of the asset or part of the asset. The client can access the account by withdrawing funds therefrom. If the client successfully withdraws funds from the account, this indicates that the provider has agreed to purchase asset units equivalent to the funds withdrawn. The provider then leases the asset units back to the client at a pre-determined lease markup, which may be calculated and settled on a daily basis, under a Shari'a-approved Ijara wa Iqtina' contract. If the client successfully deposits funds in the overdraft account, this indicates that the provider has sold back the asset units to the client on a pro-rata basis.
A method of providing short-term financing that is compliant with Islamic jurisprudence, the method comprising:
A process for providing a Shari'a compliant corporate overdraft, the process comprising:
A system for providing Shari'a compliant short-term financing in a financial institution, comprising:
Dependencies are inferred from the claim text.