University of Batna1

Faculty of Islamic Sciences

Department of Sharia

Islamic Economics

& Contemporary Financial Transactions

Master1: Contemporary Financial Transactions

Teacher: BAHMED.N

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Course One: Islamic Economics

Introduction:

Islam is more than a religion; it’s also a code of life that deals with social, economic, and political matters.

A person who follows Islam is a Muslim, and every Muslim is expected to live according to the Islamic code,

which is sharia (Islamic law). Each issue addressed by sharia is entwined with all other issues; therefore,

economic matters are related to religion, culture, ethics, politics, and so on. Sharia prohibits certain elements

that are common in conventional finance, such as interest and speculation.

Islam promotes moderate consumption and prohibits extravagant spending. That word extravagant

applies both to spending too much on acceptable products and activities and to spending any money at all

on prohibited ones. Muslims believe that Allah has provided everything that humans need (and in an

appropriate quantity). Islam ensures that humans use resources wisely by placing limits on demand through

the directive to be moderate in consumption.

1.Islamic Economics:

It is difficult to understand and study Islamic economics and the structure of the Islamic financial

mechanism in isolation; unlike in ‘Western' type economies where it is done with some degree of ease.

Islamic Economics differs fundamentally from man-made laws and systems in defining economic problem.

Possibly one of the starting points to understand Islam and Islamic economics, is what can be considered as

the central theme – 5:120 The Qur'an, where it states that dominion of the cosmos belongs to God

(Allah) and therefore we are but His vice-regents (or trustees) of all this dominion, whether we seemingly

own some part of this individually, jointly or otherwise. Naturally therefore, all economic and financial

activities that would affect and regulate our lives, must be driven by this key principle.

2.History of Islamic Economics:

IE originated during the Golden Age of Islam, 622-661 CE, when the Prophet Muhammad and the

Rashidun practiced “brotherly cooperation” in economics. The ummah operated under the same codes of

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conduct, and resources were allocated efficiently to ensure a high standard of living. It is believed that as

ties to Islam weakened, so did global economic growth in Islamic institutions.

3.Goals of Islamic Economics:

a. Official Goals: The stated two goals of economic justice, equality and fairness, buttress the foundation

of IE; equality focusing on the outcome of economic processes (e.g. the distribution of wealth cannot be

grossly unequal) and fairness focusing on the processes itself (e.g. economic transactions should be fair).

Through the issuance of numerous Islamic injunctions, all of which have a basis in the one or more of the

four operational mandates (avoiding riba, gharar, and transactions involved maysir and/or prohibited

commodities).

b. Unofficial Goals: The unofficially declared purpose of IE was to “to identify and establish an economic

order that conforms to Islamic scripture and traditions.” In the late twentieth century, petrodollars

amassed in huge quantities when oil-rich nations found themselves on the favourable side of a world

commodity supply and demand chain. This newfound wealth allowed such nations to focus their attention

on how to make their booming financial sectors comply with the teachings of the Quran.

3.Ibn Khaldun’s Framework:

Ibn Khaldun's (15th century's) framework provides a summary of the interdisciplinary dynamic model for

Islamic socio-economic system:

➢ “The strength of the sovereign (al-mulk) does not become consumed except by implementation of

the Shari'ah;

➢ The Shari'ah cannot be implemented except by a sovereign (al-mulk);

➢ The sovereign cannot gain strength except through the people (al-rijal);

➢ The people cannot be sustained except by wealth (al-mal);

➢ Wealth cannot be acquired except through development (al-‘imaran);

➢ Development cannot be attained except through justice (al-‘adl);

➢ Justice is the criterion (al-mizan) by which Allah will evaluate mankind, and the sovereign is

charged with the responsibility of actualising justice”

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Here is diagram that represents a summary about the notions and principles of the different tendencies in

the economic system:

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4Key Principles that Islamic Firms Follow:

Based on the core concepts of Islamic economics, Islamic finance institutions adhere to certain principles

that distinguish them from conventional finance. Following are four major principles that every Islamic

financial firm must follow. (Note: If a company doesn’t adhere to these principles, it can’t call itself Islamic.)

❖ Prohibiting Interest (RIBA): In a riba-based transaction, the owner of the wealth gets

return without making any effort and bears no risk. The person receiving the loan, on the

other hand, assumes all the risk and bears the responsibility of returning to the lender both

the capital and the interest no matter what the outcome of the economic activity. From the

Islamic point of view, in a riba-based transaction, the lender uses the misfortune of the

borrower in order to acquire wealth, which is unjust i.e. Muslims should not take out loans

from conventional banks, invest in interest-based products (such as conventional certificates

of deposit, savings accounts, and bonds).

❖ Steering Clear of Uncertainty-Based Transactions (GHARAR): Islam requires Muslims

to avoid transactions that are uncertain or ambiguous; not everyone involved knows what to

expect and can make an informed decision. Gharar can exist in these situations:

✓ When two parties enter a contract and one party lacks complete information: For example, a party

purposely withholds some information in order to wield greater control over the transaction.

✓ When both parties lack control over the underlying transaction: For example, two parties enter a

contract related to the sale of fish that haven’t yet been caught.

❖ Avoiding Gambling: In Islam, both the acquisition of wealth by chance (not by effort) and

games of chance are prohibited because they’re based on uncertainty. Instead, Islamic

insurance, called takaful, is based on a very different model of risk management that involves

shared risk and mutual responsibility.

❖ Avoiding Investment in Prohibited Industries: Islam prohibits industries that it considers

harmful to society and a threat to social responsibility. These industries include alcohol,

weapons of mass destruction, pork, tobacco, and illegal drugs. Therefore, an Islamic financial

institution can’t finance a project or asset that is prohibited.

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Course Two: Contract in Islam

1. Definition of Contract in Islam:

According to Kharofa, the word ‘aqd (contract) in Arabic language means tying tightly, as in tying a rope.

Arabs used the word to speak about firm belief or determination. They used to say ‘aqd al ‘ahd to mean ‘make

a covenant’ and ‘aqd al yamin to mean ‘give an oath’. Along the same line is ‘adqat al nikah meaning a

marriage contract.

The word ‘aqd also carries the meaning of obligations, as used in the first verse of Surah al-Maida. O ye

who believe! Fulfil your obligations. In Islamic jurisprudence the word contract is used to mean an

engagement and agreement between two persons in a legally accepted, impactful and binding manner.

2. Definition of Contract in Man-Made Laws:

The definition of a contract according to the French Civil Law in article 1101 is ‘an agreement which

commits a person or a group of persons to give something, do something or refrain from something to

another person or group of persons.’

3. Two main kinds of partnerships:

Partnerships are primarily of two kinds: partnerships of ownership and partnerships of contracts.

A. Partnerships of Ownership (Amlaak): A partnership of ownership means that two or more people

share the ownership of a single property, either by their own choice (i.e., by agreeing to buy the property)

or without their own choice (i.e., inheriting the property, for example). Each of the parties is a partner and

none of the parties can dispose of the object on his or her own, without the permission of all other partners.

B. Partnership of Contracts (Uqood) A partnership of contacts is between two or more people to have

partnership in capital and profit.

4. Contracts in Islamic Finance:

Contracts between Parties: Compliance with Islamic principles is the basis of all contracts between

parties performing some specified act in exchange for a lawful consideration, and the most important

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building block for an Islamic financial and economic system. Most of the financial products, services and

instruments are based on such contract.

Therefore, understanding is required of the Shari'ah-acceptable contracts in their multifarious and varied

forms that could be used to design and develop Shari'ah-based financial products and to provide Shari'ah-

compliant financial solutions. The basic premise of Islamic finance lies in the need to eliminate both

interest (Riba) and uncertainty (Gharar) in all business and financial transactions. In brief, the following

are key types of Islamic contracts applied today. Here are some of the most commonly used contracts

in Islamic finance:

Contracts of partnership allow two or more parties to develop wealth by sharing both risk and return:

➢ Mudaraba(Joint venture ): One party gives money to another party, which invests it in a

business or economic activity. Both parties share any profit made from the investment (based

on a pre-agreed ratio), but only the investor loses money if the investment flops.

➢ Musharaka(equity participation): This contract creates a joint venture in which both

parties provide investment capital, entrepreneurial skills, and labor; both share the profit

and/or loss of the activity. Musharakah literally means sharing, and which is different from

an interest-based system where the upside is limited while the downside is very nearly non-

existent.

➢ Contracts of exchange: are sales contracts that allow for the transfer of a commodity for

another commodity, the transfer of a commodity for money, or the transfer of money for

money.

➢ Murabaha: In this cost-plus contract, an Islamic financial institution sells a commodity to

a buyer for its cost plus the profit margin, and both parties know the cost and the profit in

advance. The buyer makes deferred payments.

➢ Salam: In this forward contract, the buyer (or an Islamic financial institution on behalf of

the buyer) pays for goods in full in advance, and the goods are delivered in the future.

➢ Istisna: This second type of forward sale contract allows an Islamic financial institution to

buy a project (on behalf of the buyer) that is under construction and will be completed and

delivered on a future date.

Contracts of safety and security are often used by Islamic banks; these contracts help individual and

business customers keep their funds safe:

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➢ Wadia: A property owner gives property to another party for the purpose of safeguarding.

In Islamic banks, current (checking) accounts and savings accounts are based on the wadia

contract.

➢ Hiwala: Debt is transferred from one debtor to another. After the debt is transferred to the

second debtor, the first debtor is free from her obligation. This contract is used by Islamic

financial institutions to remit money between people.

➢ Kafala: A third party accepts an existing obligation and becomes responsible for fulfilling

someone’s liability. In conventional finance, this situation is called surety or guaranty.

➢ Rahn: A property is pledged against an obligation. A customer can offer collateral or a pledge

via a rahn contract in order to secure a financial liability.

5. Types and Classifications of Contracts:

There are two main types of contracts: Unilateral and Bilateral.

a. A unilateral contract is gratuitous in character and does not require the consent of the

recipient (qabool). Examples of a unilateral contract include gift (hadiah, hibah), off-set of the

debt (ibra), will (wassiyyat) endowment (waqf) and loan (qard).

b. A bilateral contract requires the consent of both parties and covers the remaining transactions

in Islamic law. The scholars have traditionally divided bilateral contracts into six classifications:

➢ Contracts of exchange (mu’awadat);

➢ Contracts of security (tawthiqat);

➢ Contracts of partnership (shirkah);.

➢ Contracts of safe custody (wadi’ah);

➢ Contracts pertaining to the utilization of usufruct (manfa’ah); and

➢ Contracts pertaining to do a work (e.g., wakalah and ju’alah).

The pillars of a contract in Islam are two:

➢ Ijaab – the positive proposal.

➢ Qabool – the acceptance.

The coming together of ijaab and qabool makes up the contract.

6. Al-Hewala: Al-Hewalah: has been used by the Jewish scholars extensively to get around ribaa. The

Muslim scholars, however, have clearly laid down the requirement for the original and the new debt

to be of similar value. The Hewalah contract cannot take place unless all three parties agree to the

arrangement.

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Course Three: Islamic Banking

1. Definition: Islamic banking has been defined in a number of ways. The definition of Islamic bank

approved by the General Secretarial of the OIC is stalled in the following manner. “An Islamic bank

is a financial institution whose status, rules and procedures expressly state commitment to

the principle of Islamic Shariah and to the banning of the receipt and payment of interest on

any of its operations.”

Dr Shawki Ismail Shehta viewing the concept from perspective of an Islamic economy and the prospective

role to be played by an Islamic bank therein opines that “It is therefore, natural and, indeed, imperative

for an Islamic bank incorporate in its functions and practices commercial investment and social

activities, an institution design to promote the civilized mission of an Islamic economy.”

It appears from the above definitions that Islamic banking is a system of financial intermediation that avoids

receipt and payment of interest in its transactions and conducting operations in a way that it helps achieving

the objectives of an Islamic economy. Alternatively, this is a banking system whose operation is based on

Islamic principle transactions of which profit and loss sharing (PLS) is a major feature ensuring justice

equity in an economy. That is why Islamic banks are often known as PLS-banks.

2. What is Islamic Banking?

Islamic banking, also known as non-interest banking, is a system based on the principles of Islamic or Sharia

law and guided by Islamic economics. Islamic banks make a profit through equity participation which

requires a borrower to give the bank a share in their profits rather than paying interest.

Islamic Banks are important because they play an important role in economies: creating jobs and generating

income, promoting economic growth, social stability and contributing to the development of a dynamic

private sector. Instead, a bank must provide some service to “earn” its profits. Thus, instead of traditional

accounts with given interest rates, Islamic banks work through providing accounts which offer profit/loss.

The bank in turn purchases assets with your money, which generate returns for the bank.

3. Theoretical Basis of the Concept of Islamic Banking:

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Conventional banking is essentially based on debtor-creditor relationship between depositors and the

bank in the one hand and between the borrowers and the bank on the interest is considered as the price of

credit, reflecting the opportunity cost of money.

Islam, on the other hand, considers loan to be given or taken, free of charge, to meet contingency and

that the creditor should not lake any advantage of the borrower. The money is lent out on the basis of

interest, more often it happens that it leads to some kind of injustice. The first Islamic principle underlying

such kinds of transactions is that “deal not unjustly and ye shall not be dealt with unjustly”. Hence,

commercial banking in an Islamic framework is not based on debtor-creditor relationship.

The second principle regarding financial transactions in Islam is that there should not be any reward

without risk-taking. This principle is applicable both to labour and capital. As no payment is allowed to

labour unless it is applied to work, no reward for capital should be allowed unless it is exposed to business

risks. Thus, financial intermediation in an Islamic framework has been visualized on the basis of the above

principles. Consequently, financial relationships in Islam have been participatory in nature.

Several theorists suggest that commercial banking in an interest-free system should be organized on the

principle of profit and loss sharing. The institution of interest is thus replaced by a principle of

participation in profit and loss. That means, a fixed rate of interest is replaced by a variable rate of return

based on real economic activities. The distinct characteristics which provide Islamic banking with its main

points of departure from the traditional interest-based commercial banking system are:

▪ A. the Islamic banking system is essentially a profit and loss sharing system and

not merely an interest-free (Riba) banking system; and

▪ B. investment (loans and advances in conventional sense) under this system of

banking must serve simultaneously both the interest of the investor and those of the

local community.

The financial relationship as pointed above is referred to in Islamic jurisprudence as Mudarabah.

4. Distinguishing Features of Islamic Banking: An Islamic bank has several distinctive features as

compared to its conventional counterpart. The essential differences as below:

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❖ Abolition of Interest (Riba): Since Riba is prohibited in the Holy Quran and interest in all its form

being akin to Riba as, confirmed by Fukaha and Muslim economists, the first distinguishing feature

of an Islamic bank must be that it is interest-free, while the abolition of Riba would be the first and

essential difference between the conventional interest-based commercial banks and Islamic banks.

❖ Adherence to Public Interest: Activity of commercial banks being primarily based on the use of

public funds, public interest rather than individual or group interest will be served by Islamic

commercial banks. The Islamic banks should use all deposits, which come from the public for serving

public interest and realizing the relevant socio-economic goals of Islam.

❖ Multi-Purpose Bank: Another substantial distinguishing feature is that Islamic banks will be

universal or multi-purpose banks and not purely commercial banks.

❖ Work as Catalyst of Development: Profit-Loss-Sharing being a distinctive characteristic of an

Islamic bank, if fosters closer relations between banks and entrepreneurs. It helps develop financial

expertise in non-financial firms also enables the banks to assume the role technical consultants and

financial advisors and act as catalysts in the process of industrialization and development. The bank

would take care of all the responsible and agreed financial needs of their clients.

5. Islamic Economics in Non-Islamic Countries:

Islamic banking exists beyond the Muslim world and has recently gained traction in the Western market.

France and the United Kingdom have contributed heavily to the global assets in Islamic finance as has the

United States. Across the Atlantic, the American Finance House LARIBA, which opened in 1987, offers

Sharia-complaint products. LARIBA, along with the Bank of London and the Middle East, are ranked

among the best Islamic financial institutions in the world. Such influence of Islamic banking in the UK,

France, and US likely stems from the large Muslim populations that reside in each country.

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Course Four: Conventional Economics & Financial Transactions

1. Conventional Economics:

The main economic systems that generally known todays are capitalism economics and socialism economics.

Both economic systems are also called conventional economics. Conventional economics aims to build a

social life structure but just focuses on material aspects. Beside the two mainstreams of conventional

economics, there is an economic system that aims to build society life and able to accommodate human needs

in the world and the hereafter (Falah), named Islamic economics.

Both conventional and Islamic economics have a different paradigm and almost difficult to reach an

agreement, so it bears several differences that we should know. The conventional economics here is a

capitalist economy with Adam Smith (1723-1790) as the main character and the socialist economy where

Karl Marx (1818-1883) as the main character.

The Differences between Conventional Economics and Islamic Economics:

Conventional Economics Islamic Economics

To focus on material aspects. To build society life and able to accommodate

human needs.

It does not have an absolute standard and can

change according to a condition in a society.

It is an economic system that is extracted from

the values contained in the Qur'an and Sunnah,

that focuses on brotherhood and strength

It has its own rules that can be used as a guide0 It has Al-Qur'an and As-Sunnah as a guide.

Interest charged in almost all banking

transactions .

Interest is prohibited.

2. Financial Transactions:

A financial transaction is an agreement, or communication, carried out between a buyer and a seller to

exchange an asset for payment. It involves a change in the status of the finances of two or more businesses

or individuals. ... It is still a transaction if the goods are exchanged at one time, and the money at another.

There are four main types of financial transactions that occur in a business. These four types of financial

transactions are sales, purchases, receipts, and payments. ... Sales transactions are recorded in the

accounting journal for the seller as a debit to cash or accounts receivable and a credit to the sales account.

Examples of external transactions include purchase of goods from suppliers, sale of goods to customers,

purchase of fixed assets for business use, payment of rent to owner, payment of gas, electricity or water bills,

payment of salary to employees etc.

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3. What are the different transaction types?

Here you will find a list of the various types that can be assigned to transactions in a bank. The transaction

types for investment transactions are more strictly defined and affect the behaviour of the transactions, so

you should use discretion when choosing the appropriate type for these transactions.

Banking account transaction types:

• ATM: Deposit or withdraw funds using an ATM.

• Charge: Record a purchase on a credit card or withdraw funds using a debit card.

• Deposit: Add funds to an account by any method.

• Online: Withdraw funds through a web-based store or online banking service.

• POS: Withdraw funds through a point-of-sale transaction (typically a cash or debit card purchase).

• Transfer: Move funds from one account to another.

Conclusion:

Islam envisages economic activities absolutely essential for the material and spiritual growth and prosperity

of human beings, within moral and social contexts. Islam clashes seriously with interest, which violates the

cardinal principle of fairness and justice by causing the concentration of wealth and social power in the hands

of a few. Islamic Economics bans interest along with all other exploitative and anti-social elements. It

promotes business and economic dealings based on private ownership, free consent, mutual trust and co-

operation, fairness and risk-sharing. Islamic banking and finance (IBF) is a sub-discipline of Islamic

Economics. Its origin, objectives and operative mechanisms are based on Shariah. It is mainly an equity-

based system that offers a more ethical and efficient alternative to the interest-based conventional system.

It conducts its affairs through profit-and-loss-sharing (PLS) instruments.

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Concepts in Economics and Finance

ARABIC-ENGLISH & FRENCH

English French Arabic

Release of debt Libération de la dette دين من إعفاء

Debt recognition Reconnaissance de la dette بالدين إقرار

Legal obligation Obligation légale شرعي إلزام

Due bill Facture فاتورةالمستحقة

Judiciary obligation Obligation judiciaire قضائي إلزام

Productivity of investment Productivité de

l'investissement

الاستثمارات إنتاجية

Deposit in escrow Dépôt en séquestre وط إيداع إيداعفيالضمان-مشر

Revenue of employed items Revenus des articles employés ت يراد إ ستغل إيراداتالبنود - الم

المستخدمة

Business credit Crédit aux entreprises الأعمال في ائتمان

Bank credit Crédit bancaire المصرفي الائتمان

Tendency of the market Tendance du marché السوق ات جاه

Disparity of the wealth

location

Disparité de l'emplacement de

la richesse

المال موضع افتراق

Micro-economics Micro-économie زئي اقتصاد ج

Marco-economics Marco-économie الاقتصادالكلي

Economic Économique اقتصادي

Public wealth Richesse publique ة الأموال العام

Created funds Fonds créés ستحدثة الأموال الم الأموالالمنشأة -

Banknote Billet de banque النقدية الأوراق

Charitable endowments Dotations caritatives الخيرية الأوقاف

Deposit Dépôt الإيداع

Need of money Besoin d'argent إلى المال الاحتياج

Saving Économie- épargne خار الاد

Investment Investissement الاستثمار

Personal utilization Utilisation personnelle الشخصي الاستعمال

Blessing Bénédiction البركة

Trade Commerce الت جارة

Monetary commercial

transaction

Transaction commerciale

monétaire

المعاملتالتجاريةالنقدية

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Exchange bonds Les obligations d'échange ل بالسندات التعام سنداتالصرف -

Compensation Compensation التعويض

Cyclical fluctuations Fluctuations cycliques الدورية التقلبات

Social solidarity Solidarité sociale الاجتماعي التكاف ل

Cost Coût التكلفة

Putting in possession Mettre en possession التمليك

Financing Financement التمويل

Price discrimination Discrimination de prix عري التمييز الس

Turning property into liquid

money

Transformer la propriété en

argent liquide

التنضيض

Commercial fortune Fortune commerciale الت جارية الثروة

Stocktaking Inventaire الجرد

Tribute L'hommage الجزية

One's basic needs Les besoins de base الحاجة الأصلية

Base rate Taux de base الأدنى الحد

Maximum amount Quantité maximale الأقصى الحد

Public treasury Trésor public ة الخزانة العام

Low incomes Faibles revenus ول عيفة الدخ الض

Limited incomes Revenus limités ول المحد ودة الدخ

Auction Enchères المزادالعلني

Mercantile debt Dette mercantile الت جاري الدين

Doubtful debt Dettes douteuses الظن ون الدين

Monetary authorities Autorités monétaires النقدية السلطات

Staple goods Produits de base لع الأساسية الس

Durable goods Biens durables لع رة الس عم الم

Government bond Obligation gouvernementale ك ومي السند الح

Bonds obligations السندات

Promissory notes Billets à ordre الإذنية السندات

Legal policy Politique légale ياسة الشرعية الس

Fiscal policy Politique fiscale ياسة المالية الس

Monetary policy Politique monétaire ياسة النقدية الس

Liquid cash Liquidités liquides السي ولة

Purchase achat راء الش

Money-change Changement d'argent رافة الص

Bank check US- cheque chèque شيكمصرفي

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Unpaid cheque Chèque sans provision شيكبدونرصيد

Cheque book Carnet de chèques دفترشيكات

Bank charge frais bancaires رسومالبنك

Bank Banque مصرف

Exchange Échange الصرف

Co-operation funds Fonds de coopération ناديق نية الص التعاو

Charitable funds Fonds de bienfaisance ناديق الخيرية الص

Money-changers Changeurs de monnaie يارفة الص

Tax Impôt ريبة الض

Supply and demand L'offre et la demande والطلب العرض

Common convention Convention commune اتفاقيةمشتركة-السائد لع رف

International currency Monnaie internationale الدولية الع ملة

Indigence Indigence العوز

Chamber of commerce Chambre du Commerce الت جارية الغ رفة

Interest Intérêt بوية الفائدة الر

Surplus Surplus الفائض

Increasability Augmentation يادة القابلية للز

Liability to increase Responsabilité d'augmenter للنماء القابلية

The amount prescribed to pay Le montant prescrit pour payer ه الواجب القدر إخراج

Composite value Valeur composite الأصلية القيمة

Gross value Valeur brute الإجمالية القيمة

Rental value Valeur locative الإيجارية القيمة

Total value Valeur totale الشاملة القيمة

Face value Valeur nominale الصورية القيمة

Bust Buste إفلس

Depression Dépression لكساد

Monopoly Monopole احتكار

Illegal profit profit illégal الحرام الكسب

Legal profit Bénéfice légal الحلل الكسب

Tax collector Receveur des impôts الضرائبمحصل -الماكس

Superfluous money Argent superflue الفائض المال

Accruing money Accumuler de l'argent ستحق المال الم

Market mechanism Le mécanisme du marché السوق آليات

Tycoon Magnat ل وك أحد المال م

Considering the cost Considérant le coût بالتكلفة أخذ

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Money owners Les propriétaires d'argent الأموال أرباب

Investment shares Actions de placement م استثمار أسه

Non-taxable shares Actions non imposables م ريبة غير أسه للض خاضعة

Financial burden Fardeau financier مالية أعباء

Installments Versements أقساط

Procedures Procédures إجراءات

Revival of trade Revival du commerce الت جارة إحياء

Treasury department Département du Trésor السي ولة إدارة قسمالخزينة -

Economic reform Réforme économique اقتصادي إصلح

Reassessment Réévaluation تقييم إعادة

Reserve Réserve الاحتياطي

Capital reserve Réserve de capital المال رأس احتياطي

Price running-up Prix en hausse عر ارتفاع الس

Economic boom Boom économique اقتصادي ازدهار

Capital property Propriété de capital العقاراتالرأسمالية

Retrieval of debt Récupération de la dette الدين استرداد

Economic stability La stabilité économique اقتصادي استقرار

Profit inquiry Enquête de profit بح استقصاء الر تحقيقالربح -

Rate Taux -cours نسبة-سعر -معدل

Bank discount rate Taux d'actualisation bancaire سعرالخصمالمصرفي

Base salary-rate Salaire de base الراتبالأساسي

Exchange rate Taux de change سعرالصرف

wage salaire راتب -الأجور

Prime rate Taux préférentiel معدلالفائده

Capita Capitale رأسالمال

Capital income Revenu du capital دخلرأسالمال

Financial loan Prêt financier قرضمالي

Savings account Compte épargne حسابالتوفير

Account Compte حساب

Savings book Livret d'épargne دفترالتوفير

Guarantee Garantie ضمانة -كفالة

Business cycle Cycle économique دورةالأعمالالتجارية

Speculation La spéculation المضاربة

Stock market La Bourse البورصة

Financial advance Avance financière سلفةمالية

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