Financial Terms Starting With I

The International Bank Account Number used to identify bank accounts for domestic and cross-border transfers. UAE banks commonly require a valid IBAN for account-to-account payments, and regulated institutions must validate payment instructions in line with applicable standards.

A Shari'ah-compliant leasing structure in which an asset is leased to a customer for agreed rental payments. In home finance, Ijara structures can be combined with arrangements that transfer ownership under the approved product structure.

A ratio shown in Etihad Credit Bureau's individual Credit Report indicating how reported payments relate to the person's last reported income. It is a credit-information measure and is not necessarily identical to a lender's DBR calculation.

Also known as

IUR

The insurance principle of restoring an insured, as far as the policy allows, to the financial position they were in before a covered loss rather than creating a profit from the claim.

Health-insurance coverage for eligible treatment requiring hospital admission or a qualifying day-case procedure. Benefits remain subject to network rules, pre-authorisation, limits, exclusions and co-payments where applicable.

A scheduled payment made toward a loan, financing plan, card instalment or another obligation. An instalment can include principal plus interest or profit, fees or other agreed components.

A card feature that converts an eligible posted purchase or balance into scheduled instalments. Before converting, check the processing fee, rate, number of instalments and early-settlement terms.

Optional protection added to a base insurance policy for an extra premium or as a bundled benefit. Examples can include roadside assistance, personal accident cover or enhanced travel benefits.

A juridical person licensed to act as an independent intermediary between an insurance or reinsurance applicant and an insurer and to receive commission from the insurer when business is concluded. A marketplace or marketing platform should not describe itself as an insurance broker unless appropriately licensed.

A formal request for a benefit under an insurance policy after an event believed to be covered. The insurer reviews the event, documents, policy conditions, exclusions, limits and any applicable excess before deciding the claim.

A company licensed to carry on insurance business and to assume insured risks in exchange for premium. It is the party responsible for policy obligations, subject to the contract and applicable law.

The period during which an insurance policy provides cover, subject to its effective date, expiry date, cancellation provisions and any other policy conditions.

The contract between the insurer and insured setting out the insurance terms, rights and obligations, including coverage, limits, exclusions and conditions. Endorsements and schedules attached to the policy form part of the contract.

The financial consideration paid or payable by the insured for insurance coverage. In takaful, the corresponding amount is generally called a Contribution.

An indicative or formal offer showing proposed cover, premium and key conditions based on information supplied to the insurer or broker. A quote can change if underwriting information, coverage or risk details change.

The person, property, liability or interest protected under an insurance policy, depending on the policy type. The insured is not always the same person as the policyholder or beneficiary.

The amount paid for borrowing money or earned on certain deposits in conventional finance, usually expressed as an amount or rate. Islamic financial products use Shari'ah-compliant structures and profit terminology rather than conventional interest.

The period during which eligible card purchases may avoid finance charges if the required statement balance is paid according to the card terms. Cash advances, transferred balances or existing revolving balances may be treated differently.

A transfer of funds to a beneficiary in another country or through a cross-border payment route. Fees, exchange rates, correspondent-bank deductions and processing times can affect the amount received.

Financial products structured to comply with applicable Shari'ah principles and governance requirements. Common structures include Murabaha, Ijara, Mudaraba, Musharaka, Tawarruq and Wakala, depending on the product.

The financial institution that issues a card or other financial instrument to a customer and manages the associated account, limits, authorisation and contractual terms.