![]() Is disclosed by Receiving Party with Disclosing Party's prior written approval. Learned by the Receiving Party through legitimate means other than from the Disclosing Party or Disclosing Party's representatives or Publicly known at the time of disclosure or subsequently becomes publicly known through no fault of the Receiving Party ĭiscovered or created by the Receiving Party before disclosure by Disclosing Party Receiving Party's obligations under this Agreement do not extend to information that is: ![]() Exclusions from Confidential Information. ![]() For purposes of this Agreement, "Confidential Information" shall includeĪll information or material that has or could have commercial value or other utility in the business in which Disclosing Party is engaged. The parties agree to enter into a confidential relationship with respect to the disclosure of certain proprietaryĪnd confidential information ("Confidential Information"). Unauthorized disclosure of Confidential Information as defined below. On Jand you ("Receiving Party") on Jfor the purpose of preventing the It promotes risk sharing, connects the financial sector with the real economy, and emphasizes financial inclusion and social welfare.This Nondisclosure Agreement (the "Agreement") is entered into by and between ("Disclosing Party") Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system – and that it has the potential to help address the challenges of ending extreme poverty and boosting shared prosperity.In summary, Islamic finance is equity-based, asset-backed, ethical, sustainable, environmentally- and socially-responsible finance. Discussion and interest in Islamic finance has also appeared on G20 discussions. Table 1 provides a summary description of basic financial instruments.Over the past decade Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim majority countries. A pure debt security is replaced with an “asset-based” security, direct financing of a real asset, and different forms of partnerships of which equity financing is the most desirable.The following key principles guide Islamic Finance: i) Prohibition of interest on transactions (ribā) ii) Financing must be linked to assets (materiality) iii) Engagement in immoral or ethically problematic businesses not allowed (e.g., gambling or alcohol production) iv) Returns must be linked to risks. One of the main principles of the Islamic finance system is the prohibition of the payment and the receipt of ribā (interest) in a financial transaction. The term Islamic finance is used to refer to financial activities conforming to Islamic Law (Shari‘ah). It provides an overview on the context for the development of Islamic finance in the Philippines and is accompanied by two focused reports providing further detail and suggestions on enhancing financial inclusion in the Philippines through Islamic microfinance and assessment of the status of financial inclusion in Autonomous Region in Muslim Mindanao (ARMM)and the proposed Bangsamoro territory. This report was prepared as part of the World Bank engagement in the Philippines to support Islamic Finance and Financial Inclusion.
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