lajnatul laws and distance. The bank also

lajnatul fatwa?An Islamic legislative
body that delivers fatawa, or Islamic
judgements.

Lat?An idol
worshipped in pre-Islamic Arabia.

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LC, L/C, L.C.,
L of C?Abbreviated forms of letter of credit.

LDMC?Abbreviated
form of Least Developed Member Country.

League of Arab States?A collection
of nations (commonly known as the Arab League) formed in 1945 with the aim of
protecting the sovereignty and promoting the interests of the Arab and Muslim world. At the
time of writing (2017) it has 22 members, geographically stretching from
Mauritania in the West to Oman in the East, including all of the Arabian Peninsula, most
of North Africa, Sudan and Somalia. The founding nations were Egypt, Iraq, Lebanon, Saudi Arabia, Syria and
Yemen.

Least Developed Member Country (LDMC)?The country
in any given group or bloc which is considered to have the lowest score in
socio-economic development.

lender?In a loan arrangement, the
lender is the financing organisation (for example, a bank) that supplies the money to the borrower to be repaid
as per the contract.

letter of comfort?A document
prepared by an accountant for a company confirming that the company is
financially sound and shows no sign of becoming unstable in the near future. As
the name suggests, they are designed to create peace of mind in creditors and
potential investors, and they must therefore not be in any way misleading;
accountants knowingly producing an over-optimistic or misleading letter of
comfort can face legal challenges.

letter of credit (LC)?A letter
written by a bank
promising that a payment will be made for products or services. The letter will
be written on behalf of a buyer by the buyer’s bank, saying that the buyer has
sufficient funds but also acting as a guarantee that the payment will be made
(even should the buyer default, at which point it will be the bank’s
responsibility to recover the money
from the buyer or write off the
debt). Letters
of credit are often used in international transactions to overcome potential
difficulties such as differing laws and distance. The bank also keeps hold of
the money until confirmation that the goods have been shipped by the supplier
or signed for by the buyer has been received.

leverage?Magnifying
one’s buying power to make a purchase, for example, by borrowing money to buy
more assets than could otherwise be afforded, in the hope that they can be sold
for a greater profit, and once the loan and the interest is paid back the
profit will be greater than the costs. The arrangement does not necessarily
have to be carried out in separate steps by the trader; a brokerage firm will
offer complete leveraged instruments. This is one example of leveraging, but
the term has many uses in different branches of finance. Leverage almost always
carries some risk, as considerably large loans can be taken out with no real
guarantee of sufficient profits being made to cover the costs. While the assets
are owned (effectively by the lender), the buyer will necessarily have a more
limited supply of money to invest elsewhere.

liability?A liability
is the opposite of an asset, in that liabilities are the debts and obligations
a company or individual builds up in the process of running the business.
Loans, mortgages and expenses all count as liabilities.

Libid (London inter bank bid rate)?The rate at
which one bank
is willing to borrow from other banks. Although technically the opposite of Libor, it does not have
a fixed rate, unlike Libor.

Libor (London inter bank offered
rate)?A daily reference rate based on the rates at which banks are borrowing
unsecured funds from each other on the London interbank market. The rate is
fixed on a daily basis by the British Bankers’ Association. It is the world’s
most used benchmarks for short-term interest rates. The Libor is used as a
basis for commercial loans in
much the same way as the Bank of England’s base rate is used to calculate the
interest rate of a mortgage (with credit
ratings being taken
into account and so on).