What Is the Islamic Financial Services Board (IFSB)? The Islamic Financial Services Board (IFSB) is an international standard-setting organization that promotes the soundness and stability of Islamic banking by issuing global prudential standards and guiding principles in the areas of capital adequacy, corporate governance, risk management, and transparency, among others. Key Takeaways The Islamic Financial
What Is an Intentionally Defective Grantor Trust? An intentionally defective grantor (IDGT) trust is an estate-planning tool used to freeze certain assets of an individual for estate tax purposes but not for income tax purposes. The intentionally defective trust is created as a grantor trust with a loophole that allows the them to receive income from
What Is Illiquid? Illiquid refers to the state of a stock, bond, or other assets that cannot easily and readily be sold or exchanged for cash without a substantial loss in value. Illiquid assets may be hard to sell quickly because there is low trading activity or interest in the issue, indicated by a lack
What Is an Irrevocable Letter of Credit (ILOC)? An irrevocable letter of credit (ILOC) is an official correspondence from a bank that guarantees payment for goods or services being purchased by the individual or entity, referred to as the applicant, that requests the letter of credit from an issuing bank. An irrevocable letter of credit
What Is the ILS? ILS is the international three-letter abbreviation for the Israeli new shekel, the currency of Israel since 1986. The new shekel replaced the hyper-inflated original shekel at a ratio of 1000 to 1. At the time, it was identified by the abbreviation NIS to distinguish it from the old shekel. As of
What Is an Imbalance of Orders? An imbalance of orders exists when there are too many orders of a listed security that cannot be fully matched by the opposite order on an exchange. This applies to either buy, sell, or limit orders. An imbalance of orders is also referred to as an “order imbalance.” Key Takeaways An
What Is the International Monetary Fund (IMF)? The International Monetary Fund (IMF) is an international organization that promotes global economic growth and financial stability, encourages international trade, and reduces poverty. Quotas of member countries are a key determinant of the voting power in IMF decisions. Votes comprise one vote per 100,000 special drawing rights (SDR)
What Is the International Monetary Market? The International Money Market or IMM is a division of the Chicago Mercantile Exchange (CME) that deals with the trading of currency and interest rate futures and options. Trading on the IMM started in May 1972, when the CME and the IMM merged. International Monetary Market Explained The IMM
What Is an Immediate Beneficiary? An immediate beneficiary, commonly referred to as a primary beneficiary, refers to any individual or organization that receives immediate benefits from a trust’s assets. Similarly, it also describes which parties get an immediate benefit from any charitable gift-giving. The most basic type of immediate beneficiary in this case is a
What Is Immediate Family? Most of us know how we define “immediate family” in our own minds, but our views of the matter may not matter when it comes to its definition in the fine print of legal documents or company policies. The definition of an immediate family can affect whether a person can use
