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Triple Contract
The ''contractus trinus'', ''contractus triplex'', or simply triple contract, is a set of contracts used by European bankers and merchants in the Middle Ages, notably by the Fugger family, as a method of circumventing the canon law prohibition of usury. Some Muslims are of the view that the present practice of Islamic banking relies on devices similar to the contractum trinius as a means of working around a ban of riba (usury) in religious scripture. Concept A series of three separate contracts were offered to loan applicants: a partnership contract (''societas''), a contract of sale (''emptio-venditio''), and an insurance contract (''assecuratio''). Each of these contracts was permitted by canon law, but together they had the substance of an interest-bearing loan. The triple contract worked as follows: the lender invested an amount equal to the amount of financing requested by the borrower for one year, in exchange for which the lender then took out insurance on the investm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fugger Family
The House of Fugger () is a German family that was historically a prominent group of European bankers, members of the fifteenth- and sixteenth-century mercantile patrician (post-Roman Europe), patriciate of Augsburg, international mercantile bankers, and venture capitalists. Alongside the Welser, Welser family, the Fugger family controlled much of the European economy in the sixteenth century and accumulated enormous wealth. The Fuggers held a near monopoly on the European copper market. This banking family replaced the House of Medici, Medici family who influenced all of Europe during the Renaissance. The Fuggers took over many of the Medicis' assets and their political power and influence. They were closely affiliated with the House of Habsburg whose rise to world power they financed. Unlike the citizenry of their hometown and most other trading patricians of German free imperial city, free imperial cities, such as the Tucher von Simmelsdorf, Tuchers, they never converted to Lu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leonardus Lessius
Lenaert Leys, better known as Leonardus Lessius (1 October 1554 in Brecht - 15 January 1623, in Leuven) was a Brabant jurist, theologian, economist from the Jesuit order. Nicknamed the "oracle of the Low Countries", figurehead of the School of Salamanca, he was a great source of inspiration for later jurists like Grotius, Juan de Lugo or . Life Born to a farmer father, Lessius grew up in a family of four children of which he was the only boy. After primary studies in his village, his uncle encouraged him to continue his studies in the of Leuven. Receiving a scholarship, he studied after in the , an arts department, where he was merited in 1572 the title of ''primus'' among all philosophy students. The same year, instead of pursuing his studies in Law of Theologye at the university of Leuven, het decided to take orders in the Company of Jesus. After his novitiate in the Jesuit college of Saint-Omer in 1574, he taught philosophy in the college d'Anchin of Douai, where Ro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit
Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date. The resources provided by the first party can be either property, fulfillment of promises, or performances. In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people. The resources provided may be financial (e.g. granting a loan), or they may consist of goods or services (e.g. consumer credit). Credit encompasses any form of deferred payment. Credit is extended by a creditor, also known as a lender, to a debtor, also known as a borrower. Etymology The term "credit" was first used in English in the 1520s. The term came "from Middle French crédit (1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking Terms
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. As banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Finance
Islamic banking, Islamic finance ( ''masrifiyya 'islamia''), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic finance include '' mudarabah'' (profit-sharing and loss-bearing), '' wadiah'' (safekeeping), '' musharaka'' (joint venture), '' murabahah'' (cost-plus), and '' ijarah'' (leasing). Sharia prohibits ''riba'', or usury, generally defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to ''riba''). Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also ''haram'' ("sinful and prohibited"). These prohibitions have been applied historically in varying degrees in Muslim countries/communities to prevent un-Islamic practices. In the late 20th century, as part of the reviv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Substance Over Form
Substance over form is an accounting principle used "to ensure that financial statements give a complete, relevant, and accurate picture of transactions and events". If an entity practices the 'substance over form' concept, then the financial statements will convey the overall financial reality of the entity (economic substance), rather than simply reporting the legal record of transactions (form). In accounting for business transactions and other events, the measurement and reporting is for the economic impact of an event, instead of its legal form. Substance over form is critical for reliable financial reporting. It is particularly relevant in cases of revenue recognition, sale and purchase agreements, etc. The key point of the concept is that a transaction should not be recorded in such a manner as to hide the true intent of the transaction, which would mislead the readers of a company's financial statements. Examples There is widespread use of substance over form concept in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Round-tripping (finance)
Round-tripping, also known as round-trip transactions or Lazy Susans, is defined by ''The Wall Street Journal ''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscriptio ...'' as a form of barter that involves a company selling "an unused asset to another company, while at the same time agreeing to buy back the same or similar assets at about the same price." Swapping assets on a round-trip produces no net economic substance, but may be fraudulently reported as a series of productive sales and beneficial purchases on the books of the companies involved, violating the substance over form accounting principle. The companies appear to be growing and very ''busy'', but the round-tripping ''business'' does not generate profits. Growth is an attractive factor to speculative investors, even if pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Discretionary Deposit
A discretionary deposit is the term given to a device by medieval European bankers as a method of circumventing Catholic canon law edicts prohibiting the sin of usury. At the time, most Christian nations heavily incorporated Biblical scripture into their laws, and as such it was illegal for any person to charge interest on a loan of money. The name comes from the workings of the device: a rich person would deposit a large sum with a bank. His name would be kept a secret (at the banker's "discretion"), as a discretionary deposit was seen as an obvious dodge around the charging of usury, and it would have embarrassed the Pope, cardinals, and various nobles and merchants who made use of this device. Every year, in gratitude for the personage's deposit, the banker would make the account a "gift", the exact amount of which would be at the banker's discretion. Of course, the gifts would work out to whatever the prevailing rate was, 8-12%, perhaps. Should a banker's "gifts" be too little, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Christian Finance
Christian finance is a kind of ethical finance following Christian ethics. Although not widely used, the notion of "Christian finance" or "Catholic finance" refers to banking and financial activities which came into existence several centuries ago. Whether the activities of the Knights Templar (12th century), Mounts of Piety (appeared in 1462) or the Apostolic Chamber attached directly to the Vatican, a number of operations of a banking nature (money loan, guarantee) or a financial nature (issuance of securities, investments) were practiced, despite the prohibition of usury and the Catholic Church's distrust against exchange activities (opposed to production activities). Christian finance is characterized by the existence of three dimensions: personal (actors), operational (operations), and dogmatic (principles). General description Actors In the modern era, Catholic clerical finance continues to be conducted through the Vatican Bank (IOR), and many Catholic lay financial pla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Johannes Malderus
Johannes Malderus (1563–1633) was the fifth bishop of Antwerp and the founder of Malderus College at the University of Leuven. Ch. Piot, "Malderus (Jean)", ''Biographie Nationale de Belgique''vol. 13(Brussels, 1895), 223-226. Life Malderus was born in Sint-Pieters-Leeuw on 14 August 1563, the son of Roger van Malderen and Elizabeth Walravens. His education was overseen by his uncle, Johannes van Malderen, a confidant of Cardinal Granvelle. Malderus studied philosophy at Douai University and theology in Leuven. By 1586 he was teaching philosophy at Pig College, Leuven and on 31 August 1594 he graduated doctor of theology. In 1596 he was appointed regius professor of Scholastic Theology by Philip II of Spain, and in 1598 president of the Pastoral Seminary in Leuven. On 11 February 1611 he was named bishop of Antwerp. He was consecrated on 7 August 1611 by Mathias Hovius, Archbishop of Mechelen. As bishop he was concerned for the reform of morals in his diocese, as well as wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Juan Azor
Juan Azor (1535 – 19 February 1603) was a Spanish philosopher and Jesuit priest. Life Azor was born at Lorca in the province of Murcia, southern Spain. He entered the Society of Jesus on 18 March 1559, and went on to become professor of philosophy and later of theology, both dogmatic and moral, at Piacenza, Alcalá, and Rome. He was a member of the first committee appointed by Father General Acquaviva to draw up the Jesuit '' Ratio Studiorum''. Works Azor was a man of wide learning, versed in Greek, Hebrew, and history. He is best known for his work on moral theology, in three folio volumes: ''Institutionum Moralium, in quibus universae quaestiones ad conscientiam recte aut prave factorum pertinentes breviter tractantur pars 1ma'', the first volume of which appeared in Rome in 1600, the second six years later, and the last in 1611. The work met with flattering success in Rome and at all the Continental seats of learning, and was honored by a special Brief of Pope Clement VII ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Papist
The words Popery (adjective Popish) and Papism (adjective Papist, also used to refer to an individual) are mainly historical pejorative words in the English language for Roman Catholicism, once frequently used by Protestants and Eastern Orthodox Christians to label their Roman Catholic opponents, who differed from them in accepting the authority of the Pope over the Christian Church. The words were popularised during the English Reformation (1532–1559), when the Church of England broke away from the Roman Catholic Church and divisions emerged between those who rejected papal authority and those who continued to follow Rome. The words are recognised as pejorative; they have been in widespread use in Protestant writings until the mid-nineteenth century, including use in some laws that remain in force in the United Kingdom. ''Popery'' and ''Papism'' are sometimes used in modern writing as dog whistles for anti-Catholicism or they are used as pejorative ways of distinguishing Ro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
