Ji‘alah Certificates

Definition of "Ji‘alah Certificates"

Proposed financial instrument for government and private sector. The certificates may be issued by a government body or by a private sector firm and used for the provision of services to the issuing agency against deferred payment. The certificate holders’ income will be the difference between the face value of the certificate and the cost of the service provided to the certificate issuing agency. The certificate holders may use these certificates to purchase goods and services from third parties. Thus, a secondary market of these certificates may emerge.