difference between the quoted sale price and purchase price of securities. Charging
more to sell securities than to buy them is one of the ways brokers make a
profit (along with brokerage
bid price? The highest
price at which a buyer is willing to (or must) buy. It is the opposite of
‘offer’ or ‘asking price’, which is the price the seller is willing to take.
The difference is known as the spread, and this forms the broker’s share of the
bid’ah, bid’a? The literal meaning of bid’ah is
‘innovation’, but it is not (and therefore should not be) used in a positive
sense. It refers to the act of creating non-prescribed or unneeded traditions
in the practice of Islam. Commonly, the word is used to denounce people acting
without consideration for Islamic prescriptions.
bidder?One who bids
in an auction.
bin, ibn?Literally, son. It is commonly used
in Arabic names, where it prefaces the name of the father, meaning ‘son of’.
bip?1% of 1%, or
one ten-thousandth. The word comes from the abbreviated form of ‘basis point’, BP.
‘In Your Name, O Allah’, the phrase is recited at the start of prayer,
particularly the final prayer before sleeping. The Prophet Muhammad himself is said to have recited
‘Bismika Allahumma amutu wa ahya’ (In Your Name, Oh Allah, I die and live)
whenever he was about to go to sleep.
‘In the name of God’. This is the first word in opening chapter of the Qur’an, and is often recited at the
start of speeches. It is not unusual for the word to be followed by phrases
praising God and wishing blessings upon Muhammad and his family. The word
bismillah is often used as a shorthand for the complete opening chapter of the
black, in the?An informal
term (‘in the black’) meaning in possession of a positive bank balance, in other words, not being overdrawn, or being in credit. The term
originates from the fact that historically, printed bank statements used to use
red ink on overdrawn accounts or transactions which sent the account into overdraft, but black
ink was used elsewhere. To be in the black is therefore synonymous with having
liquid assets, but it might also be used to describe a return to credit after a
period in overdraft.
Black Stone, the?The common
name given to the black stone which is attached to the eastern cornerstone of
the Ka’bah in Mecca. One of the aims
performing the Hajj
is to touch or kiss the Black Stone, but with potentially three million Muslims
making the pilgrimage every year, this is a physical impossibility so on each
of the seven cycles of the Ka’bah, pilgrims
point at it instead. Muslims believe that the stone dates back to the time of Adam and Eve, to whom it fell
from heaven as an instruction as to where to build an altar; according to the
Hadith it started out white but was turned black by the sins of Adam’s sons (see Hajar al-Aswad, al-).