Non-binding offer establishes terms between seller and buyer in sales process. Serves as "agreement to agree" without legal binding commitment. Used to keep negotiations moving forward between parties
Due diligence emerged after 1929 stock market crash with Securities Act of 1933. Security brokers must audit companies before securities sales. Legal due diligence serves as standard defense against negligence claims
MBS are securities backed by mortgages, packaged by government agencies or investment banks. Residential MBS focus on single-family properties, commercial MBS on multi-family buildings. MBS can be pass-through or complex pools of other MBSs. CMOs and CDOs are other types of MBS
Islamic finance industry grew 10-12% annually over past decade. Sharia-compliant financial assets reached US$2 trillion. Islamic banking assets growing faster than conventional banking in Muslim countries. Non-Muslim countries show increased interest in Islamic finance