SDR Special drawing right.
secular Pertaining to secularism.
secular banking In the context of Islamic banking and finance, secular banking is synonymous with Western banking, that is, banking which is not expressly dominated and overseen by religious rules.
secularism Secular means separate from religion. It does not necessarily imply atheism, although many atheists would support secularism in public life. In practice, the term secular is usually applied to governments that are not influenced by religious leaders or populations. In multicultural societies, secularism is seen as the only way not to appear prejudiced towards one religion or another. Secularists argue that activities such as prayers being said at the start of council meetings and religious instruction in state schools show a leaning towards the prevailing or historically dominant religion. For this reason, secularism is seen as desirable even by religious people, and not necessarily minorities. Secularism is seen by others as a challenge to their freedom to worship their religions as they choose.
secured loan A loan in which the borrower pledges some kind of valuable property as security for the lender. The exact nature of the item will be specified in the contract, but for most domestic loans this will be a property, for example their home if they are a homeowner. Should the borrower default on the loan, the lender will ultimately be able to seize the home and sell it to recoup the money lent to the borrower. With reputable lenders, however, this will usually be the very last resort, and a grace period or renegotiation of the contract will often be permitted, although in all likelihood the interest rate will rise in order to cover the newly perceived risk. The advantage to the lender of a secured loan is that he or she will be able to borrow at a much lower rate of interest, as the risk of default to the lender is greatly reduced by knowing that any unpaid money would be recoverable by selling the property. The disadvantage to the borrower is that he or she could lose their home.
securities In financial terms, securities are negotiable shares of stock bonds or any tradable financial asset. Securities can be categorised into debt securities (for example, banknotes and bonds) and equity securities (for example, stocks and derivative contracts). Traditionally, owners of securities possessed a certificate, but in the modern world of trading this is impractical and securities’ ownership is represented by electronic book entries.
security Singular of securities.
seeam (alt. sp. of sawm) Fasting.