March 2016
Beginner
200 pages
6h 25m
English
Content preview from Modern Islamic Banking
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Glossary
Unlike the specific definitions provided in the relevant chapters, this glossary provides an overview of all Arabic definitions, accompanied by a brief description. Additional definitions not necessarily included in the text can also be found in this list.
- Aq'd
- Contract or transaction that is executed between two or more parties for mutual benefit.
- Arbun
- Down payment on a sales contract in which the buyer has not paid the full price or taken possession of the goods. Deposit is non-refundable. Buyer can opt to cancel the contract.
- Fatwa
- Declaration in Islam provided by an Islamic legal specialist.
- Fiqh
- Understanding of the (Islamic) law.
- Fiqh al muamalat
- Islamic commercial jurisprudence.
- Gharar
- To deceive, cheat, delude, lure, entice and create uncertainty. Also defined as “the sale of probable items whose existence or characteristics are not certain”.
- Hadith
- Narrative record of the sayings and actions of the Prophet.
- Halal
- Permitted.
- Haram
- Prohibited.
- Hawala
- Transfer of money from one person to another. Recipient may levy administration charges, which should not be proportionate to the sum of money.
- Ijara
- Bilateral contract allowing the sale of the usufruct for a specified rent and a specified period. A lease.
- Ijara wa iqtina
- Lease with transfer of ownership at the end of the lease period or finance lease. Variations exist such as the ijara muntahia bittamleek, which is a finance lease structure in which the lessee has the option to exercise his right ...
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