Plural of ayn. Goods or specific thing<\/p>\n
plural of amal (work) that is required in a partnership or based on which a partnership is formed<\/p>\n
slave; servant; abd madhun is a slave who has been authorized by his master to handle business on his behalf<\/p>\n
sharikat al-abddan<\/p>\n
Punishment, especially the punishment for failing to obey Allah Taala. see the Holy Quran<\/p>\n
Justice and equity. A fundamental value governing all social behaviour and forming the basis of all socialdealings and legal framework<\/p>\n
The best<\/p>\n
After Hijra. Hijra means emigration. The Islamic calendar startsfrom the day the Holy Prophet Muhammad (S.A.W.), emigrated from Mekkah to Madinah, in 622 A.D.<\/p>\n
Sayings and traditions of the Holy Prophet Muhammad (S.A.W.). Singular: Hadith.<\/p>\n
covenant; here it is used in the context of dhimmah (personal\u00adity), which is considered by the jurists a covenant with the Creator.<\/p>\n
Plural of hukm (rule); the ahkam of a contract (legal ef\u00adfects) as distinguished from its huquq (rights of performance of the contract) the Hanna\u2019s make a distinction between the two.<\/p>\n
Means people of opinion. It is refers to people that are consulted on Islamic matters. These people are highly learned in Islam.<\/p>\n
Legal capacity<\/p>\n
Legal capacity for execution<\/p>\n
Legal capacity for the acquisition of rights and obligations.<\/p>\n
Literally means \u201cthe People of the Book (the Holy Quran) and the sayings and traditions, i.e. the Sunnah of Prophet Muhammad (S.A.W.)\u201d.<\/p>\n
period; duration for which delivery is delayed.<\/p>\n
plural of ajnabi (stranger); those who are not co-owners in a property.<\/p>\n
stranger; see ajanib.<\/p>\n
reasonable wages; wages to which a person would be entitled under normal circumstances or customary in the community.<\/p>\n
Socially obligatory duties. Literally, a collective duty of Muslims, the discharge of which by some of them absolves the rest of its performance, such as funeral prayers. Technically it covers such functions which the community fails to or cannot perform and hence are taken over by the state, such as the provision of utilities, building of roads, bridges and canals etc.<\/p>\n
System of accountability in an Islamic state in order to check unlawful practices.<\/p>\n
Zakah collector.<\/p>\n
May Allahs peace be upon him. A phrase which is usually read after the name of a prophet other than Prophet Muhammad (S.A.W.) is mentioned.<\/p>\n
An Islamic religious scholar. Plural: Ulamaa.<\/p>\n
a principle based upon a tradition; it is perhaps, the most influential principle in Islamic law, applies to contracts, damages, and even crimes.<\/p>\n
The Name of the Creator of the Universe and all that it contains according to Islam. Derives from the word \u201cIlah\u201d which means \u201cthe One deserving all worship\u201d, the One to Whom all hearts submit in love, fear, reverence, desire, trust and sincerity, and to Whom all limbs submit in all forms of worship such as prayers, supplications, sacrifices, invocations, etc.<\/p>\n
General Partnership (one of the types of partnership under Musharakah)<\/p>\n
the name for a private limited company in Egyptian law<\/p>\n
This refers to deposits in trust, in which a person may hold property in trust for another, sometimes by implication of a contract.<\/p>\n
Resale of goods with a discount on the original stated cost. Absolute power of attorney.<\/p>\n
Loans fixed for a definite period of time without interest or profit sharing.<\/p>\n
work; conduct.<\/p>\n
Lit: reliability, trustworthiness, loyalty, honesty; Technically, an important value of Islamic society in mutual dealings; anything, which is in posses\u00adsion of a person who is not the owner of it for safekeeping. In case of unintended loss to the thing, he is not obliged to pay compensation.<\/p>\n
Custodian or guardian; trustee.<\/p>\n
Amir is used in Islam to mean leader or commander.<\/p>\n
Wealth; in business context wealth that is contributed as capital in a partnership; Plural: mal.<\/p>\n
a contract that is terminable at the will of the parties, like partnership.<\/p>\n
A legal contract.<\/p>\n
agreement, contract.<\/p>\n
Literally means belief. In Islamic terminology, it means articles of faith<\/p>\n
People who have ethnical relationship or rela\u00adtionship of cooperation and help with an unin\u00adtentional killer. They are legally obliged to bear blood money along with the killer.<\/p>\n
reason; fourth interest secured by the shariah and recognized as a purpose of the law; the existence of aql<\/a> is an essential condition for ahliyat al-add.<\/p>\n land; property that includes goods, slaves and even real estate; according to most jurists land is not eligible for enti\u00adtlement to profit as compared to other things that are: wealth, labor, credit-worthiness qiyas<\/a> (analogy); a principle of law; principal amount in a debt; see A\u2019s al-mal.<\/p>\n absolute currencies; the term is usually applied to dinars and dirhams.<\/p>\n A religious foundation set up for the benefit of the poor; property voluntarily transferred to a charity or trust so that it is use for public benefits.<\/p>\n A verse of the Holy Quran. Literally means \u201ca sign\u201d. Plural: Ayaat.<\/p>\n The corpus or substance of a thing. A thing present as distin\u00adguished from one that is absents at the time of the contract. In Hanafi terminology, a thing is to be determined through weight or measure during a transaction of sale.<\/p>\n<\/div>\n . substitute; substitute compensation.<\/p>\n the exchange of a debt for a debt (prohibited based on a tradition and unanimously by the jurists based on ijma).<\/p>\n This term refers to advance payment for goods which are to be delivered later. Normally, no sale can be effected unless the goods are in existence at the time of the bargain. But this type of sale forms an exception to the general rule provided the goods are defined and the date of delivery is fixed. The objects of this type of sale are mainly tangible things but exclude gold or silver as these are regarded as monetary values. Barring these, bai salam covers almost all things which are capable of being definitely described as to quantity, quality and workmanship. One of the conditions of this type of contract is advance payment; the parties cannot reserve their option of rescinding it but the option of revoking it on account of a defect in the subject matter is allowed. It is also applied to a mode of financing adopted by Islamic banks. It is usually applied in the agricultural sector where the bank advances money for various inputs to receive a share in the crop, which the bank sells in the market. This kind of sale (Salam) also used nowadays as a mode of fianancing that is also called \u2018Parallel Salam\u2019.<\/p>\n In modern Islamic banking, the term refers to a buying and selling transaction between the bank (or financial institution) and the customer, whereby the former buys a property (or an asset, e.g. a house) at the prevailing market price and sells it to the customer at a mark-up price where payments are made by installments over a period of time agreed upon by both parties. The profit earned by the bank is legitimate from the Shariah point of view since the transaction is based on sales contract rather than a loan contract. Any predetermined profit arising from the loan is prohibited in Islam as it amounts to Riba.<\/p>\n Sale based on deferred payment, either in a lump sum or instalments. 1.A sale in which the parties agree that the payment of price shall be deferred is called a Bai Muajjal. 2.Bai Muajjal is valid if the date of payment is fixed in an unambiguous manner. 3.The date of payment can be fixed either with reference to a particular date, or by specifying a period, like three months, but it cannot be fixed with reference to a future event where the exact date is unknown or uncertain. If the time of payment is unknown or uncertain, the sale is void. 4.If a particular period is fixed for payment, like one month, it will be deemed to commence from the time of delivery, unless the parties have agreed otherwise. 5.The deferred price may be more than the cash price, but it must be fixed at the time of sale. 6.Once the price is fixed, it cannot be decreased if it was paid earlier, nor can it be increased in the case of default. 7.In order to ensure the buyer pays the installments promptly, the buyer may be asked to promise that in the case of default, he will donate some specified amount for a charitable purpose. In such cases, the seller may receive such an amount from the buyer, not as part of his income, but to use it for charitable purposes on behalf of the buyer. 8.If the commodity is sold on installment, the seller may put a condition on the buyer that if he fails to pay any installment on its due date, the remaining installments will become due immediately. 9.In order to secure the payment, the seller may ask the buyer to furnish a security whether in the form of a mortgage, a lien or a charge on any of his existing assets. 10.The buyer can also be asked to sign a promissory note or a Bill of Exchange, but the note or the bill cannot be sold to a third party at a price different from its face value.<\/p>\n Sale; Commonly used as a prefix in referring to different types of sales: Muajjal, Murabahah, Tawliyah<\/a> and Wadiah; comprehensive term that applies to sale as well as many other transactions that are not strictly referred to as sales in positive law; bilateral contract; exchange.<\/p>\n mature person; person who has attained puberty, the outward sign of majority and discretion, in the absence of which jurists determines different ages for the presumption of puberty.<\/p>\n Nullity; void, void ab intio.<\/p>\n The treasury of an Islamic state.<\/p>\n goods given to another for trading without giving wages or sharing profits (like a shopkeeper leaving his shop with another shopkeeper during his absence).<\/p>\n the attainment of puberty; see baligh.<\/p>\n see batil<\/p>\n . Demand Credit Account.<\/p>\n Loan, due, receivable, debt.<\/p>\n liability underlying a partnership formed on the ba\u00adsis of labor, where the partner is liable for performing the contract or completing the work accepted by either partner.<\/p>\n liability for the debts of the partnership; the usual form of liability underlying all partnerships, especially one formed based on wealth.<\/p>\n liability for damaging or destroying property ac\u00adcepted by the partnership for value-added work.<\/p>\n liability underlying a partnership formed on the basis of credit-worthiness where each partner is liable, jointly and severally, for paying the prince of goods bought on credit.<\/p>\n Enemy territory not under the jurisdiction of a Muslim state.<\/p>\n Area under the jurisdiction of the Muslim state.<\/p>\n Receivables; the term does not apply to cash loans for which the word qard<\/a> is used; see qard.<\/p>\n Necessity. A principle used for permitting forbidden things in case of duress or extreme hardship.<\/p>\n see sharikat al-dhimam.<\/p>\n This kind of Musharkah used as a mode of financing where a partner can redeem his share \/ share having a put option or call option.<\/p>\n Currency accepted by the traders as valid for commercial transactions amongst them although it did not meet the conditions laid down for currency.<\/p>\n Name of a unit of currency, usually a silver coin, used in the past in several Muslim countries and still used in some Muslim countries, such as Morocco and United Arab Emirates.<\/p>\n Blood money of an unintentional killing or injuries.<\/p>\n<\/div>\n . Distribute according to proportions in a specific contract.<\/p>\n<\/div>\n . Bounties of God, excess; used for Riba<\/a>, which is excess in the exchange of two counter-values, whether determined through weight or measure or realized through delay in the delivery of one of the counter-values.<\/p>\n A type of interest. Taking something of superior quality in exchange for the same kind of thing of poorer quality. Allah Subhana wa Taala has strictly prohibited any kind of Riba and has warned of severe punishment for those who have any association with it. See the Holy Qur an, Surah<\/a> Al-Baqara (2): 275-280<\/p>\n Spoils of war that Muslims acquire from the ene\u00admy without actual fighting.<\/p>\n Benefit. In investment context it means return on investment.<\/p>\n Bankcrupt<\/p>\n Jurist; an Islamic scholar who can give an authoritative legal opinion or judgement.<\/p>\n A poor person<\/p>\nArdh \/ Ardhqw<\/strong><\/h3>\n
Athaman mutlaqah<\/strong><\/h3>\n
Awkaf\/ Awqaf<\/strong><\/h3>\n
Ayah<\/strong><\/h3>\n
\u2018Ayn<\/strong><\/h3>\n
\n<\/div>\n\nBadal<\/strong><\/h3>\n
Bai al Dayn bi addayn<\/strong><\/h3>\n
Bai al-salam<\/strong><\/h3>\n
Bai Bithaman Ajil (Al) \/ Al-Bay-Bithaman Ajil (BBA) financing<\/strong><\/h3>\n
Bai Muajjal \/ Bay Muajjal<\/strong><\/h3>\n
Bai \/ Bay\u2019<\/strong><\/h3>\n
Baligh<\/strong><\/h3>\n
Batil<\/strong><\/h3>\n
Baytul Mal<\/strong><\/h3>\n
Buda\u2019ah<\/strong><\/h3>\n
Bulugh<\/strong><\/h3>\n
Butlan<\/strong><\/h3>\n
\n<\/div>\n\n
\n<\/div>\n\nD.C. A\/C<\/strong><\/h3>\n
Dain\/ Dayn<\/strong><\/h3>\n
Dhaman al- amal<\/strong><\/h3>\n
Dhaman al-mal<\/strong><\/h3>\n
Dhaman al-talaf<\/strong><\/h3>\n
Dhaman al-thaman <\/strong><\/h3>\n
Dar ul-harb<\/strong><\/h3>\n
Dar ul-Islam<\/strong><\/h3>\n
Dharb fil-ardh<\/strong><\/h3>\n
Dharurah<\/strong><\/h3>\n
Dhimam<\/strong><\/h3>\n
Diminishing Musharkah<\/strong><\/h3>\n
Dirham tijariyah<\/strong><\/h3>\n
Dirham<\/strong><\/h3>\n
Diyah<\/strong><\/h3>\n
\n<\/div>\n\nEquity<\/strong><\/h3>\n
\n<\/div>\n\nFadhal<\/strong><\/h3>\n
Fadl (Riba)<\/strong><\/h3>\n
Fai<\/strong><\/h3>\n
Faidah<\/strong><\/h3>\n
Falas<\/strong><\/h3>\n
Faqeeh \/ Faqih<\/strong><\/h3>\n
Faqir<\/strong><\/h3>\n
Fard Ain<\/strong><\/h3>\n