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Compiled by Ahmad Sanusi Husain

www.ahmad-sanusi-husain.com
ceo www.alfalah-consulting.com




Bai Bithaman Ajil

A contract of sale and purchase for the financing of an asset on a deferred
payment and installment basis with a pre agreed payment period. The
sales price includes a profit margin.

Bai Inah
A financing facility involving two separate contracts. In the first contract a
financier sells an asset to a customer on deferred payment terms.
Immediately after, the financier repurchases the same asset from the
customer on cash terms at a price lower than that of the deferred
payment sale.

It can also be applied vise versa where a financier buys an asset from a
customer on cash terms. Immediately after, the financier sells back the
same asset to the customer on deferred payment terms at a price higher
than that of the cash sale.

Bai Dayn
Refers to the buying and selling in the secondary market of debt
certificates, securities, trade documents and papers that conform with the
Syariah. The trade documents are issued by debtors to creditors as
evidence of indebtedness. Only documents evidencing real debts arising
from bona fide merchant transactions can be traded.

Bai Istijrar
A contract between a supplier and a client whereby the supplier supplies a
particular item on an ongoing basis on an agreed mode of payment until
they terminate the contract. It is also applied between a wholesaler and a
retailer for the supply of a number of agreed items.

Bai Muzayadah
A sale of an asset in public through the process of bidding among potential
buyers and the asset is sold to highest bidder.

Bai Wafa¶
A contract with the condition that when the seller pays back the price of
the property sold, the buyer returns the property to the seller. It is a Bai
in form but a pledge in substance.
Bai Salam
A purchase contract for the delivery of an item on a certain future date
with the full payment of the purchase price in cash at the point of
contract.

Bai Istisna¶
A purchase order contract where a buyer orders a seller or contractor to
manufacture an item according to specification in the purchase contract to
be delivered on a certain future date. The settlement of the purchase price
is according to the agreement between the two parties.

Dhaman or Kafalah
A contract of guarantee where a person underwrites any claims or
obligations that should be fulfilled by a debtor, sup plier or contractor in
the event that the debtor, supplier or contractor fails to fulfill his
obligation.

Gharar
An unknown fact or condition. In a commercial transaction, the fact or
condition of either of the contracting parties or the item in the con tract or
the price of the item is not known giving rise to an uncertain status or
result of the contract, i.e. whether it is valid or void. An excessive gharar
makes a contract null and void.

Ghish, ghurur
Cheating, fraud, deception. Both are prohibited by the Shariah.

Haq Maliy
A right on a financial asset. Examples of rights are haq dayn (right to the
claim of a debt) and haq tamalluk (right of ownership).

Hibah
Gift, something given to a person without exchange.

Hiwalah
A contract of transferring a debt obligation from the debtor to a third
person.

Ibra¶
Giving up of a right. In a commercial transaction a creditor gives up part
or all of his right to a debtor usually for early settlement of the debt.

Ijarah
A sale or purchase of usufruct. A sale or purchase of the use of another
person¶s property. The ownership of the property remains with the lessor
while the lessee only owns the right of the use of the property.

Ijarah Thumma Bai

Refers to an Ijarah (leasing/renting) contract to be followed by a Bai
(purchase) contract. Under the first contract, the hirer leases the property
from the owner at an agreed rental over a specified period. Upon expiry of
the leasing period, the hirer enters into a second contract to purchase the
property from the owner at an agreed price.

Ittifaq Dhimni
An agreement between parties concerned on the sale price and
repurchase price of an asset prior to the execution of the sale and
repurchase contracts for the purpose of bidding process in Bai¶ Muzayadah
(bidding or auction).

Ju¶alah
A unilateral contract promising a reward for the accomplishment of a
specified task.

Khilabah
A form of fraud, either in words or deed by a party to a trading contract
with the intention of inducing the other party to make a contract. This is
prohibited by the Shariah.

Khiyanah
A breach of trust, betrayal or treachery. It is prohibited by the Shariah.

Maisir
Gambling. Any activity the involves betting money or an item on the
outcome of an unpredictable event. The bet is forfeited if the outcome is
not as predicted by the bettor and the person against whom the bet is
made takes the bet. This activity is prohibited by the Shariah.

Mal
A thing which is naturally desired by man, and can be stored for times of
necessity; it has use and it is permissible by the Shariah to enjoy its
benefit.

Mudharabah
(trustee financing)
An agreement between a provider of fund who provides 100% capital for
the financing and an entrepreneur who manages the business applying his
expertise; profit is to be shared between them according to an agreed
ratio, while loss is to be borne solely by the provider of capital.

Muqasah
Debt settlement by a contra transaction; setting off.

Bai Murababah
(cost plus)
A sale based on cost price where the cost price, the profit margin and
other costs to the seller are stated at the time of the contract. The
settlement of the price is normally made on deferred lump sum payment
terms.

Musharakah

(joint venture)
An agreement between two or more parties whereby all parties contribute
capital either in the form of cash or in kind to form a company to carry on
commercial activities. The profit is shared based on equity participation or
as agreed between the parties; loss is shared according to equity
participation.

Qabadh
Qabadh means taking possession. Generally qabadh follows urf, viz. the
common practices of the local community where it varies from one kind of
good to another recognizing the way the possession of a good takes place.

Qardh Hasan
It is a benevolent loan, i.e. a loan contract between two parties with no
extra payment over and above the loan. Any extra payment imposed by
the lender or promised by the borrower is prohibited. However the
borrower is permitted to pay extra on payment at his absolute discretion
as a token of appreciation.

Rahnu
Making a property a security for a debt or a right of claim, the payment in
full of which is permitted from the sale of the property in the event of
default by the debtor.

It is also used as a name for a kind of borrowing with collateral.

Riba
In lending, it is the extra payment imposed by the lender or promised by
the borrower over and above the loan. In trading it is mostly the
difference in weight in the exchange of gold of different measure s of
purity, e.g. 10g. of 750 gold with the 8g. of 835 gold; or the difference in
time between payment and delivery in foreign currency exchange, e.g.
payment of RM10,000 at 10.00 a.m. and delivery of USD3,800 at 3.00
p.m on the same date.

Sarf
A contract of exchange between two currencies.

Shariah
Shariah means fiqh or Islamic Law comprising the whole body of rulings
pertaining to human conduct derived from the rulings¶ respective
particular evidences. The respective particular evidences are the sour ces
of the Shariah, the primary sources being the Quran, the Sunnah, ijma¶
and qiyas, the secondary sources being the method of reasoning applied
by Muslim jurist in their ijtihad (personal reasoning)

Shariah requirement
It is a general phrase or expression which generally means abstinence
from prohibition and fulfillment of essential elements and necessary
conditions in performing a human act.

Suftajah
Bill of Exchange

Sukuk
Plural of sok. It is being used as singular. It is a document or certific ate
evidencing an undivided pro rata ownership of an underlying asset; a
capital market financial instrument tradable in the secondary market.

Ta¶widh
A compensation agreed upon by the contracting parties as a payment that
can be claimed by the creditor when the debtor defaults in the payment of
his debt.

Tadlis al-µaib
An act of a seller intentionally hiding the defects of goods; it is prohibited
by the Shariah.

Takaful
It is a protection plan based on Shariah principles. It is Islamic insurance.
A person becomes a participant by undertaking a contract of tabarru¶ and
paying a participative contribution (tabarru¶) to a common takaful fund
whereby he allows his contributions to be used to help other participants
whenever they suffer defined losses. The commercial contracts of
Mudharabah and Wakalah are incorporated into tabarru¶ contracts to
increase the size of the takaful fund.

Tanajush
A conspiracy between a seller and a buyer wherein a buyer purchases an
item from the seller at a price higher than that of the market thereby
enticing other buyers to buy the items at a price higher than the market
price. The seller thus makes a big profit. This act is prohibited by the
Shariah.

Ujrah
A payment for manfaah, usufruct on the use of another¶s property.
Another term related to ujrah is ajr (plural ujur), which is a payment for a
service. It is also applied to salary, wage, pay, fee(s), charge, enrolment,
honorarium, remuneration, reward, etc.
Uqud Ishtirak
Contracts of participation or partnership

Uqud Mu¶awadat
Contracts of exchange

Uqud Tabarru¶at
Contracts of gift or donation

Urbun
A deposit or earnest money paid as an installment to confirm contract. If
the contract continues to its conclusion the seller realizes it as part of the
selling price. If the contract fails the seller forfeits it as penalty for the
breach of the contract.

Wadi¶ah
Safe custody. Originally safe custody is Wadiah Yad Amanah, i.e. trustee
custody where according to the Shariah the trustee custodian has the dut y
to safeguard the property held in trust. Wadiah Yad Amanah changes to
Wadiah Yad Dhamanah (guaranteed custody) when the trustee custodian
violates the conditions to safeguard the property. He then has to
guarantee the property.

Wakalah
A contract of appointment of an agent where a person appoints another as
his agent to act on his behalf.

Zakat
A religious obligation of alms-giving on a Muslim to pay 2.5% of certain
kinds of his wealth annually to one of the eight categories of needy
Muslims.

(IBFIM)




The principles and precepts of Islamic Shari'ah governing commercial and

financial transactions are both extraordinary complex and also elegantly simple.
The existence and doctrinal enunciations of different schools of Islamic
jurisprudence render it challenging to summarize those principles and precep ts in
a succinct fashion. To familiarize the reader of these materials with the
terminology used in Islamic Finance transactions, however, we are providing
brief and generalized summaries of the key concepts (primarily embodied in
certain Arabic words) that describe the structures and philosophy underlying
modern Islamic Finance. We also set forth a few abbreviations for organizations
that are currently prominent in the field of Islamic Finance.
AAOIFI means the Accounting and Auditing Organization for Is lamic Financial
Institutions.

Adl (pl. is adlan) means a trusted person selected by the parties to the
transaction to serve as a type of trustee-arbitrator.

Arboon (also Arbun or Arboun or Bai al Arboon) means a sale involving a down
payment in respect of the purchase price and complete performance of the
contract at a future date. The down payment will be applied in respect of the
purchase price, if the purchaser shall subsequently consummate the sale, or
forfeited, if the purchaser shall not subsequen tly consummate the sale (including
as a result of an election by the purchaser).

Bai Dayn means debt financing.

Dayn means debt. Certain schools of Islamic thought prohibit the sale of debt
(bai' al-dayn) except where the purchase price does not reflec t a discount from
the face value of the debt.

Fatwa (pl. is fatawa) is an opinion or pronouncement on Islamic law issued by an

Islamic scholar or Shari'ah Supervisory Board.

Fiqh means understanding or human comprehension of the divine law (Shari'ah).

Different schools of Fiqh developed over time within Islam, and these schools
often have varying views on whether a particular action is permitted under
Shari'ah.

Gharar means uncertainty and ambiguity and, separately, can also include
elements of deceit. Under Shari'ah, parties may not enter into an agreement that
is subject to excessive uncertainty and ambiguity.

Halal means lawful under Shari'ah.

Hawala is a transfer agreement whereby an obligation is transferred from one

person to another; bill of exchange, remittance.

Haram means unlawful under Shari'ah.

Hissas means equity shares or ownership interests.

IDB means the Islamic Development Bank.

IFSB means the Islamic Financial Services Board.

Ijara (also Ijarah) means lease or leasing of assets or services. In Islamic finance
transactions, a financial institution or a special purpose entity receiving financing
may purchase an asset and lease it to the customer at an agreed rental and for
an agreed term.

Ijara wa iqtina means a lease of a n asset couple with a right in the lessee to
purchase the asset at the end of the lease term. This arrangement is often quite
similar, structurally, to a conventional "hire/purchase" scheme, in which the
lessee/customer has the right to buy an asset at the end of the asset's lease
term.

Ijtihad means, literally, "effort" or legal reasoning or the making of a legal

decision by independent interpretation of the usul al -fiqh, particularly the
revealed sources.

Islamic finance refers to investment and finan cing that are structured to comply
with the requirements of the Shari'ah.

Istisna'a (also Istisna) is variously referred to as a commissioned manufacture

and sale, a commissioned future sale and purchase/sale transaction in which a
buyer/customer places an order for the construction or manufacture of an object
to be delivered at a future date (which can range from something as simple as
an item of jewelry to something as large as a liquefied natural gasification
project) at a pre-agreed price.

Masnou means that which is manufactured or constructed pursuant to an

istisna'a arrangement or contract.

Maysir (also maisir) means gambling.

Mudaraba is a type of joint venture in which one venturer (the investor, or rabb
ul-maal) provides capital to another ( the working or service venturer, or
mudarib) in order to undertake a business activity. Profits are shared at a pre -
determined ratio, but losses of capital are borne by the investor.

Mudarib (also Mudareb) means the joint venturer providing services in a

mudaraba and who manages the mudaraba.

Murabaha means "a profitable sale", a cost-plus sale. In modern financial

practice involving bank mediation, it has come to mean a mode of financing
whereby the financier purchases a specific asset/commodity chosen by the
financier's customer and re-sells it to that customer at a predetermined price.
The selling price is higher than the purchase price, and the difference between
the financier's acquisition price and resale price is the financier's profit (i.e., the
reward for the financier's risk). The customer's payment obligation can become
due and payable at the time of the financier's transfer of the asset/commodity or
can be deferred and paid over time.

Musharaka (also Musharakah or Musharaqah) is a joint vent ure (frequently a

partnership) in which each of the joint venturers contribute capital to a particular
business undertaking. The joint venturers share profits as they may agree, but
the losses must always be shared in accordance with the contributed capita l of
the respective joint venturers.

Musharaka Mutanaqisa means a musharaka in which sharing of one joint

venturer diminishes over time with performance by the other joint venturer and
is frequently referred to as a "diminishing partnership".

Mussallam means the purchaser of the commodity or item to be delivered on a

deferred basis pursuant to a salam contract.

Mussallam fiihi means the commodity or item that is the subject of a salam
contract.

Musallam ilayhi means the seller of the commodity or it em to be delivered on a

deferred basis pursuant to a salam contract.

Mustasne' means the purchaser under an istisna'a arrangement.

Qur'an (also Quran or Koran) is the holy book of Islam as revealed to the
Prophet Mohammad (sawf).

Qard hassan means a benevolent loan in which the lender is afforded no

monetary return, and in current parlance frequently refers to an interest -free
loan.

Rabb ul-maal means the venturer providing funds in and to the mudaraba and
will not have the right to manage the mudar aba.

Rahn means a mortgage (with respect to real property) and pledge (with respect
to personal property).

Riba means, literally, "increase" and is used to connote an unjustified increase in

capital; the term is often used to refer to interest, usury o r unjust enrichment). A
key tenet of Shari'ah requires that participants in a commercial transaction
undertake a risk in the endeavor. A borrower's obligation to pay interest in a
conventional loan transaction is viewed as assuring a "riskless" return on t he
financier's investment, and thus is not permitted under the Shari'ah.

Salam is a sale agreement in which the seller undertakes to supply the buyer
with specific goods at a future date in exchange for, and as a liability against, full
payment in advance at the current time.

Sane' means the seller who agrees to supply the item to be manufactured or
constructed pursuant to the istisna'a arrangement or contract. The sane' may or
may not be the entity or person that actually manufactures or constructs tha t
item.

Shari'ah (also Shari'a or Sharia) means the perfect, immutable, divine Islamic
"law" as revealed in the Qur'an and the Sunna.

Shari'ah Supervisory Board (also Shari'ah Board or Shari'ah Committee) is a

body of Islamic scholars that reviews Islamic financing transaction documents
and approve them as being compliant with the Shari'ah.

Sharika means a partnership (or similar joint venture) or a contract between two
or more parties pertaining to capital and work (management) for the purpose of
making a profit.

Sharika al-masrafiyya means, in current usage, musharaka.

Sharikat ul-amwaal means a property partnership or property joint venture.

Sukuk (pl. of sakk or saak) are capital market instruments which may be
"Islamic bonds", "Islamic asset securitizations" or "Islamic whole business
securitizations". The sukuk holder is granted a fractional undivided ownership in
the assets or business being financed. AAOIFI recognizes 14 categories of sukuk.

Sunna means the practices and traditions of th e Prophet Mohammad; the binding
authority of his dicta and decisions.

Takaful means "guaranteeing each other" and the sharing of risk on a

cooperative basis and mutual assistance (ta'awun). It is an Islamic insurance
system that is based on mutual co-operation and assistance among groups. Such
Islamic insurance has been devised to avoid fundamental prohibitions under
Islamic Shari'ah such as riba, gharar and maysir.

Tandeed means conversion of musharaka assets into money.

Taqlid means "imitation" in the following of precedent and is particularly relevant

to the period of Islamic history (approximately 950 ? 1900 (possibly 1970) C.E.)
during which it is said that there was a "closing of the gate of ijtihad".

Usul al-fiqh means the "roots of the law", which are (a) the Qur'an, (b) the
Sunna, (c) the ijma, or "consensus" of the community of Islamic scholars, and
(d) the qiyas, or analogical deductions and reasoning of the Islamic scholars with
respect to the foregoing. The Qur'an and the Sunna are often referred to as the
"revealed" sources.

Wakala is an agency agreement or arrangement.

Wakil (also Wakeel) is the agent in a Wakala relationship.

(Dechert LLP)




adadiyyah (pl. `adadiyyat) Countables i.e. things which are measured in

individual units rather than by volume, weight, or length. An example of
`adadiyyat are eggs which are customarily purchased in unit, (half dozen, dozen,
etc.) rather than by weight.

`adl `Adl is a general term which conveys the meanings of justice, equity and
fairness.

`amil One who performs a task, an agent. One who deserves compensation for
some task which he does, such as the mudarib (manager) in a mudarabah
contract or a zakat collector.
`aqar Real estate; Immovable property such as land, buildings, trees and so
forth.

`aqd `Aqd is a central term in Islamic financial law, which essentially means,
"contract."

`ard Land.

`arif An expert who is consulted in situations which require an impartial,

informed decision, such as the appraisal of property.

`ariyah A contract in which one party loans another the use of some item for an
indefinite period of time. Ariyah is generally used to refer to the neighborly
lending of small articles.

`ayn `Ayn is term used by the classical jurists to refer to currency or ready
money. The term `ayn refers to gold, silver, coins, notes and any other form of
ready cash. `Ayn is often contrasted with dayn.

`inah A sale in which a purchaser buys merchandise from a seller for a stipulated
price on a deferred payment basi s and then sells the same merchandise back to
the original seller for a price lower than the original purchase price.

Ajr Generally ajr means compensation or wage. In an ijarah (lease) contract, the
ajr is the price paid by the hirer to the hired party in exchange for the services
which the latter renders.

akl al-suht Unlawful acquisition of wealth.

al-ajir al-khas A hired-worker who is contracted to perform a specific task in a

specific amount of

time by one party, such as a cook or a servant.

al-ajir al-mushtarak A worker, such as a tailor, who offers his services to many
and thus may be contracted by several clients at once.

al-ajr al-mithl The prevailing rate; the price which is normally paid for a given
service.

al-akl bi l-batil Unlawful acquisition of wealth.

al-amin al-`amm One who has been entrusted with the property of another for a
reason other than safe-keeping (wadi`ah), such as a tenant who rents an
apartment or the mudarib in the mudarabah contract.

al-amin al-khas One who has been entrusted with the property of another and is
responsible for it, as is the case in the wadi`ah (safe -keeping) transaction.

al-amwal al-ribawiyah The six kinds of substances (gold, silver, dates, wheat,
salt and barley) which, when exchanged in kind, must be exchanged in equal
measure and with immediate transfer of possession. If these conditions are not
met, then the exchange is considered to be riba (interest).

al- kharaj bildaman The Islamic legal principle that means entitlement to reve nue
follows assumption of responsibility. Profits, therefore, are based on the
ownership of, and responsibility for, capital.

al-hajjah al-asliyyah Lit: Basic needs. Tech: In relation to the law of zakat, the
shariah has exempted those assets which are required to fulfill one's basic needs.
Also spoken with regard to economic role of the Islamic state. The Islamic state
is responsible to provide for the basic needs of all citizens, should some of them
fall short of the means.

amanah Trust, with associated meanings of trustworthiness, faithfulness and

honesty. As an important secondary meaning, the term also identifies a
transaction where one party keeps another¶s funds or property in trust. This is in
fact the most widely understood and used application of the term, and has a long
history of use in Islamic commercial law. By extension, the term can also be
used to describe different financial or commercial activities such as deposit
taking, custody or goods on consignment.

arbun Earnest money/Down payme nt; a non-refundable deposit paid by the

client (buyer) to the seller upon concluding a contract of sale, with the provision
that the contract will be completed during the prescribed period.

ayah The term refers to a passage from the Holy Qur'an.

bai al-dayn Sale of debt or receivables.

bai al-'inah A loan in the form of a sale, called 'inah (facade) because it is a sale
in appearance only. This is accomplished by one's buying back what one has sold
for a lower price than that for which one originally sold it. The difference,
ostensibly profit, is actually a loan.

bai al-wafa' A sale with the right of redemption, literally, a sale of honour.
Typically, such a sale takes place when a commodity is sold on the condition that
the seller be allowed to redeem the commodity upon paying its price; and the
buyer agrees to honour the condition.

bai al-bithaman ajil Deferred-payment sale, credit sale.

batil Void, invalid. Said of a transaction, a contract which governs a transaction

or an element in a such a contract when they are null and void. opp. sahih.

bay` Sale; an agreement between two parties (the seller and the buyer) to the
effect that the ownership of the sale item is transferred from the seller to the
buyer in exchange for a price.

bay` `ajil bi-ajil Lit.Delayed-for-immediate sale. A type of sale in which the sale
price is paid immediately and delivery of the sale item is delayed. Syn. bay` al -
salam.

bay` al-kali bi-kali (Lit. Sale of a debt for a debt) Bay`al - kali' bi-kali' is a type of
sale which is prohibited. Islamic jurists use this term to describe several different
types of debt-for-debt exchanges. The most well-known of these is the exchange
in which a lender extends his debtor's debt repayment period in return for an
increase on the principal i. e. interest. The term kali' is a synonym for debt.

bay` al-mu'ajjal Deferred payment sale, credit sale; a sale in which payment is
delayed and delivery of the contracted goods is immediate

bay` al-salam Deferred delivery sale; A type of sale in which the sale price is
paid immediately and delivery of a specified sale item is deferred for a stipulated
period. Syn. salaf.

bay` bi-thaman ajil Deferred payment sale. Some Islamic banks carry out a
transaction of this name in which goods are requested by a client, purchased by
the bank and then sold to the client at an agreed upon price which includes the
bank's mark-up profit. Often the client is offered the option of paying in
installments. This is essentially identical to the murabahah fin ancing used
throughout the Islamic banking sector. Syn. bay` `ajil bi -ajil and bay` al-
mu'ajjal.

bay`atan fi bay` Lit. Two sales in one. A type of transaction, which was explicitly
prohibited by the Prophet. The meaning of the expression "two sales in o ne" is
explained by the fuqaha' in various ways. Also called "safaqatan fi safaqah."

bayt al-mal The treasury of the Muslim Community; historically, the bayt al -mal
as an institution was developed by the early Caliphs but which soon fell into
disrepair. The funds contained in the bayt al-mal were meant to be spent on the
needs o the Ummah e. g. supporting the needy.

daman Responsibility for financial coverage in the case of destruction or damage.

daman/kafala Guaranty or surety

darura Overriding necessity

dayn Debt; some form of wealth which one is required to pay back to another.

dhimmah Dhimmah is a basic term in fiqh al -mu`amalat which roughly

corresponds to the concept of liability. A debt is said to be "established in
someone's dhimmah" if he is in debt to someone else. The fuqaha' also speak
about a person's dhimmah "being occupied " and "being cleared." The concept of
dhimmah may be likened to a virtual liability container which it may be said that
every responsible person has. These containers, it may be imagined, are
constantly being filled with rights and obligations --such as the obligation to repay
someone.

dinar A gold coin used by Muslims throughout Islamic history. The standard mass
of the dinar which is referred to in Fiqh is 1 m ithqal (app. 4.25 grams.)

faqih Muslim jurist; A Muslim who is an expert in Fiqh; a Muslim who is

knowledgeable of the rules of the Shari`ah and knows how these rules are
related to the source texts upon which they are based.

faqir (pl. fuqara') A poor person.

faskh Undoing, dissolving, cancellation. Faskh is a term used by the classical

fuqaha to refer to the dissolution of a contract or agreement. It has been
described as the cancellation of a contract, such that affairs return to the state in
which they were before the closing of the contract, without any addtition or
subtraction. Many of the classical fuqaha' apply the term faskh to instances in
which a previously valid (sahih) contract is cancelled voluntarily by the
contractual parties--such as in iqalah, khiyar al-`ayb (option to return in case of
a defect) and khiyar al-shart (stipulated option of return)--and use the term
infisakh for cancellations which occur outside of the will of each of the
contractual parties--such as the cancellation of a sale contract when the sale
item is destroyed, before the seller can hand it over to the purchaser or the
dissolution of certain partnerships (see shirkah) upon the death of one of the
participating parties.

fatwa (pl. fatawa A formal response issued by an expert faqih, called a mufti in
response to a question.

fatwa An authoritative legal opinion based on the Shari'a (Islamic law)

fiqh Practical jurisprudence, or human articulations of divine rules encompassing

both law and ethics. As such, fiah may be understood as the jurists'
understanding of the Shari'a, or jurists' law.

fiqh al-mu'amalat Islamic commercial jurisprudence, or the rules of transacting in

a Shari'a compliant manner

fuduli A party is described as "fuduli" whenever it transacts (e. g. sells, rents,

etc.) with someone else's property without the permission of the Shari`ah (e. g.
wakalah). Such is the case when a party does not own the property with which it
transacts and is not the wakil (authorized representative) or wali (guard ian) of
the true owner. For example, if a person were to negotiate and "close" a deal
with a buyer in which he sold some machinery without the owner of the
machinery having made him his wakeel (authorized representative) the "seller"
would be described as fuduli.

fuqaha pl. of faqih, qualified specialists in fiah, or jurists.

gharar Uncertainty in a contract of exchange as to the existence of the subject -

matter of the contract and deliverability, quantity or quality of the subject -
matter. It also involves contractual ambiguity as to the consideration and the
terms of the contract. Such ambiguity will render most contracts void.

gharim (pl. gharimun) Orig. A debtor who does not possess the funds with which
to repay his debt. According to the Hanifi jur ists, a gharim is one who whose
funds, after repayment of his debt, would not equal the nisab. The Shafi`i and
Maliki jurists divide the gharimun into two types: 1) those whose debts were
incurred in their own benefit and 2) those whose debts were incurred benefiting
others. The gharimun are one of the eight groups mentioned in the Qur'an as
legitimate recipients of zakah funds.

ghasb The wrongful appropriation of property by force.

habal al-habalah A type of sale practiced by the Arabs during the Jahi liyyah, in
which the essence of the agreement between the two transacting parties,
depended on a pregnant she -camel giving birth to a female calf which would
subsequently become pregnant itself. The habal al -habalah transaction was
prohibited by the Prophe t, according to several well-known reports, ostensibly
because of the extreme uncertainty (see gharar) in the essence of the contract,
given that neither of the contractual parties can be even remotely certain that a
pregnant she-camel would successfully give birth to a another she -camel, which
would subsequently mature and become pregnant itself.

hadith (pl. ahadith) A successively transmitted report of an utterance, deed,

affirmation or characteristic of the Prophet Muhammad. The ahadith are the
source texts by which the Sunnah is preserved.

halal Permissible, lawful; said of a deed which is not prohibited by Allah, opp.
haram.

halal lawful; one of the five major Shari'a a categorizations of human acts

hamish gedyyah security deposit. An amount of money paid by the purchase

orderer upon request of the seller to make sure that the orderer is serious in his
order of the asset. However, if the promise is binding and the purchase orderer
declines to purchase the asset, the actual loss incurred to the se ller shall be
made good form this amount.

haqq lit. truth, right. Al-Haqq, the Truth, is one of the names of Allah. In the Fiqh
of financial transactions, the term haqq signifies a right which a party possesses,
for example the creditors right to payment .

haram Impermissible, unlawful, opp. halal.

hawalah Bill of exchange, promissory note, cheque, draft. Tech: A debtor passes
on the responsibility of payment of his debt to a third party who owes the former
a debt. Thus the responsibility of payment is ultimately shifted to a third party.
hawalah is a mechanism which can be usefully employed for settling international
accounts by book transfer. This obviates, to a large extent, the necessity of
physical transfer of cash. The term was also used, historically, in the public
finance during the Abbaside period to refer to cases where the state treasury
could not meet the claims presented to it and it directed its claimants to occupy
a certain region for a certain period and procure their claims themselves by
taxing the people. This method was also known as tasabbub. The taxes collected
and transmitted to the central treasury were known as mahmul (i.e. carried to
the treasury) while those assigned to the claimants or provinces were known as
musabbab.

hawl The term hawl is used by the jurists to describe the amount of time which
must pass before a Muslim in possession of funds equaling or exceeding the
exemption limit (nisab) must pay Zakah on his wealth. In the case of cash, gold
and silver it is one Islamic year i.e. a lunar year of app. 354 days.

hibah Gift, donation. Tech: Transfer of a determinate property (mal) without any
material consideration. Muslims have been exhorted by the Prophet to donate
gifts to others. This is one of the important values of a Muslim society. It is
intended to cultivate love and co -operation among citizens rather than rivalry
and competition.

hisbah Hisbah is a term used by the classical jurists, among them Ibn
Taymiyyah, to describe the function of regulating the market pl ace which is to be
carried out by the Islamic authority (often called the muhtasib in this sense).
Hisbah includes taking whatever steps may be needed in order to maintain a fair
and orderly market place. Historically, various Islamic rulers have undertake n
the duty of hisbah by supervising activities ranging from the inspection of
eateries for sanitary conditions to the investigation of fraud. The basis of hisbah
is the Prophet's customary inspection of the marketplace of Madinah.

hukm (pl. ahkam) In Fiqh, the Shari'ah ruling (e. g. obligatory, recommendable,
neutral, reprehensible, or forbidden) associated with any action. 

husah (lit. pebbles) A type of sale practiced by the Arabs in the Jahiliyyah and
prohibited by the Prophet Mohammed in which the sale was determined by the
casting of pebbles. Classical commentators mention three forms of the husah
sale: 1) the seller would say to the would-be purchaser, "when I throw the
pebbles in my hand, then the deal is closed and binding on you," 2) the seller
would say to the would-purchaser, "I shall sell you the commodity which your
pebbles hit" or 3) in a land sale, the seller would say, "I shall sell you the plot of
land whose dimensions are defined by the extent to which you throw this
pebble." The husah sale --like the habal al-habalah sale was ostensibly prohibited
because of the gharar (uncertainty) which characterized the contract which
governed it.

ihtikar Hoarding; the prohibited practice of purchasing essential commodities,

such as food and storing them in anticipation of an increase in price.

ijara Ijara is a form of leasing in which there is a transfer of ownership of a

service for a specified period for an agreed upon lawful consideration. Instead of
lending money and earning interest, Ijarah allo ws the financial institution to earn
profits by charging rentals on the asset leased to the customer.

ijarah wa-iqtina Lease-and-purchase transaction; a financing instrument used by

practitioners of contemporary Islamic finance in which a financier purc hases
reusable merchandise (e.g. airplane, buildings, cars) and then leases them to
clients in return for an agreed upon rental fee (to be paid for the length of the
lease period) and an agreement that the client will purchase the merchandise at
the end of the lease period.. There are similar transactions of various names,
among them al-ijarah al-muntaha bi-tamlik.

ijma` (lit. consensus) The unanimous consensus of the Muslim Ummah on a

given issue, usually as represented by the agreement of the jurists. I jma' has
traditionally been recognized as an independent source of law, along with the
Qur'an, Sunnah and Qiyas (analogical deduction), by most of the jurists.

ijtihad (Lit. effort, exertion, diligence) The process by which a qualified Islamic
jurist (called a mujtahid) endeavors to arrive at the correct ruling on a given
issue by reflecting on source texts from the fundamental sources of the
Shari`ah: the Qur'an and Sunnah.

ikhtikar Monopoly

ikhtilaf Divergence of opinions among jurists

iktinaz Hoarding wealth by not paying zakah on it.

iman Conviction, faith or belief; the acceptance and affirmation of Allah, His
Books, His Messengers, His Angels, the Hereafter and Divine Decree.

Infaq Spending, normally in the path of Allah. Among the various praiseworthy
types of infaq are spending on one's family, spending in preparation for jihad and
feeding and clothing orphans and other underprivileged individuals.

iqtisad Lit. moderation. The term is used in modern standard Arabic to denote
the field of economics.

Islam (Lit. submission to Allah) The religion of Allah (God) i. e. the worship of
Allah alone. Islam is (1) shahadah i. e. testifying that there is no god but Allah
and that Muhammad is the Messenger of Allah, (2) establishing Salah i. e.
prescribed prayer, (3) paying Zakah i. e. giving a portion of one's wealth to the
needy, (4) the Sawm of Ramadan i. e. fasting during the 9th month of the
Islamic calendar and (5) Hajj i. e. making pilgrimage to the sacred precincts of
Makkah (Mecca) in Arabia once in a lifetime if one is able. A person whose
religion is Islam is a Muslim. A person becomes Muslim by declaring the
shahadah i.e. " Ashhadu an la ilaha illallah wa ashhadu anna Muhammadan
rasulullah" ("I tesify that there is nothing rightfully wor shipped except Allah and I
testify that Muhammad is the Messenger of Allah").

Islah Reform

Islamic banking Financial services that meet the requirements of the Shariah, or
Islamic law. While designed to meet the specific religious requirements of Mus lim
customers, Islamic banking is not restricted to Muslims: both the financial
services provider and the customer can be non -Muslim as well as Muslim. Also
called Islamic finance or Islamic financial services.'

Istihsan Judicial preference for one legal analogy over another, usually in view of
the public welfare

istisna'a A contract of sale of specified goods to be manufactured, with an

obligation on the manufacturer to deliver them upon completion. It is a condition
in istisna'a that the seller provides either the raw material or cost of
manufacturing the goods

jahala Lack of knowledge or ambiguity in the terms of contract.

jahiliyyah (exp. ayyam al -jahiliyyah lit. the days of ignorance) The so -called
"pre-Islamic period." The period between the P rophethood of `Isa bin Maryam
(Jesus) and the Prophethood of Muhammad. Jahiliyyah is the term Muslims use
to refer to the era just before the coming of the Prophet Muhammad and more
generally to the state of affairs which characterized this era, which was plagued
by shirk (the crime of associating partners with Allah), infanticide, tribal strife,
etc.

ji'alah Service fee; a fee paid for any service rendered, also known as ju'l.

kafalah Assumption of the responsibility for debt repayment; a standard Isl amic
financial transaction in which X (the kafil) agrees to assume responsibility for the
debts of Y (the makful `anhu). Similar but not identical to hawalah.

khiyar (lit. Option, choice) the option extended to one or more of the parties in a
sales contract to rescind the sale, upon the appearance of a defect, for example.
The jurists have traditionally recognized several different types of khiyar,
including khiyar al-ru`yah, khiyar al-`ayb, khiyar al-shart, khiyar al-majlis.
khiyar al-shart An option in a sale contract concluded at the time of signing the
agreement, giving one of the two parties to the contract a right to cancel the sale
within a stipulated time.

madhhab (lit. way of going, pl. madhahib) A fiqh school or orientation

characterized by differences in the methods by which certain source -texts are
understood and therefore differences in the Shari`ah rulings which are deduced
from them. There are four well-known madhahib among Sunni Muslims whose
names are associated with the classical jurists who are said to have founded
them (Hanafi, Maliki, Shafi`i and Hanbali).

makruh Lit.detested; technical term used by the fuqaha' to classify actions with
regard to their desirability. Makruh is said of an action which one is rewarded for
avoiding, but not punished for committing.

mal Wealth, money, property; any valuable thing which can be possessed.

manfa`ah (lit. benefit) The yield which a utilizable property produces. The term
is often used by the fuqaha' to describe the usufruct associated with a given
property, especially in leasing transactions. In an automobile lease for example,
the term manfa`ah might be used to describe the benefit which the lessee
derives from the use of the car for the duration of the lease (as opposed to the
actual ownership of the vehicle).

maqasid the general objectives of Islamic law

maqasid al-Shari`ah (lit. The objectives of the Shari`ah). The term maqasid al -
shari`ah refers to a juristic-philosophical concept developed by the later
generations of the classical jurists, who attempted to formulate the goals and
purposes of the Shari`ah in a comprehensive manner to aid in the process of
investigating new cases and organizing previous existing rulings.

maysir Gambling, a game of chance. Originally a game of chanc e played by the

Arabs before Islam, maysir came to refer to any game of chance One of three
fundamental prohibitions in Islamic finance (the other two being riba and
gharar). The prohibition on maysir is often used as the grounds for criticism of
conventional financial practices such as speculation, conventional insurance and
derivatives.

miskin A poor, indigent person. The miskin is mentioned in the Qur'an as one of
the recipients of zakah.
mu`amalah A financial transaction. Fiqh al -mu`amalat is the traditional Islamic
discipline concerned with the jurisprudence of financial transactions.

mudaraba A Mudarabah is an Investment partnership, whereby the investor (the

Rab ul Mal) provides capital to another party/entrepreneur (the Mudarib) in order
to undertake a business/investment activity. While profits are shared on a pre -
agreed ratio, loss of investment is born by the investor only. The mudarib loses
its share of the expected income.

mudarib: The mudarib is the entrepreneur or investment manager i n a

mudarabah who invests the investor's funds in a project or portfolio in exchange
for a share of the profits. For example, a mudarabah is essentially similar to a
diversified pool of assets held in a Discretionary Asset Management Portfolio.

mufti A highly qualified jurisconsult who issues fatawa (sing. fatwa, informed
legal pronouncements), usually in response to questions posed to him.

mugharasah A type of agricultural contract in which a land owner and a worker

agree that, in return for the worke r's planting and tending of fruit -bearing trees
on the land owner's field, the landowner will assign to him a share of the
orchard's harvest. Both Hanafi and Hanbali jurists (the latter also call the
transaction munasabah) discuss mugharasah in their fiqh works. Two valid forms
of the contract have been mentioned: 1) The landowner supplies the necessary
materials (e. g. twigs) and bears related expenses (e. g. fixture transportation)
while the worker tends the trees for a fixed period. After the expiration of this
period, the worker receives a fixed wage or a fixed portion of the orchard. 2) The
worker supplies the materials and bears related expenses and receives a share of
the harvest. The second more closely resembles muzara`ah.

mujtahid Legal expert, o r a jurist who expends great effort in deriving a legal
opinion or interpreting the sources of the law.

murabahah (phr. bay` al-murabahah) Originally a term describing any sale in

which the seller sells his merchandise for more than the price at which he
acquired it, the term murabahah is now used in contemporary Islamic finance to
describe a financing scheme in which a financial institution agrees to purchase
merchandise for a client provided that the client promises to purchase it from the
financial institution at an agreed upon mark -up. This transaction, called simply
murabahah or murabahah financing, is widely used in contemporary Islamic
finance.

murabaha Purchase and resale. Instead of lending out money, the capital
provider purchases the desired commodity (for which the loan would have been
taken out) from a third party and resells it at a predetermined higher price to the
capital user. By paying this higher price over instalments, the capital user has
effectively obtained credit without paying in terest.

musaqah A type of partnership in which the owner of an orchard agrees to share

a stipulated portion of the produce of the orchard's trees with a worker, in
exchange for the latter's irrigation of the garden.

musharakah Partnership. A standard Islamic transaction in which two or more

parties enter into any one of several related types of partnerships (see shirkah,
mudarabah, musaqah, muzara`ah). In a typical musharakah agreement, two or
more parties agree to provide capital (ra's mal) towards the financing of a
commercial venture, share profits according to a stipulated ratio and share losses
on the basis of equity participation.

muzabanah Essentially, muzabanah is a transaction in which the owner of fruit

trees agrees to sell his fruit for an estimated equivalent amount of the dried fruit,
such as palm fruit for dates or grapes for raisins. Muzabanah was an agricultural
practice known to the people of Madinah and prohibited by the Prophet (see
hadith of Jabir b. `Abd Allah), ostensibly because o f the strong element of gharar
present in such a transaction. The special case of araya (see entry) was
exempted from this prohibition. Some fuqaha', particularly Maliki jurists, use the
term muzabanah to describe any sale in which the weight or volume of the
exchange items is unspecified.

muzara`ah Share-cropping; an agreement between two parties in which one

agrees to allow a portion of his land to be used by the other in return for a part
of the produce of the land.

najash The prohibited practice of deceiving and inciting a potential buyer during
the course of pre-sale negotiations or bidding by egging him on, either through
insincere bidding on the part of a spectator (such as bidding with no intention of
buying and merely in order to have the would -be buyer raise his bid), or false
statements on the part of the seller himself (such as the seller claiming that the
commodity is of greater value than its true worth).

nisab The exemption limit for the payment of zakah. A Muslim who possesses
wealth below the nisab is exempted from paying zakah, while a Muslim who
possesses wealth at or above this exemption limit is obliged to pay zakah. The
nisab differs depending on the type of wealth in question.

PLS Profit and Loss Sharing. The term is used to des cribe any one of several
financial schemes (but particularly the banking system of Pakistan) based on the
principle of interest-free lending and featuring the use of mudarabah and
musharakah (see entries) as financing instruments.
qabd (lit. seizing) taking possession of the exchange commodity in an exchange
transaction, such as the exchanger taking possession of the silver which he
traded for his own gold. Its being immediate is a necessary condition for the
validity of currency exchange.

qard hassan a loan per amore in which there is no interest. In Islamic law, all
loans are gratuitous contracts

qimar A type of prohibited arrangement in which the acquisition of property is

contingent upon the occurrence of an uncertain event, as is the case in gambl ing.

qirad Qirad is a synonym for mudarabah.

Qur'an the Book of Divine Revelation that was delivered to humankind by the
Prophet Mohammed, peace be upon him.

ra's al-mal Capital. The money or property which an investor (rabb al -mal)
invests in a profit-seeking venture, often in a partnership (musharakah) such as
a mudarabah or shirkah arrangement.

rabb al-mal In the mudarabah, the investor.

rahn Collateral; a pledge or the transaction which governs such a pledge.

riba (lit. increase) any increase in a loan or sale transaction which accrues to the
lender, seller or buyer, without the provision of an equivalent counter -value to
the other party. In Islam, riba is one of the most abhorrent of all sins and is
absolutely prohibited. Riba encompasses v arious types of illict gain, of which
banking interest is one example.

riba al-fadl The riba of exchange surplus. Any commodity -for-commodity

exchange transaction (i. e. barter) in which the exchanged commodities are of
the same type but of unequal meas ure, or the delivery of one commodity is
postponed.

riba al-nasi'ah Postponement riba. Riba al -nasi`ah is one of the two categories
into which riba (see entry) is often divided by the fuqaha', the other being riba
al-fadl (see entry). Riba al-nasi'ah takes place when two ribawi substances (see
al-amwal al-ribawiyyah) are exchanged, one immediately and the other with a
delay. An example of riba al -nasi'ah: two parties agree to exchange 10 kilos of
gold for 2 kilos of silver such that the former is handed over immediately and the
latter is to be delivered 2 weeks from the date the contract is signed. Another
example: two traders exchange 1 metric ton of wheat for 2 metric tons of barley
such that the latter is delivered after one year.

rishwah Bribery.

rukn (lit. pillar, pl. arkan) In fiqh, an integral part of an act, such as a
transaction, without which the act can not be said to have been performed.

sadaqah (pl. sadaqat) Charitable giving.

sahih (lit. sound, healthy, correct) said of a valid contr act, opp. of bƒtil. A hadith
of the highest level of authentication.

salah Ritual prayer; the second pillar of Islam after the shahadah.

salam A type of sale in which the full price of the goods is paid in advance and
the goods are delivered at a spec ified date in the future.

salam A contract for the purchase of a commodity for deferred delivery in

exchange for immediate payment according to specified conditions

sarf Currency exchange.

shahadah Testimony to the fact that Allah has the unique rig ht to be worshipped
to the exclusion of anything or anyone else and that the Prophet Muhammad is
the Messenger of Allah by declaring, "Ashhadu an la ilaha illallah wa ashhadu
anna Muhammadan rasulullah" (i.e. "I testify that there is no one or thing
rightfully worshipped except Allah and that Muhammad is the Messenger of
Allah).

Shariah: Islamic law as revealed in the Quran and through the example of
Prophet Muhammad (PBUH). A Shariah compliant product meets the
requirements of Islamic law. A Shariah boa rd is the committee of Islamic
scholars available to an Islamic financial institution for guidance and supervision
in the development of Shariah compliant products.

Shariah advisor An independent professional, usually a classically trained Islamic

legal scholar, that advises an Islamic bank on the compliance of its products and
services with the Shariah, or Islamic law. While some Islamic banks consult
individual Shariah advisors, most establish a committee of Shariah advisors
(often know as a Shariah board or Shariah committee).
Shariah compliant An act or activity that complies with the requirements of the
Shariah, or Islamic law. The term is often used in the Islamic banking industry as
a synonym for "Islamic"²for example, Shariah compliant financi ng or Shariah
compliant investment.

shart (pl. shurut) A necessary condition, something which needs to exist or be

present in order for something (like a transaction) to be valid. Also a condition or
stipulation in a contract.

shirkah Any contract between two or more persons in which they agree to jointly
enter into a financial enterprise whose profits will be divided between them. syn.
musharakah.

shuf`ah The right of pre-emption in sale transactions, for example, a real estate
sale in which some party possesses the right to force the seller to sell him all or
part of the real estate in the event of a sale.

sighah (sighat al-`aqd) Sighah is a term used by the fuqaha' to refer to the
formal exchange which takes place between the contractual parties i ndicating
their willingness to enter into the contractual agreement and therefore
constitutes the contract itself. The sighah is a rukn (integral element) of the
Islamic contract and essentially consists of a proposal (ijab) on the part of one
contractual party and an acceptance (qabul) on the part of the other, either of
which may be verbal, written or even gestural, depending on the circumstances
under which the contract is closed. An accepatable sighah in a sale contract, for
example, may consist of a purchaser saying to a seller, "do you agree to sell me
this merchandise for this price?" followed by the seller replying "Yes." The ijab
and qabul may be reversed so that the seller proposes and the purchaser
accepts. Signing a written contract which details the conditions of the transaction
which it governs, constitutes acceptance on the part of the signer.

suftajah (Orig. Persian) A debt transfer transaction, practiced in Islamic societies

since the `Abbasi period in which A, a debtor authorizes his agent (wakil) or
someone who owes him a debt, to pay a given amount to C to whom A owes a
debt. Suftajah is related to and may be considered a special case of the standard
Islamic debt transfer transaction known as hawalah (see entry).

sukuk Similar characteristics to that of a conventional bond with the difference

being that they are asset backed, a sukuk represents proportionate beneficial
ownership in the underlying asset. The asset will be leased to the client to yield
the return on the sukuk.
Sunnah The actions, deeds, affirmations and characteristics of the Prophet
Muhammad. The customary practice of the Prophet which informs the life of a
Muslim.

takaful Islamic insurance. Structured as charitable collective pool of funds based

on the idea of mutual assistance, takaful schemes are designed to avoid the
elements of conventional insurance (i.e., interest and gambling) that are
prohibited by Islamic law.

tawarruq Reverse murabahah. As used in personal financing, a customer with a

genuine need buys something on credit from the bank on a deferred payment
basis and then immediately resells it for cash to a third party. In this way, the
customer can obtain cash without taking an interest -based loan

Ulema pl. of 'alim, Shariah a scholars or jurists.

Ummah The Muslim Community.

urboun Earnest money. It is the amount paid by the client (orderer) to the seller
after concluding a contract of sale, with the provision that the contract is
completed during the prescribed period. The urboun amount will be coun ted as
part of the price; otherwise the urboun will be kept by the seller if the buyer fails
to execute the contract.

usul al-fiqh Islamic legal theory.

wadia Safe-keeping/resale of goods with a discount on the original stated cost

wadi`ah (lit.) Safe-keeping deposit. The standard Islamic financial transaction in

which X entrusts property to Y for safe-keeping. Wadi`ah refers to the deposited
property.

wakalah Agency; a standard Islamic practice wherein X (the wakil) acts as the
agent of Y. In this capacity X may execute the affairs of Y. Wakalah is a widely
applicable phenomena in Islamic practice which is often used in financial
transactions: whenever a party cannot personally supervise a given affair, it
deputizes another party to execute it on it s behalf.

waqf pl. (awqaf) lit. cessation; A standard Islamic transaction in which one
'freezes' his property such that it is considered to have been arrested in
perpetuity and can neither be sold, inherited or donated. The term waqf
frequently refers to the property itself. The use of a waqf (e.g. a park) is often
dedicated to the relief of the poor, the public at large or other charitable ends.

wasiyyah Will, testament, bequest. The statement of a Muslim in which he details

the manner in which his wealth is disposed of after his death.

zakah literally, it means blessing, purification, increase, or cultivation of good

deeds. In Shariah, it is an obligation in respect of funds paid for a specified type
of purpose and for specified categories. It is a specified amount prescribed by
Allah the Almighty for those who are entitled to Zakah as specified in the Qur'an.
The word Zakah is also used to indicate the amount paid from the funds that are
subject to Zakah.

(by Mohammad Imad Ali/Finance in Islam)

Compiled by Ahmad Sanusi Husain

www.ahmad-sanusi-husain.com
ceo www.alfalah-consulting.com 

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