Term | Meaning |
Amanah | Trustee |
Bai Ad-Dayn | Sale of Debt |
Bai Bithaman Ajil | Deferred Payment Sale, over a period of time |
Bai Inah | 2-party Sale (for Cash) |
Bai Salam | Trust Sale |
Fatwa | Edict, opinion or judgement based on religious sources scholarly discussion |
Gharar | Uncertainty, unmitigated risk |
Hadith | Sayings of the Prophet as recorded |
Halal | Permissable, Clean & Pure |
Haram | Prohibited |
Hibah | Gift |
Hilah | Trick (contractum trinius) |
Hiwalah | Transfer of debt |
Ibadah | Worship |
Ibra’ | Rebate |
Ijab | Offer (tenets of a contract) |
Ijarah | Rent |
Ijarah Mausufah Fi Zimmah | Forward Lease |
Ijarah Muntahiah Bi Tamlik | Rental with intention to own |
Ijarah Thumma Al Bai | Rent with eventual sale (Hire-purchase) |
Inah | Deferred payment sale and subsequently followed by cash sale by the earlier buyer. |
Isnad | Change of reporting(hadith) |
Istijrar | Staggered sale (time-to-time sale) |
Istina’a | Order |
Ijtimak | Social Walfare |
Jualah | Service Charge |
Jizyah | Tax imposed on non-Muslim in a muslim’s state. |
Kafalah | Guarantee |
Kiraa’ waqtinaa’ | Rent followed by sale |
Maisir | Unearned income, unfair income (part of gambling) |
Muamalat | Man-to-Man transaction |
Mudharabah | Profit Sharing. Commonly for investments. |
Mudharib | Entrepreneur, in a Mudharabah transaction |
Murabahah | Cost-plus sale (financing) |
Musawamah | Simple Sale |
Musyarakah | Partnership, Joint-venture |
Musyarakah Mutanaqisah | Diminishing partnership |
Musaqat | Agriculture Partnership |
Mukharabah | Leasing of land for agriculture. |
Muzara’ah | Leasing of land for agriculture. |
Muqassah | Set-off |
Nasi’ah | Delay (used in relationship in delay of payment of money) |
Qabul | Acceptance (tenets of a contract) |
Qardh | Loan |
Qardhul Hassan | Benevolent Loan |
Qimar | Gambling |
Rab Ul Maal | Capital providers, Fund owner |
Rahnu | Collateralised debt (pawn broking) |
Riba’ | Usury (interest) |
Sarf | Exchange of foreign currency |
Shariah | Law (Islamic) literal definition – way, path |
Shirkah | Partner |
Sukuk | Certificates (Securitised Assets) |
Sunnah | Actions of the Prophet as recorded |
Siasah | Public |
Takaful | Mutual assistance |
Tawarruq Murabahah | Tripartite Cost-plus Sale |
Tawliyah | Novation |
Tabarru’ | Donation |
Ujrah | Compensation / Service Charge |
‘Uruf | Custom of practice. |
Yad Amanah | With Trust (used with Wadiah) |
Yad Dhamanah | With guarantee (used with Wadiah) |
Waad | Promise |
Wakalah | Agency |
Wakf | Endowment |
Reference:
- http://bangladeshwatchdog.blogspot.com/2010/09/all-america-is-hallowed-ground-for.html
- http://aibim.com/content/view/150/77/
- http://usnazri.blogspot.com/2010/01/islamic-finance-glossary.html
- http://www.investopedia.com/terms/n/novation.asp
- http://arzim.blogspot.com/2010/02/how-muqassah-or-set-off-is-affected-in_1130.html
- http://www.qfinance.com/dictionary/wakalah
- http://nurjamilahrangkuti.blogspot.com/2010/12/banking.html
- http://global.britannica.com/EBchecked/topic/296158/isnad
- http://www.applied-islamicfinance.com/sp_capitalmarket_3.htm
- Book: The Principle and Practice of Islamic Banking and Finance by Mohd. Nasir Mohd. Yatim and Amirul Hafiz Mohd. Nasir PEARSON EDUCATION