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Glossary
Content provided by www.Meezanbank.com A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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A
yaan
Plural of ayn. Goods or specific thing
A’mal
plural
of amal (work) that is required in a partnership or based on
which a partnership is formed
Abd
slave;
servant; abd madhun is a slave who has been authorized by his
master to handle business on his behalf
Abddan
sharikat
al-abddan
Adhaab
/ azab
Punishment, especially the punishment for
failing to obey Allah Taala. see the Holy Quran
Adl
/ adil
Justice and equity. A fundamental value
governing all social behaviour and forming the basis of all
socialdealings and legal framework
Afdal
The
best
AH
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.
Ahadeeth
also spelled Ahadith
Sayings and traditions of the
Holy Prophet Muhammad (S.A.W.). Singular: Hadith.
Ahd
covenant;
here it is used in the context of dhimmah (personality),
which is considered by the jurists a covenant with the
Creator.
Ahkam
Plural
of hukm (rule); the ahkam of a contract (legal effects)
as distinguished from its huquq (rights of performance of the
contract) the Hanna’s make a distinction between the two.
Ahl
ar-ray
Means people of opinion. It is refers to
people that are consulted on Islamic matters. These people are
highly learned in Islam.
Ahliyah
Legal
capacity
Ahliyat
al-add
Legal capacity for execution
Ahliyat
al-wujub
Legal capacity for the acquisition of
rights and obligations.
Ahlul
Kitab Wa Sunnah
Literally means "the People of the
Book (the Holy Quran) and the sayings and traditions, i.e. the
Sunnah of Prophet Muhammad (S.A.W.)".
Ajal
period;
duration for which delivery is delayed.
Ajanib
plural
of ajnabi (stranger); those who are not co-owners in a
property.
Ajnabi
stranger;
see ajanib.
Ajr
al-mithl / Ajrul Mithl
reasonable wages; wages to
which a person would be entitled under normal circumstances or
customary in the community.
Al
Fard al Kifayah
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.
Al
Hisba
System of accountability in an Islamic state
in order to check unlawful practices.
Al-Aamilu-Alaz-Zakah
Zakah
collector.
Alaihis
Salaam / A.S.
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.
Alim
An
Islamic religious scholar. Plural: Ulamaa.
Al-khardj
bi al-damdn
a principle based upon a tradition; it
is perhaps, the most influential principle in Islamic law,
applies to contracts, damages, and even crimes.
Allah
The
Name of the Creator of the Universe and all that it contains
according to Islam. Derives from the word "Ilah" which means
"the One deserving all worship", 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.
Al-Mofaviza
General
Partnership (one of the types of partnership under
Musharakah)
Al-sharikah
dhat al-mas uliyah al-mahdudah
the name for a
private limited company in Egyptian law
Al-wadia
/ Al-wadiah
This refers to deposits in trust, in
which a person may hold property in trust for another,
sometimes by implication of a contract.
Al-wakala
al mutlaqa
Resale of goods with a discount on the
original stated cost. Absolute power of attorney.
Al-Qard
al-Hassan
Loans fixed for a definite period of time
without interest or profit sharing.
Amal
work;
conduct.
Amana
/ Amanah
Lit: reliability, trustworthiness, loyalty,
honesty; Technically, an important value of Islamic society in
mutual dealings; anything, which is in possession 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.
Ameen
/ Amin
Custodian or guardian; trustee.
Amir
Amir
is used in Islam to mean leader or commander.
Amwal
Wealth;
in business context wealth that is contributed as capital in a
partnership; Plural: mal.
Aqd
ghayr Azim
a contract that is terminable at the will
of the parties, like partnership.
Aqd
Sahih
A legal contract.
Aqd
agreement,
contract.
Aqeeda
Literally
means belief. In Islamic terminology, it means articles of
faith
Aqilah
People
who have ethnical relationship or relationship of
cooperation and help with an unintentional killer. They
are legally obliged to bear blood money along with the
killer.
Aql
reason;
fourth interest secured by the shariah and recognized as a
purpose of the law; the existence of aql is an essential
condition for ahliyat al-add.
Ard / Ardh
land; property that includes goods, slaves
and even real estate; according to most jurists land is not
eligible for entitlement to profit as compared to other
things that are: wealth, labor, credit-worthiness qiyas
(analogy); a principle of law; principal amount in a debt; see
A’s al-mal.
Athmaan mutlaqah
absolute currencies; the term is usually
applied to dinars and dirhams.
Awkaf/ Awqaf
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.
Ayah
A
verse of the Holy Quran. Literally means "a sign". Plural:
Ayaat.
Ayn
The
corpus or substance of a thing. A thing present as
distinguished 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.
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Badal
substitute; substitute compensation.
Bai al Dayn bi addayn
the exchange of a debt for a debt
(prohibited based on a tradition and unanimously by the
jurists based on ijma).
Bai al-salam
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 ‘Parallel Salam’.
Bai Bithaman Ajil (Al) / Al-Bay-Bithaman
Ajil (BBA) financing
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.
Bai Muajjal / Bay Muajjal
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.
Bai / Bay’
Sale; Commonly used as a prefix in
referring to different types of sales: Muajjal, Murabahah,
Tawliyah 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.
Baligh
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.
Batil
Nullity; void, void ab intio.
Baytul Mal
The treasury of an Islamic state.
Buda’ah
goods given to another for trading
without giving wages or sharing profits (like a shopkeeper
leaving his shop with another shopkeeper during his
absence).
Bulugh
the
attainment of puberty; see baligh.
Butlan
see
batil.
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D.C. A/C
Demand Credit Account.
Dain/ Dayn
Loan, due, receivable, debt.
Daman al-amal / Dhaman
al-amal
liability underlying a
partnership formed on the basis of labor, where the
partner is liable for performing the contract or completing
the work accepted by either partner.
Daman al-mal
liability for the debts of the
partnership; the usual form of liability underlying all
partnerships, especially one formed based on wealth.
Daman al-talaf
liability for damaging or destroying
property accepted by the partnership for value-added
work.
Daman al-thaman / Dhaman
al-thaman
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.
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Equity
Distribute according to proportions in a
specific contract. |
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Fadhal
Bounties of God, excess; used for Riba,
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.
Fadl (Riba)
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
Al-Baqara (2): 275-280
Fai
Spoils
of war that Muslims acquire from the enemy without actual
fighting.
Faidah
Benefit. In investment context it means
return on investment.
Falas
Bankcrupt
Faqeeh / Faqih
Jurist; an Islamic scholar who can give
an authoritative legal opinion or judgement.
Faqir
A
poor person
Fard Ain
An action, which is obligatory on every
Muslim.
Fard Kifayah
Religious obligation for the fulfillment
of which whole society is responsible. However, if it is
fulfilled by some member(s) of the society, others become free
of this responsibility.
Fard
Obligatory. An act which is obligatory on
Muslims.
Fasid ijarah
the hukm (rule) for a vitiated mudarabah,
muzaraah or musaqah.
Fasid
vitiated; irregular; unenforceable; used
in the sense of voidable in the positive law, but a contract
is voidable at the option of the parties, while the fasid
contract can become valid only if the offending condition is
removed.
Faskh
rescission.
Fatwa / Fatwah
A religioius decree; a legal verdict
given on a religious basis. The sources on which a fatwa is
based are the Holy Quran, Sahih Bukhari and Muslim, and all
other authenticated Ahadeeth. Plural: Fatawa.
Fay
Spoils
of war that Muslims acquire from the enemy without actual
fighting.
Fidyah
Compensation for missing or wrongly
practising necessary acts of worship. Fidyah usually takes the
form of donating money or foodstuff, or sacrificing an
animal.
Fiqh
Muslim jurisprudence; it covers all
aspects of life, religious, political, social or economic. In
addition to religious observances (prayer, fasting, zakat and
pilgrimage) it covers family law, inheritance, social
obligations, commerce, criminal law, constitutional law and
international relations, including war. The whole corpus of
fiqh is based primarily on the Quran and the Sunnah and
secondarily on ijma and ijtihad.
Fulus
plural of fals (copper coin).
Fuqaha
(singular, faqih}: Jurists who give
opinion on various issues in the light of the Quran and the
Sunnah and who have thereby led to the development of
Fiqh. |
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Ghanima
Spoils of war acquired from enemy after
fighting during a holy war (Jihad).
Gharar
Uncertainty, hazard, chance or risk,
ambiguity and uncertainty in transactions. Technically, the
sale of something which is not present at hand; or the sale of
something where the consequences or outcome is not known. It
can also be a sale involving risk or hazard in which one does
not know whether it will come to be or not, such as fish in
water or a bird in the air; or an event where assurance or
non-assurance is subject to chance and thus not known to
parties of a transaction. Can also mean uncertainty or a
hazard that is likely to lead to a dispute in a contract.
Gharim
A
person in debt; debtor unable to pay the debt from his wealth.
Ghasb
usurpation;
abduction. |
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Hadith
(plural, ahddith): A report on the
saying, deed or tacit approval of the Prophet, peace be
on him.
Hadith-Qudsi
A saying of Allah Taala narrated by
Prophet Muhammad (S.A.W.), that is not a part of the
Holy Quran.
Hajar Al-aswad (Al)
The Black Stone, a stone which is
said to have fallen from heaven, set into one corner of
the Kaabah in Mekkah by Prophet Ibrahim (Abraham)
(A.S.), which pilgrims, in imitation of Prophet
Muhammad, (S.A.W.), kiss while performing the Hajj
or Umrah.
Hajar
interdiction, usually for safah
(prodigality).
Hajj
Hajj means pilgrimage to Mecca and
other holy places. Hajj, the fifth pillar of Islam, is a
duty on every Muslim who is financially and physically
able to carry it out, at least once in his lifetime.
There is a specific period for Hajj, namely one week
from the 8th day of the Islamic month of Dhul Hijjah to
the 13th day of that month in the Islamic lunar
calendar.
Hajj at-Tamattu
(interrupted)
Umrah
followed by Hajj, but taking off the Ihram in between
these two stages.
Hajj al-Qiran (combined)
Umrah then Hajj without taking
off the Ihram.
Hajj al-Ifrad (single)
Hajj without Umrah.
Halal / Halaal
Things/acts lawful in Islamic law;
Permissible. The concept of halal has spiritual
overtones. In Islam there are activities, professions,
contracts and transactions which are explicitly
prohibited (haram) by the Quran or the Sunnah. Barring
them, all other activities, professions, contracts, and
transactions etc. are halal. This is one of the
distinctive features of Islamic economics vis-a-vis
Western economics where no such concept exists. In
Western economics, all activities are judged on the
touchstone of economic utility. In Islamic economics,
other factors, mostly spiritual and moral are also
involved. An activity may be economically sound but may
not be allowed in the Islamic society if it is not
permitted by the Shariah.
Hamil
surety; the term is used by Hanbali
jurists for kafil.
Hanafi / Hanfi
Islamic school of law founded by
Imam Abu Hanifa. Followers of this school are known as
the Hanafis.
Hanifite laws
Islamic school of law founded by
Imam Abu Hanifa. Followers of this school are known as
Hanafis.
Haq
Legal right.
Haram
An act or product which is unlawful
or prohibited in Islam.
Harikat amal
partnership in which participation
by the partners is based on labor or skill, but the
partnership has to be of the type inan or mufdwadah.
Hawala
Endorsement; assignment; avail;
Lit: bill of exchange, promissory note, cheque or draft.
Technically, 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. Hawala is a mechanism for
settling international accounts, by book transfers. This
obviates, to a large extent, the necessity of physical
transfer of cash. The term was also used historically in
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 the claimants to occupy
a certain region for a specified period of time 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", while those assigned to the claimants
were known as "Musabbub".
Heelah
legal device.
Hibah
gift.
Hijri
Name of the Islamic lunar calendar.
It took its name from the early Muslims who
migrated from Mekkah to Madinah, and commences
from the date of the Prophet Muhammads (S.A.W.) Hijra,
which he made with Abu Bakr as-Siddiq (A.S.), in
622AC. Often abbreviated to A.H. (After
Hijra). The months of the Islamic calendar
are:1.Muharram. 2.Safar. 3.Rabii al-Awal. 4.Rabii
al-Akhira. 5.Jumada al-Awal. 6.Jumada al-Akhira.
7.Rajab. 8.Shaban. 9.Ramadan. 10.Shawal. 11.Dhul Qida.
12.Dhul Hijjah
Hima
Keeping people away from a land
which was earlier treated as usable by all so as to
restrict all outward benefits such as herbage, water and
hunting to state use.
Hiyal
plural of heelah (legal device).
Hizim
binding; binding contract.
Hudud
The boundary between what is Halal
(lawful) and what is Haram (unlawful), set by
Allah. Whoever transgresses these limits may be punished
or forgiven by Allah.
Hujjah
legal proof or authority.
Hujjaj
Pilgrims. Persons who have been on
the pilgrimage to Mekkah during the Hajj season in
the month of Dhul Hijjah. Singular: Haji = a male
pilgrim, Hajah = a female pilgrim.
Hukm / Hukum
Verdict; rule; command;
prescription; the hukm of a contract is a term for the
legal effects of the contract.
Hukman
Constructively; legally, though not
actually.
Huquq
Rights; lawful cliams; Plural of
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I’arah
lending utensils and
non-fungibles.
Ibahah
permissibility.
IFB
Interest Free Banks
Ifrad (Hajj al)
"Single Hajj". Performing Hajj
without performing the Umrah.
Ihram
The state in which one is
prohibited from doing certain things which are lawful at
other times. Umrah and Hajj are performed in such a
state.
Ihya al-Mawat
Reviving of unowned wasteland. One
who revives such land becomes its owner.
Ihya’ al-ardh
reviving barren lands.
Ijara/ijarah
Lit: letting on lease. Technically,
sale of a definite usufruct in exchange for a definite
reward. Commonly used for wages, it also refers to a
contract of land lease at a fixed rent payable in cash.
It is contrary to "Muzarah" when rent is fixed as a
certain percentage of the produce of land. It also
refers to a mode of financing adopted by Islamic banks.
It is an arrangement under which an Islamic bank leases
equipment, a building or other facility to a client
against an agreed rental. The rent is so fixed that the
bank gets back its original investment plus a profit on
it.
Ijarah wa iqtina
Contract of renting, hiring or
leasing. This term refers to a mode of financing adopted
by Islamic banks. It is a contract under
which the Islamic bank finances equipment, a building or
other facility for the client against an agreed
rental together with an undertaking from the
client to purchase the equipment or the facility.
The rental as well as the purchase price is fixed
in such a manner that the bank gets back its principal
sum along with some profit, which is usually
determined in advance.
Ijma
Consensus of opinion of Muslim
jurists on a specific matter; consensus of the jurists
on any issues of fiqh after the death of the Prophet,
peace is on him. See also fiqh.
Ijma’ sukuti
consensus where some jurists give
tacit approval to the rule pronounced by others.
Ijtehad / Ijtihad
Lit: effort, exertion, industry,
diligence. Technically, endeavour of a jurist to derive
or formulate a rule of law on the basis of evidence
found in the sources; scholarly effort through which a
jurist/scholar derives Islamic law on the basis of Quran
and Sunnah.
Ikhtilat
mixing of shares so that they can
no longer be separated.
Iktinaz
Hoarding wealth without fulfilling
legal obligations on it.
Imam
Leader of the congregational
prayer; also used for the founders of different schools
of Muslim jurisprudence or other eminent jurists and
also for the prominent descendents of All ibn Abi Talib
and distinguished Shiah theologians. In ahddith it has
also been used to refer to the ruler.
Inan khass
the inan partnership that is formed
for a particular project or for trading in a particular
commodity or in which the agency granted to the partners
is restricted.
Inan
rein of an animal; type of
partnership; see sharikat al-inan.
Infaq
Free-of-cost lending of an animal
for riding or loading.
Inqilab
conversion; revolution; conversion
of mufawadah into inan.
Intifaq
Granting of concessions relating to
real estate e.g. the right of passage and right to place
a beam on the wall of the neighbor, etc.
Intiha’
end; termination; termination or
dissolution of a partnership.
Iqalah
negotiated rescission.
Iqta
Granting of ownership or usufruct
rights over state land by the state to individuals in
recognition of their services for the sake of
Islam.
Irtihan
pledging; mortgaging.
Ishtirak
equivocally; participation;
partnership.
Istidanah
Raising or building up
credit through credit purchases. It however does
not apply to the raising of cash loans.
Isnad
The chain of transmission of a
tradition.
Isqat
The extinction of a right.
Istidanah
raising or building up credit
through credit purchases; does not apply to the raising
of cash loans; see istiqrad.
Istihqaq al-ribh
entitlement to profit; basis for
entitlement to profit.
Istihsan
principle according to which the
law is based upon a general principle of the law in
preference to a strict analogy pertaining to the issue,
the principle is used by the Hanafis as well as the
Malicious.
Istiqrad
the raising of cash loans for
business purposes, declared batil by al-Sarakhsi as it
is against the principle of prohibition of Riba.
Istisna’a / Istisna
This is a kind of Sale where a
commodity is transacted before it comes into existance.
It means: To order a manufacturer to manufacture a
specific commodity for the purchaser. If the
manufacturer under takes to manufacture the goods for
him with material from the manufacturer, the transaction
of Istisna’a comes into existence. But it is necessary
for the validity of istisna’that the price is fixed with
the consent of the parties and that necessary
specification of the commodity (intended to be
manufactured) is fully settled between them. This kind
of Sale also is used as a mode of financing which also
called “Parallel Istisna’a”.
Iwad
Compensation or counter-value.
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Ja’iz
permissible; permissible
contract.
Jahalah
uncertainty; uncertainty in a
contract that may lead to a later dispute; see
gharar.
Jahiliyyah
The period in Arabia before the
advent of Muhammad, peace be on him.
Jihad
Holy war; struggle in the way of
Allah.
Jizya
A tax imposed on non-Muslims who
are under Muslim country.
Joalah / Joaalah
The undertaking of one party (the
Jael, bank or employer) to pay a specified amount of
money to another party in return for rendering a
specified service in accordance with the terms of
contract.
Jualal
Lit: stipulated price for
performing any service. Technically applied in the model
of Islamic banking by some bank charges and commission
have been interpreted to be juala by the jurists and
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Kaabah
The cube-shaped stone building
whose foundations were built by angels and
completed by Prophet Ibrahim (Abraham) and his
son, the Prophet Ismael (A.S), in Mekkah. It was rebuilt
with the help of Prophet Muhammad (S.A.W.). It is the
focal point towards which all Muslims face
when praying.
Kafalah bi al-thaman
Surety for paying the price or sum
if unpaid by the person originally liable.
Kafalah binnafs
bail; surety for producing the body
of the person wanted.
Kafil
surety; person providing the
surety; guarantor.
Kala
Grass, herbage and plants which
grow on their own.
Khalt
mixing of shares; see ikhtilat.
Khamr
wine from grape juice.
Kharaj
Tax on land of non-Muslim subjects
of an Islamic state; revenue from land.
Kharij
produce.
Khiyarat
plural of khiyar (option).
Khums
A 20 per cent levy. It is
applicable to spoils of war, mines and wealth burned in
land that has no owner.
Kihayr Izin
contract terminable at the will of
either party. contract terminable at the will of either
party.
Kird’
rent for land, permitted by Malik
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Ma’un
Free-of-cost lending of domestic
utensils, professional instruments and other things
of ordinary needs.
Mabrur
A Hajj that is accepted by Allah
because of its perfection in both inward intention
and outward observation of the traditions of
Prophet Muhammad (S.A.W.)
Madinah
A city in Saudia Arabia, often
called Madinaal-Munawarra - the Illuminated, or the
EnlightenedCity - where the revelation of
the Quran was completed, and in which Prophet
Mahjoor
A person who is prevented or
restrained to do business by law or Shariah.
Mahram
A man whom a woman can never marry
because her close relation with him (e.g. father,
brother, uncle, son, etc.). Her husband is also her
Mahram.
Maiser
Gambling. Literally means getting
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Nasi’atan
by way of nasiah, that is, with a
delay in the delivery of one or both counter-values in a
contract of exchange {bay).
Nass
text; word or text with a single
meaning; text from the work of a jurist.
Nisa (Riba al)
A type of interest. Taking interest
on loaned money. An act which Haram. See the Holy Quran,
Al-Baqara (2):275-280 and Aaliimran(3):13O.
Nisab
A threshold of wealth of which any
excess is subject to Zakah.
Nizam
institution; term used in Saudi law
for the corporation, in place of the usual term
sharikah, in Arab law.
Nubzah
beverage made from dates; mead of
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P.B.U.H.
These letters are abbreviations for
the phrase Peace Be Upon Him which is the
translation of the Arabic expression Alaihis
Salam or A.S., which is an expression that
is said when the name of a prophet is mentioned. This
expression is widely used by English speaking
Muslims. It is to be noticed here that this expression
does not give the full meaning of "Salla Allahu
Alaihi Wa Sallam". Therefore it is recommended
that people do not use (p.b.u.h.) after the
name of prophet Muhammad (S.A.W.); they should use
"Salla Allahu Alaihi Wa Sallam" instead, or they may use
the abbreviated form of (S.A.W.) in writing.
Parallel Istisna’a
See Istisna’a.
Parallel Salam
See Bai Salam.
Pari Passu
Simultaneously and equally.
Phased
see fasid.
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Qard al
Hasan
A loan extended
without interest; gracious loan without interest in
which the benefit to be derived is gifted by the owner
to the beneficiary without this charitable act, the use
of the money for a period would be considered an
unjustified excess transferred to the beneficiary also
called Ribaal-nasiah.
Qard
A loan given for a good cause in
the name of Allah, in hopes of repayment or reward
in the Hereafter; debt.
Qarn al-Manazil
The Miqat of the pilgrims
travelling through Najd, in Arabia (from the east).
Qiraad
another name given by the Malilkis
to the contract of mudarabah, from the word qard.
Qiran (Hajj Al)
Combined Hajj. Performing the
Umrah, followed by the Hajj, without taking off
the Ihram.
Qiyas
Lit: Analogy; syllogism.
Technically: Analogy through which Islamic law is
derived from a textual injunction for a given
non-textual matter.
Quadaa
Paying in a debt.
Qubul
acceptance.
Quirat
gold, coin used during the time of
Holy Prophet PBUH
Quran
The Holy book containing the actual
words of Allah revealed to the Prophet Muhammad (peace
be upon him). This Holy Book of the Muslims consisting
of the revelations made by God to the Prophet Muhammad,
peace be on him, during his Prophet hood of about 23
years. The Quran lays down the fundamentals of the
Islamic faith, including beliefs and all aspects of the
Muslim way of life. These are supplemented or further
elaborated by the Sunnah. The Quran consists of 30 parts
(ajza), 114 chapters (surahs}, and 6,666 verses (ayahs).
There are a number of translations of the Quran by both
Muslims and non-Muslims. The translations by Abdullah
Yusuf Ali and Muhammad Marmaduke Pickthall, both
Muslims, and by A. J. Arberry are the most popular. In
all references to the Quran in the text (e.g., 30: 41),
the first number refers to the surah and the second to
the ayah or verse. Many commentries (Tafseer) of the
Holy Quran had been written in many languages. Ahkamul
Quran, Maariful Quran, Jalalain etc are among the most
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Ras
al-mal
capital; principal
amount invested; capital invested in Mudarabah
Musharkah.
Rabb al-ard
owner of land, owner of the land in
Musaqah/Musaqat and Muzara’ah contracts.
Rabb al-mal
investor; owner of capital; a
person who invests in Mudarabah / Musharkah. See also
sahib al-mal.
Radd bi-al-ayb
return of goods after a sale due to
defects in the goods.
Raghabah
Property, which belongs to all
people. Neither state nor individuals can prevent others
from its lawful use.
Rahn
Pledge or mortgage.
Riba
Riba literally means increase,
addition, expansion or growth. It is, however, not every
increase, or growth, which has been prohibited by Islam.
In the Shariah, Riba technically refers to the premium
that must be paid without any consideration. According
to the jurists of Islam this definition covers the two
types of Riba, namely Riba Al Fadhl and Riba Al
Naseah.
Example 1of Riba: If A
sells 100 $ to B with 110 $. The premium of 10 $ is
without any consideration or compensation. Therefore
this amount of 10 $ will be Riba.
Example 2 of Riba: If A lends 100 $
to B (a borrower) with a condition that B shall return
him 110$ after one month. In this case the premium paid
that must be paid by the borrower to the lender along
with the price is Riba. Because the premium of 10 $ is
without any consideration.
Riba aI-Fadl
An extension of Riba to trade,
because while trade is allowed, not everything is
permitted in trade. The prohibition of Ribaal-fadl
closes all back doors to Riba through trade. unlawful
excess in the exchange of two counter-values where the
excess is measurable through weight or measure.
According to some Ahadith (Sayings of the Holy Prophet)
if six things i.e. gold, silver, wheat, barley, dates
and salt are exchanged against themselves, they should
be spot and be equal and been specified. If these
conditions are not found, this transaction will become
Riba Al Fadhl.
Riba al Nasiah
Literally means increase or
addition of debt and it refers to the premium that must
be paid by the borrower to the lender along with the
principal amount as a condition for the loan or an
extension in its maturity." It is thus equivalent to
interest. the addition of the premium which is paid to
the lender in return for his waiting as a condition for
the loan and is technically the same as interest.
Ribah
Is from rayb which literally means
"doubt or suspicion and refers to the income which has
the semblance of Riba or which raises doubts in the mind
about its rightfulness. It covers all income derived
from injustice to or exploitation of, others.
Rikaz
Ancient wealth found hurried in
land whose
Rukn
element; part of an act without
which the act is not complete or valid; essential
ingredient or element of a contract; singular of Arkan.
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S.A.W.
These letters are abbreviations for
the words "Salla Allahu Alaihi Wa
Sallam", which means : may the blessing and the
peace of Allah be upon him. When the name of
Prophet Muhammad is mentioned, a Muslim is to respect
him and invoke this statement of peace upon him.
Sadaqa / Sadaqah
Anything given away in charity in
the name of Allah.
Sadaqah al-Fitr
A compulsory levy after the month
of fasting (Ramadan). Every Nisab-holder has to give to
the poor one saa (21/2 kg.) of commonly used grain for
himself and each one of his dependents.
Safa and Marwa
Two small hills in Makkah, in
Al-Haram as-Shareef (The Grand Masjid) to the
east. It is an essential part of an Hajj to walk
seven times between the two places, quickening ones step
briefly between the two hills. This is called Sai.
See Holy Quran, Al-Baqara (2).
Sahib al-Mal
(plural, Ashab al-mal): The
financier; in the mudarabah form of partnership
agreement, the sahib al-mal (also, rabb al-mal) provides
the finance while the mudarib provides the entrepreneur
ship and management. There can be many ashab al-mal and
midribs in a given muddrabah agreement. See also
muddrabah, mudarib.
Sai
The act of going back and forth
seven times between Safa and Marwa which is done
during the Hajj or the Umra.
Sak
Pl. Sukook, Check, certificate of
debt, certificates of investment.
Salam
See Bai al salam.
Samsarah
Brokrage, agency, business of
commisson. See Simsar.
Sarf
contract for the exchange of gold,
silver, and currencies whether the currency or commodity
exchanged is the same from both sides or is different,
that is, whether dinars are exchanged with dinars or
dinars are exchanged with dirhams.
Shakhsiyah iitbariyah
juristic person; artificial
personality; corporate personality.
Shari’ah
Islamic Jurisprudence. Divine law
consisting of Quran and Sunnahe and on
justification.
Sharik
partner.
Sharikah al-wujuh
partnership based on
credit-worthiness of the partners in which the ratio of
profit and loss is based on the liability borne,
but the partnership has to be of the type inan or
mufawadah.
Sharikah ammah
general partnership; a partnership
in which each partner is a general attorney for the
other partners; a partnership that permits trading in
all types of goods.
Sharikah khassah
special partnership; partnership
for a single venture or for trading in a particular
item; partnership in which each partner is a special
attorney of the other partners.
Sharikah Musahamah
in Egyptian law it is the name for
a corporation or for a public limited company.
Sharikah
partnership; in Egyptian law the
term is used for joint-stock companies and corporations
as well, but is qualified with an adjective to indicate
its nature: thus, sharikah musahamah for a public
limited company or a corporation whose capital has been
subscribed to by the general public.
Sharikat al- inan
a basic contract of partnership
based on agency in which participation may either be on
the basis of wealth or labor or credit-worthiness, and
in which equality of contribution or legal capacity is
not necessary.
Sharikat al-abdan
another name for sharikat
al-amal.
Sharikat al-amwal
a partnership in which
participation is based on the contribution of wealth by
all partners, but the partnership has to be of the type
indn or mufdwadah.
Sharikat al-ibahah
common rights of individuals to
gather possesses and own free commodities.
Sharikat al-jabr
mandatory co-ownership created by
an act of law, like inheritance.
Sharikat al-mafalis
a partnership between persons whose
assets have been reduced to copper coins and who have to
buy on the basis of credit-worthiness; see sharikat
al-wujuh.
Sharikat al-mal
see sharikat al-amwal.
Sharikat al-milk
co-ownership. Sharikat
al-mudarabah: see mudarabah.
Sharikat al-taqabbul
partnership for the acceptance of
work, which is the same thing as a partnership based on
labor or skill.
Sharikat al-zimam
a term used by the Malikis to
indicate a situation where two or more persons are
buying goods on credit it is different from the Hanafi
sharikat al-wujuh insofar as it requires the physical
presence of all the partners at the time of
purchase.
Shira’ bi al-nasiah
a credit-purchase.
Shirb
The right of irrigation.
Shirikat al- aqd
a partnership created through
contract as opposed to co-ownership that may be the
result of a joint purchase or agreement or it may
result from inheritance or from some other legal
situation.
Shirkah
Another form of the term sharikah.
Partnership between two or more persons whereby, unlike
mudarabah, all of them have a share in finance as well
as entrepreneurship and management, though not
necessarily equally. See Appendix II for details.
Shirkat al-amal
see sharikat at-amal.
Shirkat
See Musharikah
Shuf’ah
preemption.
Shuffa
The right of preemption for a
person who is his neighbor or who is his partner in
water.
Shukuk / Sukook
Check, certificate of debt,
certificates of investment; plural of Shak
Shurut
conditions; the name given to the
art of conveyancing in Islamic law.
Sighah
form of the contract.
Simsar
Broker, agent like travel agent or
estate agent. See Samsarah.
Sunnah
Any saying of Prophet Muhammad
(peace be upon him) or his act or any act of his
companion endorsed by him. After the Quran, the
Sunnah is the most important source of the Islamic faith
and refers essentially to the Prophets example as
indicated by his practise of the faith. The only way to
know the Sunnah is through the collection of Ahddith
.
Surah
A chapter of the Quran. There are
114 surahs of varying lengths in the Quran. In all
references to the Quran in the text (e.g. 30: 41), the
first number refers to the surah and the second to the
ay ah or verse. |
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T.C.A/C
Time Credit Account
Ta’yin
ascertainment of the goods sold
through weight or measure.
Tabarru
act of charity.
Tafwid
delegation.
Tahjir
Earmarking a piece of wasteland
that has no owner by an individual in order to
rehabilitate it. (This establishes the right of
ownership on such land).
Takaful
Islamic Insurance. A scheme of
mutual support that provides insurance to
individuals against hazards of falling into unexpected
and dire need.
Takhrij
derivation; a methodology practised
by the faqih, and that is based upon reasoning from
principles.
Takhsis
restriction; restriction of the
meaning of a text. |
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Ulamaa
Plural of Alim. The people of
knowledge from amongst the Muslims who
act on what they know and do what they say.
Ummah
Refers to the whole Muslim
community, irrespective of colour, race, language or
nationality, which carry no weight in Islam.
Umrah al-Qada
The fulfilled Umrah - the Umrah
which the Prophet performed in the seventh year
after Hijrah which he intended to do in the sixth year
but which the Quraysh unbelievers had not allowed him to
complete.
Umrah
A pilgrimage to Mekkah, but not
during the Hajj period. It is also called
"the Lesser Pilgrimage".
Urbun
earnest money.
Urf
usage; custom.
Urn al-shurut
conveyancing; drafting of legal
documents.
Urudh
Pl. of ‘Ardh: property that
includes goods, slaves and even real estate.
Ushr
Ten per cent (in some cases five
per cent) of agricultural produce payable by a Muslim as
a part of his religious obligation, like Zakat, mainly
for the benefit of the poor and the
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Venture
Inventory / Property risked
contract. |
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Wadheeah
Sale at a loss.
Wadiah
contract of deposit; bailment.
Waijdb / Wajib
Compulsory, obligation as
distinguished from wujub (duty).
Wakalah ammah
general agency.
Wakalah khassah
special agency.
Wakalah qasirah
restricted agency.
Wakalah
agency.
Wakil
agent.
Wali
guardian.
Waqf
Endowment. A charitable trust in
the name of Allah, usually in perpetuity, and
usually for the purposes of establishing the Deen of
Islam, teaching useful knowledge, feeding the poor or
treating the sick.
Wasiyah
Will (according to Islamic law a
person cannot bequeath more than one third of his total
inheritance nor can he bequeath in favour of his
heirs).
Wilayah
guardianship.
Wilayat al-istidanah
authority granted by one partner to
another to buy on credit beyond the limit of the capital
of the partnership. |
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Yadribuna fi
al-ard
journeying
through the earth seeking the bounty of
Allah. |
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Zakah /
Zakat
compulsories levy
on every Muslim who has wealth greater than the amount
of Nisab. The amount payable by a Muslim on his net
worth as a part of his religious obligations, mainly for
the benefit of the poor and the needy. See also
ushr.
Zakah al-Fitr
A small obligatory head-tax imposed
on every Muslim who has the means for
himself and his dependants. It is paid once yearly
at the end of Ramadan before Eid al-Fitr.
Zakah Al-Mal
The Muslims wealth tax: One must
pay 2.5% of ones yearly savings above a certain
amount to the poor and needy Muslims. The Zakah is
compulsory on all Muslims who have saved(at least) the
equivalent of 85g of 24 carat gold at the time when
the annual Zakah payment is due.
Zakatul Huboob
Zakah of grain/corn.
Zakatul Madan
Zakah of minerals.
Zakatur Rikaaz
Zakah of treasure/precious stones.
Zakatu-rid Tijaarah
Zakah of profits of merchandise.
Zar
seed; crop to be sown.
Zhulm
A comprehensive term used to refer
to all forms of inequity, injustice, exploitation,
oppression and wrongdoing whereby a person either
deprives others of their rights or does not fulfil his
obligations towards them.
Zimmah
equivalent of legal personality in
positive law; receptacle for the capacity for
acquisition; see ahd. |
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