A
'Amil
العميل
The party which provides work and management in a Mudaraba contract.
'Arboon
العربون
A sum of money (deposit) paid by the purchaser to the seller, on condition that, if the purchaser takes the goods then this money will be considered as a part of the price and if he defaults then that deposit will be taken by the seller.
Ayah
آية
A verse of the Quran.
B
Bait ul-Maal
بيت المال
State treasury.
D
Dhimma
ذمة
The qualification of a nominal (company) or a natural person to bear obligations and enjoy rights. Hence debts of companies or persons whether incorporeal property or fungible are tied or related to it (dhimma).
F
Fatwa (pl) Fatawa
فتاوى بالفتاوى
Formal Shari'ah opinion on a specific matter given by Muslim Scholar ('Alim) see also 'Ulama.
Fiqh
فقه
Islamic jurisprudence.
G
Gharar
غرر
Risk and uncertainty. A contract would be replete with gharar if the outcome is not contractually certain and that rights and obligations of the parties are not fixed. Wagering would be the most gharar ridden contract.
I
Ijtihad
اجتهاد
An independent reasoned interpretation for texts of Quran and Sunnah to reach a verdict or conclusion in certain matter.
'Imam
امام
The word is used in many different senses, its most common being a leader of the congregation at prayer; it is also used to denote the founders of different schools of Muslim jurisprudence (Medhahib) or other eminent jurists. It is also used to refer to the ruler.
'Inah
عينة
Selling of an object on deferred payment basis with a condition to buy it back from the person to whom it was sold on cash at a lower price. It is considered as a device to borrow money under the guise of sale.
'Iwad
عوض
Price and sold object in a contract of exchange are both called 'Iwad .
Ijarah
اجارة
(Lease of objects): is the selling of a defined benefit against a specific consideration for a fixed period.
Istisna'
استصناع
is a contract in term of which a person buys on the spot something that is to be manufactured which the seller undertakes to provide after manufacturing same using materials of his own according to designated specifications against a determined price.
j
Jahalah
جهالة
Unknown elements in the contract. An example would be buying one sheep of a herd of sheep without identification of the particular one that is sold. So we know that one is sold but we don't know which. If the contract states sale of something which could be one sheep or something else then it is gharar. Hence all Jahalah is gharar but not vice versa.
K
Kaali
الكالي
Means deferred, it refers here to debt.
al-Kaali Billkaali
الكالي بالكالي
A sale contract where both price and sold object are deferred, and sale of debt to the debtor (or to other) on deferred payment basis for the same amount of debt or with excess.
al-Kharaj
الخراج
Earnings or benefits generated from owning an asset.
al-Kharaj biddaman
الخراج بالضمان
Who ever is responsible for damage or loss of an asset, deserves to receive any earning, generated by that asset. Therefore, if a person buys a house and rents it, then had to return it back because of a defect in the house, that person is the rightful owner of the rent paid to him during that period. This is because if anything goes wrong with the house during that period it would be his responsibility.
M
Masnou'
مصنوع
is every thing that is manufactured under an Istisna' contract, which could be a capital asset, buildings, machines, equipment, consumer or production commodities, software and so on, hereinafter referred to as commodity / commodities.
Medhahib (singular, Medhhab)
المذاهب
Islamic schools of jurisprudence. There are four main Sunni schools, Malki, Hanafi, Shafi'i and Hanbali. See also, al-Medhhab al Malki, al-Hanafi, al-Shafi'i, and al-Hanbali.
al-Medhhab al-Hanafi
المذهب الحنفي
A school of Islamic thought, named after Abu Hanifa Al-No'man who is considered the founder of this school, he was one of the great Muslim jurists, who interpreted Quranic teaching and Prophet's, peace on him, Tradition. Al-Medhhab al-Hanafi was the first of the Sunni school of jurisprudence.
al-Medhhab al-Hanbali
المذهب الحنبلي
A school of Islamic thought, named after its founder, Ahmed Ibn Hanbal.
al-Medhhab al-Malki
المذهب المالكي
A school of Islamic thought, named after its founder, Malik Ibn Anas.
al-Medhhab al-Shafi'i
المذهب الشافعي
A school of Islamic thought, and named after its founder, Mohammad Ibn Idris Al-Shafi'i.
al-Mithliyaat
المثليات
(Fungibles): are the comparable commodities in terms of their characteristics so that the units thereof are comparable and identifiable in the market and could be established as a debt in dhimma (q.v.) such as wheat, oil, copper.... etc.
al-Mudareb Udareb
المضارب يضارب
This concept means that a Mudareb instead of indulge in business by himself he advances Mudaraba to another Mudareb to work on it. Hence, this concept consists of two Mudaraba contracts where the Mudareb in the first contract is the Rabbul-mal in the second one.
al-Muslam Fiihi
المسلم فيه
is the commodity which is the subject of the Salam contract.
al-Muslam Ilayhi
المسلم إليه
is the seller of the deferred commodity in a Salam contract, i.e. the one who receives the Salam capital (price of commodity) in advance from the buyer.
al-Muslim
المسلم
is the buyer in a Salam contract. Not to be confused with the Muslim (Moslem), one who professes Islam.
Mu'awadah (pl) Mu'awadat
المعاوضة بالمعاوضة
Exchange of 'Iwad (q.v.), i.e. exchange price and commodity in a sale contract.
Mudaraba Finance
المضاربة المالية
This is a profit-sharing partnership formed between a bank and a client who may be an individual or a body corporate, under which the bank would be rabb ul-maal (q.v.) (the money provider) in accordance with the well-known rules of Mudaraba (q.v.) in Islamic Shari'ah.
Mudaraba Investment
المضاربة الاستثمارية
This is a profit-sharing partnership formed between the bank and one or more of its clients. In this type of Mudaraba (q.v.), the bank is the Mudareb (q.v.) in accordance with the well-known rules of Mudaraba (q.v.) in Islamic Shari'ah, and is entitled to mix the sums of money invested by the clients, and to permit the clients to join and withdraw from the fund in accordance with rules that are agreed upon in the contract.
Mudareb
مضارب
The bank's client that invests the Mudaraba capital.
Murabaha
مضاربة
The intermediation of a bank in the purchase of a commodity upon the request of a client and then selling same on deferred payment terms for a price equivalent to the total cost of purchase plus a fixed profit (mark-up) agreed upon by both bank and client.
Musaqah
مساقاة
A fruit sharing agreement between an Orchard owner and one who provides the necessary labour.
Musharakah
مشاركة
see Al-Musharakah Al-Masraffiya.
Musharakat
المشاركات
(pl) of Musharakah. Sometimes the plural of Musharakah is used to refer to both Musharakah and Mudaraba
Mustasne'
مستصنع
is the purchasing party under an Istisna' contract, who is bound, pursuant to the contract, to accept the manufactured commodity if it conforms to the specifications
Muzara'ah
مزارعة
Share cropping agreement.
Q
Quran
قرآن
The Holy Book of Muslims consisting of the revelations made by Allah to the Prophet Mohammad (pbuh) during his prophethood life. The Quran consists of 30 parts, 114 chapters (Surah) and over 6600 verses (Ayyah).
Qismah
قسمة
This means the distribution of profit between the bank and the Mudareb.
al-Qaimiyyat
القيميات
are the commodities whose units are so different that they cannot be established as a debt in dhimma.
R
Rabb ul-maal
ربع المال
The bank that provides the Mudaraba capital.
Riba (usury)
ربا
Any amount in excess of the loaned amount charged by the lender from the debtor.
S
Sane'
صانع
is the seller who undertakes, under an Istisna' contract to supply the client with al-masnou' (q.v.) (manufactured object)at maturity (the designated time), whether he himself manufactures the object or whether he has it made by another sane' (q.v.).
Sarf
صرف
Sale (Exchange) money for money.
Shari'ah
شريعة
Islamic law; refers to the divine guidance as given by the Quran and Sunnah and embodies all aspects of the Islamic faith, including beliefs and practices.
al-Salam
السلم
is a nominate contract in Islamic Shari'ah. It is a deferred delivery sale described as a debt in the seller's dhimma (q.v.) the price is paid in advance, while the sold commodity is deferred to a specified future delivery date.
al-Salam Al-Haall
السلم الحال
A Salam contract where both commodity and consideration are exchanged simultaneously without commodity being deferred.
al-Sharikah (partnership)
الشركة
Under this standard Al-Sharikah means any contract made by two or more parties pertaining to capital and work (management) for the purpose of making profit. This is known among jurists as sharikat ul-amwaal (finance partnership).
al-Sharikah Al-Masrafiyya
الشركة المصرفية
(Banking partnership) (Al-Musharakah): a finance method derived from the partnership contract that is known in Islamic jurisprudence, in which the bank participates with one client or more. It is designated to be called Musharakah in contemporary banking practice.
Sharikat Al'Anan
شركة العنان
A partnership involves partners who contribute capital jointly, possibly in different percentages, and perform work, possibly of various types on the agreement that they will share profit according to their agreement and loss proportionately to their share in capital.
Surah
سورة
A chapter of the Quran. There are 114 Surahs of varying lengths in the Quran.
Sunnah
سنه
Traditions of Prophet Mohammad "PBUH". Sunnah include the Prophet sayings, doing, or practice tacitly approved by Him. Sunnah is the most important source of the Islamic faith after the Quran.
T
Tandeed
تنضيض
is the conversion of the Musharakah assets into money, in actual practice, through sale, or constructively, through accounting methods which rely on the valuation of assets at a certain date and effecting the division (distribution) of profit accordingly.
U
'Ulama (pl) 'Alim
علماء
Muslim Scholar who is knowledgeable in Islamic jurisprudence (Fiqh).
W
Waqf
وقف
endowment
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