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SHARIAH RESOLUTIONS IN ISLAMIC FINANCE

GLOSSARY

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SHARIAH RESOLUTIONS IN ISLAMIC FINANCE

GLOSSARY

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TERMS Akad istithaq Akad isytirak

EXPLANATION Contract of guarantee Contract of partnership such as mudarabah and musyarakah Charging fee for someones reputation Charging fee for treatment/ medication using verses of al-Quran

Akhz al-ajr `ala al-jah Akhz al-ju`l `ala ruqyah min al-Quran Al-`adah muhakkamah Al-ajl Al-bai` Al-bai` wa al-salaf Al-ijarah thumma al-bai` Al-jam`u baina `aqd al-qardh wa `aqd al-mu`awadhah Al-muqasah al-ittifaqiyyah Al-muqasah al-jabariyyah Al-naqd yalid al-naqd

Common practice as basis of the ruling Deferment Sale contract Sale contract with credit term Lease contract followed by ownership of asset through a sale contract Combination of a loan contract and an exchange contract

Offsetting by mutual agreement of contracting parties Offsetting by order of the authority

Money begets money

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TERMS Al-wa`d bi al-tamlik Bai` `inah

EXPLANATION Promise to own or acquire ownership Sale contract followed by repurchase by the seller at a different price Sale of debt Sale of debt with debt

Bai` dayn Bai` al-dayn bi al-dayn Bai` sarf Bai` al-usul bi al-khasm Bai` al-kali bi al-kali Bai` bithaman ajil

Sale of currency Sale of asset at discount

Refer bai` al-dayn bi al-dayn

Sale contract based on deferred payment at certain price Refer bai` bithaman ajil Sale contract based on bidding or auction Sale contract based on order of certain asset with certain specifications. Full payment is made in cash at the time of conclusion of the contract whereas the delivery of the asset is deferred to a specified time

Bai` muajjal Bai` muzayadah

Bai` salam

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TERMS Bai` wadhi`ah

EXPLANATION Sale contract with a price lower than acquisition cost Two sales contracts within one sale contract Debt which is not yet established Debt which the liability to pay is established Debt which is fixed Guarantee Harm Guidelines Reducing the amount of debt when the debtor make early settlement Retakaful agreement executed between a takaful company and another takaful company (including conventional insurance company), and the takaful company which underwrites the risks is having the option to distribute or cede whereas the latter or conventional insurance company has the option to receive or refuse the risks The knowledge or rules on estate distribution according to Islamic principles

Bai`atain fi al-bai`ah

Dayn ghair thabit Dayn mustaqir

Dayn thabit Dhaman Dharar Dhawabit Dho` wa ta`ajjal

Facultative

Faraid

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TERMS

EXPLANATION Termination Defective, invalid A discipline of knowledge that discusses the rules relating to human affairs Fiqh scholars Fine/penalty Uncertainty Minimal uncertainty Confiscation or unlawful seizure of property Need Security deposit A gift during the lifetime of the giver or recipient of hibah with a condition that the death of a party (either the giver or recipient of hibah) is the effective condition for ownership of the property by the surviving party A gift during the lifetime of the recipient or giver of hibah on the condition that the property will be returned to the giver in case of death of the recipient

Fasakh Fasid Fiqh muamalat

Fuqaha Gharamah Gharar Gharar yasir Ghasb

Hajah Hamish jiddiyyah Hibah ruqba

Hibah umra

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TERMS Ibra

EXPLANATION Rebate/waiver of partial or total claim against certain right or debt Ibra which is subject to certain condition and if the condition is satisfied, the ibra will be given Ibra which is limited by certain condition Lease or service contract that involves benefit/usufruct of certain asset or work for an agreed payment or commission within an agreed period Lease contract which ends with acquisition of ownership of the asset by the lessee Rigorous thinking and efforts by scholars who have attained the degree of mujtahid in order to issue certain Shariah ruling definitely in a matter which is not clearly provided in al-Quran or Sunnah Effective cause Waive of right Smooth running of market Sale contract by way of order for certain product with certain specifications and certain mode of delivery and payment (either in cash or deferred)

Ibra mu`allaq

Ibra muqayyad

Ijarah

Ijarah muntahia bi al-tamlik

Ijtihad

`Illah Isqat al-haq Istiqrar ta`amul Istisna`

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TERMS Istisna` muwazi Ittifaqiyyah `Iwad Jumhur Kafalah Kafalah bi al-Ujr Kafil Makful `anhu Makful lahu Mani` Syar`ie Marhun Maslahah Masnu` Maysir Mu`ayyan bi al-zat

EXPLANATION Parallel istisna Mutual agreement Consideration Majority Guarantee Guarantee with fee Guarantor Guaranteed party Recipient of guarantee or beneficiary Shariah impediment Charged property Public interest Manufactured item Gambling Clearly identifiable and determinable in terms of location, quantity and quality Mutual waiving of right Profit sharing contract

Mubaraah Mudarabah

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TERMS Mudarib

EXPLANATION Entrepreneur of a mudarabah joint venture Binding Refer mudarabah Offsetting Objective of the contract Sale contract with a disclosure of the asset cost price and profit margin to the buyer A party who asks for collateral Mutual contribution Sale contract without the disclosure of the asset cost price and profit margin to the buyer A feature of a jointly owned asset that cannot be separated or divided Profit and loss sharing A contract of partnership that allows one (or more) partner(s) to give a right to gradually own his share of the asset to the remaining partners based on agreed terms Partner

Mulzimah Muqaradah Muqasah Muqtada al-`aqd Murabahah

Murtahin Musahamah Musawamah

Musya`

Musyarakah Musyarakah mutanaqisah

Musyarik

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TERMS Muta`arafan Muwa`adah mulzimah Nafaqah Qabd Qard Qard hasan Qawl al-jadid Qawl al-qadim Qimah ismiyyah Qimah suqiyyah Qiradh Qiyas Rabbul mal Rahin Rahn Rahn al-musya` Rahn rasmi

EXPLANATION Becoming common practice Binding promise of both parties

Cost of liability Possession over a particular asset Loan contract Benevolent loan New opinion Earlier opinion Nominal price Market price Refer mudarabah Analogy Capital owner/investor Chargor Pledge/charge Charge on a jointly owned asset Surrender of charge via formal record in the registry of the authority

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TERMS Sadd zarai`

EXPLANATION Shariah approach in blocking the means that may lead to a persons involvement in forbidden matters The pronunciation of offer and acceptance Basis and approach taken by the ruler for the interest of the nation and the people which is in line with Shariah principles Islamic securities/bonds Islamic securities based on tawarruq contract Islamic securities based on ijarah contract Debt certificate Doubt Helping each other Compensation Voluntary donation/contribution A scheme which is based on the spirit of cooperation and helping each other by providing financial assistance to participants when needed and all participants mutually agree to give contribution for the said purpose

Sighah

Siyasah Syar`iyyah

Sukuk Sukuk commodity murabahah Sukuk ijarah

Syahadah al-dayn Syubhah Ta`awun Ta`widh Tabarru` Takaful

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TERMS Outward retakaful

EXPLANATION Distribution of underwritten risks by a takaful company to another takaful company or a conventional insurance company Acceptance of risks by a takaful company from another takaful company Actual cost Adaptation Fiqh adaptation Waive of the entitlement to claim Limiting Dealing Purchasing an asset with deferred price, either on the basis of musawamah or murabahah, then selling it to a third party to obtain cash Pre-arrangement

Inward retakaful

Taklufah Takyif Takyif fiqhi Tanazul Taqyid Tasarruf Tawarruq/ commodity murabahah

Tawatu

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TERMS Treaty

EXPLANATION Retakaful agreement between a takaful company and another takaful company (including conventional insurance company) which requires the takaful company to distribute or cede its underwritten risks and the takaful company or conventional insurance company which had concluded the agreement shall undertake the risks Agency fee Commission Contracts of exchange Contracts which are known amongst the scholars, mentioned in classical fiqh literature and precisely explained in the sources of rulings (such as alQuran and Sunnah) Contemporary contracts Down payment/deposit Common practice which is acceptable by the community and does not contradict the Shariah rulings Common business practice which is acceptable by the community and does not contradict the Shariah rulings Promise Promise to buy

Ujr `ala wakalah Ujrah `Uqud mu`awadhat `Uqud musamma

`Uqud mustajiddah `Urbun `Urf

`Urf tijari

Wa`d Wa`d bi al-syira

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TERMS Wa`d mulzim Wadi`ah

EXPLANATION Binding promise Safe keeping contract in which a party entrusted his property to another party for safe keeping and to be returned upon request Safe keeping contract based on trust

Wadi`ah yad amanah Wadi`ah yad dhamanah Wakaf

Safe keeping contract with guarantee

A form of endowment by an owner of a property for public benefit and wellbeing which is allowed by Shariah Agency contract Agency contract for investment

Wakalah Wakalah bi al-istithmar Wasi Zari`ah ila riba Zan al-ghalib Zimmah

A person appointed to execute a will Means leading to riba Presumption that is closer to certainty Liability

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For further information about this publication, please contact: Director Islamic Banking and Takaful Department Bank Negara Malaysia Jalan Dato Onn 50480 Kuala Lumpur, Malaysia Telephone Facsimile : : +(603) 2698 8044 +(603) 2693 3826

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