Glossary of Islamic Banking and Finance
From HodHood
Contents
Top 20 FREQUENT WORDS
contract 28 islamic 22 loan 18 means 18 price 18 sale 16 debt 15 exchange 14 goods 12 profit 12 riba 12 commodity 11 refers 11 shariah 11 qard 9 business 8 objects 8 advance 7 agreed 7 bai 7 future 7 literally 7 loss 7 paid 7 prophet 7 salaf 7 technically 7
DOCUMENT KEY POINTS
- according to normal rules of the shariah no sale can be effected unless the goods are in existence at the time of the bargain but salam sale forms an exception given by the holy prophet saw himself to the general rule provided the goods are defined and the date of delivery is fixed
- al a aariyah gratuitous loan of non fungible objects al a aariyah means loan of a particular piece of property the substance of which is not consumed by its use without anything taken in exchange in other words it is the gift of usufruct of a property or commodity that is not consumed on use
- gharar it means any element of absolute or excessive uncertainty in any business or a contract about the subject of contract or its price or mere speculative risk
- duyun debts ought to be returned without any profit since they are advanced to help the needy and meet their demands and therefore the lender should not impose on the borrower more than what he had given on credit
- it is a contract under which the islamic bank finances equipment building or other facilities for the client against an agreed rental together with a unilateral undertaking by the bank or the client that at the end of the lease period the ownership in the asset would be transferred to the lessee
- hawalah literally it means transfer legally it is an agreement by which a debtor is freed from a debt by another becoming responsible for it or the transfer of a claim of a debt by shifting the responsibility from one person to another a contract of assignment of debt
- suretyship in islamic law is the creation of an additional liability with regard to the claim not to the debt or the assumption only of a liability and not of the debt
- kali bil kali the term kali refers to something delayed appears in a maxim forbidding the sale of al kali bil kali ie the exchange of a delayed counter value for another delayed counter value
- musawamah musawamah is a general kind of sale in which price of the commodity to be traded is bargained between seller and the purchaser without any reference to the price paid or cost incurred by the former
- mithli fungible goods goods that can be returned in kind ie gold for gold silver for silver us for us wheat for wheat etc
- legally qard means to give anything having value in the ownership of the other by way of virtue so that the latter could avail of the same for his benefit with the condition that same or similar amount of that thing would be paid back on demand or at the settled time
- technically it means an increase over principal in a loan transaction or in exchange for a commodity accrued to the owner lender without giving an equivalent counter value or recompense a iwad in return to the other party every increase which is without an a iwad or equal counter value
- refers to the practice of lending money for any length of time on the understanding that the borrower would return to the lender at the end of the period the amount originally lent together with an increase on it in consideration of the lender having granted him time to pay
- alrahn pledge collateral legally rahn means to pledge or lodge a real or corporeal property of material value in accordance with the law as security for a debt or pecuniary obligation so as to make it possible for the creditor to recover the debt or some portion of the goods or property
- technically it refers to the utterances of the prophet muhammad pbuh other than the holy quran known as hadith or his personal acts or sayings of others tacitly approved by the prophet
Please note, This is an auto generated summary based on sentances position in the document and other factors
DOCUMENT WORD ANALYSIS
Main Category
- AlHuda Material\islamic banking
KeyWords
contract price sale asset financing lease client purchase ijarah payment profit musharakah lessee amount commodity housing agreement contracts ownership project
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DOCUMENT REFERENCES
Number of Pages
8
Published Date
2004-08-12 14:40:35
