Islamic Financial Terms

Islamic Financial Terms:

1. Amanah (Deposits in trust): A person can hold a property in trust for another, sometimes by express contract and sometimes by implication of a contract. Current accounts are regarded as Amanah.
2. Arbun: Down payment, a nonrefundable deposit paid by a buyer retaining a right to confirm or cancel the sale.

3. Al Aariyah:
4. Bai Muajjal:
5. Bai Salam:
6. Bai bil Wafa
7. Daman
8. Dayn or Debt
9. Falah
10. Fiqh-Islamic law. The science of the Shariah. It is an important source of Islamic economics.
11. Gharar:
12. Al Ghunm bil Ghurm:
13. Halal
14. Haram
15. Hawalah
16. Hibah: Hibah means gift
17. Ijab: Ijab means Offer in a contract.
18. Ijarah:
19. Ijarah-wal-Iqtina:
20. Ijtihad
21. Illah:
22. Ijma:
23. Inah( kind of Bai): Double sale
24. Inan (Type of Shirkah):
25.  Istihsan:
26. Israf:
27. Istisna'a:
28. Jahl or Jahala: Ignorance, lack of knowledge
29. Jua'alah or Ji'alah:  Literally, Joalah constitutes wages, pay, stipend or reward.
30. Kali bil-Kali: The term Kali refers to something delayed
31. Al Kafalah (suretyship):
32. Kharaj bi-al-Daman:
33.  Khiyar: Option or a power to annul or cancel a contract.
34. Khiyar al-Majlis:
35. Khiyar al-Shart:
36. Mal-e-Mutaqawam:
37. Maisir: An ancient Arabian game of chance played with arrows without heads and feathering, for stakes of slaughtered and quartered camels. It came to be identified with all types of hazard of gambling.
38. Mithli( Fungible goods):
39. Mubah: Object that is lawful( something which is permissible to use or trade in)
40. Mudarabah:
41. Murabaha:
42. Musawamah:
43. Musharakah:
44. Qabul: Acceptance in a contract (Ijab)
45. Qard (loan of fungible objects):
46. Qimar: Qimar means gambling.
47. Qiyas:
48.  Riba:
49. Riba al fadl:
50. Riba Al-Nasiah:
51. Al-Rahn: Pleadge, Collateral
52. Salaf or Loan:
53. Al-Sarf:
54. Shariah:
55. Shirkah:
56. Sunnah:
57. Tabarru: Donation/gift the purpose of which is not commercial but is seeking the pleasure of Allah.
58. Tabzir: Spending wastefully on objects which have been explicitly prohibited by the Shariah irrespective of the quantum of expenditure.
59. Ujrah:
60. Wakalah: A contract of agency in which one person appoints someone else to perform a certain task on his behalf, usually against a certain fee.