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B

· Baraka - Blessing
· Bay - Sale - also used as a prefix in referring to different types of sale - Mu'ajjal, Muraabahah , Tawliyah , Wadi'ah
· Bay mu'aijal - Sale against deferred payment, either in a lump sum or instalments. An example of this would involve a bank or provider of capital buying goods (assets) on behalf of the business owner. The bank would then sell the goods at a price agreed with the client including a mark-up to enable the bank to make a profit. The client would then repay the outstanding balance either in full, at an agreed future date, or in instalments
· Bay muqayada - Exchange of goods for goods with certain conditions
· Bay Salam - An exceptional contract of sale causing an immediate payment of the price and admitting a delay in the delivery of the goods. As a rule, the Holy Prophet (PBUH) is reported to have forbidden the sale of what is not in one's actual possession. Bay Salam is an exception to the above rule. It is declared as valid, subject to the condition that the quality and the nature of the article of sale and the time and place of delivery and the price are clearly defined at the time of making the contract of such a sale
· Baytul-Maal - The Muslim public treasury

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C

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D

· Dirham - Currency
· Diyah - Blood money to be paid
· Dayn - Anything outstanding on anyone

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E

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· Falas - Bankrupt
· Fard - Obligatory
· Fatwa - A religious ruling
· Fee Sabeelil Laah - In the way of Allah
· Fiqh - Islamic Jurisprudence

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· Gharar - "(Lit. Risk, Hazard, Uncertainty) Technically it signifies the contract or transaction in which the object of contract or the commodity is not determined for both or either contracting party and thus the contract involves an element of risk and uncertainty. Examples are the sale of fish in the water which has not been caught or of a bird in the air or of a foetus in the womb (hable-al-habla). The sale of milk in the udder is also termed "gharar". It is also applicable in cases where the gain of one partner in a business is guaranteed but that of the other remains uncertain. All transactions involving gharar are unlawful in Islam"

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· Hadith - The Prophet's (SAW) explanation of the Qur'an
· Halal - That which is permissible by the Sharia
· Haram - Includes activities, contracts and transactions which are clearly forbidden by the Qur'an and Sunnah
· Hiba - A gift

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· Ijab - Offer in a contract
· Ijara (Leasing) - This is a classical Islamic financial product. Here, a contractual agreement is made by the bank or financier to purchase and lease equipment/assets to businesses in return for a fee over a period of time. Both the fee and duration are agreed upon in advance. During this contract the Bank/Financier will remain the owner of any assets leased
· Ijara Wa Iqtina (Lease to Purchase) -This is the same as Ijara, with the exception that the owner who the equipment is leased to, will have agreed to purchase such assets at the end of the leased period. Any fee paid towards this earlier, will contribute towards the purchase price. An example of this type of contract is house financing
· Ijmaa - This is consensus among the learned leaders, among Muslims throughout the world
· Ijtihaad - Derivation or formulation of rules of laws by a jurist on the basis of evidence found in the Qur'an, Hadith and Sunnah
· Imaan - Faith
· Istisna (Progressive Financing) - A contract, where goods are purchased by specification or order and the price for which is paid progressively according to the progress of the job. An example of this would be the purchase of a house under construction. Hence, payments would be made to the builder/developer at each stage of completion

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· Ju'alal - Predetermined price for performing any service. Sometimes applied in the model of Islamic banking. Bank charges and commission have been interpreted to be ju'ala by the jurists and thus considered lawful

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· Mu'amalah (t) - An economic transaction. Technically, lease of land or of fruit trees for money, or for a share of the crop
· Mudhaarabah (Trust Financing) - An agreement between two or more persons whereby one or more of them provide finance, while the other/s provide entrepreneurship and management to carry on any business venture whether trade, industry or service with the objective of earning profits. The profit is shared by them in an agreed proportion. The loss is borne by the financiers only in proportion to their share in the total capital
· Mudarib - The entrepreneur in a mudhaaraba contract
· Murabahah (Cost Plus Financing) - A contract of sale with a special profit margin between the bank and its client. The seller purchases the goods desired by the buyer and sells them at an agreed mark-up price. The payment is settled within an agreed time frame, either in instalments or lump sum. The seller undertakes all management needed for the purchase and also bears the risk for the goods until they have been delivered to the buyer
· Musharaka (Partnership Financing) - A partnership agreement, where all participants involved contribute towards financing the enterprise and respectively share profits according to a pre -agreed ratio. Losses however, are shared depending on the equity participation of each party

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O

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P

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Q

· Qard Hassan - An interest-free loan given for welfare purposes or to fulfil short-term funding requirements

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R

· Rabbul- mal - Owner of capital
· Riba - Literally means increase or addition and refers to the 'premium' that must be paid by the borrower to the lender along with the principal amount as a condition for the loaner OR an extension in its maturity. It is equivalent to interest and is Haraam

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S

· Sa' - Refers to a cubic measurement of grain, which weighs around 3.2kg
· Saa' - A measure equalling 4 Mudds (3kg approx)
· Sadaqa - Giving in charity
· Sharia - Islamic Law derived from the Qur'an, Hadith and Sunnah
· Shirk - The unforgivable sin of joining others with Allah
· Shura - Consultation
· Sallallaahu alaihi wasallam - It is abbreviated as 'SAW'. It means 'peace and blessings of God be upon him' this salutation is used by Muslims whenever referring to the Prophet Muhammad

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T

· Takaful - A form of Islamic insurance, providing mutual protection of assets and the property. Also offers joint risk sharing in case of a loss by one of its members. Here members are the insurers as well as the insured
· Thaman - The purchase price
· Tijaarah - Trade

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U

· Uroodut-Tijaarah - Trade merchandise

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V

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W

· Wadi-ah - Sale at a loss
· Waqaf - Charitable endowment
· Wasiyya - Islamic Will

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X

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Y

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Z

· Zakat - Obligatory annual religious taxation, where a portion of wealth (2.5%), in excess of what is needed for sustenance, is paid to the poor as charity, or to travellers, or to the state
· Zulm - A comprehensive term used to refer to all forms of inequity, injustice, exploitation, oppression and wrong doing, whereby a person either deprives others of their rights or does not fulfil his obligations towards them

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