An Introduction to Islamic Finance: Theory and Practice

(Romina) #1
ix

Glossary of Arabic terms


A


ajar: Reward for doing good
akhlaq: Personality disposition stemming from individual character
akl amwal alnas bi al - batil: Enrichment through non - permissible means
al - adl: Justice
al - amal: The concept of work
al - bay’: Exchange
al - ihsan: Behaving with full consciousness of the Supreme Creator
al - khiyar/khiyar: Option
al - mal: Wealth or property
al - Mo’meneen: Active believers
amanah: Trust
aqidah: Binding principles of faith
awqaf (sing. waqf): Endowments


B


bai’ bithamin ajil (BBA): Sales contract where payment is made in installments
after delivery of goods. Sale could be for long term and there is no obligation to
disclose profi t margins
barakah: An invisible but “material” blessing whose results can be observed by
any believer who engages in righteous conduct
bashar: Man. This concept refers to the physical/outward attributes, rather than
the inner character
bay’: Contracts of exchange
bay’ al-arabun: A portion of the full sale price paid in good faith as earnest money
(could be considered as non - refundable down payment)
bay’ al-dayn: Sale of debt or liability
bay’ al-istisna’: Sale on order (usually manufactured goods)
bay’ al-muajjil: Deferred - payment sale, either by installments or a lump sum
bay’ al-salam (also salaf): Sale in which payment is made in advance by the buyer
and the delivery of the goods is deferred by the seller


D


dayn: Debt
dharoora: Necessity

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