An Introduction to Islamic Finance: Theory and Practice

(Romina) #1

xiv GLOSSARY OF ARABIC TERMS


wakalah/wikala: Contract of agency in which one person appoints someone else
to perform a certain task on his behalf, usually for a fi xed fee
wali: A protective, loving friend
waqf (pl. awqaf ): Endowment


Z


zakah/zakat: Amount payable by a Muslim on his net worth as a part of his reli-
gious obligations to redeem the rights of others

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