Glossary of Arabic terms xi
holders to collect rental payments from the lessee directly. Can also be made
tradable in the stock exchange
ijarah wa “qtinah”: Hire - purchase agreement
ijma: The consensus of jurists
ijtihad: Exertion of personal effort to understand the wisdom behind the pre-
scribed rules and/or efforts to extend juristic rulings to new situations based on
study of the Qur’an and hadith
ikrah: Coercion
iman: Active belief
insan: This concept refers to a “human being” who is fully conscious of the human
state in relation to the Supreme Creator. cf. bashar
israf: Overspending
istihsan: Judicial preference
istisna’ (short form for bay’ al - istisna’): A contract whereby a manufacturer
(contractor) agrees to produce (build) and deliver well - described products (or
premises) at a given price on a given date in the future. The price need not be
paid in advance and may be paid in installments in step with the preferences of
the parties, or partly at the front end and the balance later on, as agreed
itlaf: Waste
itraf: Opulent and extravagant spending
J
jo’alah: Performing a given task for a prescribed fee in a given period
K
kanz (pl. konooz): Treasure(s). Refers to wealth held in the form of gold, silver,
and other precious metals
khalifa: Vicegerent, trustee
khawf: Fear of the consequences of thoughts and actions
khilafah: Trusteeship, stewardship
khisarah: Loss
khums: One - fi fth of income payable for the purpose of redeeming the rights of
others
kifala: Taking responsibility for someone else (see also takaful, which is derived
from this)
M
ma’aad: The ultimate return of everything to the Creator for the fi nal account-
ability and judgment
madhahib: School of thought
manafaah al - ikhtiyarat: Gains from taking options
manfaa maal/ manfa’ ah: Usufruct. Benefi t fl owing from a durable commodity or
asset. Also, gains from transaction
maqasid al - Shari’ah: Basic objectives of the Shari’ah: the protection of faith, life,
progeny, property, and reason