glossary 415Mushàrakah: equity participation. A partnership arrangement between two par-
ties or more to finance a business venture whereby all parties contribute capital
either in the form of cash or in kind for the purpose of financing the business
venture. Any profit derived from the venture will be distributed based on a pre-
agreed profit sharing ratios, but a loss will be shared on the basis of equity par-
ticipation.
Nabataeans:they were the first rising Arabian state in the Pre-Islamic North
Arabia. They were emigrant nomads who came to the area from Transjordan
and the northern part of Central Arabia, in the early sixth century B.C. They
occupied important cities such as Petra, Bostra and Gerash, the important car-
avan cities on the south-to-north trade route, and stretched their territory to
Damascus at the time of Christ. The year 105 A.C. witnessed their end when
the Emperor Trajan annexed the area and declared it a Roman province, a
“Provincia Arabia”. The Nabataeans developed a high level of civilization with
the help of two major economic factors: agriculture and trade.
Palmyrenes:Palmyra, Arabic Tadmur and Semitic Tadmor, in the Pre-Islamic
North Arabia. The Palmyrenes were Arabians some of whom came from al-
Yemen before the destruction of the Dam of Ma"rib. The city of Palmyra gained
its importance as a trade centre between the Roman and the Persian empires.
The location of Palmyra on the West-to-East trade route gave the city a strate-
gic importance particularly after the fall of the Nabataeans. Palmyra reached its
zenith between 130 and 270 A.C. when, under the protectorate of the Roman
Empire, it enjoyed a high level of prosperity with a wide range of international
trade. In 270 A.C. the Palmyrenes succeeded in extending their military influence
to as far as Alexandria, in Egypt, and to defy the Roman Empire pushing the
Empire’s garrison as far back as Ankara in Asia Minor. In 272 A.C. the Palmyrene
Queen was defeated and the Romans entered Palmyra bringing it to destruction.
Qabdh:reception of cash or of the object subject of the contract. Qabdh means
possession, which refers to a contract of exchange. Generally, qabdh depends on
the perception of 'urf or the common practices of the local community in recog-
nising that the possession of a good has taken place.
Qardh Hassan: benevolent loan. A contract of loan between two parties on the
basis of social welfare or to fulfill a short-term financial need of the borrower.
The loan is interest free as the amount of repayment must be equivalent to the
amount borrowed. It is however legitimate for a borrower to pay more than the
amount borrowed as long as it is not stated or agreed at the point of contract.
Qata"i (singular Qatì"a):land granted in reward for services. During the Umayyad
and particularly the Abbasìd caliphate, these lands grew in size and became part
of the main features of agricultural activities
Qatabàn: one of the four kingdoms, after Saba"and Ma"in in the Pre-Islamic
South Arabia. The kingdom lasted from about 400 B.C. to 50 B.C. The king-
dom though was overshadowed by the Sabaeans and the Minaeans, played an
important role in organising the spice trade.
Qiyàs:analogical deduction. Judicial deduction by the process of comparison,
whereby a ruling is inferred from a previous ruling in a similar case or a case
that was very near in conditions and circumstances to the present case. A devi-
ation from a previous ruling in a similar case may be permitted, however, on
the grounds of istiœsànor istislàœ.
Rahn: collateral. An act whereby a valuable asset is used as collateral for a debt.
The collateral will be utilised to settle the debt when a debtor is in default.