418 glossary
Tabûìr:wasteful use of resources, which is forbidden. The Qur"àn states, “Verily
resource wasters (Muabûûirìn) are brethren to Satan, and Satan is most unbe-
liever”, (Qur"àn 17:27).
Tadlìs al-'aib: fault hiding. Refers to the activity of a seller intentionally hiding
the defects of goods. This activity is prohibited according to Sharì"ah principles.
Takàful: mutual insurance. This is a form of Islamic insurance based on the prin-
ciple of ta"awun or mutual assistance. It provides mutual protection of assets and
property and offers joint risk sharing in the event of a loss by one of its mem-
bers. Takaful is similar to mutual insurance in that members are the insurers as
well as the insured.
Tanàjush: pretence of buying, particularly in auction sale. This is a conspiracy
between a seller and a false buyer wherein the buyer pretends of his willingness
to purchase the goods at a higher price to encourage other buyers/bidders to
increase their bids. This is not permissible in Islam.
Tawhìd:the divine unity. Believing in One God.
Ta'wìdh: financial compensation. Penalty agreed upon by the contracting parties
as compensation that can rightfully be claimed by the creditor when the debtor
fails or is late in meeting his obligation to pay back the debt.
Ujrah: wage. Financial payment for the utilisation of services. In the context of
today’s economy, it can be in the form of salary, wage, allowance, commission
and the like.
Ulama"(singular: Aalim):learned men in Islamic jurisprudence.
'Urbùn: down payment. A deposit or earnest money which forms part payment of
the price of goods or services paid in advance, but will be forfeited in the event
the transaction is cancelled. The forfeited money is considered as hibah (gift).
'Urf:custom. One of the bases used in ijtihadand is the process of relying on the
custom and usage of a particular society in deriving an unprecedented judgment
or formulating an opinion in an unparalleled case.
Ushr land:land of the one-tenth. Land on which Zakah was imposed. This is in
contrast to Kharàj land on which Kharàj tax was imposed.
Ushùr Tax: (singular,Ushr):custom duties. The tax was initiated by Caliph Umar
as a reciprocal tax to that which Muslim merchants paid to foreign states on
crossing their borders. The rate of the tax was one tenth, or “Ushr” the plural
of which is “Ushùr”.
Ummah: the Muslim community.
Wadìah Yad Dhamanah: surety in hand. Goods or deposits, which have been
deposited with another person, who is not the owner, for safekeeping. As wadiah
is a trust, the depository becomes the guarantor and, therefore guarantees repay-
ment of the whole amount of the deposits, or any part thereof, outstanding in
the account of depositors, when demanded. The depositors are not entitled to
any share of the profits but the depository may provide returns to the deposi-
tors as a token of appreciation.
Wakalah: agency. A contract, which gives the power to a person to nominate
another person to act on his behalf as long as he is alive based on the agreed
terms and conditions.
Zakàh: a prescribed charity ordained in the Qur"àn, spending of which is specifically
determined in the Qur"àn and whose detailed rules as to rates and base of cal-
culation is determined by the Prophet in the Sunnah.