Glossary

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Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Batil باطل
Null and void.
Certificate Document
An evidence of a contract between a participant and a takaful operator which sets out the terms and conditions of the particular certificate.
Claims
Notification to a takaful operator that payment of an amount is due under the terms of the certificate.
Contributions
Monetary contribution provided once or periodically by a participant to a takaful operator for the purpose of investment and tabarru’.
Darurah ضرورة
Emergency. In the emergency, Muslims may disregard aspects of Sharīah laws in order to save their faith, life, property, intellect and posterity.
Dhamānah ضمانة
A contract where a person underwrites claims or obligations that should be fulfilled by a debtor, supplier or contractor. In the event that the debtor, supplier or contractor fails to fulfil his obligations, the guarantor is responsible to fulfil such obligations. Majority of fuqahā’ view that the dhamānah is similar with kafālah.
Expense Rate
The ratio of total expenses for the year (including commissions, salaries, etc.) to the sum of total contribution income other than single contribution and consideration for annuities.
Fasid فاسد
Unsound or unviable. In a contract, a fasid condition will render the contract invalid.
Fatwā فتوى
An opinion or pronouncement on Sharīah issued by a group of scholars (fuqaha’) who are sufficiently qualified and knowledgeable of the methodology for the issuance of fatwa, as well-established under the discipline of Islamic jurisprudence (usul fiqh). In practice and depending on jurisdictions, fatwa may also be referred as Sharīcah “rulings”, “edicts” and “opinions.”
Gharar غرر
An unknown fact or condition. In a commercial transaction, an excessive/ major gharar (غرر فاحش/ gharar fāhish) e.g. the fact or condition of either the contracting parties or the asset in the contract or the price of the asset are not known or made known to contracting parties makes a contract null and void.

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