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
Ghish غش
Cheating, fraud, or deception. All of these are prohibited by the Sharīah.
Group Family Takaful
Family takaful (usually without medical examination) on a group of people under a master Certificate. It is typically issued to an employer for the benefit of employees, or to members of an association.
Hadīth حديث
The sayings, deeds and endorsement of the prophet Muhammad SAW. Hadīth is also referred as Sunnah.
Halāl حلال

Lawful or permissible. The concept of halāl has spiritual overtones. In Islam there are activities, professions, contracts and transactions that are explicitly prohibited (harām) by the Sharīah. All other activities, professions, contracts and transactions are halāl.

The concept of halāl differentiates Islamic economics from conventional economics. In conventional economics all activities are judged on economic utility. In Islamic economics, spiritual and moral factors are also involved, where an activity may be economically sound but may not be allowed if it is forbidden by the Sharīah.

Haq Mālīy حق مالي
Refers to rights on the asset. Examples of such rights are haq dayn (rights to the claim of a debt) and haq tamalluk (rights of ownership).
Harām حرام
Unlawful or forbidden. Activities, professions, contracts and transactions that are explicitly prohibited by the Sharīah.
Hibah هبة
A gift awarded to a person voluntarily or something given to a person without exchange.
Hiwālah حوالة
A contract of transferring a debt obligation of a debtor to a third party.
Ibrā’ إبراء
Giving up of a right. In a commercial transaction a creditor gives up part or all of his right to a debtor usually for early settlement of the debt.
Ijārah Thumma Baī إجارة ثم البيع
Refers to an Ijārah contract to be followed by a bai’ (sale) contract. Under the first contract, the lessor leases out an asset to a lessee at an agreed rental payment over a specified period. Upon expiry of the leasing period, the lessee enters into a second contract to purchase the property from the owner at an agreed price. In certain jurisdiction, Ijārah Thumma Bai is called Ijarāh Muntahiah Bit-Tamlīk.

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