A contract whereby an owner of asset leases out the asset to a lessee at an agreed rental payment and pre-determined lease period upon the contract. The ownership of the property remains with the lessor while the lessee only owns the right of the use of the property.
A jurist (faqih)’s endeavor to formulate a rule or legal decision (hukum) by interpretation of the evidence (dalīl) found in the Sharīah sources.
Individual Family Takaful
A contract that provides takaful benefits payable to an individual upon death/total permanent disability or periodic income to participant upon retirement.
A contract where the certificate benefits at any time vary according to the value of the underlying assets at the time.
A unilateral contract promising a reward for the accomplishment of a specific task.
A breach of trust, betrayal or treachery which is clearly prohibited by Sharīah.
Maisīr ميسير or Qimār قمار
Gambling. Any activity that involves betting, involving money or any items on the outcome of an unpredictable event. The bet is forfeited if the outcome is not as predicted by the bettor and the person against whom the bet is made takes the bet. This activity is clearly prohibited by the Sharīah.
Anything of natural desire by humankind, and can be stored for times of necessity; has specific or general use and is permissible by Sharīah for the purpose of extracting its benefit.
Medical and Health Takaful
A contract that provides specified medical treatment benefits such as the cost of hospitalisation, surgical and physician consultation fees against risks of a person being diagnosed with certain illnesses or having injury arising from an accident.