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
Rider
An attachment to a certificate that modifies its conditions by expanding benefits.
Sadaqah صدقة
Voluntary charitable giving.
Sarf صرف
A contract of buying and selling of currencies.
Sharīah شريعة
Islamic laws relating to all aspects of human life established by Allah for his servants. The laws are divided into three, i.e. those relating to belief ('aqīdah), those relating to deeds (fiqh) and those relating to ethics (akhlāq). In this meaning, Sharīah is another word for Islam.
Sukūk صكوك
Asset backed bonds which are structured in accordance with Shariah. Sukūk evidencing an undivided pro-rata ownership of underlying asset. Most of these bonds may be traded in the market, depending upon how they are structured; at par, premium or discount.
Surplus at Valuation Date
Excess of the takaful fund carried forward over the actuarial liabilities of a takaful fund of family takaful business.
Ta'wīdh تعويض

Compensation agreed upon by the contracting parties as a payment that can be claimed by the creditor when the debtor defaults in the payment of his debt. Shariah Advisory Council of Bank Negara Malaysia decided that the ta'widh may be imposed on the defaulting debtor who fails to meet his obligation to pay the financing based on the following conditions:

i. The amount of ta'widh cannot exceed the actual loss suffered by the financier;

ii. The determination of compensation is made by a third party, which is Bank Negara Malaysia; and

iii. The default or delay of payment is due to negligence on the part of the debtor.

Tabarru’
A portion of participant’s contribution for the purpose of mutual helps and used to pay claims submitted by eligible claimants.
Tadlīs al-'aib تدليس العيب
An act of a seller intentionally hiding the defects of goods, which is clearly prohibited by Sharīah.
Takaful Annuity
A contract that provides a stream of periodic income upon retirement for a term dependent upon human life.

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