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
Takāful تكافل
Sharīah compliant insurance i.e. a protection plan based on Sharīah requirements (concept of sharing and protecting of one another via contribution to a pool by taking advantage of a sizeable group). A person becomes a participant by undertaking a contract of tabarru' and paying a participative contribution (tabarru') to a common takāful fund whereby he allows his contributions to be used to help other participants whenever they suffer defined losses. The commercial contracts of mudhārabah and wakālah are incorporated into tabarru' contracts to increase the size of the takāful fund.
Tanājush تناجش
A conspiracy between a seller and a buyer wherein the seller is willing to sell the asset at a price higher than that of the market. This is done so that others will rush to buy the asset at a higher price, resulting in the seller obtaining a huge profit. This act is clearly prohibited by Sharīah.
Tawarruq تورق
It is the purchase of a commodity (i.e the subject matter of tawarruq) on deferred payment basis by way of either bai' musāwamah or bai' murābahah. The commodity is then sold for cash to a party other than the original seller.
Tijari
Commercial or private section
Ujrah أجرة
A payment for manfa'ah i.e. benefit of other’s property. Another term related to ujrah is ajr (plural ujūr), which refers to payment for a service. It is also applied to salary, wage, pay, fee(s), charge, enrolment, honorarium, remuneration, reward, etc.
Usūl Fiqh فقه
Also called Islamic jurisprudence, i.e. the discipline of knowledge and methodologies of understanding and interpreting Sharīah.
Wadī’ah وديعة

Safe custody. Originally, safe custody is referred to as wadī’ah yad amānah, i.e. trustee custody, which according to Sharīah, the trustee custodian has the duty to safeguard the property held in trust.

Wadī’ah yad amānah changes to wadī’ah yad dhamānah (guaranteed custody) when the trustee custodian violates the conditions to safeguard the property. He (the custodian) then has to guarantee the property.

Wakālah وكالة
A contract of appointment of an agent whereby a person appoints another to act on his behalf.
Wakil
Agent
Wali
Guardian

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