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
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.
Ijārah إجارة
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.
Ijtihād اجتهاد
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.
Investment-linked Takaful
A contract where the certificate benefits at any time vary according to the value of the underlying assets at the time.