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
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.