| 1 |
Acceptance of Risk |
Based on Shariah risk parameter |
| 2 |
Al-bai` |
Sale contract |
| 3 |
‘Aqad |
A contract or interrelation of offer and acceptance on the subject matter (ma’qud ‘alaih) |
| 4 |
Darurah |
Necessity |
| 5 |
Faraid |
The knowledge or rules on estate distribution according to Islamic principle |
| 6 |
Fiqh Muamalat |
A discipline of knowledge that discusses the rules relating to human affairs with including economic transaction |
| 7 |
Fuqaha |
Fiqh scholars |
| 8 |
Gharar |
Uncertainty |
| 9 |
Gharar fahish |
Excessive uncertainty |
| 10 |
Gharar yasir |
Minimal uncertainty |
| 11 |
Hajah |
Need |
| 12 |
Hibah |
Gift |
| 13 |
Iltizam Bi Al-Tabarru’ |
Commitment to make Tabarru’ |
| 14 |
Investment |
Halal investment |
| 15 |
Ju’alah |
Reward for good performance |
| 16 |
Kafalah |
Guarantee |
| 17 |
Legitimacy of fund |
Funds belong to the participants and managed by the operator for a legitimate consideration for the services rendered |
| 18 |
Maqasid Shariah |
Objective of Shariah which is to achieve social and economic justice and enhancing the welfare of the community |
| 19 |
Ma’qud ‘alaih |
Subject matter of ‘aqad |
| 20 |
Maslahah |
Public Interest |
| 21 |
Maysir |
Gambling |
| 22 |
Mudarabah |
Profit sharing contract |
| 23 |
Muamalat |
Refers to man to man activities with including economic transaction |
| 24 |
Mukhalafah al-shurut |
Breach of specified terms |
| 25 |
Profit |
Profits sharing on investment income and surplus |
| 26 |
Qard |
• Interest-free loan |
| 27 |
Regulatory Authorities |
• IFSA
• MOF
• Central Bank and subject to the Shariah Principles |
| 28 |
Riba |
• Usury or Interest |
| 29 |
Sadd zarai` |
Shariah approach in blocking the means that may lead to a person’s involvement in forbidden matters |
| 30 |
Shariah |
Shariah Islamic religious law that governs all aspects of life in Islam |
| 31 |
Syubhah |
Doubt |
| 32 |
Sources of Regulatory Framework |
Divine justified principles:
• Primary sources
• Secondary sources
• Specific sources
• Shariah specific sources
• Shariah based precedents
• Juristic opinion (fatwa)
• Decisions of the Committee |
| 33 |
Ta’addi |
Misconduct |
| 34 |
Tabarru’ |
Voluntary donation/contribution |
| 35 |
Taqsir |
Negligence |
| 36 |
Ta`awun |
Mutual assistance |
| 37 |
Takyif fiqhi |
Fiqh adaptation |
| 38 |
Ujrah |
Fee/Commission |
| 39 |
‘Urf |
Customary practice |
| 40 |
Urf Tijari |
Common business practice which is accepted by the community and does not contradict Shariah rulings |
| 41 |
Wakaf |
A form of endowment by an owner of a property for public benefit and wellbeing which is allowed by Shariah |
| 42 |
Wakalah |
Agency contract |
| 43 |
Wakalah Fee |
A fee payable in return of the services rendered |
| 44 |
Wakalah Bi Al Istithmar |
Agency contract for an investment activity |
| 45 |
Wasi |
Person who is responsible to distribute the assets of the deceased (testator) to the beneficiaries |