Hong Leong MSIG TakafulHong Leong MSIG TakafulHong Leong MSIG Takaful


No Term Definition
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
• 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
Level 5, Tower B, PJ City Development,
No.15A, Jalan 219, Seksyen 51A,
46100 Petaling Jaya, Selangor
Tel: (603) 7650 1800
Fax: (603) 7620 6730