An Arabic term (عوض) that denotes compensation or remuneration. In the context of Islamic financial and commercial transactions, it refers to what is given in return for something else. Compensation can be divided, from different points of view, into financial compensation and nonfinancial compensation, and valid compensation and invalid compensation. In terms of the compensation itself, it subdivides into cash, tangible assets, utilities, debts, and rights. For example, in absolute sales, ‘iwad is determined in financial terms: cash payment, or otherwise, against a commodity/ service, etc. In ijarah, its ‘iwad is also determined in financial terms where rental (ujrah) is paid against usufruct (manfa’ah).
Islamic Finance
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