The amount of of net assets (of an Islamic investment fund) that is attributable to each share/unit at the end…
Arabic (نهد) for an undertaking or commitment to contributing or donating towards a common purpose or endeavor. Originally, it was…
The mudarib’s (mudharib’s) laxity that results in his nonfulfillment of his duties under the contract of mudharaba/ mudaraba (aqd al-mudharaba/…
The custodian of an endowment (waqf) who undertakes responsibility for management of its assets and resources as well as its…
Arabic (نازلة) for a new occurrence that requires a new shari’ah ruling (hukm) or nomination (takyeef). A new occurrence refers…
An approach for performing audits (both financial and Shari’ah) with a specific focus on associated risks and risk-related areas that…
Arabic (رخصة) for a dispensation or permission or exemption as given by shari’a to Muslims in specific circumstances (e.g., illness,…
An agency contract (aqd al-wakalah) in which the principal (muwakkel) restricts the acts or discretion of the agent (wakil). For…
Arabic (ربح المثل) for matching rate of profit or prevalent rate of profit or benchmark/reference profit rate. It refers to…
A form of waqf (Islamic endowment) whose assets are intended for investment (i.e., generating income). The income generated from managing…