Islamic Finance – Page 83

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Istishab

A doctrine of Islamic law (shari'a), and a secondary source of shari'a, which refers to the application of a previous...

Fatwa

An Arabic term (فتوى) that denotes "juristic opinion". It is a religious decree, edict, or legal ruling which is issued...

Fatwa al-Sahabah

Arabic (فتوى الصحابة) for a fatwa (religious ruling/ decision/ verdict) that was issued based on consensus reached by companions (sahaba)...

Fatwa al-Sahabi

Arabic (فتوى الصحابي) for a fatwa (religious ruling/ decision/ verdict) that was issued based on consensus reached by companions (sahaba)...

Ijara wa Iqtina’a

Also ijara muntahia bittamleek or ijara thumma al-bai'. By definition, ijara wa iqtina'a (إجارة واقتناء) it is an ijara contract...

Bay’ Bith-Thaman al-Ajil

A contract of sale (bay') in which goods are sold on a deferred payment basis. An Islamic bank buys equipment...

Bay’ al-Muatah

A contract of sale (bay') in which the buyer picks up the goods and pays the price to the seller...

Bay’ al-‘Arbun

A type of sale (bay') which is effected using down payment or advance money (arbun- عربون) with the condition that...

Bay’ wa Salaf

Arabic (بيع وسلف) for a type of shari'a-impermissible sale (invalid sale or bay’ ghair sahih) that combines a normal sale...

Bay’ al-Muqayadah

Arabic (بيع المقايضة) for a mode of trading (mutajarah) which involves the exchange of one asset for another without resorting...