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Taqrir

Arabic (تقرير) for tacit approval. It refers to what the Prophet Muhammad (pbuh) approved, verbally or silently, in the actions...

Islamic Credit Default Swap

A credit default swap (CDS) that is structured to be permissible by shari'ah. It is based on some shari'ah-compliant underlyings...

Sukuk al-Istithmar

An Arabic term (صكوك الاستثمار) for investment sukuk. These are certificates (sukuk) of equal value which are issued and sold...

Bay’ al-Nasi’ah

A type of sale on credit (bay' ajel) in which the price (thaman) is paid in full at a future...

Ba’i al-Salam

A type of sale (ba'i) in which payment for future-delivery goods is made in advance at the time of contract....

Ba’i al-‘Arbun

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

Tawarruq

A transaction whereby a person buys an asset/commodity from a seller on the basis of deferred payment, whether through a...

Ikrah

The use of coercion to force someone to do something without his/ her consent (ridha). Coercion or duress or compulsion...

Ba’i al-Hadhir lil Badi

A type of sale (ba’i) in which a city-dweller (al-hadhir) sells on behalf of a Bedouin or a desert dweller...

Ba’i al-Mu’atah

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