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 (Ø±Ø¨Ø Ø§Ù„Ù…Ø«Ù„) 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…
Arabic (خيار التروي) for one of khiyarat (plural of khiyar)- in English options to reconsider- that gives a party (to...
