Glossary

A B D F G H I J K M N Q R S T U W Z
There are 12 names in this directory beginning with the letter A.
Aaqilah
An arrangement of mutual help — or indemnification — which is the foundation on which Islamic insurance practises, known as takaful, have been developed.

Ajr al-Mithl
A rent or wage amount or consideration that is determined by the market rate.

Al Sar Al Adl
The just and fair price.

Al Wakala Al Mutlaqa
Absolute power of attorney.

Amil
A worker, or an agent, who performs a task or duty deserving compensation.

Amwal
Worldly possessions including both property and money.

Aqd
A contract or agreement.

Aqd Al Bay
A contract of sale.

Aqd Ghair Lazim
A contract in which all parties have revocation rights, with the consent of the others.

Aqd Lazim
A contract in which none of the parties have the right to revoke, without the consent of the others

Arbun
A non-refundable deposit paid by the client (buyer) to the seller upon concluding a contract of sale, with the provision that the contract will be completed during the prescribed period.

Ayn
Tangible assets, such as money or property.