Islamic Banking Wiki

In the Islamic banking wiki section, you will find the definition and explanation of important terminologies, that are widely used in and are associated with the Islamic banking and finance.

Islamic banking wiki



Islamic Banking Definition

Âlim One who has attained a considerable amount of Islamic knowledge.
Amânah A trust or something with which you have been entrusted. For further details, refer to the chapter on amânah.
Auliyâ’ Plural of "walî". A walî is a friend of Allah.
Bâtil In Islamic jurisprudence it refers to an act which is invalid
Barakah Literally means "blessings". It also refers to the experiencing of abundance in things which are of little value.
Bay‘us salam Technically, it refers to a contract of sale causing an immediate payment of the price and admitting a delay in the delivery of the goods.
Bid‘ah Literally means an "innovation". In Islam it refers to the introduction of new things into Islam which have no basis in the Quran or Hadith and regarding these things as acts of îbâdah. A bid‘ah is a major sin in Islam.
Du‘â Supplication, prayer or devotional phrases.
Fâsid In Islamic jurisprudence it refers to an action which is considered to be improper.
Farâ’id Plural of fard.
Fard Literally means "compulsory". In Islam it refers to those acts and things which are compulsory on a Muslim. Abandoning or abstaining from a fard act is a major sin. Rejecting a fard act amounts to kufr.
Fidyah Redemption from the omission of certain religious duties by a material donation or a religious act.
Ghusl The act of washing the entire body from head to toe without leaving single place dry.
Hâfiz One who has memorized the Quran.
Halâl That which is lawful or permissible in Islam.
Harâm That which is unlawful or prohibited in Islam.
Ibâdah Literally means "worship". In Islam it refers to all those acts with which one renders worship to Allah.
Ijârah fâsidah Improper leasing or hiring. For further details, refer to the relevant chapter.
Jahannam Hell.
Janâzah Funeral procession. The deceased person is also referred to as a janâzah.
Jannah Paradise.
Kafan The cloth in which the deceased is enshrouded.
Kaffârah Literally means "penance, atonement, expiation." In Islamic law it refers to redemption from the omission of certain religious duties by a material donation or a ritual act.
Kuffâr Plural of kâfir. A kâfir is one who rejects Allah and does not believe in Muhammad sallallâhu ‘alayhi wa sallam as the final messenger of Allah.
Kufr Refers to the state of disbelief.
Mahr Dowry.
Makrûh That which is disliked or detestable.
Maradul maut Refers to the last sickness of a person after which he passes away.
Masâ'il Plural of mas'ala.
Mas'ala Literally means "an issue, problem or question". In Islamic jurisprudence it refers to a rule or regulation.
Mudârabah Silent partnership. For further details, refer to the relevant chapter.
Mujâhidîn Plural of mujâhid. Refers to a person who is engaged in jihâd or war against the kuffâr.
Mustahab That which is preferable or desirable.
Mutawakkil One who practices tawakkul.
Nafs The soul.
Nûr Light.
Shafî One who holds the right of pre-emption.
Shaytân The accursed devil.
Shuf‘ah The right of pre-emption.
Sunnah An act carried out or sanctioned by Rasûlullâh sallallâhu ‘alayhi wa allam.
Tawakkul The act of placing one's complete faith and trust in Allah.
Ulamâ Plural of ‘âlim.
Wâjib Literally means "obligatory". In Islamic jurisprudence it refers to an act which has not been established by an absolute proof. Leaving out a wâjib without any valid excuse makes one a fâsiq and entails punishment.
Wakîl Representative.
Wasîyyah Bequest.
Wilâyat Literally means "friendship". In Islamic sûfism it refers to that stag where a person gains close proximity to Allah.

Note: The Islamic banking wiki is compiled by the Islamic Banking Department at AIMS. AIMS is an UK based educational institute is offering internationally accredited programs in Islamic finance, including Certified Islamic Finance Expert or CIFE, master Islamic finance programs.

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