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Glossary of Islamic Banking Terminology- H -
Home > Glossary > H



 

Hadith
(plural, ahddith): A report on the saying, deed or tacit approval of the Prophet, peace be on him.

Hadith-Qudsi
A saying of Allah Taala narrated by Prophet Muhammad (S.A.W.), that is not a part of the Holy Quran.

Hajar Al-aswad (Al)
The Black Stone, a stone which is said to have fallen from heaven, set into one corner of the Kaabah in Mekkah by Prophet Ibrahim (Abraham) (A.S.), which pilgrims, in imitation of Prophet Muhammad, (S.A.W.), kiss while performing  the Hajj or Umrah.

Hajar
interdiction, usually for safah (prodigality).

Hajj
Hajj means pilgrimage to Mecca and other holy places. Hajj, the fifth pillar of Islam, is a duty on every Muslim who is financially and physically able to carry it out, at least once in his lifetime. There is a specific period for Hajj, namely one week from the 8th day of the Islamic month of Dhul Hijjah to the 13th day of that month in the Islamic lunar calendar.

Hajj at-Tamattu (interrupted)
Umrah followed by Hajj, but taking off the Ihram in between these two stages.

Hajj al-Qiran (combined)
Umrah then Hajj without taking off   the Ihram.

Hajj al-Ifrad (single)
Hajj without Umrah.

Halal / Halaal
Things/acts lawful in Islamic law; Permissible. The concept of halal has spiritual overtones. In Islam there are activities, professions, contracts and transactions which are explicitly prohibited (haram) by the Quran or the Sunnah. Barring them, all other activities, professions, contracts, and transactions etc. are halal. This is one of the distinctive features of Islamic economics vis-a-vis Western economics where no such concept exists. In Western economics, all activities are judged on the touchstone of economic utility. In Islamic economics, other factors, mostly spiritual and moral are also involved. An activity may be economically sound but may not be allowed in the Islamic society if it is not permitted by the Shariah.

Hamil
surety; the term is used by Hanbali jurists for kafil.

Hanafi / Hanfi
Islamic school of law founded by Imam Abu Hanifa. Followers of this school are known as the Hanafis.

Hanifite laws
Islamic school of law founded by Imam Abu Hanifa. Followers of this school are known as Hanafis.

Haq
Legal right.

Haram
An act or product which is unlawful or prohibited in Islam.

Harikat amal
partnership in which participation by the partners is based on labor or skill, but the partnership has to be of the type inan or mufdwadah.

Hawala
Endorsement; assignment; avail; Lit: bill of exchange, promissory note, cheque or draft. Technically, a debtor passes on the responsibility of payment of his debt to a third party who owes the former a debt. Thus the responsibility of payment is ultimately shifted to a third party. Hawala is a mechanism for settling international accounts, by book transfers. This obviates, to a large extent, the necessity of physical transfer of cash. The term was also used historically in public finance during the Abbaside period to refer to cases where the state treasury could not meet the claims presented to it and it directed the claimants to occupy a certain region for a specified period of time and procure their claims themselves by taxing the people. This method was also known as "Tasabbub". The taxes collected and transmitted to the central treasury were known as "Mahmul", while those assigned to the claimants were known as "Musabbub".

Heelah
legal device.

Hibah
gift.

Hijri
Name of the Islamic lunar calendar. It took its name from the   early Muslims who migrated from Mekkah to Madinah, and  commences from the date of the Prophet Muhammads (S.A.W.) Hijra, which he made with Abu Bakr as-Siddiq (A.S.), in 622AC.   Often abbreviated to A.H. (After Hijra). The months of the Islamic  calendar are:1.Muharram. 2.Safar. 3.Rabii al-Awal. 4.Rabii al-Akhira. 5.Jumada al-Awal. 6.Jumada al-Akhira. 7.Rajab. 8.Shaban. 9.Ramadan. 10.Shawal. 11.Dhul Qida. 12.Dhul Hijjah

Hima
Keeping people away from a land which was earlier treated as usable by all so as to restrict all outward benefits such as herbage, water and hunting to state use.

Hiyal
plural of heelah (legal device).

Hizim
binding; binding contract.

Hudud
The boundary between what is Halal (lawful) and what is  Haram (unlawful), set by Allah. Whoever transgresses these limits may be punished or forgiven by Allah.

Hujjah
legal proof or authority.

Hujjaj
Pilgrims. Persons who have been on the pilgrimage to  Mekkah during the Hajj season in the month of Dhul Hijjah.  Singular: Haji = a male pilgrim, Hajah = a female pilgrim.

Hukm / Hukum
Verdict; rule; command; prescription; the hukm of a contract is a term for the legal effects of the contract.

Hukman
Constructively; legally, though not actually.

Huquq
Rights; lawful cliams; Plural of haq.

 

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