A B C D E F G H I J K L M N O P Q R S T U V W X Y Z   I’arah lending utensils and non-fungibles. Ibahah permissibility. IFB Interest Free Banks Ifrad (Hajj al) "Single Hajj". Performing Hajj without performing  the Umrah. Ihram The state in which one is prohibited from doing certain things which are lawful at other times. Umrah and Hajj are performed in such a state. Ihya al-Mawat Reviving of unowned wasteland. One who re­vives such land becomes its owner. Ihya’ al-ardh reviving barren lands. Ijara/ijarah Lit: letting on lease. Technically, sale of a definite usufruct in exchange for a definite reward. Commonly used for wages, it also refers to a contract of land lease at a fixed rent payable in cash. It is contrary to "Muzarah" when rent is fixed as a certain percentage of the produce of land. It also refers to a mode of financing adopted by Islamic banks. It is an arrangement under which an Islamic bank leases equipment, a building or other facility to a client against an agreed rental. The rent is so fixed that the bank gets back its original investment plus a profit on it. Ijarah wa iqtina Contract of renting, hiring or leasing. This term refers to a mode of financing adopted by Islamic banks. It is a   contract under which the Islamic bank finances equipment, a building or other facility for the client against an agreed rental   together with an undertaking from the client to purchase the  equipment or the facility. The rental as well as the purchase price  is fixed in such a manner that the bank gets back its principal sum  along with some profit, which is usually determined in advance. Ijma Consensus of opinion of Muslim jurists on a specific matter; consensus of the jurists on any issues of fiqh after the death of the Prophet, peace is on him. See also fiqh. Ijma’ sukuti consensus where some jurists give tacit approval to the rule pronounced by others. Ijtehad / Ijtihad Lit: effort, exertion, industry, diligence. Technically, endeavour of a jurist to derive or formulate a rule of law on the basis of evidence found in the sources; scholarly effort through which a jurist/scholar derives Islamic law on the basis of Quran and Sunnah. Ikhtilat mixing of shares so that they can no longer be separated. Iktinaz Hoarding wealth without fulfilling legal obliga­tions on it. Imam Leader of the congregational prayer; also used for the founders of different schools of Muslim jurisprudence or other eminent jurists and also for the prominent descendents of All ibn Abi Talib and distinguished Shiah theologians. In ahddith it has also been used to refer to the ruler. Inan khass the inan partnership that is formed for a particular project or for trading in a particular commodity or in which the agency granted to the partners is restricted. Inan rein of an animal; type of partnership; see sharikat al-inan. Infaq Free-of-cost lending of an animal for riding or loading. Inqilab conversion; revolution; conversion of mufawadah into inan. Intifaq Granting of concessions relating to real estate e.g. the right of passage and right to place a beam on the wall of the neighbor, etc. Intiha’ end; termination; termination or dissolution of a partnership. Iqalah negotiated rescission. Iqta Granting of ownership or usufruct rights over state land by the state to individuals in recogni­tion of their services for the sake of Islam. Irtihan pledging; mortgaging. Ishtirak equivocally; participation; partnership. Istidanah Raising   or building up credit through credit purchases. It however does not  apply to the raising of cash loans. Isnad The chain of transmission of a tradition. Isqat The extinction of a right. Istidanah raising or building up credit through credit purchases; does not apply to the raising of cash loans; see istiqrad. Istihqaq al-ribh entitlement to profit; basis for entitlement to profit. Istihsan principle according to which the law is based upon a general principle of the law in preference to a strict analogy pertaining to the issue, the principle is used by the Hanafis as well as the Malicious. Istiqrad the raising of cash loans for business purposes, declared batil by al-Sarakhsi as it is against the principle of prohibition of Riba. Istisna’a / Istisna This is a kind of Sale where a commodity is transacted before it comes into existance. It means: To order a manufacturer to manufacture a specific commodity for the purchaser. If the manufacturer under takes to manufacture the goods for him with material from the manufacturer, the transaction of Istisna’a comes into existence. But it is necessary for the validity of istisna’that the price is fixed with the consent of the parties and that necessary specification of the commodity (intended to be manufactured) is fully settled between them. This kind of Sale also is used as a mode of financing which also called “Parallel Istisna’a”. Iwad Compensation or counter-value.