UAN: 111-331-331 04 February, 2012 | Rabi-ul-Awal 11, 1433

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Glossary of Islamic Banking Terminology

- J -


 

 

Ja’iz

permissible; permissible contract.

 

Jihalah

uncertainty; uncertainty in a contract that may lead to a later dispute; see gharar.

 

Jahiliyyah

The period in Arabia before the advent of Muhammad, peace be on him.

 

Jihad

Holy war; struggle in the way of Allah.

 

Jizya

A tax imposed on non-Muslims who are under Muslim  country.

 

Joalah / Joaalah

The undertaking of one party (the Jael, bank or employer) to pay a specified amount of money to  another party in return for rendering a specified service in accordance with the terms of contract.

 

Ji'ala

Lit: stipulated price for performing any service. Technically applied in the model of Islamic banking by some bank charges and commission have been interpreted to be juala by the jurists and thus considered lawful.

 

 

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