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Glossary of Islamic Banking Terminology- K -
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Kaabah
The cube-shaped stone building whose foundations were  built by angels and completed by Prophet Ibrahim (Abraham) and  his son, the Prophet Ismael (A.S), in Mekkah. It was rebuilt with the help of Prophet Muhammad (S.A.W.). It is the focal point   towards which all Muslims face when praying.

Kafalah bi al-thaman
Surety for paying the price or sum if  unpaid by the person originally liable.

Kafalah binnafs
bail; surety for producing the body of the person wanted.

Kafil
surety; person providing the surety; guarantor.

Kala
Grass, herbage and plants which grow on their own.

Khalt
mixing of shares; see ikhtilat.

Khamr
wine from grape juice.

Kharaj
Tax on land of non-Muslim subjects of an Islamic state; revenue from land.

Kharij
produce.

Khiyarat
plural of khiyar (option).

Khums
A 20 per cent levy. It is applicable to spoils of war, mines and wealth burned in land that has no owner.

Kihayr Izin
contract terminable at the will of either party. contract terminable at the will of either party.

Kird’
rent for land, permitted by Malik ibn Anas.

 

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