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

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Glossary of Islamic Banking Terminology

- K -


 

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.

 

Khiraj

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.

 

Khiyar al Izin

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

 

Kira’

rent for land, permitted by Malik ibn Anas.

 

 

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