People who have ethnical relationship or relationship of cooperation and help with an unintentional killer. They are legally obliged to bear blood money along with the killer.
slave; servant; abd madhun is a slave who has been authorized by his master to handle business on his behalf
covenant; here it is used in the context of dhimmah (personality), which is considered by the jurists a covenant with the Creator.
a contract that is terminable at the will of the parties, like partnership.
A legal contract.
reason; fourth interest secured by the shariah and recognized as a purpose of the law; the existence of aql is an essential condition for ahliyat al-add.
The corpus or substance of a thing. A thing present as distinguished from one that is absents at the time of the contract. In Hanafi terminology, a thing is to be determined through weight or measure during a transaction of sale.
Plural of ayn. Goods or specific thing
Interest that accumulates on the unpaid principal balance of a loan.
Profit earned but not received from the customer.
Acquirers are banks and financial institutions that collaborate with businesses to accept credit/debit card payments.
Excess purchase of units in Diminishing Musharakah to reduce bank's share in the asset
Punishment, especially the punishment for failing to obey Allah Taala. see the Holy Quran
Justice and equity. A fundamental value governing all social behaviour and forming the basis of all socialdealings and legal framework
Booking of vehicle with the manufacturer through advance payment.
Payment in the form of rent before the start of the lease term.
Charges paid by the customer for stamping of financing agreement.
After Hijra. Hijra means emigration. The Islamic calendar startsfrom the day the Holy Prophet Muhammad (S.A.W.), emigrated from Mekkah to Madinah, in 622 A.D.
Sayings and traditions of the Holy Prophet Muhammad (S.A.W.). Singular: Hadith.
Plural of hukm (rule); the ahkam of a contract (legal effects) as distinguished from its huquq(rights of performance of the contract) the Hanna’s make a distinction between the two.
Means people of opinion. It is refers to people that are consulted on Islamic matters. These people are highly learned in Islam.
Legal capacity for execution
Legal capacity for the acquisition of rights and obligations.
Literally means "the People of the Book (the Holy Quran) and the sayings and traditions, i.e. the Sunnah of Prophet Muhammad (S.A.W.)".
period; duration for which delivery is delayed.
plural of ajnabi (stranger); those who are not co-owners in a property.
stranger; see ajanib.
reasonable wages; wages to which a person would be entitled under normal circumstances or customary in the community.
System of accountability in an Islamic state in order to check unlawful practices.
a principle based upon a tradition; it is perhaps, the most influential principle in Islamic law, applies to contracts, damages, and even crimes.
General Partnership (one of the types of partnership under Musharakah)
Loans fixed for a definite period of time without interest or profit sharing.
the name for a private limited company in Egyptian law
This refers to deposits in trust, in which a person may hold property in trust for another, sometimes by implication of a contract.
Resale of goods with a discount on the original stated cost. Absolute power of attorney.
May Allahs peace be upon him. A phrase which is usually read after the name of a prophet other than Prophet Muhammad (S.A.W.) is mentioned.
An Islamic religious scholar. Plural: Ulamaa.
The Name of the Creator of the Universe and all that it contains according to Islam. Derives from the word "Ilah" which means "the One deserving all worship", the One to Whom all hearts submit in love, fear, reverence, desire, trust and sincerity, and to Whom all limbs submit in all forms of worship such as prayers, supplications, sacrifices, invocations, etc.
Socially obligatory duties. Literally, a collective duty of Muslims, the discharge of which by some of them absolves the rest of its performance, such as funeral prayers. Technically it covers such functions which the community fails to or cannot perform and hence are taken over by the state, such as the provision of utilities, building of roads, bridges and canals etc.
Lit: reliability, trustworthiness, loyalty, honesty; Technically, an important value of Islamic society in mutual dealings; anything, which is in possession of a person who is not the owner of it for safekeeping. In case of unintended loss to the thing, he is not obliged to pay compensation.
Custodian or guardian; trustee.
Amir is used in Islam to mean leader or commander.
Loan payments by equal periodic amounts calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance.
Information of Equal Monthly Installments (EMI) with breakup of principal & markup along with loan outstanding.
Wealth; in business context wealth that is contributed as capital in a partnership; Plural: mal.
An annual fee typically charged to customers with credit cards/revolving line facilities for maintenance of their facilities.
Rate applied on the facility.
A form to be filled in and signed as per the Bank’s requirements to avail Banking facilities. Requirement of details to be filled in will vary for each facility. Applications may also require certain specified documents also to be attached.
Agency used for assessing market value of an Asset.
Literally means belief. In Islamic terminology, it means articles of faith
land; property that includes goods, slaves and even real estate; according to most jurists land is not eligible for entitlement to profit as compared to other things that are: wealth, labor, credit-worthiness qiyas (analogy); a principle of law; principal amount in a debt; see A’s al-mal.
absolute currencies; the term is usually applied to dinars and dirhams.
An automated teller machine or any card-operated machine or device whether belonging to the Bank or other participating banks or financial institutions or concerns or to the Visa Card or MasterCard global ATM Network, or the affiliated networks thereof, as the case may be, which accepts the Card.
The loans or financing facilities to purchase the vehicle for personal use.
A religious foundation set up for the benefit of the poor; property voluntarily transferred to a charity or trust so that it is use for public benefits.
A verse of the Holy Quran. Literally means "a sign". Plural: Ayaat.
plural of amal (work) that is required in a partnership or based on which a partnership is formed
substitute; substitute compensation.
Sale; Commonly used as a prefix in referring to different types of sales: Muajjal, Murabahah,Tawliyah and Wadiah; comprehensive term that applies to sale as well as many other transactions that are not strictly referred to as sales in positive law; bilateral contract; exchange.
This term refers to advance payment for goods which are to be delivered later. Normally, no sale can be effected unless the goods are in existence at the time of the bargain. But this type of sale forms an exception to the general rule provided the goods are defined and the date of delivery is fixed. The objects of this type of sale are mainly tangible things but exclude gold or silver as these are regarded as monetary values. Barring these, bai salam covers almost all things which are capable of being definitely described as to quantity, quality and workmanship. One of the conditions of this type of contract is advance payment; the parties cannot reserve their option of rescinding it but the option of revoking it on account of a defect in the subject matter is allowed. It is also applied to a mode of financing adopted by Islamic banks. It is usually applied in the agricultural sector where the bank advances money for various inputs to receive a share in the crop, which the bank sells in the market. This kind of sale (Salam) also used nowadays as a mode of fianancing that is also called ‘Parallel Salam’.
the exchange of a debt for a debt (prohibited based on a tradition and unanimously by the jurists based on ijma).
In modern Islamic banking, the term refers to a buying and selling transaction between the bank (or financial institution) and the customer, whereby the former buys a property (or an asset, e.g. a house) at the prevailing market price and sells it to the customer at a mark-up price where payments are made by installments over a period of time agreed upon by both parties. The profit earned by the bank is legitimate from the Shariah point of view since the transaction is based on sales contract rather than a loan contract. Any predetermined profit arising from the loan is prohibited in Islam as it amounts to Riba.
Sale based on deferred payment, either in a lump sum or instalments. 1.A sale in which the parties agree that the payment of price shall be deferred is called a Bai Muajjal. 2.Bai Muajjal is valid if the date of payment is fixed in an unambiguous manner. 3.The date of payment can be fixed either with reference to a particular date, or by specifying a period, like three months, but it cannot be fixed with reference to a future event where the exact date is unknown or uncertain. If the time of payment is unknown or uncertain, the sale is void. 4.If a particular period is fixed for payment, like one month, it will be deemed to commence from the time of delivery, unless the parties have agreed otherwise. 5.The deferred price may be more than the cash price, but it must be fixed at the time of sale. 6.Once the price is fixed, it cannot be decreased if it was paid earlier, nor can it be increased in the case of default. 7.In order to ensure the buyer pays the installments promptly, the buyer may be asked to promise that in the case of default, he will donate some specified amount for a charitable purpose. In such cases, the seller may receive such an amount from the buyer, not as part of his income, but to use it for charitable purposes on behalf of the buyer. 8.If the commodity is sold on installment, the seller may put a condition on the buyer that if he fails to pay any installment on its due date, the remaining installments will become due immediately. 9.In order to secure the payment, the seller may ask the buyer to furnish a security whether in the form of a mortgage, a lien or a charge on any of his existing assets. 10.The buyer can also be asked to sign a promissory note or a Bill of Exchange, but the note or the bill cannot be sold to a third party at a price different from its face value.
Balance transfer of existing finance facility of borrower from other banks/DFIs.
An account in the name of the customer will be opened for the purposes of the facility.
mature person; person who has attained puberty, the outward sign of majority and discretion, in the absence of which jurists determines different ages for the presumption of puberty.
Payment by customer in addition/additional/excess to the installment amount to reduce the principal outstanding. Excess payment by the customer to reduce principal outstanding.
Ratio of bank's investment in an asset against the value of that asset.
Bank's charge on the asset.
Benchmark rate for driving the pricing of loan.
Nullity; void, void ab intio.
The treasury of an Islamic state.
Date of a month when bill/statement is generated.
Bill of quantity - Break up of amount in construction cases.
goods given to another for trading without giving wages or sharing profits (like a shopkeeper leaving his shop with another shopkeeper during his absence).
the attainment of puberty; see baligh.
Individual having his own business.
The applicable Visa Card, MasterCard and / or any other card including but not limited to co-branded cards, e-card, debit card the second card as issued by the Bank, from time to time, to the Card member and shall include Supplementary and subsequently issued, renewal or replacement Cards.
Visa/Master Card account or any account pertaining to the Card(s) issued by the Bank from time to time, as the case may be, opened by the Bank for the purpose of entering debits / charges incurred by or for the account of, and credits received by or for the Card member and Supplementary Card member.
A bank, financial institution, credit union, or agency that issues a card to public or its members is called a card issuer.
A person to whom the Card is issued by the Bank and shall also include every Supplementary Card member.
Fees to be charged by the bank for replacement of lost/stolen or damage card.
Any payment made or Cash Advance obtained or any amount to be debited from the Card Account or any amount charged by the Bank or any Merchant for any goods, services and other benefits by or through the use of the Card.
Amount of money in any currency availed or lent to the Card member by the Bank or any participating bank or ATM whether in cash or in any other form of payment.
A credit card transaction, which is returned or not honored, is called a charge back. Usually done by the credit card holder in response to faulty products, credit card fraud, a dispute or noncompliance with the rules and regulations, charge back restores the funds back with the credit card.
it is a time period from a particular credit card transaction within which, the credit card holder must initiate a charge back, if the transaction is disputed.
The amount payable by the customer to the Bank under the Terms and Conditions, including but not limited to any transactions, Annual Membership , Services Fee, late fee and other fees / charges.
Means monetarily helping those in need. Customer is asked to undertake, that if he/she fails to pay rent on due date, he/she will pay certain amount to a charity, which will be administered through the Islamic Bank.
Credit Limit which has been granted by the bank without any collateral/liquid/non-liquid securities.
When the property in question is free from any doubt is not disputed and is not having any encumbrances and it is said to have a clear title.
The amount payable (or available) as of last working day of the certain period/month.
Secondary person applying for the loan with the primary person.
A co-signer is a person who signs a loan or credit card with the primary applicant, pledging to be responsible for repaying the loan or debt in the event the applicant is unable.
An asset pledged to a lender to guarantee repayment. Collateral could include savings, bonds, insurance policies, jewelry, property or other items that are pledged to pay off a loan if payments are not made according to the contract.
Bank employee responsible for collection/recovery.
Total amount payable by the Customer to the Bank for the Asset pursuant to the Musawamah/Modarabah Transaction.
A financial profile of any person based on how he repays his bills, clears his debt and the amount a person owes to various banks and other financial intuitions.
It is the maximum amount of money one can draw on his account based on prior sanction or approval from the bank. In other words, borrowing or drawing limit fixed by a bank for a customer depending on his credit history, repaying capacity and relationship with bank.
A credit rating is an evaluation of the credit risk of a prospective debtor (an individual), predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting.
Selling of product to already existing customer.
Customer making all the repayments on time.
The total amount that customer owes to the bank for availing facility at a particular point in time which may include all the charges (mark-up, late payment charges, joining charges) fees (annual, renewal) & other liabilities.
A person who is availing any facility or products of a bank.
Demand Credit Account.
Loan, due, receivable, debt.
Enemy territory not under the jurisdiction of a Muslim state.
Area under the jurisdiction of the Muslim state.
Vehicle is being provided through dealership.
A ration of amount of money customer owe to banks or credit issuers against total monthly income of a customer. It reflects the percentage of income that goes to paying customer debts every month.
"When a customer fails to make any payment(s) due towards the bank as per the terms and conditions agreed or otherwise is termed as default. Furthermore, a breach of contract/terms and conditions may also be categorized as an event of default. Account is classified as delinquent when loan payments are not paid according to the contractually agreed upon terms or when due."
In the context of auto loans, this is a mandatory document which the customer signs acknowledging acceptance and possession of vehicle from the dealer.
Amount required by the customer.
Tenure required by the customer.
liability underlying a partnership formed on the basis of labor, where the partner is liable for performing the contract or completing the work accepted by either partner.
liability for the debts of the partnership; the usual form of liability underlying all partnerships, especially one formed based on wealth.
liability for damaging or destroying property accepted by the partnership for value-added work.
liability underlying a partnership formed on the basis of credit-worthiness where each partner is liable, jointly and severally, for paying the prince of goods bought on credit.
Receivables; the term does not apply to cash loans for which the word qard is used; see qard.
Necessity. A principle used for permitting forbidden things in case of duress or extreme hardship.
see sharikat al-dhimam.
Bank and customer participate in joint ownership of a property. The share of the bank is divided into number of units. Customer purchase these units from bank at periodic intervals, thereby increasing his/her share in the undivided property until all the units are purchased by the customer.
This kind of Musharkah used as a mode of financing where a partner can redeem his share / share having a put option or call option.
A facility offers by the bank to customer against which monthly full payment or minimum payment will be debited from his/her account on the due date.
Name of a unit of currency, usually a silver coin, used in the past in several Muslim countries and still used in some Muslim countries, such as Morocco and United Arab Emirates.
Currency accepted by the traders as valid for commercial transactions amongst them although it did not meet the conditions laid down for currency.
Loan payout in the name of the customer.
Incomplete or missing documents, or alternatively incomplete, illegible or contradictory information in the customer's loan application or documentation provided by customer.
A cheque which is returned by the payer's Bank due any number of possible reasons including but not limited "insufficient funds, amounts' mismatch, illegible signature, overwriting, date-barring etc."
A cardholder posted transaction which is not accepted by him/her and requires clarification.
Blood money of an unintentional killing or injuries.
Number of days past the due date after the customer's payment became due as per the contractually agreed upon terms and conditions.
Date specified in the statement of account for monthly repayments/ schedule for the payment of the Minimum Payment Amount, the Current Balance or Installment to be made to the Bank for the facility availed by the customer.
Electronic Alerts to be sent to customer via email / SMS.
Banking transactions which can be conducted on internet after accessing Bank's application with unique password.
Electronic Credit Information Bureau-eCIB has been established by the State Bank of Pakistan which requires all banks and financial institutions to report all loans and advances, to the State Bank.
Early settlement of financing
Payment of entire loan amount before the normal maturity of loan as per repayment schedule.
If the customer wishes to terminate the Ijarah Agreement before the agreed period, the customer has an option to buy the asset on the pre-agreed purchase price.
Equal Monthly Installments.
Distribute according to proportions in a specific contract.
Customer's stake in the vehicle, customer pays a vehicle value's part before financing.
The date of expiry specified by the Bank on the Card.
Agencies providing services to customers which are on Bank's panel.
Mark up rate charged on the financed amount.
Bounties of God, excess; used for Riba, which is excess in the exchange of two counter-values, whether determined through weight or measure or realized through delay in the delivery of one of the counter-values.
A type of interest. Taking something of superior quality in exchange for the same kind of thing of poorer quality. Allah Subhana wa Taala has strictly prohibited any kind of Riba and has warned of severe punishment for those who have any association with it. See the Holy Qur an,Surah Al-Baqara (2): 275-280
Spoils of war that Muslims acquire from the enemy without actual fighting.
Benefit. In investment context it means return on investment.
Jurist; an Islamic scholar who can give an authoritative legal opinion or judgement.
A poor person
Obligatory. An act which is obligatory on Muslims.
An action, which is obligatory on every Muslim.
Religious obligation for the fulfillment of which whole society is responsible. However, if it is fulfilled by some member(s) of the society, others become free of this responsibility.
vitiated; irregular; unenforceable; used in the sense of voidable in the positive law, but a contract is voidable at the option of the parties, while the fasid contract can become valid only if the offending condition is removed.
the hukm (rule) for a vitiated mudarabah, muzaraah or musaqah.
A religioius decree; a legal verdict given on a religious basis. The sources on which a fatwa is based are the Holy Quran, Sahih Bukhari and Muslim, and all other authenticated Ahadeeth. Plural: Fatawa.
Spoils of war that Muslims acquire from the enemy without actual fighting.
Foreign Currency Account.
Federal Excise Duty.
Compensation for missing or wrongly practising necessary acts of worship. Fidyah usually takes the form of donating money or foodstuff, or sacrificing an animal.
Document used for agreement between the customer and the bank.
Muslim jurisprudence; it covers all aspects of life, religious, political, social or economic. In addition to religious observances (prayer, fasting, zakat and pilgrimage) it covers family law, inheritance, social obligations, commerce, criminal law, constitutional law and international relations, including war. The whole corpus of fiqh is based primarily on the Quran and theSunnah and secondarily on ijma and ijtihad.
Facilities where the mark up rate defined at the time of loan disbursement is fixed for the tenure of the loan or until facility is closed.
This applies to products and services, which have a set lifetime. The customer may be charged if the bank agrees to alter the product or service before the end of its life.
Mark up rate renewable after certain defined period of time. The markup rate is linked with KIBOR plus a fixed percentage of profit margin.
plural of fals (copper coin).
(singular, faqih}: Jurists who give opinion on various issues in the light of the Quran and the Sunnah and who have thereby led to the development of Fiqh.
Foreign Currency Transactions charges to be borne by customer to convert into Pakistani Rupees.
Global Customer Assistance Service.
Spoils of war acquired from enemy after fighting during a holy war (Jihad).
Uncertainty, hazard, chance or risk, ambiguity and uncertainty in transactions. Technically, the sale of something which is not present at hand; or the sale of something where the consequences or outcome is not known. It can also be a sale involving risk or hazard in which one does not know whether it will come to be or not, such as fish in water or a bird in the air; or an event where assurance or non-assurance is subject to chance and thus not known to parties of a transaction. Can also mean uncertainty or a hazard that is likely to lead to a dispute in a contract.
A person in debt; debtor unable to pay the debt from his wealth.
A promise given by a person called 'the guarantor' to pay another person's debts if that person does not pay them.
(plural, ahddith): A report on the saying, deed or tacit approval of the Prophet, peace be on him.
A saying of Allah Taala narrated by Prophet Muhammad (S.A.W.), that is not a part of the HolyQuran.
interdiction, usually for safah (prodigality).
The Black Stone, a stone which is said to have fallen from heaven, set into one corner of theKaabah 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.
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 without Umrah.
Umrah then Hajj without taking off the Ihram.
Umrah followed by Hajj, but taking off the Ihram in between these two stages.
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.
surety; the term is used by Hanbali jurists for kafil.
Islamic school of law founded by Imam Abu Hanifa. Followers of this school are known as the Hanafis.
Islamic school of law founded by Imam Abu Hanifa. Followers of this school are known as Hanafis.
An act or product which is unlawful or prohibited in Islam.
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.
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".
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
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.
plural of heelah (legal device).
binding; binding contract.
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.
legal proof or authority.
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.
Verdict; rule; command; prescription; the hukm of a contract is a term for the legal effects of the contract.
Constructively; legally, though not actually.
Rights; lawful cliams; Plural of haq.
Process of placing a charge / lien on vehicle financed by the Bank.
rein of an animal; type of partnership; see sharikat al-inan.
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.
Compensation or counter-value.
Interest Free Banks
"Single Hajj". Performing Hajj without performing the Umrah.
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.
Reviving of unowned wasteland. One who revives such land becomes its owner.
reviving barren lands.
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.
"A leasing agreement whereby the bank buys an item and leases it to the customer over a specific period of time"
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.
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.
consensus where some jurists give tacit approval to the rule pronounced by others.
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.
mixing of shares so that they can no longer be separated.
Hoarding wealth without fulfilling legal obligations on it.
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.
Agency used for assessing customer's income.
Free-of-cost lending of an animal for riding or loading.
conversion; revolution; conversion of mufawadah into inan.
A loan in which the amount of payment and the number of payments are predetermined.
The amount payable to an insurance coverage provider in return for their coverage of an asset at a pre-determined insurance premium rate.
The products designed to cover the customers liability / assets to any unforeseen circumstances which may face by the customer in future.
The interest free period applies on retail transactions only. The days begin at the start of your statement period and ends when your payment for that purchase/ transaction is made.
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.
end; termination; termination or dissolution of a partnership.
Granting of ownership or usufruct rights over state land by the state to individuals in recognition of their services for the sake of Islam.
equivocally; participation; partnership.
The chain of transmission of a tradition.
The extinction of a right.
raising or building up credit through credit purchases; does not apply to the raising of cash loans; see istiqrad.
entitlement to profit; basis for entitlement to profit.
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.
the raising of cash loans for business purposes, declared batil by al-Sarakhsi as it is against the principle of prohibition of Riba.
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”.
Interactive voice response (IVR) is a technology that allows a computer to interact with humans through the use of voice and DTMF (Dual Tone Multi Frequency ) tones input via keypad.
lending utensils and non-fungibles.
The period in Arabia before the advent of Muhammad, peace be on him.
permissible; permissible contract.
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.
Holy war; struggle in the way of Allah.
uncertainty; uncertainty in a contract that may lead to a later dispute; see gharar.
A tax imposed on non-Muslims who are under Muslim country.
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.
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.
Surety for paying the price or sum if unpaid by the person originally liable.
bail; surety for producing the body of the person wanted.
surety; person providing the surety; guarantor.
Grass, herbage and plants which grow on their own.
mixing of shares; see ikhtilat.
wine from grape juice.
Tax on land of non-Muslim subjects of an Islamic state; revenue from land.
contract terminable at the will of either party. contract terminable at the will of either party.
plural of khiyar (option).
A 20 per cent levy. It is applicable to spoils of war, mines and wealth burned in land that has no owner.
Karachi Interbank Offered Rate as directed by SBP on monthly basis.
rent for land, permitted by Malik ibn Anas.
Penalty levied on late installment / payments.
Agency used to verify and appraise the property document.
A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset.
Mark up rate charged on the loan amount.
Any or all amounts payable whatsoever by the Card member to the Bank.
Account opened for making monthly payments/installments.
Charges which will be incurred at the time of filling a suit by the bank against a defaulted customer.
Letter of understanding between the bank and the customer mentioning some of the important terms & conditions of the loan.
Loan to value - Ratio of amount of loan sanctioned against value of the property.
A Hajj that is accepted by Allah because of its perfection in both inward intention and outward observation of the traditions of Prophet Muhammad (S.A.W.)
A city in Saudia Arabia, often called Madinaal-Munawarra - the Illuminated, or the EnlightenedCity - where the revelation of the Quran was completed, and in which Prophet
A person who is prevented or restrained to do business by law or Shariah.
A man whom a woman can never marry because her close relation with him (e.g. father, brother, uncle, son, etc.). Her husband is also her Mahram.
Gambling. Literally means getting something too easily.
Abominable; reprehensible; disapproved.
Plural of manfa'ah (benefits; usufruct; profits; utility).
Granting of usufruct of a productive asset to a needy person for a specific period.
Bank's Profit percentage.
Loans payment completion.
The crop to be cultivated.
Land given out by way of muzdra'ah.
Free-of-cost lending of domestic utensils, professional instruments and other things of ordinary needs.
Any person / entity supplying goods and / or services and / or other benefits who accepts the Card as a means of payment.
Co-ownership; joint ownership.
A certain percentage of current outstanding balance which a customer has to pay to avoid the delinquency /default.
Fungible; things sold by weight or measure, and for which one quantity or measure is a substitute for another.
A contract between Financier and Working partner. A profit and loss sharing contract in which one party provides capital and the other party manages the enterprise. In ease of loss the provider of capital bears the financial loss while the worker loses his labor. In case of profit both parties share it in agreed proportions. An agreement between two or more persons whereby one or more of them provide finance, while the others provide entrepreneur ship and management to carry on any business venture whether trade, industry or service, with the objective of earning profits. They share the profit in an agreed proportion. The loss is borne only by the financier's in proportion to their share in total capital. See also sahib al-mal and mudarib.
Mortgage is the transfer of an interest in specific immovable property for the purpose of securing the payment of money advanced or to be advanced by way of loan or finance.
See bay al-mu'ajjal.
Transaction; agreement; term used for the agreement concluded by the Prophet with the people of Khaybar
Ascertained; determined; commodity ascertained through weight or measure for purposes of sale.
Things/acts permissible in Islamic law; permissible.
Person who commits an act personally and of his own volition rather than through another person.
A slave whom his master has declared to be free upon the master's death.
The term refers to a form of business contract in which one party brings capital and the other personal effort. The proportionate share in profit is determined by mutual agreement. But the loss, if any, is borne only by the owner of the capital, in which case the entrepreneur gets nothing for his labour. The financier is known as "rab-al-maal" and the entrepreneur as "mudarib". As a financing technique adopted by Islamic banks, it is a contract in which all the capital is provided by the Islamic bank while the business is managed by the other party. The profit is shared in pre-agreed ratios, and loss, if any, unless caused by negligence or violation of terms of the contract by the "mudarib" is borne by the Islamic bank. The bank passes on this loss to the depositors.
A working partner; the partner who provides entrepreneur ship and management in amudarabah agreement as distinct from the sahib al-mal who provides the finance.
A basic contract of partnership based on wakalah and kafalah that requires full commitment from the partners and to achieve this purpose tries to maintain equality in the capital, labor, liability and legal capacity and also declares each partner to be a surety for the other it is converted into the 'inan partnership if such equality is disturbed.
Sale of un-harvested crop. (Sale contract of this kind is not permissible in Islam).
A slave with whom his master has concluded the contract of kitabah by virtue of which the slave buys his freedom and agrees to pay for it in installments.
Sharecropping contract in which the landowner reserves crop of a particular area for himself. (Sharecropping contract of this kind is not permissible in Islam); another name for the contract of musaqah derived from the transaction with the Jews of Khaybar.
Total credit limit approved for a Card member on all of his / her Credit Cards collectively.
Another name for mudharabah used by the Malikis; see also qirad.
Implied contract of 'inan; conditions implied by the mere use of the word 'inan in the contract of partnership.
Lit: Sale on profit; Cost plus profit, sale at stated cost price and mark-up, sale at a specified profit margin. The term is, however, now used to refer to a sale agreement whereby the seller purchases the goods desired by the buyer and sells them at an agreed marked-up price, the payment being settled within an agreed time frame, either in installments or lump sum. The seller undertakes all the management needed for the purchase and also bears the risk for the goods until they have been delivered to the buyer. See also bay' al-mu'ajjal. This has been adopted as a mode of financing by a number of Islamic banks. As a financing technique, it involves a request by the client to the bank to purchase a certain item for him. The bank does that for a definite profit over the cost which is settled in advance. Some people have questioned the legality of this financing technique because of its similarity to Riba or interest.
In Egyptian law it is the name for a corporation or for a public limited company.
Contract for the watering of trees between the owner of land and a worker on the condition of sharing the produce; leasing fruit garden on fruit-sharing basis.
"Musawamah is a general kind of sale in which price of the commodity to be traded is bargained between seller and the purchaser without any reference to the price paid or cost incurred by the former. "
A share that is undivided and completely mixed up with the shares of the other partners, that is, it is to be found in each particle of the joint property.
The term refers to a financing technique adopted by Islamic banks. It is an agreement under which the Islamic bank provides funds which are mingled with the funds of the business enterprise and others. All providers of capital are entitled to participate in the management but not necessarily required to do so. The profit is distributed among the partners in pre-determined ratios, while the loss is bome by each partner in proportion to his contribution. see sharikah.
Demand; demand by a creditor for the satisfaction of debts from the dealing partner or from the other partners.
Lit: Economic transaction; Sharecropping contract. Technically, contract for the cultivation of land between the owner of the land and the worker with the condition of sharing the produce.
by way of nasiah, that is, with a delay in the delivery of one or both counter-values in a contract of exchange (bay).
text; word or text with a single meaning; text from the work of a jurist.
A type of account where a customer can only make deposits but cannot withdraw funds from the account. As such, no instruments (debit card, cheque book, internet banking etc.) are provided to the customer when opening this type of account.
A type of interest. Taking interest on loaned money. An act which Haram. See the Holy Quran, Al-Baqara (2):275-280 and Aaliimran(3):13O.
A threshold of wealth of which any excess is subject to Zakah.
institution; term used in Saudi law for the corporation, in place of the usual term sharikah, in Arab law.
No Objection Certificate issued in favor of the customer after loan clearance.
Our Correspondent Account with others, owner is not known.
beverage made from dates; mead of dates.
Transaction conducted on other bank ATM.
Transaction conducted on issuer's bank ATM.
Any unpaid amount with respect to a financing facility.
Amount of loan and credit card payment(s) which has not been made as of its due date (or maturity) date. All financial arrangements become overdue one business day after their due date. A borrower who is past due may be subject to late fees and other charges.
These letters are abbreviations for the phrase Peace Be Upon Him which is the translation of the Arabic expression Alaihis Salam or A.S., which is an expression that is said when the name of a prophet is mentioned. This expression is widely used by English speaking Muslims. It is to be noticed here that this expression does not give the full meaning of "Salla Allahu Alaihi Wa Sallam". Therefore it is recommended that people do not use (p.b.u.h.) after the name of prophet Muhammad (S.A.W.); they should use "Salla Allahu Alaihi Wa Sallam" instead, or they may use the abbreviated form of (S.A.W.) in writing.
See Bai Salam.
Simultaneously and equally.
Customer making a deposit, apart from his regular payment/instalment, against his loan to reduce his/her iabilities/monthly instalment.
To pay any amount(s) to any person / party for any purpose settlement of any bills or for any other purpose approved by the Bank from time to time.
Personal Loans mean the loans to individuals for the payment of goods, services and expenses and include Running Finance/Revolving Credit to individuals.
The Personal Identification Number issued to a Card member to enable the Card member or a Supplementary Card member or selected by a Card member or a Supplementary Card member and generated through IVR (Interactive Voice Recording) to use the Card at an ATM for a Cash Advance .
A one off payment along with FED charges which customer may be asked to make if customer decide to repay loan early before maturity.
Financial charges applied on pre payment of loan.
The amount of debt, exclusive of interest, remaining on a loan.
One time Fee charged on approved amount only for processing.
The detailed information/events/picture provided by the cardholder for continuing his/her dispute with the bank against disputed transaction evidences.
Order issued by the bank to the dealer for confirmation of purchasing the vehicle.
A loan given for a good cause in the name of Allah, in hopes of repayment or reward in the Hereafter; debt.
A loan extended without interest; gracious loan without interest in which the benefit to be derived is gifted by the owner to the beneficiary without this charitable act, the use of the money for a period would be considered an unjustified excess transferred to the beneficiary also called Ribaal-nasiah.
A loan extended without interest; gracious loan without interest in which the benefit to be derived is gifted by the owner to the beneficiary without this charitable act, the use of the money for a period would be considered an unjustified excess transferred to the beneficiary also called Ribaal-nasiah.
The Miqat of the pilgrims travelling through Najd, in Arabia (from the east).
another name given by the Malilkis to the contract of mudarabah, from the word qard.
Combined Hajj. Performing the Umrah, followed by the Hajj, without taking off the Ihram.
Lit: Analogy; syllogism. Technically: Analogy through which Islamic law is derived from a textual injunction for a given non-textual matter.
Paying in a debt.
gold, coin used during the time of Holy Prophet PBUH
The Holy book containing the actual words of Allah revealed to the Prophet Muhammad (peace be upon him). This Holy Book of the Muslims consisting of the revelations made by God to the Prophet Muhammad, peace be on him, during his Prophet hood of about 23 years. The Quran lays down the fundamentals of the Islamic faith, including beliefs and all aspects of the Muslim way of life. These are supplemented or further elaborated by the Sunnah. The Quran consists of 30 parts (ajza), 114 chapters (surahs}, and 6,666 verses (ayahs). There are a number of translations of the Quran by both Muslims and non-Muslims. The translations by Abdullah Yusuf Ali and Muhammad Marmaduke Pickthall, both Muslims, and by A. J. Arberry are the most popular. In all references to the Quran in the text (e.g., 30: 41), the first number refers to the surah and the second to the ayah or verse. Many commentries (Tafseer) of the Holy Quran had been written in many languages. Ahkamul Quran, Maariful Quran, Jalalain etc are among the most famous ones.
capital; principal amount invested; capital invested in Mudarabah Musharkah.
owner of land, owner of the land in Musaqah/Musaqat and Muzara’ah contracts.
investor; owner of capital; a person who invests in Mudarabah / Musharkah. See also sahib al-mal.
return of goods after a sale due to defects in the goods.
Property, which belongs to all people. Neither state nor individuals can prevent others from its lawful use.
Pledge or mortgage.
Is from rayb which literally means "doubt or suspicion and refers to the income which has the semblance of Riba or which raises doubts in the mind about its rightfulness. It covers all income derived from injustice to or exploitation of, others.
Letter for customer when the applicable rate is revised annually.
Vehicle available at the dealer for delivery after payment.
Used vehicle available at dealer's end for delivery after payment.
Amount required for registering the vehicle with Excise and Taxation Office.
Amount paid by a lessee to a lessor for the use of an asset.
The process of returning of the borrowed loan amount. The repayment has to be made for the entire tenure of the loan amount. Based on fixed or floating interest rates on the loan amount, the banks or financial institution decides on an EMI which has to be paid on or before a date mentioned in the loan agreement every month.
Tenure of the facility.
"Duplication of term" It is suggested to retain any one of the definition.
Value of the asset after completion of the ijarah period.
This is a type of loan which is "evergreen" in nature such that there is no specified facility maturity date (it may, however, include facility renewals at a pre-determined frequency). The borrower is typically assigned a credit limit and he / she can withdraw any amount he / she requires up to this credit limit.
Points earned by the customer upon conducting any transaction from his/her credit card. This facility vary banks to bank.
Riba literally means increase, addition, expansion or growth. It is, however, not every increase, or growth, which has been prohibited by Islam. In the Shariah, Riba technically refers to the premium that must be paid without any consideration. According to the jurists of Islam this definition covers the two types of Riba, namely Riba Al Fadhl and Riba Al Naseah.
An extension of Riba to trade, because while trade is allowed, not everything is permitted in trade. The prohibition of Ribaal-fadl closes all back doors to Riba through trade. unlawful excess in the exchange of two counter-values where the excess is measurable through weight or measure. According to some Ahadith (Sayings of the Holy Prophet) if six things i.e. gold, silver, wheat, barley, dates and salt are exchanged against themselves, they should be spot and be equal and been specified. If these conditions are not found, this transaction will become Riba Al Fadhl.
Literally means increase or addition of debt and it refers to the premium that must be paid by the borrower to the lender along with the principal amount as a condition for the loan or an extension in its maturity." It is thus equivalent to interest. the addition of the premium which is paid to the lender in return for his waiting as a condition for the loan and is technically the same as interest.
In an event of default or otherwise, bank has the right of set off i.e. bank at its discretion or otherwise and without giving notice to the customer, reserves the right to recover outstanding amount(s) from any of Customer's Account(s) maintained with the bank.
Ancient wealth found hurried in land whose
element; part of an act without which the act is not complete or valid; essential ingredient or element of a contract; singular of Arkan.
Pakistani Rupee Currency.
These letters are abbreviations for the words "Salla Allahu Alaihi Wa Sallam", which means : may the blessing and the peace of Allah be upon him. When the name of Prophet Muhammad is mentioned, a Muslim is to respect him and invoke this statement of peace upon him.
Anything given away in charity in the name of Allah.
A compulsory levy after the month of fasting (Ramadan). Every Nisab-holder has to give to the poor one saa (21/2 kg.) of commonly used grain for himself and each one of his dependents.
Two small hills in Makkah, in Al-Haram as-Shareef (The Grand Masjid) to the east. It is an essential part of an Umrah and the Hajj to walk seven times between the two places, quickening ones step briefly between the two hills. This is called Sai. See Holy Quran, Al-Baqara (2).
(plural, Ashab al-mal): The financier; in the mudarabah form of partnership agreement, the sahib al-mal (also, rabb al-mal) provides the finance while the mudarib provides the entrepreneur ship and management. There can be many ashab al-mal and midribs in a given muddrabah agreement. See also muddrabah, mudarib.
The act of going back and forth seven times between Safa and Marwa which is done during the Hajj or the Umra.
Pl. Sukook, Check, certificate of debt, certificates of investment.
See Bai al salam.
Person employed on a salaried basis.
Confirmation document sent to the customers before delivering Vehicle.
Brokrage, agency, business of commisson. See Simsar.
contract for the exchange of gold, silver, and currencies whether the currency or commodity exchanged is the same from both sides or is different, that is, whether dinars are exchanged with dinars or dinars are exchanged with dirhams.
The document prescribing Service Fee(s), charges and other fee(s) applicable to the Card/ BTF, Card Transactions and / or Card Account, issued by the Bank bi-annually to the Card members.
Credit Limit which has been granted by bank and is secured against collateral/liquid/non-liquid securities. In an event of default, or otherwise, bank has the right to recover the amount(s) outstanding against the said security.
Bank's security against the loan.
Individual having his own professional business.
Vehicles that can be used for individual consumption and for commercial purpose as well.
Merchant acquiring bank who authorize it's merchant to accept card transaction as per agreement and able to respond disputes queries.
Fee as determined by the Bank and prescribed in the Schedule of Charges and payable by the customer on the outstanding Liabilities and other amounts.
juristic person; artificial personality; corporate personality.
Islamic Jurisprudence. Divine law consisting of Quran and Sunnah and on justification.
Committee of Islamic scholars in Islamic Banks for guidance and supervision and whose decisions are binding upon the bank.
partnership; in Egyptian law the term is used for joint-stock companies and corporations as well, but is qualified with an adjective to indicate its nature: thus, sharikah musahamah for a public limited company or a corporation whose capital has been subscribed to by the general public.
general partnership; a partnership in which each partner is a general attorney for the other partners; a partnership that permits trading in all types of goods.
partnership based on credit-worthiness of the partners in which the ratio of profit and loss is based on the liability borne, but the partnership has to be of the type inan or mufawadah.
special partnership; partnership for a single venture or for trading in a particular item; partnership in which each partner is a special attorney of the other partners.
in Egyptian law it is the name for a corporation or for a public limited company.
a basic contract of partnership based on agency in which participation may either be on the basis of wealth or labor or credit-worthiness, and in which equality of contribution or legal capacity is not necessary.
another name for sharikat al-amal.
a partnership in which participation is based on the contribution of wealth by all partners, but the partnership has to be of the type indn or mufdwadah.
a term used by the Malikis to indicate a situation where two or more persons are buying goods on credit it is different from the Hanafi sharikat al-wujuh insofar as it requires the physical presence of all the partners at the time of purchase.
common rights of individuals to gather possesses and own free commodities.
mandatory co-ownership created by an act of law, like inheritance.
a partnership between persons whose assets have been reduced to copper coins and who have to buy on the basis of credit-worthiness; see sharikat al-wujuh.
see sharikat al-amwal.
co-ownership. Sharikat al-mudarabah: see mudarabah.
partnership for the acceptance of work, which is the same thing as a partnership based on labor or skill.
The right of irrigation.
a partnership created through contract as opposed to co-ownership that may be the result of a joint purchase or agreement or it may result from inheritance or from some other legal situation.
Another form of the term sharikah. Partnership between two or more persons whereby, unlike mudarabah, all of them have a share in finance as well as entrepreneurship and management, though not necessarily equally. See Appendix II for details.
see sharikat at-amal.
The right of preemption for a person who is his neighbor or who is his partner in water.
Check, certificate of debt, certificates of investment; plural of Shak
conditions; the name given to the art of conveyancing in Islamic law.
form of the contract.
Broker, agent like travel agent or estate agent. See Samsarah.
SMS - Short Message Service Charges.
Specific written (and signed) instructions provided by a customer to debit his / her account by a specified amount on a pre-determined frequency. In the context of consumer financing, standing instructions are often requested from borrowers which have another Non checking account which can be used to service their repayments.
The Bank's monthly or other periodic statement of account send to it's customers showing particulars of the transactions carried out.
Legal case filing.
Any saying of Prophet Muhammad (peace be upon him) or his act or any act of his companion endorsed by him. After the Quran, the Sunnah is the most important source of the Islamic faith and refers essentially to the Prophets example as indicated by his practise of the faith. The only way to know the Sunnah is through the collection of Ahddith .
Supplementary card member means the person who is issued a supplementary card with the authorization and consent of the original / basic card member.
The person who is issued a Supplementary Card.
A chapter of the Quran. There are 114 surahs of varying lengths in the Quran. In all references to the Quran in the text (e.g. 30: 41), the first number refers to the surah and the second to the ay ah or verse.
The Personal Identification Number issued to the Card member to enable the Card member a Supplementary Card member or selected by a Card member or the Supplementary Card member and generated through IVR to use the telephone banking facilities made available by the Bank.
Time Credit Account
act of charity.
Earmarking a piece of wasteland that has no owner by an individual in order to rehabilitate it. (This establishes the right of ownership on such land).
Islamic Insurance. A scheme of mutual support that provides insurance to individuals against hazards of falling into unexpected and dire need.
The amount payable to a takaful company in return for their coverage of an asset at a pre-determined takaful rate.
derivation; a methodology practised by the faqih, and that is based upon reasoning from principles.
restriction; restriction of the meaning of a text.
Another name of Takaful (Islamic insurance). See Takaful.
Discretion; sense of discriminating between right and wrong evident in the behavior of a minor.
Acceptance of work by either partner in a partnership based on labor.
Preference of one legal evidence over another in the derivation of the rules of law.
Act; right to transact; right of disposal of property.
Time required for application processing.
Sale at cost without any profit for the seller.
Limiting duration of contract or another legal act.
ascertainment of the goods sold through weight or measure.
A limited period of credit posted by bank into cardholder's card account for disputed transaction.T
The length of time for which a term loan has been approved and is typically structured in 12-month multiples.
This is a type of loan which is disbursed for a specified time duration after which the loan matures. This type of loan involve reduction of the principal outstanding as and when the customer pay his / her installments.
Sale & Agency based financing facility for Customers who sell Finished Goods on Credit basis. This facility enables Customers to sell their Finished Goods stock, meet their working capital requirements and enjoy the benefits of Cash sales.
A posted transaction which is disputed after 120 days time-limit or MasterCard/Visa allowable time-limits by cardholder.
Documents identifying the owner of the property.
Documents identifying the owner of vehicle such as excise file and registration book in Autos.
Top Up means line replenishment/enhancement.
An amount including down payment, insurance, processing fee etc. which is paid after Auto loan approval.
Equal monthly amount payable including loan installment (Principal + Markup) and insurance premium amount.
Loan disbursed in parts are called trenches.
Pl. of ‘Ardh: property that includes goods, slaves and even real estate.
Plural of Alim. The people of knowledge from amongst the Muslims who act on what they know and do what they say.
Refers to the whole Muslim community, irrespective of colour, race, language or nationality, which carry no weight in Islam.
A pilgrimage to Mekkah, but not during the Hajj period. It is also called "the Lesser Pilgrimage".
The fulfilled Umrah - the Umrah which the Prophet performed in the seventh year after Hijrah which he intended to do in the sixth year but which the Quraysh unbelievers had not allowed him to complete.
Indemnity provided by the customer.
Undivided portions in an asset.
Customer is not making payments against availed cross sell facility/product resulting bank has right to close either temporary or permanently said product/facility.
conveyancing; drafting of legal documents.
Currency of the United States of America.
Ten per cent (in some cases five per cent) of agricultural produce payable by a Muslim as a part of his religious obligation, like Zakat, mainly for the benefit of the poor and the needy.
The validity date specified by the Bank on the Card.
Inventory / Property risked contract.
Sale at a loss.
contract of deposit; bailment.
Compulsory, obligation as distinguished from wujub (duty).
A contract of agency in which one person appoints someone else to perform a certain task on his behalf, usually against a certain fee.
Endowment. A charitable trust in the name of Allah, usually in perpetuity, and usually for the purposes of establishing the Deen of Islam, teaching useful knowledge, feeding the poor or treating the sick.
Will (according to Islamic law a person cannot bequeath more than one third of his total inheritance nor can he bequeath in favour of his heirs).
authority granted by one partner to another to buy on credit beyond the limit of the capital of the partnership.
To withdraw cash either through the Automated Teller Machines (“ATMs”) or through use of a Debit Card held by the Customer (“Debit Card”).
journeying through the earth seeking the bounty of Allah.
compulsories levy on every Muslim who has wealth greater than the amount of Nisab. The amount payable by a Muslim on his net worth as a part of his religious obligations, mainly for the benefit of the poor and the needy. See also ushr.
A small obligatory head-tax imposed on every Muslim who has the means for himself and his dependants. It is paid once yearly at the end of Ramadan before Eid al-Fitr.
The Muslims wealth tax: One must pay 2.5% of ones yearly savings above a certain amount to the poor and needy Muslims. The Zakah is compulsory on all Muslims who have saved(at least) the equivalent of 85g of 24 carat gold at the time when the annual Zakah payment is due.
Zakah of profits of merchandise.
Zakah of grain/corn.
Zakah of minerals.
Zakah of treasure/precious stones.
seed; crop to be sown.
equivalent of legal personality in positive law; receptacle for the capacity for acquisition; see ahd.
A comprehensive term used to refer to all forms of inequity, injustice, exploitation, oppression and wrongdoing whereby a person either deprives others of their rights or does not fulfil his obligations towards them.