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Islamic terms

Glossary of Islamic Financial Terms

Source : IBFIM| 28 May 2013

The principles of Islamic Shari'ah governing commercial and financial transactions are extraordinary complex and elegantly simple

Bai` Bithaman Ajil

A contract of sale and purchase for the financing of an asset on a deferred payment and installment basis with a pre agreed payment period. The sales price includes a profit margin.

 

Modesty (haya): Inner and outer

By Christine Benlafquih | 12 Dec 2012

Muslims should possess both an inner and outer modesty. This is reflected in behavior, speech and appearance, and includes being mindful of God at all times.

For many people in the West, the modest dress of Muslims — particularly the woman’s head scarf, or hijab — has become synonymous with the concept of modesty in Islam.

 

Meaning of justice in Islam

Source : IslamReligion | 22 Sep 2012

In the Islamic worldview, justice denotes placing things in their rightful place. It also means giving others equal treatment. In Islam, justice is also a moral virtue and an attribute of human personality, as it is in the Western tradition. Justice is close to equality in the sense that it creates a state of equilibrium in the distribution of rights and duties, but they are not identical. Sometimes, justice is achieved through inequality, like in unequal distribution of wealth. The Prophet of Islam declared:

 

Business ethics in Islam

Source : Syed Asad | Dawn Newspaper | 22 Jul 2011

The term ‘business ethics’ refers to the behavior that a business organization is supposed to adhere to in its interaction with society, transactions with customers and in its internal affairs. The concept of business ethics is as old as business itself.

Initially, different cultures and regions had different ethics of business. With increasing globalization, the various sets of business ethics are continuously acquiring common values and forms. Islam has given guiding principles for all human activities and also prescribes and explains the ethics of business.

 

What is Islamic Finance?

Source : Mohammad Shafique | Global Trader
Institute of Islamic Banking and Insurance | 19 Jul 2011

Islamic finance is similar to conventional finance in the sense it refers to facilitating pooling of financial resources and their investments, except that all the activities are undertaken in compliance with Shari’ah – commonly referred to as Islamic law. Shari’ah, literally means ‘path’ or ‘way’ to water source.

 

Glossary of Islamic terms

Source : Mark S. Luckie | The Washington Post
14 Jun 2011

Want to know the difference between hajj and halal? Here is a short glossary of some of the most commonly used words and phrases in Islamic religion and culture.

Allah
The Arabic word for God.

Hadith
A traditional account of things said or done by Muhammad recorded by his followers, commonly taught as a part of Islamic theology.

hajj

 
 

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