Principes de droit musulman

Pages: 10 (2279 mots) Publié le: 18 avril 2011

Special Comment

Credit Research
June 2008

Moody’s Global

Table of Contents:
Glossary of Arabic Terms Used in Islamic Finance 1 The Five Core Principles of Islamic Banking and Finance 3

Islamic Finance: Glossary of Usual Terms and Core Principles
Glossary of Arabic Terms Used in Islamic Finance

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adl: a trusted andhonourable person, selected by both parties to a transaction. Somewhat analogous to a trustee. amana/amanah: literally means reliability, trustworthiness, loyalty and honesty, and is an important value of Islamic society in mutual dealings. It also refers to deposits in trust, sometimes on a contractual basis. bai/bay: contract of sale, sale and purchase. bai al-salam: advance payment for goods. Whilenormally the goods need to exist before a sale can be completed, in this case the goods are defined (such as quantity, quality, workmanship) and the date of delivery fixed. Usually applied in the agricultural sector where money is advanced for inputs to receive a share in the crop. fatwa (pl. fatawa): an authoritative legal opinion based on the Shari’ah. fiqh: practical Islamic jurisprudence. Can beregarded as the jurists’ understanding of the Shari’ah. gharar: uncertainty in a contract or sale in which the goods may or may not be available or exist (e.g. the bird in the air or the fish in the water). Also, ambiguity in the consideration or terms of a contract – as such, the contract would not be valid. hadith: the narrative record of the sayings, doings and implicit approval or disapprovalof the Prophet.

19 Khalid Howladar
Vice President/Senior Credit Officer



13 Anouar Hassoune
Vice President/Senior Credit Officer

Special Comment

Moody’s Global Credit Research

Islamic Finance: Glossary of Usual Terms and Core Principles
halal: permissible, allowed, lawful. In Islam, there are activities, professions, contracts and transactions thatare explicitly prohibited (haram) by the Qur’an or the Sunnah. Barring these, all others are halal. An activity may be economically sound but may not be allowed in Islamic society if it is not permitted by the Shari’ah. Hanifite laws: an Islamic school of law founded by Iman Abu Hanifa. Followers of this school are known as Hanafis. haram: unlawful, forbidden (see halal). Describes activities,professions, contracts and transactions that are explicitly prohibited by the Qur’an or the Sunnah. hawala: bill of exchange, promissory note, cheque or draft. 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 used in developing countries as a mechanism forsettling international transactions by book transfers. ijarah/ijara: lease, hire or the transfer of ownership of a service for a specified period for an agreed lawful consideration. This is an arrangement under which an Islamic bank leases equipment, a building or other facility to a client for an agreed rental. ijarah wa iqtina/ijarah muntahla bittamleek: a leasing contract used by Islamic financialinstitutions that includes a promise by the lessor to transfer the ownership of the leased property to the lessee, either at the end of the lease or by stages during the term of the contract. ijtihad: literally effort, exertion, industry, diligence. As a legal term, it means the effort of a qualified Islamic jurist to interpret or reinterpret sources of Islamic law in cases where no cleardirectives exist. istisna’a/istisna: a contract of sale of specified goods to be manufactured with an obligation on the manufacturer to deliver them on completion. It is a condition in istisna that the seller provides either the raw material or the cost of manufacturing the goods. maisir/maysir: the forbidden act of gambling or playing games of chance with the intention of making an easy or unearned...
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