GLOSSARY
- al-ajr
- Refers to commission, fees or wages charged for services.
- al-fard al-kifa'i
- Lit. 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.
- al-wadia
- Resale of goods with a discount on the original stated cost.
- al-wakala
- Absolute power of attorney.
- amanah / amana
- Lit: reliability, trustworthiness, loyalty, honesty. Technically, an important value of Islamic society in mutual dealings. It also refers to deposits in trust. A person may hold property in trust for another, sometimes by implication of a contract.
- arboun / arbun
- A non-refundable down payment for attaining the right to buy goods at a certain time and certain price in future; if the right is exercised, it becomes part of the purchase price.
- awkaf / awqaf
- A religious foundation set up for the benefit of the poor.
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