-Followers of Prophet (PBUH)•
Supply contractor an agreement between buyer and seller forsupplying agreed goods onregular basis andon agreed pricewith agreed mode of payment.
Deferred Payment Contract or Goods sale on credit through a financing mode in which seller allows the buyer to pay the price of a commodity either in lump sum or in pre-agreed installment within pre-agreed ata future date in a lump sum or in installments. The price of commodity is pre-agreed with inclusion of financier profit.
Debt financing: Bai al-Dayn is a short-term facility with a maturity of not more than a year. Onlydocuments support debts arising from bona fide commercial transactions can be traded.
Bai al Salaam
Contract of sale of goods where the price is paid in advance and the goods are delivered in thefuture.•Pre-paid purchase
Bai Bithaman Ajil
Deferred payment sale of goods on a deferred payment basis at a price, which includes a profitmargin agreed to by both parties.
:Treasury or House of Wealth•
Acceptance of Authority
Dinar or Dirham It is a ancient currency introduce in the Arab State in an early period
A requirement, or an emergency situation that Sharia permits to preserve life at any means andassure the safety of an individual or the community.
An interpretation to the matter that need the clarification in accordance to the Islamic Teaching which isgiven by the Islamic Scholar having academic qualification to issue such declaration.
Order or Degree by Judge or State.
Islamic jurisprudence inaccordance to the Islamic Shariah and an important part and the base of Islamic economics.
Jurist qualified in Islamic law and Islamic Sharia according to the five leading teachers: Maalik,Abu-Hanifa, Shafi'e, Ibn-Hanbal and Jaafar Siddiq.
Ambiguity, vulnerability, chance or risk.Like any sale or purchase of commodity which is not present atspot or a sale that involve risk or hazard of one party of the transaction. Also an act of dishonesty by ignorance by one or more parties of a contract.
The following are some examples:
•Selling goods that the seller is unable to deliver •Selling known or unknown goods against an unknown price, such as selling the contents of a sealed box•Selling goods without proper description, such as shop owner selling clothes with unspecified sizes•Selling goods without specifying the price, such as selling at the 'going price Making a contractconditional on an unknown event, such as when my friend arrives if the time is not specified•Selling goods on the basis of false description•Selling goods without allowing the buyer the properly examine the goods
The sayings of Prophet Muhammad, May Peace Be upon Him as an explanation of Holy Quran.