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Islamic Banking and Finance

New Perspectives on Profit Sharing and Risk

Edited by Munawar Iqbal and David T. Llewellyn

Islamic Banking and Finance discusses Islamic financial theory and practice, and focuses on the opportunities offered by Islamic finance as an alternative method of financial intermediation. Key features of profit-sharing (as opposed to debt-based) contracts are highlighted, and the ways in which they can facilitate improved efficiency and stability of a financial system are explored.
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Glossary of Arabic terms


Al-Qur’an The Holy Book of Muslims, consisting of the reve(Also written as Qur’an) lations made by God to Prophet Muhammad (peace be upon him). The Qur’an lays down the fundamentals of the Islamic faith, including beliefs and all aspects of the Islamic way of life. Awqaf Plural of waqf. For meaning, see below. Ayah A verse of al-Qur’an. Bayº Stands for sale. It is often used as a prefix in referring to different sales-based modes of Islamic finance, like muraba˙ah, ijarah, istißnaº, and salam. Bayº al-dayn Sale of debt. According to a large majority of fuqaha’, debt cannot be sold except at its face value. Bayº al-salaf An alternative term for bayº al-salam. Bayº al-salam A sale in which payment is made in advance by the buyer and the delivery of the goods is deferred by the seller. Fala˙ Literally means to become happy, to have success. Technically, means achieving success in the life hereafter. Fatawa Plural of fatwa. Religious verdicts by fuqaha’. Fiqh Refers to the whole corpus of Islamic jurisprudence. In contrast with conventional law, fiqh covers all aspects of life, religious, political, social, commercial or economic. The whole corpus of fiqh is based primarily on interpretations of the Qur’an and the Sunnah and secondarily on ijmaº (consensus) and ijtihad (individual judgment). While the Qur’an and the Sunnah are immutable, fiqhi verdicts may change due to changing circumstances. Fuqaha’ Plural of faqih meaning jurist who gives opinion on various juristic issues in the light of...

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