Islamic Financial Services in the United Kingdom

By Elaine Housby | Go to book overview

GLOSSARY AND ABBREVIATION

Glossary

The terminology of Islamic finance

Though a strict transliteration system from Arabic to English is available, it is not often used outside the academic world, and the English spellings of Arabic terminology used within the financial services industry can and do vary. This glossary shows only the versions used in this book. It is also worth noting that the commonly used English translations of some Arabic terms can at times obscure the subtlety of the underlying concepts and the extent of debate about their interpretation in practice.

alhamdollillah‘praise be to God’, an expression of thankfulness
bay’ al-‘inaha combination of contracts for deferred sale and immediate purchase of the same goods where the difference in price effectively constitutes a loan to the client
bay’ salama form of sale with advance payment for future delivery
dar al-harbliterally ‘the house of war’, the parts of the world where followers of Islam are absent or in a small minority
dar al-Islamliterally ‘the house of Islam’, the parts of the world where Muslims are in the majority
darurathe principle that necessity can make permissible actions normally forbidden

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Islamic Financial Services in the United Kingdom
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Foreword vi
  • Chapter 1 - Introduction 1
  • Chapter 2 - History of Islamic Financial Services in the United Kingdom 23
  • Chapter 3 - Personal Accounts 45
  • Chapter 4 - Personal Finance 65
  • Chapter 5 - Home Finance 81
  • Chapter 6 - Takaful 107
  • Chapter 7 - Investments and Wealth Management 121
  • Chapter 8 - Sukuk 141
  • Chapter 9 - Business Finance 157
  • Conclusion 173
  • Glossary and Abbreviation 193
  • Index 199
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