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-‘inah||a 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’ salam||a form of sale with advance payment for future delivery|
|dar al-harb||literally ‘the house of war’, the parts of the world where followers of Islam are absent or in a small minority|
|dar al-Islam||literally ‘the house of Islam’, the parts of the world where Muslims are in the majority|
|darura||the principle that necessity can make permissible actions normally forbidden|