debt, liability. Tech: It is a liability created by a contract, expenditure or debt. Al-dain has a definite term fixed for repayment as distinguished from al-qard, which does not have a fixed term for maturity.
A debt which has accrued without the exchange of any tangible asset. Unpaid wages of the worker, undistributed inheritance and provident funds deducted at source are some of the examples.
Relating to the law of zakat, it refers to the debt expected to be returned by the debtor. In other words, it refers to debts assessed to be good as against bad debts (dain ghair marju al-ada). It is also known as dain thabit.
Deferred debt. Tech: Debt in the pre-Islamic days, with the creditors' stipulation of an increase in the amount for increase in term of repayment. The deferred debt, added to which were the continuous increases over the subsequent terms, would double and re-double.
Claims against an estate which exceed or equal its value.
A debt not bound to the physical person of the debtor but outliving him.
A debt which has accrued as a result of exchange of a tangible asset such as a loan or trade.
Relating to the law of zakat, it refers to a small bucket tied to the cattle working on a well to irrigate land. Half ushr (5 per cent) is levied on lands irrigated by al-daliyah. It is also known as al-naura.
Responsibility, guarantee, warranty, surety. Tech: Surety against and responsibility for all insurable risks as well as uncertainty. The shariah has made the responsibility of the entrepreneur to cover all these risks since he is the one who receives the profit. There cannot accrue any lawful profit to someone who refuses to accept these risks.
Surety by the seller against any defect in the title of the property.
An agreement whereby a person undertakes to indemnify another person if the latter suffers a loss during a journey, pro_ vided that the traveler undertakes the journey on the same route' as identified by the indemnifier.
Surety for loss. Teeh: Standing surety for someone's loss in a business. An application has been made of this principle in the case of , riba-free banking. The state cannot hold out a guarantee to the depositors of a riba-free bank to make good any loss in the deposits through mudarabah or shirkah with the bank.
Liability for making-up any loss. It relates to contract for deposits or in riba-free banking. The , riba-free bank is liable to make up any deficiency in the demand deposits of the creditors. The bank is also liable to make up the losses, in case a loss occurs due to violation of the terms of a particular investment deposit. Both the situations are governed by the juridical concept of daman al-naqs.
Guarantee to make good any loss which may occur to the property of someone while in safe custody of the guarantor. The term has been applied in the model of , riba-free banking where the bank guarantees demand deposits against any loss.
Surety by the seller to the purchaser against any dispute about the property by a third party or by the seller himself.
An ancient coin, a small coin. Tech: A coin of silver equal to eight grains of barley or 0.496 grams.
Lands over which there is a peace treaty between the Muslims and the non-Muslims.
The lands of non-Muslims who have declared war against Muslims.
The land of Muslims where they live in peace and according to Islamic principles.
A holding company, registered in the Bahamas with a paid-up capital of US$1 ,000 million contributed by the promoters and the public in Muslim countries. The affairs of the DMI are conducted under the direction of an eighteen-member board of supervisors. Administration of the business affairs of the DMI is entrusted to Dar al-Mal al-Islami, S.A. (DMISA), a corporation formed under the laws of the Canton of Geneva, Switzerland. All the shares of the DMISA are owned by the DMI. The DMI operates through Islamic banks, investment and insurance companies. The DMI invests in banking companies as well, provided that it is allowed to hold 51 per cent of the equity. The DMI claims to run its affairs on an interest-free basis. A board of shariah scholars supervises the legality of the DMI's business in the eyes of the shariah. The investment companies of the DMI accept deposits on various terms. The DMI acts as a mudarib and the depositors are treated as arbab al-amwal. The insurance companies of the DMI, known as takaful or solidarity companies cover known losses. The membership of these companies brings all the members into a union of brotherhood where the loss of one is made up by others. The premiums received are invested in lawful business. Any profits are also distributed among all the members, DMI keeping a small commission for its services.
Levies imposed by an Islamic state on its citizens at times of such emergencies as natural calamities, famine, war, etc. These taxes were levied only when normal sources of revenue were inadequate to meet the immediate expenses.
The five fundamental needs. Tech: Five basic needs of every Muslim, namely, protection of life, religion (din), reason (aql), progeny and property. They have also been termed as maqasid al-shariah, i.e., the main objectives of the shariah. An Islamic state is supposed to cater for these basic needs of all its inhabitants, should the individual, the family or his community be unable to do it.
Relating to the law of inheritance, relations connected through females. They get a .share in the absence of dhaw-u ljaraid and asabat. The following relatives come under this category:
Son of the daughter and daughter of the daughter.
Son of the daughter of the son, and daughter of the daughter of the son and their children.
Maternal grandfather, maternal grandfather of the father, the grandfather of the mother, maternal grandfather of the mother, the grandmother of the mother, children of the sisters, sisters of the father and those of the mother, etc.
Relating to the law of inheritance. These are the people whose shares have been defined in the Quran. They are twelve in number; (a) four males: father, grandfather, uterine brothers and husband; (b) eight females: wife, daughters, son's daughter, mother, grandmother, full sister, consanguine sister, uterine sister.
Lands in possession of dhimmis in exchange for land taxes. Also known as ard al-kharaj.
Non-Muslims who came under the protection of the Islamic state after fighting and accepting the defeat. They are to be distinguished from al-muahid (contractees) who agreed to live under Muslim protection as a result of some peace agreement. Al-Muahids are liable to pay tax according to the agreement whereas al-dhimmis are subject to jizyah.
See Dubai Islamic Bank.
See mal al-dimar.
A monetary unit. Tech: Gold coin weighing one mithqal, equivalent to 4.25 grams.
Copper dinar in circulation during Nasrid Spain (fourteenth century AD). It was used for day-to-day internal exchange and carried a fixed monetary value.
Golden dinar in circulation during Nasrid Spain. Usually of 2 grams in weight, containing 22 carats gold. The gold dinar was mostly used in the international trade in those days. It was equal to 5 to 7 silver dinars or 75 silver dirhams.
Silver dinar in circulation during Nasrid Spain, usually equal to 1/15th to 1/7th of a gold dinar. Silver dinars were of square shape and seem to have been issued by Nasri rulers with fixed monetary value as compared to gold dinars, which had a fluctuating market price.
A weight of varying magnitude. Tech: A weight to weigh commodities. One dirham equals 3.171 grams.
A weight of varying magnitude. Tech: Silver coin weighing one dirham. Equal to the weight of70 grains of barley or 2.97675 grams.
Account books of the treasury. Tech: The finance department of early Muslim states. Initially established by caliph Umar as a department to manage state finances, but later on adopted by Muslim states on a regular basis. The entire economic activity came to be co-ordinated through diwan bait aI-mal being one of its wings. During the Abbaside period the diwan became a generic name for a department. Each department came to be designated as diwan relating to specific functions. Each diwan had two sections: al-asl (shortened from majalis al asl or diwan al asl) and al-zimam. The former was the main office while the latter was a supervising bureau (and was also called diwan al-ishraf because of that reason). The asl section was responsible for preparing the departmental budget and its execution while al-zimam was responsible for audit and control. In addition to a zimam section with each department, there was a zimam for public undertakings or state property
A supreme audit office established by Abbasides to control and check the accounts of other diwans. This was also termed as diwan zimam al-azimmah.
A department during the Abbaside period responsible for distributing that part of zakat on which the poor needy and the awqaf had a claim.
Central board for the management of personal estates of the caliph during the Abbaside caliphate.
A department for controlling local mints. Originally started by Ummayyads, it grew into a modern day central bank. It kept an eye on the circulation of money and granted concession of coinage.
Finance department of the central government during the Abbaside period. It had a number of wings. Majalis al-asl (where the chief used to sit) was responsible for drawing financial estimates. There was majalis al-hisab for reviewing the provincial accounts before they were ratified in the majalis alj'amaah, the bureau for closing the accounts of local buyut al-amwal. Then there were majalis ai-sudan, probably a bureau for drafts or perhaps for keeping registers and majalis al-tafsil which kept specified charts over individual tax-payers, their circumstances, yields, and correspondence regarding their problems. Finally, it contained majalis al-jaysh that kept an eye on the military participation on tax levy and the tasabbub that flowed to them. Diwan al-kharaj functioned independently of other departments. It acted as an audit office over the wazirs, and also looked after the agricultural and economic productivity of the provinces.
Provincial department of revenue which kept registers defining each province and indicating how it had been annexed to the Muslim state, whether by anwah or sulk. Registration covered the status of land taxation at various points, indicating whether the payments were kharaj or ushr, whether kharajwas considered as rent or as ajizyah, the survey of the land with the names of holders, the type of kharaj assessment, whether it was misah or muqasamah, and the fixed rate of kharaj in the case of misahah or the proportion of yield in case of muqasamah. Moreover, sufficient information was kept about the mines and their payments or the ushur of trade. The payers of the jizyah were also listed.
A department during the Abbaside period which dealt with matters concerning those officials who were called to account for the way in which they discharged their duties and in consequence were penalized and sometimes deprived of their property. The methods employed at musadarah might range from a polite discussion in which the accused might voluntarily submit to pay a fine, to torture and even loss of life. The diwan was also responsible for the management of confiscated properties. Therefore, in certain cases it was also known as diwan almaqbudat.
An administrative office established by the Ummayyads to administer state lands, including government properties in cities and villages and their rents. It is likely, however, that this diwan was a small department attached to the larger and more important diwan al kharaj.
An office established by early Abbasides to manage the expenditure of the state as they related to the requirements of the court. It dealt with the salaries of the court officials, provisions, construction and repair of royal buildings and care of stables. As many of the expenses in this department went to the retinue of the khalifah, it was also called diwan al-ahsham. It was divided into majalis al1lln', the place where the pay of the ahsham was disbursed, the majalis al-inzal from where the household of. the khalifah was financed and where accounts were settled with the merchants, who paid in the wazifah, and where the natural products grown upon the governmental diya were delivered and controlled. It also had majalis al hawadith responsible for extraordinary expenses.
An office set up by early Abbasides to act as agent for collection of all revenues and taxes from the agricultural lands of Iraq.
Central board for the management of sawafi lands during the Abbaside period.
Relating to the administration of iqta in India of the sixteenth century. It was the central accounts office which was also the chief auditing authority of the revenue receipts of the provincial iqta.
Private estates either belonging to the crown or to private owners. In contradistinction to private estates, the crown estates were also called diya al-sultan or diya al-khalifah. These consisted of confiscated estates as well as such estates that had been purchased.
Also known as diya al-mustakhlisah, they were private estates belonging to the crown. The income from them accrued to the bait al-mal al-khassah.
Depositors' Rate of Profit-sharing. In interest-free banking, percentage share of depositors in the profits accruing to th_ banks. It is an Islamic alternative to interest on saving bank deposits.
An arrangement according to which capital is advanced to an intermediary (be it a bank, a finance corporation or business firm), on the basis of mudarabah which further gives this capital to a third party again on the basis of mudarabah. In this way two independent contracts take place. The intermediary (say I) enters into contract with the one who advances money on the basis of mudarabah (say S), and the one who takes it on the basis of mudarabah (say E). The profit from the business of E, shall be distributed between 'E' and 'I' in a given proportion, but any loss on the capital shall be borne by'!' alone. Similarly, any profit earned by'!' shall be shared by'S' and 'I' in a predetermined ratio but any loss to'!' shall be borne by'S' alone. In this way'!' acts as agent, and E sub- agent of S.
Incorporated on 10 March 1975. Has three branches in UAE. Authorized capital, 50 million dirhams (fully paid-up).
Purchase or lease of kharaj land by a Muslim which was originally banned.