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The Principles and Practices of Shariah in Islamic Finance - page 47 / 49

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GLOSSARY

Terms

Definition

`Urbun

Earnest money.

`Urf

Customary practices which are in compliance with Shariah.

Acquisition Cost

Cost to purchase or acquire an asset including its price and direct expenses.

Constructive Possession

A state where a person does not have actual possession, but has the legal rights to control an asset.

Direct Expense

Costs or expenses incurred to directly enable the acquisition of goods by the IFI and delivery of the goods to the customer.

Hamish Jiddiyyah

Security deposit.

Indirect Expense

Expense indirectly incurred and not directly chargeable to a specific acquisition, project or task.

Kafil

Guarantor.

Khiyar al `Ayb

Option arising from defect; the option of dissolving the contract on discovery of defect in the goods purchased.

Monetary Assets

Generic term for accounts receivable, cash, and bank balances i.e. assets that are realizable at the amount stated in the accounts.

Muqasah

Set-off.

Physical Possession

A state where a person has actual possession and the rights to control an asset.

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