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The Principles and Practices of Shariah in Islamic Finance - page 48 / 49

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Terms

Definition

Purchase Orderer

A person who enters into an arrangement with a financial institution to place an order for a particular good and undertakes to subsequently purchase the said good upon acquisition by the FI.

Takhliyah

Relinquishing or abandoning the rights of ownership.

Tamkin

Enabling the person who has the ownership of asset transferred to him, to make full use and assume liability of the asset.

Tawliyah Sale

Sale of goods at its cost price.

Trust-sale

Sale where the buyer depends and relies totally on the integrity of the seller with regard to the cost and profit that the latter disclosed to the buyer.

Wa`d

Promise or undertaking.

Waqf

Endowment or assignment of an asset for religious or charitable purposes in a form of trust where the asset may not be used for another purpose.

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