Glossary Abd Allah: ‘servant of God’ in Arabic. Adl: is an Arabic word meaning justice. Ahl-al-kitab: is an Arabic term used for the People of the Book, e.g. Jews and Christians. Allah: an Arabic word for God. Other frequent names are Al-Rahman (the Merciful) and Al-Rahim (the Compassionate). Amanah: means fulfilling or upholding trusts, honesty. Amin: term used for trustee in Islam. Ariyah: a contract in which one party loans another the use of some item for an indefinite period of time. Avak ribbit: the dust of interest. A term used in Jewish literature. Bai or bay: sales in Arabic. Bai’ al-wafa’ or bai’ al-‘uhda: sale of property under the condition to buy back after a certain time. Bai bi-thamin ajil: alternate term used for deferred sale payment agree- ments mainly in East Asian countries. Bai’muajjal: is deferred-payment sale. Bai’salam: prepaid purchase. The term is mostly used in agriculture business. Batil: is an Arabic word meaning falsehood, null and void. Bayt al-Mal: state treasury department under Islamic governments in earlier times. Brahmin: Brahmin is a varna (class or caste) in Hinduism specializing as priests, teachers and protectors of sacred learning across generations. Bukhl: miserliness in Arabic. Canon: an authoritative decree by an ecumenical council. x Mervyn K. Lewis and Ahmad Kaleem - 9780857939036 Downloaded from Elgar Online at 09/30/2021 02:13:35AM via free access M4637-LEWIS & KALEEM_9780857939029_t.indd 10 12/12/2018 11:43 Glossary xi Carati: initial form of limited liability shares during the thirteenth century. Cardo: Christian ethics drawing upon ancient understanding or moral wisdom, especially the cardinal virtues, where cardinal comes from the Latin cardo. Caveat emptor: let the purchaser beware (i.e., he buys at his own risk). Cocchi-Compagni: amount donated to the Church as a gift and mentioned in a will. Collateralized debt obligation (CDO): is a type of structured asset-backed security (ABS), originally developed for the corporate debt markets. Commenda: a form of partnership used during the Middle Ages. Compagnia: term used for shipping companies or corporations during the medieval period. Contractus trinus: triple contact devised during medieval years to avoid usury charges from the Church. Damna et interesse: compensation paid for the non-fulfilment of a com- mercial contract. Damnum emergens: represents the actual reduction in the economic situ- ation of the person who has suffered damage and the loss of profits (lucrum cessans). Decalogue: The Ten Commandments. Dhimmas: is a historical term referring to non-Muslims living in an Islamic state with legal protection. The word literally means pro- tected person. Eudaimonia: Greek word used for happiness or welfare. Fard kefaya: is an Islamic term that denotes a religious duty commanded by Allah (God). Fardh: responsibility or duty. Fasid: this is an Islamic religious concept which means corruption, defec- tive or voidable. Fiqh: Islamic jurisprudence. Fondaco: European trading houses or overseas colonies. Fuqaha: Islamic jurists, scholars, lawyers. Mervyn K. Lewis and Ahmad Kaleem - 9780857939036 Downloaded from Elgar Online at 09/30/2021 02:13:35AM via free access M4637-LEWIS & KALEEM_9780857939029_t.indd 11 12/12/2018 11:43 xii Religion and finance Gemara: Aramaic for completion or tradition, a rabbinical commentary on the Mishnah, forming the second part of the Talmud. Geneivat da’at: Jewish term which means creating a false impression. Gharar: Arabic term for uncertainty, hazard, chance or risk. Gospel: the teaching or revelation of Jesus. Hadith: the authentic tradition or sayings of Prophet Muhammad. Hajj: Muslim pilgrimage to Mecca. Halacha (halakha, halakhah, halachah): Hebrew, ‘to go’; Jewish law and jurisprudence, based on the Talmud. Halal: activities or goods which are allowed under Muslim law. Hanafi school: it is one of the four religious Sunni Islamic schools of jurisprudence (fiqh). Haram: goods or activities which are prohibited in Islam. Hetter iska: this is a form of partnership agreement allowed under Jewish law. Hiba: means gift in Arabic. Hirs: this is an Arabic word for greed. Hisba: Arabic term for supervision or monitoring. Hiyal: Islamic terminology used to avoid straightforward observance of Islamic law in difficult situations while still obeying the letter of the law. Hobbesian: relating to or characteristic of the ideas of English philosopher Thomas Hobbes, known as the father of social contract theory. Ihsan: term used in the Qur’an for goodness, kindness, benevolence. Ijara: term used for leasing under Islamic finance. Ijara wa iqtina: Islamic finance term for hire purchase or lease purchase. Ijma: the collective judgments of learned Muslim scholars. Ijtihad: effort, physical or mental, expended in a particular activity, is an Islamic legal term referring to independent reasoning or the thorough exertion of a jurist’s mental faculty in finding a solution to a legal question. Ikhtiy’ar: free will or free consent. Mervyn K. Lewis and Ahmad Kaleem - 9780857939036 Downloaded from Elgar Online at 09/30/2021 02:13:35AM via free access M4637-LEWIS & KALEEM_9780857939029_t.indd 12 12/12/2018 11:43 Glossary xiii Iktinaz: hoarding of wealth in Arabic. Infaq: spending to meet social obligations. Insan-i-kamil: means the person who has reached perfection; literally, the complete person. Interesse: denotes the compensation made by a debtor to a creditor for damages caused. Iqra: recite in Arabic. Iqtisad: Arabic word for moderation. Iron flock: it was a partnership cum debt agreement among the Jewish community. Iska: an investment agreement or joint venture partnership under Jewish law. Israf: extravagance in Arabic. Istislah: public interest, or a method employed by Muslim jurists to solve problems that find no clear answer in sacred religious texts. Istisnaa: Islamic finance term for prepaid purchase in the manufacturing sector. Jubilee: a year of emancipation and restoration under ancient Hebrew law to be observed every 50 years. Kadis: term used for judges and judicial magistrates in Islamic countries. Khilafah (Caliph): representative of God on Earth. The term used in the Islamic world for a position similar to Pope in Christianity. Khums: an Islamic tax levied on income generated from mining. Kosher: food prepared according to the requirements of Jewish law. Kshatriyas: Hindu caste, which means warriors. La ilaha illa llah, Muhammadu rasulu llah: in its alternative translation, ‘There is no God but the God and Muhammad is his Prophet’. Lifnei ivver: term used for ill-suited advice under Jewish law. Lucrum cessans: the interest or damages awarded for loss of reasonably expected profits or for loss of use of property. Mafasid: Arabic term for social disutilities, corruption, rottenness. Masalih: social utilities. Mervyn K. Lewis and Ahmad Kaleem - 9780857939036 Downloaded from Elgar Online at 09/30/2021 02:13:35AM via free access M4637-LEWIS & KALEEM_9780857939029_t.indd 13 12/12/2018 11:43 xiv Religion and finance Maysir: Arabic word for gambling. Meezan: Arabic term for balance or scale. Messer Domineddio: literally means ‘Mr God-Our-Lord’. Setting aside certain money under the name of God during fourteenth-century Florence. Mishnah: The oral tradition of Jewish law. Mitzvot: Religious precepts under Jewish law. Mora: intentionally delaying the repayment of outstanding loans. Mortgage-backed security (MBS): this is a type of asset-backed secu- rity that is secured by mortgages. Mozaraah: Arabic term for joint cultivation. Mudaraba: Islamic profit and loss sharing partnership where investors usually act as sleeping partners. Mudarib: the term used for an entrepreneur in Islamic partnership. Mufawada: meaning an unlimited, unrestricted and equal partnership. Murabaha: is resale with a stated profit; for example, the bank purchases a certain asset and sells it to the client on the basis of a cost plus mark-up profit principle. Musharaka: joint venture profit and loss sharing in Islamic finance. Muslim: is one who professes the faith of Islam or is born into a Muslim family. Mutuum: a term used for usury or profit during the thirteenth century. Neshekh: term used for interest in Hebrew Bible, which means bite. New Testament: the second part of Christian Bible. Old Testament: first part of Christian Bible. PBUH: peace be upon him. Pentateuch: Greek word meaning five books: Genesis, Exodus, Leviticus, Numbers, Deuteronomy. Prestanza: this is a first permanent debt fund established in Italy in 1164. Qard hasan: Islamic interest-free loan without any specific repayment date. Mervyn K. Lewis and Ahmad Kaleem - 9780857939036 Downloaded from Elgar Online at 09/30/2021 02:13:35AM via free access M4637-LEWIS & KALEEM_9780857939029_t.indd 14 12/12/2018 11:43 Glossary xv Qist: term used in the Qur’an for equity or fairness. Qiyas: analogy from established law. Rabbinical: Jewish law or rulings expounded by a qualified rabbi. Rentes: annuity-based contracts established in the early fifteenth century in Europe. Riba: literally excess or increase, and covers both interest and usury. Riba al-buyu: it relates to usury involving trade. Riba al-fadl: it is an exchange of unequal qualities or quantities of the same commodity simultaneously. Riba al-nisa: involves the non-simultaneous exchange of equal qualities and quantities of the same commodity. Riba al-qard: it constitutes any excess amount paid for extension of a loan’s maturity date. Ribbit: in Judaism a construct of tarbit (increase), prohibited for the lender to charge and for the debtor to agree to make (i.e., interest payments). Sabr: patience in Arabic. Sadaqat: optional charity under Islamic law. Sadaq-e-jaria: term used for an endowment fund under Islamic law. Sahib al-mal or rabb al-mal: term used for investor in Islamic finance. Salam: tranquillity, inner peace or to remain whole. Salat: Muslim prayer. Saracen: term for an Arab or Muslim, especially at the time of the Crusades. Sawm: Muslim fasting. Sea loan: A type of commercial loan during the twelfth century where repayment was subject to the safe arrival of the ship.