Islamic Finance Law from A-Z
Ujrah
Wages/service fees against work done for others; Ijarah of services; different from Ju‘alah which means giving a reward for accomplishment of a defined task. While in Ujrah, acceptance of “offer” by a specified person is necessary, in Ju‘alah, anyone who hears the offer can undertake the work and becomes entitled to reward only upon completion of the job.
Uqood el Mu’awadha
Commutative contracts in which one can genuinely take any return, like contracts of Bai‘, Ijarah and Wakalah.
Uqood Ghair Mu‘awadha
Noncommutative contracts wherein one cannot get any return or compensation, like contracts of loan (Qard), gift (Tabarru‘/Hibah), Guarantee (Kafalah) and assignment of debt (Hawalah).
Ulema (pl. of 'alim)
Shariah a scholars or jurists.
Ummah
The Muslim Community.
Urboun
Earnest money. It is the amount paid by the client (orderer) to the seller after concluding a contract of sale, with the provision that the contract is completed during the prescribed period. The urboun amount will be counted as part of the price; otherwise the urboun will be kept by the seller if the buyer fails to execute the contract.
Usul al-fiqh
Islamic legal theory.
Quicklinks
Islamica 500
Contact
General contact
Tel: +32 483 35 95 15
International Switchboard GMT+1
info@isfin.net
Press & Media
Mrs Zineb Bensaid
ZB@isfin.net
Regional HQ
LONDON • KUALA LUMPUR • DUBAI • NEW YORK