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Glossary


Shariah is Islamic jurisprudence a 'Canon' Law derived from three sources: the Holy Quran, the 'Hadith' (sayings and doings of the Prophet and his early followers), and the 'Sunnah' (practices and traditions of the Prophet).

Halal is what is lawful and permissible. In Islam there are activities, professions, contracts and transactions that are 'Haram' explicitly prohibited by the Holy Quran. All other activities, professions, contracts and transactions are Halal. This concept differentiates Islamic economics from conventional economics.

Shariah Advisory Board is a committee or council of Islamic scholars available to provide guidance and supervision for development and/or maintenance of Shariah compliance of institutions and products.

Zakat is a Muslim religious levy. It is the third pillar of Islam, meant to purify wealth and souls. A mandatory contribution every wealthy Muslim is required to make to Islamic communities to help the needy.

Hajjis a yearly pilgrimage to Mecca; it is the fifth pillar of Islam, a duty on every Muslim who is financially and physically able to carry out at least once in a lifetime.

 

     

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