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Al-qardh, from a shari’a point of view, is a non commutative contract, as it involves a facility granted only for the sake of tabarru’ (donation). Therefore, al-qardh al-hasan is a gratuitous loan extended to people in need, for a specified period of time. At the end of that period, the face value of the loan (asl al-qardh) is to be paid off.
Indonesian migrant workers (Indonesian: Pekerja Migran Indonesia, PMI, formerly known as Tenaga Kerja Indonesia, TKI) are Indonesian citizens who work in countries outside of Indonesia. Indonesia's population is the world's fourth-largest, and due to a shortage of domestic jobs, many Indonesians seek employment overseas.
Takaful (Arabic: التكافل, sometimes translated as "solidarity" or mutual guarantee) [1] is a co-operative system of reimbursement or repayment in case of loss, organized as an Islamic or sharia-compliant alternative to conventional insurance, which contains riba (usury) and gharar (excessive uncertainty).
bai al-ina/wadiah (The bank sells a product at a certain price which is the pool of means available for the client from its credit card. And then the bank repurchases the item from the client at a lower price. The difference between the prices is the income of the bank. In this model, the client would have a ceiling limit of money it could ...
Haram (/ h ə ˈ r ɑː m, h æ ˈ-, h ɑː ˈ-,-ˈ r æ m /; [1] [2] Arabic: حَرَام ḥarām [ħɑˈrɑːm]) is an Arabic term meaning 'forbidden'. [3]: 471 This may refer to either something sacred to which access is not allowed to the people who are not in a state of purity or who are not initiated into the sacred knowledge; or, in direct contrast, to an evil and thus "sinful action ...
A work permit or work visa is the permission to take a job within a foreign country. The foreign country where someone seeks to obtain a work permit for is also known as the "country of work", as opposed to the "country of origin" where someone holds citizenship or nationality.
One Islamic Bank (Devon Bank) describes the process as follows An ijarah transaction involves two components: a purchase agreement and a lease. You go out and find the property you would like us to purchase on your behalf. You negotiate the price and other aspects of the purchase. You make any initial payment of earnest money to reserve the ...
The non-orthodox position emphasizes the difference between bank interest and the riba of the Quran (sometimes arguing that contemporary "bank Interest" is a new financial technology not covered by classical fiqh), [209] and the importance of moral and practical aspects in determining what is riba.