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Glossary of Financial Terms - U
This glossary is not limited to Islamic terms and
contains Arabic and English terms that are also referred to
in the study of Islamic economics, banking and insurance.
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Ujrah |
The financial charge for using services (wage, salary, allowance, commission, fee). |
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Ukhuwah |
Spirit of brotherhood. |
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Ulama |
Scholars, Muslim scholars trained in Islam and Islamic law. |
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Ulema |
See Ulama. |
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Ummah |
The Diaspora or ‘Community of the Believers’ ( ummat al mu’minin), the worldwide community of Muslims. |
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Umra |
See Umrah. |
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Umrah |
Lit: visiting or attending. It is a mini-pilgrimage to Makkah which is not compulsory, but highly recommended, and can be performed at any time of the year. |
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Uqood-e-mu´awadha |
Commutative, characterised by substitution. |
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Uqood Ghair mu´awadha |
Non-Commutative. |
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Urboun |
See Arbun. |
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Urf |
Custom. Usage, common practice. Urf is one of the sources of the Islamic law as long as it does not contradict the primary sources of the Shari'ah i.e. the Qur'an and the Sunnah. |
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Ushr |
Ten percent (in some cases five percent) of the agriculture produce payable by the Muslim as a part of his religious obligation, like Zakah, mainly for the benefit of the poor and the needy. |
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Usufruct |
A legal right to use and derive profit from property belonging to someone else provided that the property itself is not damaged. |
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Usul al-Fiqh |
Islamic legal theory. |
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