Alia Ahmed Abdallah Ibrahim - repo.uofg.edu.sd
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A Suggested EFL Programe for Islamic Economics Translation
in Sudanese Institutes:
A Case Study of Islamic Bank, Islamic Funds,(2016)
Alia Ahmed Abdallah Ibrahim
2017
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A Suggested EFL Programe for Islamic Economics Translation
in Sudanese Institutes:
A Case Study of Islamic Bank, Islamic Funds,(2016)
Alia Ahmed Abdallah Ibrahim
B.A. Faculty of Education -in English Language- University of
Khartoum(1980)
M.A. Faculty of Education -in English Language- University of
Khartoum(1992)
A thesis
Submitted for the Degree of Doctor of Philosophy
in
Applied Linguistics
Department of Foreign Languages
Faculty of Education –Hasahisa
University of Gezira
February/2017
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A Suggested EFL Programe for Islamic Economics Translation
in Sudanese Institutes:
A Case Study of Islamic Bank, Islamic Funds,(2016)
Alia Ahmed Abdallah Ibrahim
Supervision Committee
Name Position Signature
Dr. Hassan Ali Eissa Main supervisor ………………
Dr. Ahmed Gasm Alseed Co-supervisor
………………
February/2017
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A Suggested EFL Programe for Islamic Economics Translation
in Sudanese Institutes:
A Case Study of Islamic Bank, Islamic Funds,(2016)
Alia Ahmed Abdallah Ibrahim
Examination Committee
Name Position Signature
Dr. Hassan Ali Eissa Chairperson
……………….
Dr. Ibrahim Mohamed Alfaki External Examiner
………….
Dr. Abdul Gadir Muhmmed Ali Internal Examiner
……………
Date of Examination: 2/2/2017
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Dedication
To the soul of my mother and father who did everything possible to see their
education ambitions personified on us. To my son and daughters and their
father Dr. Bakri Mekki who contributed to this research through a hard task of
the computer work and correction and I hope this thesis will be an incentive
for my son and daughters to seek learning and contribute it to others.
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Acknowledgement
First praise be to Allah for the completion of this thesis.
I would like to express my gratitude and appreciation to my Supervisor,
Dr. Hassan Ali Eissa, the former Head of the Department of Translation and
Arabasization (U of K), who inspires me with this academic programme, that I
choose it to be the translation of the Islamic economy. Also, I thank him for his
valuable directives and comments. My special thanks also go to my co-
superviser Dr. Ahmed Yousef Awad who made every possible effort to help
me with the methodology of this research. Also, I want to express my heartfelt
gratitude and appreciation to Dr. Muhammed Elfatih Hamid, the former Dean
of the Faculty of Law (UofK) and former legal advisor of the Islamic
Development Bank (Jeddah); who exerted Laudable efforts that I could
understand this complicated Islamic Economics Subject, for I am only a
graduate student of Languages with complete lack of economic knowledge.
On the other hand I extend thanks to Dr. Bashir Omer who supplied me with
notable references in Islamic economics from "The Islamic Research
Institute"(IRTI) of the Islamic Development Bank (Jeddah).
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A Suggested EFL Programe for Islamic Economics Translation in
Sudanese Institutes:
A Case Study of Islamic Bank, Islamic Funds,(2016)
Alia Ahmed Abdallah Ibrahim
Abstract
The research is an attempt programme for the translation if Islamic economies to the
Sudanese universities and institutes. Present through details about the Islamic economic so,
students have to well acquainted and fatty understand the terms, the construction of
sentences and the mechanism of the subject itself, so they can translate precisely, accurately
and naturally. The Islamic economy and the feed lack will be supper. The methodology is
reflected in the great number and multi-texts taken from the great numbers of Islamic
economic terms and phrase. All these text and terms are being translated by those
professional translators as well as by researcher himself. So findings of this research is that,
notice that with such understanding of the subject itself, its terms phrase and how
explanation these terms and details works in their application and hence the translation
process is easier precise and natural. The researcher recommended that, I hope that Sudanese
universities and institutes adopt such programme within their courses of translation and the
researcher think that it‟s a new important subject to be added to the other domain for
translation.
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:حبىت ىذراست بربح ترخت الاقتصبد الإسلاي في اىدبؼبث
(2016)دسحعش كخش حزى حلإعلا٤ش ،حقخد٣ن حؼشر٤ش،
ابراي ػبذالله ػبىيت احذ
يخص اىبحث
حلاهظقخد حلإعلا٢ ك٢ حـخؼخص حؼخذ ٣ؼذ زح حزلغ لخش مغ رشخؾ ظذس٣ظ طشؿش
حغدح٤ش، ك٤غ ٣ظؼشك حزخكغ ظلخف٤ حعؼش ػ٤وش ـحذ حؼذ٣ذس خدس حلاهظقخد حلإعلا٢ كظ٠
٣ظ هخذ حظشؿش حل حؼ٤ن قطلخص حظؼشف ػ٢ آ٤ش ر٤ش ز حـ حقطلخص
ض ك٢ حزى حلإعلا٤ش أ حقخد٣ن حؼشر٤ش حظ٢ طظؼخ ك٢ ػذ ططز٤و٤خ ػ٢ حسك ححهغ عحء خ
زح حـخ، رخظخ٢ ط حظشؿش طشؿش فل٤لش هز٤ؼ٤ش عغش. أخ حطش٣وش حظ٢ حطزؼخ حزخكغ ك٢
ـخ رلؼ ك٢ ػزخسس ػ أػذحد خثش ظػش رظع حؼ لغ قؿ طؾ حؼذ٣ذ أؿ
٢, حؼذ٣ذ حقطلخص حؼزخسحص حظؼوش رخلاهظقخد حلإعلا٢. طشؿش ز حلاهظقخد حلإعلا
حقؿ هز ظشؿ٤ ظخقق٤ هز حزخكغ لغ. رخظخ٢ كخ ظخثؾ زح حزلغ خ
لاكع حزخكغ أ حل حؼ٤ن زح حؼ ر حظلخف٤ حظؼوش رؤؿ حخظلش قطلخص
ؽشف حك٢ خ ٣ظؼن رزح حؼ، خسعش طشؿش حقؿ حخظلش ؼشكش آ٤ش حؼ ػزخسحص
لغ ػذ حظطز٤ن ك٢ حزى حلإعلا٤ش حقخد٣ن حؼشر٤ش ـذ أ ػ٤ش طشؿش زح حؼ ط عش
غ ك٢ فل٤لش هز٤ؼ٤ش ؿ٤ش قػش ـ ك٢ ـش حلأف الا خك٤ش حؼ٢. ٣ؤ حزخك
طف٤خط أ طو حـخؼخص حؼخذ حغدح٤ش حظ٢ طذسط خدس حظشؿش ربمخكش طشؿش حلاهظقخد
حلإعلا٢ ؼ ؿذ٣ذ م حسعخص حؼذ٣ذس ظشؿخص حؼذ٣ذس ك٢ حـخلاص حخظلش.
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Table of Contents
Page Subject No
iii Dedication 1
iv Acknowledgements 2
v Abstract (English) 3
v Abstract (Arabic) 4
vi Table of Contents 5
CHAPTER ONE:INTRODUCTION
1 Background 1.0
1 What is Translation? 1.1
4 Problems of the Study 1.2
5 Objective of the Study 1.3
5 The Importance of the Research 1.4
6 Significance of the Study 1.5
7 Research Method 1.6
7 Limitation of the Study 1.7
7 Definition of Related Terms 1.8
CHAPTER TWO:LITERATURE REVIEW
10 Introduction 2.0
10 History of Islamic Economics 2.1
11 Early Islamic Economics 2.2
12 Economy in the Caliphate (Edit) 2.3
13 Agriculture in the Medieval Islamic World (Edit) 2.4
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15 Ibn Khaladun 2.5
15 What is the Role of Religion on Economics?
2.6
18 Competitive Price Mechanism, Transparency and
Disclosures are Parts of The Market Function
2.7
20 Fundamentals of Islamic Economic Systems 2.8
26 Global English and the Role of Translation 2.9
27 Translation Activities 2.10
30 The Main Prohibitions and Business Ethics in Islamic
Economics
2.11
34 Avoiding Interest 2.12
40 Islamic Law of Contract and Business Transaction
2.13
40 MAL (Wealth), Usufruct and Ownership 2.14
42 Interpreting and Translating Techniques 2.15
45 General Framework of Contracts 2.16
47 Avoiding Riba 2.17
49 Trading in Islamic Commercial Law 2.18
52 Prices and Profit Margin 2.19
53 Loan and Debt in Islamic Commercial Law 2.20
58 Islamic Finance Products and Procedures 2.21
60 The Deposits Side of Islamic Banking 2.22
63 2 Islamic Investment Banking 2.23
67 STIANA'A (Order to Manufacture) 2.24
69 The Role of Translation Theory in Translator Training 2.25
70 Participatory Modes: Shirkah and its Variants 2.26
71 Legality, Forms and Definition of Partnership 2.27
72 Mudarabah 2.28
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73 Modern Application of the Concept of Shirkah 2.29
CHAPTR THREE:METHODOGLY
76 Introduction 3.0
76 From An Article of Translation 3.1
78 Evaluation Kussmaul (1995) Classifies 3.2
78 Principles of Translation 3.3
81 Procedure to Practice Assignment 3.4
81 Consecutive Interpreting 3.5
83 Types of Contracts 3.6
CHAPTER FOUR:DISCUSSION
88 Introduction 4.0
88 Islamic Research and Training Institute (IRTI) 4.1
88 Interpreting and Translation Techniques,
Simultaneous Interpretation
4.2
CHAPTER FIVE: Conclusions, Findings and
Recommendation
144 Conclusions 5.0
146 Findings 5.1
147 Recommendation 5.2
148 Bibliography: English and Arabic
150 Appendixes
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CHAPTER ONE
INTRODUCTION
1.0 Background
In this introduction, the researcher wants to reveal how the concept of studying
translation of Islamic economy with hope of attaining professional cadres in this field comes
into her mind. A friend had been graduated with languages from UofK, made the diploma in
(health translation) and there is a (legal translation). Both diplomas act as a license for any
person to work in these fields in England, provided that those graduates who attain these
diplomas are regarded as professional translators. The researcher notices the perpetual calls
for medical translation from the different hospitals and clinics, especially for those people
coming from the Gulf States. Definitely, this is a very serious field, the translator must be
well acquainted with the terminology and proper accurate medical background for such kind
of translation. So, this is what makes the attempt for the adaptation of such system and
applies it to the translation of Islamic economics.
1.1 What is Translation?
1.1.1 The Global Approach
The most remarkable translation theorists (Dellise, Newmark, Nida, Nord, Kussaul)
are in agreement to the following aspects concerning the main approaches to a translation
and interpretation of text.
- First, the comprehension and interpretation of texts with consideration to the textual,
referential, cohesion and naturalness levels. This competence embodies reading
comprehension and message interpretation i.e encoding and decoding.
- Secondly, re-wording is so essential. It is the application of different strategies for
(recoding) i.e the restitution process of the message and this happens by choosing the
right methods, techniques and procedures. There a translator may resort to transfer,
cultural or functional equivalent, synonymy, modulation, compensation, reduction
and expansion (see Newmark, P.,1995: A textbook of translation).
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- Thirdly, those translation theorists focuses on the importance of the assessment of
the result comparing the translated text with the original text. It will be an accurate
revision of the output that will result in a final translation of higher quality.
1.1.2 Statistical System
In this research, there is a hard effort exerted to study and understand the essence
and the core of this different unique Islamic subject with its strong religious law of
prohibitions and permissions. The researcher is indebted to Dr. Mohmad Elfatih Hamid,
former Dean of the faculty of law (u of k) and the legal adviser to the president of the
Islamic Development Bank (IDB), who tries to explain and interpret most of these
complicated delails, senses and terminologies of these principles and fundamentals, their
procedures system applications and mainly their mechanism. So, this makes it possible to
present this attempt of reflecting a reasonable understanding of the Islamic finance. So,
unless one reaches this reasonable understanding of the various constituent subject matters
of Islamic economics such as Salam, murabaha, Mudarabah, Istisna'a, Istijrar, Takaful and
musharakah etc, their precise definitions ,terminologies, their mechanism; the process of
translation will be impossible.
There are attempts done for the adaptation of this diploma (DPSI) mode and
procedure to suit the Islamic economic translation, hoping to get the expected output;
and attaining professional cardre of Islamic economic translators.
The concentration on the understanding thoroughly of the main core and essence of
the research ie the subject itself with its peculiarities and uniqueness, it's various
subject matters, its prohibition and what is allowed, is so essencial.
There must be a concentration also on understanding thoroughly what is called a
peculiar unique (words, terms, phrases) connected with various subject matters of the
disciphine (Islamic economics).These constituents are such as Salam, Murabaha,
musharaka, Istisna, Mudarabah, Istijrar, Takaful etc . Each subject matter contains
definitions, terminologies, concepts and mainly its application on reality. The sense
of these subjects must be deeply understood. The researcher tried to define the
subject, its terms and phrases as well as exposing texts,for sight translation, and
written translation and how these texts work within the Islamic economic system.
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It will be impossible even to attempt to make translation to such complicated unique
subject with its very restricted religious concepts and fundamentals, details and
variants without considerable understanding of these issues.
At this point, there must be a concentration on these four integrated components of
the study guide:
- Studying of Islamic economie
- Interpreting and translating techniques .
- A detailed Interpretation and analysis of the subject matter itself (Islamic economics
and its variants).
- Practical activities.
The ultimate essential issue here, is the completion of all the assignments within this
study guides. The purpose of all these assignments and activities are the assessments
of the students progress and the attempt to iron out any difficulties and give them
support and encouragement in their studies.
The researcher tried hard that these assignments must be centred on texts collected
from the Islamic banks, Islamic financial Institutions and Islamic organizations.
1.1.3 Teaching of Sharia'h
So, seeing this strict precise language of the moral principles and fundamentals
appertaining to the divine law of the holy Quran and Sunnah, and the shariah tenets which
have direct and indirect effects on this Islamic economic system, the translator must be very
cautious in translating and interpreting such texts. There must be a very deep strict and
thorough understanding of this detailed different subject matters, that constitute the Islamic
economic system. There are also the precise religious terminologies such as “aqaid “
,”fraid”,”nawahi”. “Hamish jiddiyah “,” hisba”, “al Ghurm bil Ghurm‟‟.
So, the selective texts from the Islamic financlal lnstitutions such as the Islamic
development bank (IDB) , the Islamic Solidarity Fund Research and Training Institute
(ISFD) cover a great deal of the nature of this discipline, its strategy and purpose , policy
and hedging, the Tools and instruments , to achieve their economic goals . So the more the
practice of translation of these texts covering the most important domain and fields of this
discipline, the more your acquirememt of a very high standard of understanding.
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The researcher is keen to present some texts that represent the core and essence of
the subject matters and topics. Some of these texts are translated by professional translators
of the Islamic banks. The texts are presented to show how such translation is achieved. So
students aquire knowledge concerning the theories and the methodologies in dealing with
this type of translation.
It is the important to understand thoroughly the terminologies concerning the
discipline whether they belong to the conventional economics or the Islamic economics
special subject matters such as mudarabah , murabaha, Istijrar , musawma, salam , takaful,
“Hamish Jiddiya” “ Bai Tawliyah “,”Bai al Inah.”
1.2 Problems of The Study
1. Translation is a challenging activity; there are difficulties arising during the
translation process. Languages have their own grammar structure, grammar rules and
different syntax.
2. During the translation process, some particular problems appear:
3. Problems of ambiguity: such problems originate from structural and lexical
differences between languages as well as multiword units such as idioms and
collocations.
4. There are the problems of grammar where many constructions of grammar and their
rules are not properly understood.
5. Problems of language: It includes terms and neologisms, slang which is difficult to
understand, proper names of people, organizations and places.
6. Problems of source text. These are illegible text, spell incorrectly.
7. Since languages differ from each other in many ways for example small words are
hard to translate and the meaning of common words depends on context.
8. Conveying the same meaning to the target languages is not an easy task for
translators; such as the translation of literature, poems and songs, so here translators
must be familiar with the two languages, and the translation is not matter of
translating words but of finding ones that rhyme well.
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9. There is another problem which is lacking of vocabulary knowledge which leads to
the much use of dictionary for advanced text makes the process of translation very
boring.
10. The text problem is the encountering of complex grammar structure that must be
interpreted correctly.
1.3 Objective of the Study
In this thesis, the researcher has selected a wide range of topics that showed the
essence of the Islamic economic and Islamic finance. So, Islamic Economies subject is
loaded with the essential details concerning the various types of topics and the researcher
presented them in a simple clear language for a thorough and deep understanding and hence
the process of translation will be easier, accurate and precise. So this shows the target and
goal from the academic program of the Islamic economic translation in order to have
professional translator cadre within this domain.
1.4 The Importance of the Research
The most important issue about these texts is that, they deal with the different
Islamic economic topics, their precise definitions, concepts, how they work within the
market and financial reality. So translation and interpretation into Arabic and vise versa for
each text of these is so essential for practicing and acquiring both knowledge and translation
within this field.
The researcher describes this discipline as pecutiar or unique. The reference is to the
terminologies and concepts which often differ from the conventional economy. Such
phrases and terms are like “AL Ghnum bil Ghnum”,”Bai AlKali bil kali“, "Bai' al 'Inah",
"Bai' al Hasat" . The senses and implications of these terms and phrases must be shown.
The third step concerning this discipline as well as the activities related to the
interpretation, sight tranatalion and written translation from and into English and Arabic is
represented in the recommendations, that instead of the CDs mentioned before, groups of
students are called to perform conferences and meetings to discuss varous Islamic
economic topics. So students can practice interpretation and translation of these texts and
the feedback will be excellent.
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1.5 Significance of the Study
Students in Sudanese universities and institutes lack background for the Islamic
economy subject as a whole; and also have linguistic difficulties, but with such research
study that covers many syntactic, semantic, lexical and many other aspects within these
multi-texts, will overcome such difficulties and problems. But the task is hard and complex
with numerous obstacles as Delisle put it (1981): “Translation is an arduous job that
mortifies you and put you in a state of despair at times, but also an enriching and
indispensable work, that demands honesty and modesty.”
At the same time, the whole translation process aims at the essence of the message
and its transparence faithful and accurate fixed background as Nida and Taber (1974) said:
“Translating consists of reproducing in the target language, the
nearest equivalent to the message in the source language in the first
place, in the semantic aspect and in the second place, in the stylistic
aspect.”
But surely, the quality of translation mainly depends on the quality of the translator.
So, translator knowledge, skills, training, cultural background, expertise and even mood are
needed. NewMark (1956) surmmerises the translator characteristics in the following:
1. Reading comprehension, and ability in a foreign language.
2. Knowledge of the subject.
3. Sensitivity to languages (both mother tongue and foreign language)
4. Competence to write the target language dexterously, clearly, economically and
resourcefully.
In addition, Mercedes Tricas (1995) mentions the six senses "making use of that
combination of intelligence, sensitivity and intuition." "this phenomenon works very well if
handled cautiously."
Delisle (1980) banishes the theorists who claim that linguistic competence is
condition to translate properly. Delisle states that reading comprehension ability, the
knowledge of the specialized subjects derived from specialized training and a wide cultural
background and the global vision of cross- cultural and inter lingual communication, are a
must to learn to handle the strategic and tactical tools for a good translating performance.
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1.6 Research Method
The main goal of the study is to evaluate and analyze Islamic Econmic Translated
texts. The researcher follows the English law Diploma, its interpreting and translating
techniques, legal English and second language (Arabic) equivalent and practical activities
methods, that is also shown in Islamic Economic study, the theories of translation and their
application on the multi various texts.
1.7 Limitation of the Study
This study has been achieved mainly on texts and information from the Islamic
Banks, Islamic Financial Institutions, Arab Funds, Islamic Development Bank (IDB), The
Islamic Solidarity For Development (ISFD) and others.
1.8 Definition of Related Terms
The Islamic economics is distinguished with this essential and very curious
phenomenon which is personified in Arabic terms. Such terms are important and needful for
both Arabic –speaking as well as the non-Arabic speaking; due to their specific
environmental, cultural, religious and legal dimensions. So a translator who translates from
Arabic into English and vice versa must be well acquainted with all these dimensional
senses to reflect correct specific meanings in the target language.
Examples of such terms are: Mithaq 'Ahd or W'adah and 'Aqd.
Mithaq: - means a covenant; it is an earnest and firm determination on the part of the two
parties to fulfill their contractual obligations. The terms has more sanctity, it's used in the
holy Quran e.g. Mithaq are the treaties in the early Islamic era; also Mithaq is a contract of
marriage.
'Ahd or W'adah:- 'Ahd refers to a unilateral promise or undertaking. The terms also cover
a bilateral obligation. The Quran says “(But righteous) are those who fulfill the contracts,
which they have made”.
'Aqd (contract):- one concludes from the various definitions that 'Aqd in a specific sense,
is a combination of an offer (Ijab) and acceptance (Qabul), which gives rise to certain legal
consequences in relation to the subject matter, or as Abd Al-Rrazzag Al-Sanhuri defines
'Agd as "the concurrence of two wills to create an obligation or to shift it or to relinquish it".
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Example of Islamic financial institutions promises in regard to a number of
transactions.
- Murabaha to purchase an order.
- IJARAH MUNTAHIA – BI- TAMLEEK.
- Sale and lease back under certain conditions.
- Diminishing Musharkah
- Disposal of goods purchased through Salam.
- Disposal of assets manufactured or constructed through Istsna'a.
Gard , salaf: meaning of Gard is “to cut” ie cutting off the property from a lender ownership
and giving it to a borrower.
Legally, Gard: means to give anything of value to another person, so he owns it and
acquires benefit from it, with the condition that the same or similar amount of that thing will
be paid back when demanded at a settled time.
Syed Mhammad Tantawi of AL Azahar stated that Gard is more particular than dayn , loan
can be given by a person to another for help , charity or as an advance for a specific time.
Adayn: is created by way of rent, sale, purchase or any other way, and this duyun (debts)
must be returned without any profit or any excess.
“Salaf” literally: means a loan with no profit.
In a wider sense, it includes loan for (longer, intermediate or short – term). " Salam
and Salaf" have been used interchangeably in Hadith literature (Understanding Islamic
Finance 2007) .
Gard: is a particular kind of salaf , where it can be demanded at any time or immediately . ie
(it is Gard or loan payable on demand).
So loan: is classified into salaf and Gard.
Salaf: is a loan for fixed time.
Gard: is a loan payable on demand.
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The word “A‟riyah” : is used for borrowing goods i.e. to give any commodity to
another for use and the borrower is liable for this commodity and he is bound to return this
same commodity to the lender.
The English word “Loan”: is the counterpart, of the word “Gard”; and “debt” that of dayn.
The banking system today works under these categories, by giving loans and
advances. In Murabaha operations, goods are sold by Islamic financing instuitions (IFIS) to
create duyun / debts, which must be returned with a marginal profit.
So the definition of “Gard” by Sunnah is a kind of loan advanced for the benefit of
the borrower and the creditor can ask for it at any time. By such ownership the borrower can
buy, sell or donate it. Salaf is used for a loan of fixed tenure, so it‟s like dayn and both kind
are the liabilities created due to credit transactions for fixed tenure. Loan may be of any
thing valuable, can be paid by a similar or a substitute thing immediately or on demand, in
the case of Gard and at stipulated time in the case of salaf and dayn.
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CHAPTER TWO
LITERATURE REVIEW
2.0 Introduction
In this section the knowledge of the foundation, principles, fundamentals, philosophy
and the main feature of the Islamic financial institutions (IFIs) will be consolidated. After
the completion of this section, the translation students in this programme, acquire a wide
understanding of the Islamic economics mechanism with its multi-financing systems and
institutions. The overlapping of economy and Islamic religion generates specialty and a
unique characteristic for such economy with its permissibility and prohibition to certain
factors; its crystallization to the purity and transparency of the ethical, morals and equitable
values that revolves around every step within this economics for the sake, benefits and
welfare of the individual, society and mankind in general.
Shedding light on interpreting and translation techniques will accustom students to
practice translation and prepare them for the examinations. On the other hand, one has also
the opportunity in this section to practice sight translation, interpretation and written
translation.
2.1 History of Islamic Economics
From Wikipedia, the free encyclopedia this is a sub-article of Islamic economic
jurisprudence and Muslim world Wikipedia.org/wiki/history–of Islamic– economic.
Between the 8th
and 12th
centuries, there are many advanced and developed concepts
and techniques of production, investment finance, economic, development, taxation,
property use such as Hawala, an early informal value transfer system, Islamic trusts such as
Waqf, system of contracts relied on the merchants, a widely spread currency, cheques,
promissory notes, bills of exchange (Mufawada), advanced agricultural techniques, capture
and use of slaves.
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Specific Islamic concepts related to money, property taxation, charity as Zakat (the
taxing of certain goods such as harvest of which its explicitly defined, such as aid to the
needy; Gharar "the interdiction of chance – that is the presence of any uncertainty; in a
contract (which excludes not only insurance but also the lending of money without the
participation of risks) and Riba (charging interest or high interest on money lent). These
concepts, like others in islamic law and jurisprudence came from "the prescriptions,
anecdotes, examples word of the prophet ".
On the other hand, there are other sources such as al-urf (the custom), al-'aql (reason)
or al-ijma (consensus of the jurists) were employed. Islamic law has developed areas of law
that correspond to secular laws of contracts and torts. "Islamic economics" emerged in the
1940, as 2004 "Islamic banks" have been established in over 70 countries and interest has
been prohibited in Pakistan, Iran and Sudan.
2.2 Early Islamic Economics
The early prophet economic policy in early Islam is a ban on charging fees and rents;
and a ban on permanent buildings in medina market, only tents were allowed, this meant to
help poor traders.
2.2.1 Social Responsibility in Commerce
This issue is stressed in Islam. Usury is not allowed when Islamic bank and Islamic
economics were developed. Interest is prohibited and investors have to participate in risks.
All financing was equity financing (Musharaka) so, there is a social harmony purpose,
Shariah forbade any finance dealing in forbidden goods such as wine, pork, gambling. So
only ethical investing and moral purchasing are encouraged.
2.2.2 Legal Institution (See also Shariah and Fiqh)
Hawala Agency: main article Hawala; it is the early informal value transfer system;
its origin came from the classical Islamic law and it is mentioned in Islamic jurisprudence
texts in the 8th
century. The development of agency has been influenced by Hawala later,
both in civil law and in common law. Example, that the aval in French law and the avallo in
Italian law; both words aval and avallo are derived from Hawala. Islamic law and the later
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common law "had no difficulty in accepting agency as one of the institutions in the field of
contracts and of obligations in general"
2.2.3 Waqf Trust
Islamic Waqf: main article waqf was developed in the medieval Islamic world from
7th
to 9th
centuries, it is like the English trust law. The crusades introduce the trust law
during the 12th
centuries, those crusade may be influenced by the Waqf, and the Madrassah
foundations were establish, a great number of Bimaristan hospitals were established
throughout Islamic area. The Waqf trust institution funded the establishments of hospital and
all the staff and equipments of the hospital, the Waqf also funded medical schools.
2.2.4 Classical Muslim Commerce
Traders were known and supervised by officials of the city. Technology and industry
in Islamic civilization were highly developed; such distillation of water, perfume industry
and the industry of ceramics merchants relied on the system of contracts. They also sell on
commission. Wealthy investors give the merchants loans. There are joint investments by
money merchants, Muslim, jouish or Christian. There is also business partnership. In the
nine century, banks can draw checks from bank of Baghdad to be cashed in Morocco since
the 8th
century (the abbasid, khaliph Al Mansur, the idea of welfare and pension were
introduced in the form of Zakat (charity). The taxes included (Zakat and jizya) are collected
in the treasury of Islamic government for the needy.
2.3 Economy in the Caliphate (Edit)
In the medieval Arab agricultural revolution; a social change took place due to
allowance of attaining land by any individuals of any gender, ethnic or religious back
ground. They could buy, sell, mortgage and inherit land.
2.3.1 Trade (Edit)
Main article Islamic geography. In the Islamic golden age, there is afar reading
Muslim trade network. It extended from the Atlantic Ocean and Mediterranean in the west to
the Indian Ocean and South China Sea in the east. Arabic silver dirham coins were
circulated throughout the Afro-Eurasian land mass often in exchange for goods and slavers
24
so, due to these activities, the Islamic empire had (included the Rashidun, Umayad, Abbasid
and Fatimid (Caliphates).
2.4 Agriculture in the Medieval Islamic World (Edit)
Further information: Arab agricultural production during the period from 8th
century
to the 13th
century, many crops and plants were cultivated in Muslim trade routes. Many
changes took place such as farming techniques, changes in economy, population
distribution, agricultural production, urban growth, distribution of Labour force, and many
aspects of life in the Islamic world had been changed.According to Andrew Watson, in the
early Islamic empire there was a highest literacy rates in comparison with pre-modern
societies. Later due to the diffusion of paper from china which led to the flourishing of
books and written culture in Islamic society; and later the study and memorizing of the
Quran, flourishing commercial activities and the emergence of Maktaba and Madrasah
educational institutions, all these led to a better education and high literacy.
2.4.1 Islamic Capitalism (Edit) Main Article
Islamic number of concepts and techniques had been applied by early Islamic
commerce; such as bills of exchange, forms of partnerships (Mufawada) as limited
partnerships (Mudaraba), and also forms of capital (al-mal) capital accumulation (nama al-
mal), Cheques, promising notes, trust (see Waqf), transactional accounts, loans, ledgers and
assignments. There were independent organizational enterprises from the state in medieval
Islamic world. Agency institution was also introduced in the era. Europe had adopted these
concepts from the 13th
century onward.
A market economy was established in the Islamic world like merchant capitalism;
there were a considerable number of owner's monetary fund and precious metals. The Quran
prohibited (usury) but this did not prevent the development of capital, and the capitalist
(sahib-al-mal) from 9th
to 12th
the prominent figure at that period till the arrival of the ikta
(landowners). These two tends to hamper the industrial capitalism in the Islamic world. In
enterprise and business group controlled by entrepreneurs, they influenced the Islamic world
economy from the 11th
to the 13th
century. Each karimis merchant had wealth ranging from
at least (100,000 dinars' to 10 million dinars). They influenced politics through their
25
customers such as Emirs, Sultans, foreign merchants and common coinsurers. The Karimis
dominated the trade routes across the Mediterranean, the red sea and the Indian Ocean and
sub saharn Africa in the south where they braught gold from their miners. Karimis adopted
the use of agents, the financing of projects as a way of acquiring capital, and a banking
institution for loans and deposits.
2.4.2 Islamic Socialism Edit (main articles Islamic socialism and Bayt al-
mal)
The prophet Muhammad himself defended common ownership, he said according to
Ibn Abbas that "all Muslim are partners in three things, water, herbage and fire" in modern
days this can be interpreted as they are partners in water, food energy fuel, oil, and gas.
2.4.3 Industrial Development (Edit)
Muslim engineers in Islamic world had many innovations in the industrial field such
as tide mills, wind power and fossil fuels E.g. petroleum. There were industrial mills found
in every province by the 11th
century Muslim engineers used water turbine, dams as a source
of water power. Such advances changed many manual labours to be mechanized. Such
advances were later transferred to medieval Europe and lately laid the foundations for the
industrial revolution in 18th
century in Europe. The Muslim agricultural revolution led to the
generation of many industries, such as astronomical instruments, cerms, chemicals,
distillation technologies, clocks, glass, mechanical hydropower, etc
2.4.4 Further Information: Islamic (Edit) Economic Jurisprudence
To some degree, the early Muslim based their economics analyses on the Quran
(such as opposition to Riba, meaning usury or interest) and from Sunnah, the saying and
doings of Muhammad.
Al Ghazali (1058-1111) classified economics into the science related to religion in
commotion with metaphysic, ethics and psychology. Thinkers did not see that this
connection made Islamic economic thought to be static. Many scholars trace the history of
economics, though the Muslim world in the golden age ranging from the 8th
to the 13th
26
century and whose philosophy continued the work of the Greek and Hellenistic thinkers with
the rediscovery of Greek philosophy by the European through Arabic translation.
Aba Yusf (731-798). He is a student of the founder of the Hanafi Sunni School of
Islamic through, Abu Hanifah. Abu Yusif was chief jurists for Abbasid caliph Harun Al-
Rashid. He wrote for him the book of taxation. Abu Yusif favored the use of tax revenues
for socioeconomic infrastructure and had discussed many types of taxes as sale tax, death
taxes, and import tariffs. Another prominent thinker is Ibn Taymiyyah who made an
elaborated analysis of the market mechanism he discussed the welfare advantages and
disadvantages of market regulation and deregulation. Gazali suggests an early version of
price inelasticity of demand for certain goods .
2.5 Ibn Khaladun
Main articles: Ibn Khaladun and Muqaddimah see also sabiyyah.
Ibn Khaladun is the best known Islamic scholar who wrote about economics, he is
from Tunisia (1332 – 1406). In this book (kitab al-ibar) the history of the world, he
discussed (the social cohesion) and called it asabiyyah where he tells about the cause of
some civilization becoming great and others not. He also thought that many social forces
are cyclic, but also this pattern can be broken, his idea also about the benefits of the division
of labour; one of his concepts is that growth and development simulated both supply and
demand and the forces of supply and demand determine the prices of goods. He also
observed that the effect of macroeconomic force of population growth, human capital
development and technological developments on development. Ibn Khaldun noted that
population growth was a straight forward function of wealth; he also has his approach to
describe the sociological implications of tax choices, now it is part of economics. Ibn
Khaldun introduced also the labour theory of value which can be summarized as the value of
profit and acquired "capital" must include the value of labor by which it was obtained .
2.6 What is the Role of Religion on Economics?
Hence, one must differentiate between economics as a science and economics as a
system. An economic system should be seen as based on an ideology, while economics
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science is seen as a science that deals with creation of wealth. The system includes these
three elements
a- Ownership of property, commodities and wealth.
b- Disposal of ownership.
c- Distribution of wealth among the people.
2.6.1 Difference Between Islamic Economic Principles and an Interest-
Based System
Islamic economic system can promote a balance between the social and the
economic aspects of human society, between the self and social, individual, family, society
and state interests.
1. Issues like income distribution and poverty alleviation which is the result of a balance
sustainable and equitable economics based on the socio-economic justice and fair play,
all these matters are among Islamic economic concern.
2. Such principles can achieve peace, happiness, welfare and prosperity for humanity.
3. At global level, sensible people call economists and policy makers to make an evolution
at inter and intra national levels which lead to a balanced sustainable and equitable
economics based on the socio-economic justice and fair play.
4. The late Yusuf Ali (translator of the holy Qur'an into English): "where as legitimate trade
and industry increase the prosperity and stability of men and nations, dependence over
usury would merely encourage a race of idler, cruel blood suckers and worthless fellows
who do not know their own good and therefore are akin to mad men" (translation of
verse 2:275).
2.6.2 Why Such Problems Occur In Free Market?
a. Due to unchecked creations of money.
b. A dependence on market forces with lack of ethical limits.
c. A stress on growth and profit per se with lack of any distribution aspect.
d. The state and regulators permit the pursuit of greed and unchecked profit.
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2.6.3 Islamic Principles
So, Islamic principles of economics lay down checks for all these factors. They are
ethical and moral principles focus on clarity, just, fair treatment and care for the right of the
others.
2.6.4 Compare and Contrast Between the Islamic Economics and The Free
Market System
2.6.4. 1 Islamic Economic Comprises
a. Market mechanism.
b. Private property and enterprise.
c. Self-interest and competitions.
2.6.4.2 Parts of the Islamic Economics Market Mechanism are When
Goods are Produced
They either consumed or invested.
2.6.4.3 For Further Production, the Goods Can Be For
a. Sale.
b. Purchase (trading).
c. Leasing.
2.6.4.4 These Processes Can Be Carried Out By
a. Individuals.
b. Partnership firms.
c. Corporations.
2.6.4.5 Such Transactions are Undertaken Properly According to
a. Islamic jurisprudence contracts.
b. Subcontracts with detailed rules.
2.6.4.6 Socio-Economics and Distributive Justice are
29
a. Fundamental feature of Islamic economics.
b. The system encourages social welfare based on mutual help and character building. e.g.
2.6.4.7 The Islamic System of Zakat System
a. It is a religious obligation for every Muslim.
b. When one's wealth exceeds his need at a non progressive rate.
c. Generally, 2.5% of net wealth or 5 to 10 % in the case of agricultural produce above a
minimum limit.
d. The have-nots and the needy are the people entitled to zakat money.
e. This will be according to tenets of the holy Qur'an (verse 9:60).
2.7 Competitive Price Mechanism, Transparency and Disclosures are
Parts of The Market Function
i. Individuals have the right of ownership and freedom of enterprise and can gain and lose
under this frame work.
ii. Commercial interest, excessive uncertainty, gambling and all other games of chance are
prohibited by Islamic economics system, mainly the prohibition of Riba (interest).
iii. The main principles governing trade exchange must be carried out under certain rules :
2.7.1 Various Transactions Contracts Form A Fundamental Principles in
Islamic Economics
a. Transaction contracts are classified as commutative and non commutative (U good -e-
MU'awadha and U good ghair MU'awadha).
b. The validity of profit and return existed only in the case of (U good -e- MU'awadha)
such as the contract of sale and leasing.
c. No return can be taken in the case of gifts, guarantees and loans.
d. Shari'ah considers such activities as gratuitous and benevolent acts.
e. In the case of loans, it is a timely help for the needy, the debtor is charged only with the
exact amount of the loan or the debt.
f. The debtor has to repay the debt unless the creditor gives relaxation or the debtor
declared insolvency.
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g. In The Hereafter the debt remains intact unless the creditor waives the amount of debt
even in the case of insolvency.
2.7.2 Regulating Trade and Business
Gordon Brown, the chancellor of the UKexchange said "it was mainly through
peaceful trade, the faith of Islam arrived in different countries". So, an interaction between
Muslim and non-Muslim communities, social cohesion among different societies can be
achieved through the trade that is based on ethical values, some standard of justice and fairly
play. Due to the above complications of the Islamic finance, economists, policy makers and
regulators must concentrate into two aspects:-
a. The role of the government must not concentrate only in conducting the different
businesses but mostly focusing in the proper and smooth functioning of market forces
with the utmost accountability and transparency so that vested interest cannot be
manipulated through malpractices as happen in the bitter experience of capitalism
leaving many human beings in at most poverty.
b. The second aspect is concerned with money, banking and finance, financial instruments,
institutions and the markets.
All financial transactions and instruments in Islamic finance should be represented by
genuine assets and business transactions are carried out according to the rules and norms
based on fair play, transparency and justice.
2.7.3 Other Fundamental Principle of Islamic Finance is That
i. All financial assets should be based on real assets (not necessarily gold and silver).
ii. On the other hand, there is the best standard for the value of the time factor in business
transaction, and that is through the pricing of goods and their usufructs.
iii. So, with such supply and demand of money, management of savings, investment and
financial assets should be conducted according to these principles which result in
sustainable and equitable growth and development leading to the happiness of mankind.
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2.7.4 Funds Owners Must Share The Risk and The Return with Users of
the Funds
i. All parties to contract have to undertake liabilities for entitlement to profit under the
nature of the transactions.
ii. Parties will be charged differently during the various business activities according to
trading, leasing or Shirkah(partnership) principles.
iii. These parties have both risk and reward during the different stages of the transactions
process.
iv. The risk shall be there; it can be mitigated but not eliminated if the profit from such
transaction has to be legitimized.
[
2.8 Fundamentals of Islamic Economic Systems
Fundamental of the Islamic world view with its direct and indirect effect on business
of Islamic financial institutions and markets.
2.8.1 Shariah is A Code of Law or Divine Injunctions that Regulates
Human Being Conduct In Both their Individual and Collective Lives
a. All business and financial contracts in Islamic finance framework must conform with
shariah rules and its objectives.
2.8.2 Here are Some Specific Branches of These Injunctions
a. "Aqaida" or matters of belief and worship.
b. "Akhlaq", or matters for disciplining one's self.
c. "ahkam", or socio economic and legal system.
d. "Fraidh", or obligations
e. "Nawahi",or prohibition. So Islamic economics is controlled with these disciplines.
2.8.3 Sources of Shariah Tenets
The main source of the divine law is the revelation. The Holy Qur'an and Sunnah of
the Holy prophet (PbUh). So absolute belief of the revelation as the source of tenets and
information requires complete submission to Shari'ah rules.
32
2.8.4 Other Sources of Shari'ah Tenets
a. Ijma'a (consensus)
b. Ijtihad (the mental effort of juristic expertise to find solutions to emerging problems.
c. (Giyas)(analogy)
d. Ijma'a of the companions of the holy prophet is important source for the derivation of
laws.
e. Urf (prevalent practice) is one of the tools in the hand of Islamic jurists to deal with
shari'h position of the different contracts activities.
f. So, jurists, sharia'h scholar, shari'ah boards of Islamic banks and their institution are
needed to deal with solutions and issue edicts concerning various activities on the
basis of the above Shari'ah sources.
g. Shari'ah rules are divided into dos (order to undertake any act).
h. And don‟t (prohibition from some acts).
2.8.5 Shari'ah Objectives (Maqasid): Primary Objectives to Preserve and
Protect
1. Religion (the worship of Allah (S.W.T)).
2. Life (the sanscity of life protected by the law of Qias).
3. Progeny family unit (protection of family and married institution)
4. Property (sanctity of wealth).
5. Intellect.
6. Honour.
2.8.6 Secondary Objectives of Shari'ah
1. The establishment of justice and equity in society.
2. The promotion of social security, mutual help and solidarity, particularly to the poor and
the needy in meeting their basic needs.
3. The maintenance of peace and security.
4. The promotion of cooperative in matter of goodness and prohibition of evil deeds and
actions.
33
5. The promotion of supreme universal moral values and all actions necessary for the
preservation and authority of nature.
2.8.7 Studying Quran and Sunnah, Some Basic Socio-Economic Right of
Human Beings are Deduced
1. The right of safety.
2. The right to be informed.
3. The right to choose.
4. The right to be heard.
5. The right to satisfaction of basic needs.
6. The right to redress.
7. The right to education.
8. The right to healthy environment
2.8.8 For Achieving The Above Mentioned Goals, The Islamic Economics
Structure Should Be Clarified
a. Islamic economics approach is that, the creation and growth are means to satisfy human
needs as well as to support society.
b. Islamic encourages Muslims to seek the Hereafter by what they earn and not to forget
their worldly share during life.
c. The Shariah shows the directions towards a social order of justice, well being, security
and knowledge, and gives equal chance to all for earning a livelihood leading to
equitable distribution of income and wealth.
d. But when there is undue monopolistic and unjust pricing during the production and
distribution practices, ALHisba(the institution of the ombudsman) should be prevailed as
a social regulatory body to check these imbalances to achieve the Shariah goals of
justice and equitable distribution of wealth within different segment, sectors and
individuals among societies.
2.8.9 The Economic System Comprises
The main elements
1. Ownership of commodities and wealth.
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2. Transfer of the ownership.
3. Distribution of wealth among people.
4. Among the thoughts used in economic analysis are the determinants of the level of
income and employment, money and banking, fiscal and money polices, national
income accounting, economic growth, demand and supply of money and stability.
5. Other details may comprise expenditure, saving-investment relationship, the saving-
income relationship. Consumption and investment functions. The potential level of
output, employment, and labour force and profit as aggregate variables.
6. All these determinants correspond to the main Islamic values and tenets.
7. While the absolute prohibition of interest(Riba), promotion of other various business
activities and trading, the existence of profit sharing, and the application of (Zakat)
and prevention of a wasteful consumption(Israf) with an overseeing role of the state,
form the key features of the macro-economics in the ideal Islamic economy.
2.8.10 Ownership and Property Right
i. Islamic economics is based on socio-economic justice.
ii. All resource in the world belongs to the creator; human beings act as vicegerent of God,
the holy Qur'an says "and give them from the mal of Allah he gave you". (04:33) and
spend from what He put you in charge of.( 57:7).
iii. Thus, Islam has put the limits and the means by which individual, groups, the public and
the state can possess propriety.
2.8.11 The Means to Possess Goods
1. Work.
2. Inheritance.
3. Purchasing.
4. Obtaining property for sustenance.
5. Properties granted as gifts, granting of possession of anything to the people by the state.
6. As mentioned before, there are limits set in terms of the quality of the wealth and the
means of acquiring it, but not in terms of the quantity of wealth, because the latter resists
human being strife to work diligently.
35
2.8.12 Legal Means of Ownership and Transfer Through Different Kind of
Contracts are Set By Islam to Facilitate the Acquisition of Property and
Wealth
i. There are general rules for these contracts submitted to the allowed limits.
ii. The rules permit man to use the resources by consuming them, benefiting from them or
exchanging them via various contracts such as sale, loans, lease or gift. Other rules are
concerned with investment of wealth and property.
2.8.13 Distribution
There is also the distribution through partnership, trade joint venture, loans, as well
as other transfer means such as grants, Zakat and the control of waste (Israf). So, Islamic
economy links between the market functions of production and growth, and the institution
functions of policy and control.
2.8.14 Factors of Production
i. Qur'anic injunctions set basis for the distribution of wealth and income.
ii. All factors of production have share in this distribution and prevention of any kind of
exploitation to take place in this process.
iii. The fact that, capital has to bear the loss if any, represents a distinctive feature in Islamic
system.
iv. Islam also keeps a part of the produce wealth as Zakat for the needy ones who cannot
contribute to the production due to social, economic or physical handicap.
2.8.15 Factors of Production in Islamic Economy
1. Capital: comprises means of production that are consumed or altered in during the
process of production. In Islamic economics the compensation for the capital is profit.
Profit is the residual revenue of a business but it comes with responsibility or liability.
2. Land: Here, the means of production used in the process are not changed in corpus or
original form. The compensation here is rental; e.g. land, machinery and plant, owner of
houses, vehicles, and machines. All these can be rent or leased.
36
3. Labour: is human exertion, physical or mental effort, organization and planning are also
included. The compensation here is wages:
a. An entrepreneur who rent land, machinery and labour and uses his own (money capital)
he has to pay wages and rentals for utilizing all these factors of production.
b. The entrepreneur gains profit from his capital only if there is residual after paying the
entire rental and wages and other expenses.
c. If the money capital is taken as a loan, the loan shall be repaid without any addition or
reduction of the amount whether there is profit or a loss.
d. In case there is a provider of the whole or part of the money capital and he wants a profit
as a result of such business, and the business suffers a loss, the provider has to accept the
shortfall of the whole amount.
e. So an entrepreneur or a capital provider is not entitled to a profit just by being a capital
owner.
f. All participants in a business must share similar liabilities and rights according to the
nature of the business and agreements terms.
g. On the other hand, management, responsibility and liability are considered also as
factors of production.
h. For example, a group of people get together as business partners or group of financers
who pursue business of their choice, or hired a manger to do the job.
i. On the other hand, a profit can be a reward for taking the responsibility to coordinate and
get the work done according to contracts terms.
j. In Islam there must be balance dealing between individual freedom and the welfare of
society.
k. The balance of market mechanism concerning demand and supply of goods is necessary
to achieve economic justice for the welfare of society and adequate allocation of
resources.
l. So for efficient functioning of the banking and finance sectors, there must be a good
overseeing role on the part of governments and regulators to make sure that market
forces and stakeholders not exploit each other and hence, fairness, justice and healthy
monetary system will be achieved.
37
m. Government and regulators must devise and adopt fiscal and monetary policies in their
respective ambits in such a way that the rate of return emerging from real sector business
in the economies becomes the benchmark and an effective signal for the allocation of
funds to various sectors.
n. The state also must achieve the stability in the value of money. This vitally important for
both the growth of the economy as well as for the achievement of social justice and
economic welfare. The holy Quran says:"and give full measure and weight with justice",
(6:152).
2.9 Global English and the Role of Translation
In the last two decades, language has been affected by the trend of globalization.
According to international status, one notices that English occupies an unchallenged and
most dominant language. The factors that determine power in language and society may be
shown as follows:
1- Access to resources such as economic, political, material etc.
2- The language role in international decision making.
3- The ability to cope with global technical developments including the information
and communication technology and taking the lead in mediating information
technology and other tools such e-mail service and world-wide-web.
On the other hand, there is the important role of English in international politics and
diplomacy in resolving international conflicts and it‟s effect in the world economy. Now, the
big question for the specialist, is whether the translation from or into English can play a role
in this rapid advances in communication technology. Globalization and the Role of
Translation Research conducted in English/Arabic translation leads to the fact that the need
for translation is on the rise. [Al-Salman (2002, P.99)]. There is also the transfer of
technology where the language of the “sending” countries differs from that of the „receiving‟
ones; and when 60% of the technical documentation of the world is written in English; so,
the need for translation from English to other languages and vice versa is necessary.
In ( U S ) “from 1980 – 1990”, the number of Spanish speakers grew by 50% and the
number of speakers of Chinese grew by 98% ( op cit, p.2). With such statistics of speakers
38
of other languages, this indicates that English will be probably not the only medium of
communication between the people of the world. So, this fact implies that translation is the
way out; Wall raff (2000) says ”we monolingual English speakers may never be able to
communicate fluently with every one everywhere – we may well need help from something
other than English”. In other words, translation is the solution – there is a frequent and on-
going of translations of English terms and expressions into the local languages of other
speakers language. Statistics reflect the leadership of the English language in the publishing
industry, so it has more chances to be translated; because writers in English reach large
audience and hence their topics can be translated to other languages. So, global English
boosts the process of translation. We find that the English-speaking world is keen to learn
about the latest world development such as advances in the scientific, technological,
economic and cultural fields in the industrial countries; such countries as China, Japan,
Germany and France do not speak the English language. Wiersema (2003) reports that
“Because of the current trend of globalization, the translator no longer
has the absolute need to always find a translation of a term in the target
language if this could make the target – language text loses credibility.
These translations contribute to a better and more correct understanding
of the source culture”.
The role of translation in the Arab world and specifically in Jordon is well
known. All B.A degree in the department of English include translation in their curriculum,
as well there is the MA degree in their universities. Language experts in Jordon believe that
the English language will not lose its power dramatically, because all pharmaceutical leaflets
of medicine and drugs have an Arabic translation of the product‟s scientific and commercial
name, indications, side-effects, precautions, dose, etc., …. On the other hands, all
appliances, electronics they have an Arabic version concerning the operation manuals. So,
the translation role is there whether the source language is English or any other language.
(Al-Salman).
2.10 Translation Activities
2.10.1 Activity
1. Interpreting and translation technique:
39
a. Before interpreting any assignment you should be sure that you are competent to do it,
so asking about the people participating in a conference or a meeting for example, it is
important to know about their region, dialect and accent finding out about the
assignment and researching any specialized vocabulary is essential move.
b. The awareness of the meaning of a word can change from one country to another
especially in Arabic country.
2. Interpreting and translation techniques:
As an interpreter you must be aware of the register importance. Register is the
appropriate language for given context.
2.10.2Register is Classified into
1. Tenor
2. Field
3. Mode
4. Tenor is the choice of the language according to the relationship created between people
participation in language exchange. The choice of language changes according to age,
social status, familiarity and may be gender of the speaker, also the mood and the
emotions can affect the choice of the language.
5. The second aspect of register is the FILD.
6. Field is the right choice of word for the situation. Such definition can refer to jargon or
terminology or in legal context, it can point out to every long sentence with many
clauses and elaborate mode of expressing ideas.
7. The third aspect of register is mode; Mode is concerned with the means of
communication the translator used. e.g. (speech, writing, non-verbal).
2.10.3 Written Translation
Before the act of translation, some stages have to be taken.
1- Scan the text.
2- One has to be aware of factors such as:
40
I. To whom the text is written.
II. Who wrote the text?
III. The purpose of the text.
3- Determine difficult, ambiguous terms.
4- Identify any difficulties concerning grammatical constructions e.g. (passive
constructions, very long or convoluted sentences).
5- Key words or phrases can be highlighted.
6- Each paragraph should be read to "decode" the meaning.
7- Translate, or "encode" the meaning in the target language.
8- For checking the transferred meaning, style and register correctly, the original and the
translated texts should be read side by side.
9- So by following these steps one hope to achieve a state where the translation stands
independently in every aspect.
You have been asked to make a written translation of this next text deduced from
sources of Shariah tenets "section. Use the above guide lines to help you prepare your
translation.
I. The text: Shariah can be divided into dos (orders to undertake any act) and don't
(prohibition from some acts), which can further be divided into the rituals (matters of
worship) that are considered as rights of ALLAH (SWT) and the matters for disciplining
human life, that constitute the rights of human beings. While the former acts (rituals or
matters of relating to belief and worship in the form of Fradh or obligation) have to be
accomplished strictly according to Shariah tenets.
II. We identified the following points for attention:
a. A paragraph with very two long sentences.
b. The syntax (order), of these two long sentences is loaded with a peculiar terminology
that needed definitions between brackets, there are also about four passive constructions
with only one active sentence within the Para.
c. Astonishing use for the use of the familiar verb (Do); as the verb here is converted into
noun with the change of the spelling of the (Dos) which is usually does:
41
1. There are the terminology with a deep Islamic religious connotation that cannot be
changed such as ALLAH (SWT) and the word (Fraidh).
2. Islamic economics texts are loaded with such terms of Islamic religious connotations.
Such terms present us with two problems: decoding what is meant exactly by these
terms and encoding- raises the question – is there an equivalent to such terms in the
L2? If not – would an explanation in the L2 do?. After paying attention to such points
translate your text and send it to your teacher or tutor for assessment.
2.10.4 Interpreting and Translation Techniques:
a. Creating your term bank.
b. Definition of term bank.
It is a glossary, dictionary that is created and developed by you. It reflects the meaning
and translation of specialist terms.
2.10.5 Information's Sources for your Dictionary:
1. For your quest to achieve such task, your experience, contacts with agent, language
tutors, specialist book-shops, libraries and the internet will be needed.
2. Examination: the time is very short to look up a word term in a dictionary; so your term
bank will be of great help to you; provided that your method of classification is
alphabetic or thematic. You must be absolutely sure of the meanings and the information
concerning your chosen words, terms and phrases. Find Arabic equivalent for the
following economic words and phrases.
2.11 The Main Prohibitions and Business Ethics in Islamic Economics
The prohibitions, being discussed here include Riba which is commonly known as
“interest” in conventional commercial terminology; also Maisir Gimar (gambling) and
Gharar; the latter means the excessive uncertainty about the subject matter and/or the price
in exchanges, as well as the chapter discusses the norms and ethics of business and finance
in Islamic framework. Shariah has identified some elements that should be avoided in
commerce or business transaction:
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2.11.1 Prohibition of Riba
a. The word “Riba” means prohibited gain.
b. The Holy Qur‟an explains that all income and earnings, salaries and wages,
remuneration and profits, usury and interest, rent and hire, etc; can be categorized either
as:
I. Profit from trade and business along with liability which is permitted or
II. Return on cash or a converted form of cash without bearing liability in terms of the
result of deployed cash or capital is prohibited.
So Riba includes "any increase over or above the principal amount payable in a
contract obligation, not covered by a corresponding increase in labour, commodity, risk or
expertise." (Understanding Islamic finance).
2.11.2 All Real Sector Business Transactions Comprise
1- Sale, purchase which may be in cash or credit.
2- Loaning.
3- Leasing.
In Bai‟, or sale, the commodity is transferred to the buyer when the sale is executed. It
doesn‟t make any difference if the payment of the price is on the spot or deferred. The
payment for the ownership of this commodity can be on – the – spot or credit payment with
a profit margin for the seller. Bai‟ salam: it is a kind of forward sale, the goods will be
delivered in a future time, both parties must give and take ownership at a definite time and
on agreed terms, irrespective of the rises and falls of prices at the delivery time. If the
transaction is of (Hiba) or a gift, there will be no pay for the ownership of the assets.
2.11.3 A Loan In Islamic Finance
A loan is a temporary transfer of ownership of goods and assets without any
payment. The debtor is liable to pay back the same assets to the creditor.Riba in (loan or
debts) involves payment of interest during the transfer which is prohibited.
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Ijarah is a different transaction, the lessor still has the ownership of the leased asset
against the payment of rent. But, on the other hand, he is liable for expenses relating to
ownership and loss of the asset, if any. In Islamic finance renting money is prohibited. In
Islamic finance, capital is a factor of production as in conventional economic system, but
with a different view that one cannot derive any profit from money unless one uses it in an
exchange for commodities or services in valid contracts of sale or lease taking into account
the liability of the risk of loss.
2.11.4 Prohibition of Gharar
Gharar represent the second major prohibition in Islamic economics.
Definition of Gharar:
Gharar comprises the elements of ambiguity, uncertainty about the end consequence
of a contract and nature and/or quality and specification of the subject matter of the contract,
the rights and obligations of the parties and the ambiguity of the possession and/or sending
of the item of exchange. That is to say the whole thing relate to the uncertainty of the basic
elements of any agreement, subject matter, consideration and liabilities.
Example: the sale of an escaped animal or a contract in which the price is indefinite.
Example of Gharar in the terms and essence of a contract:
a- Two sale in one
b- Down payment (Arbun) sale.
c- Suspended (Mu‟llaq) sale.
Example of Gharar in the object of contract:
a- Ignorance about the species.
b- Ignorance about attributes.
c- Ignorance about the quantity and also about the time of payment in deferred sale.
d- Contracting on a nonexistent object.
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2.11.5 Prohibition of Maisir / Qumar (Games of Chance)
According to jurists, “Qumar” is an important kind of the “Maisir” Maisir means
wishing to obtain valuable thing easily and without paying any compensation (I‟wad) for it,
without working for it one obtain things only by game of chance and without undertaking
any liability against it. Qumar also means having money, benefit or usufruct at the cost of
others by merely game of chance. Injunction of Islam generally prohibits gambling,
wagering and swearing. Lotteries and prize bond schemes that have been launched
sometimes by financial institutions and banks are prohibited by Islam. Why?
Although the investors‟ money may remain safe, but the prizes are result of the
interests accumulated from the capital. There is also the element of chance that few people
may become millionaires at the cost of others, and without undertaking any liability or doing
any kind of work. So this process is repugnant to the tenets of Shari‟ah, it involves both Riba
and Maisir.
But generally since the purchaser knows what he is purchasing and the vendor is
aware of what he is selling and knows what its prices as well as the property for sale is
available for inspection, therefore there is no element of chance and hence the whole process
comply with, Shari‟ah tenets, in spite of the fact that there the element of publication to
attract customers. Islamic financing institutions and banks must forbid launching
conventional lotteries or prize bond schemes. Both are repugnant to the tenets of the
shariah because of their involvement to both riba and maisir.
- All Islamic financial transactions must comply with certain ethical standards such as
trustworthiness in business transactions and generosity in bargaining. In business
transactions, acts such as false swearing, lying and hiding facts in any bargaining must
be avoided.
- Important pillars of business ethics in Islamic shariah comprise fair dealing that
involves honesty, straight forwardness, free consent and negation of misstatement,
misrepresentation and exaggerated description of products.
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2.11.6 Free Marketing and Fair Pricing
The Jeddah-based “Council of the Islamic Figh Academy” of the OIC in its fifth
session stated that:
1. Islamic banks should conform with shariah rules concerning trades and other business
(O66
you who believe! Consume not each other‟s property in vanities, unless there is
trade based on mutual acceptance).
2. Trader has freedom in the percentage of profit in his transactions.
3. Generally this left to the merchants, the business environment and the nature of the
merchant and of the goods. Merchants should be aware of the ethics recommended by
shariah such as moderation, contentment and leniency.
4. Shariah forbids all illicit acts features and benefits that are detrimental to the well –
being of society and individual.
5. Government must not interfere in fixing prices unless there are clear pitfalls noticed
in the market and the prices due to artificial factors. So, here the government
intervenes to get rid of these factors, their causes, the excessive price increases and
fraud.
2.12 Avoiding Interest
In Islamic banks, credit transactions, taking or giving any loan or enter into contracts
with intention of any increase over the principal of loans or debts is forbidden. While buying
/ selling goods in the form of cash payment and credit with the intention of earning profit is
allowed.
2.12.1 Avoidance of Interest
Lending on interest is alien to Islamic banks and financial institutions. In any case of
debts concerning trade or Ijarah transactions, there must not be any charge over or above the
principal of the debt. debtor are not allowed to charge any costs of funds or rent on money in
short, medium, or long term loans, over draft guarantees, financing against bill, receivable or
other instrument or sell their debt instruments.
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2.12.2 Alternative Financing Principles
Avoiding interests as a basis in Islamic finance, a number of techniques and tools are
used by Islamic banks to do their business. Such tools as the principle of participation and
sharing found in musharaka, mudarabah, and the deferred trade principles applicable in
credit and forward sales (muaj'jal and salam); there is also a combination of techniques such
as shirkah and ijarah, murabaha, and salam and istisna'a. Here are the major forms of Islamic
finance that shed lights on the above discussion concerning the philosophy of Islamic
banking.
1. Mudarabah is a form of partnership, where one party provides the capital and the
other party provides entrepreneurial skills. Any loss is borne by the financier but in
case of profit, it will be shared by the partners according to a pre agreed ratio.
2. Musharakah is another arrangement that may take the form of a permanent equity
investment. It is a partnership in a certain project with a fixed duration or a
diminishing partnership (the banks share is repaid overtime by the company that
borrowed the funds).
3. Murabaha – muaj'jal: here a customer demands goods or otherwise; the goods credit
sale is at profit margin, the result is a debt covering the cost plus a profit margin, so
this debt has to be paid back if there is a profit or loss to the person or institution
that purchased in credit and suffered the loss of the goods in his ownership.
4. Salam is concerned with providing funds for forward purchase of defined goods
with prepayments.
5. Ijarah is concerned with leasing an asset and receiving rentals as the asset is leased;
the lessor owns the asset and the risk and reward of its ownership.
6. Istisna‟a is concerned with a financing agent for example who is asked to
manufacture or construct or supply an item at a future date; the sum must be explicit
and be paid periodically; the agent makes the contract with the manufacturer to
produce the commodity and the customer must pay to cover the production price and
the profit margin.
7. Security / collateral: in debt-creating modes: the bank may ask the client for a security
in the form of mortgage, or a charge in his assets.
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8. Liquidity, features of liquidity in Islam are the possibility or ease with which the bank
can sell the related assets to obtain cash money when needed.
2.12.3 Valid Gains on Investment
1. In Islam all gains on investment or principal of a business are permissible.
2. Profit has been known in Islam as "reward" of capital and Islam allows gainful use of
surplus resources, but along with the permissible profit there is the liability of risk of
loss with the capital itself.
3. In Islamic finance the financial transactions are permissible for the purpose of earning
profits and must be associated with tangible real asset. It has to be noted that in Islam
money is not recognized as capital so it can not earn profit in itself.
4. The provider of funds can be also the entrepreneur; he will gain profit /loss for his
capital and a wage / remuneration for his entrepreneurship / labour.
5. On the other hand, the provider can provide capital for any other individual / group of
individuals for any kind of business, he will have a share in the profit; on the other hand
the manger of the business will have “wages” from a share in the profit. But if the
business suffers a loss the capital owner will bear the loss while the manager's labour is
wasted; so the principle is that one can earn a profit from his investment or financing, the
assets must be real and tangible and one has to bear the loss if there is one.
6. All pre–fixed returns are not Riba.
2.12.4 The Following Point is Necessary to Differentiate Various
Transactions
1. Bai‟ (sale/ purchase of goods) it means the transfer of goods to the buyer who pays a
price that can be on the spot, delayed (in a credit sale) or in advance as (in salam). Here
the buyer is the one who bears the risk and reward of the sold goods and he must pay the
price irrespective of his loss or profit of his business.
2. Hiba (gift) it is the permanent transfer of ownership of assets. There will be no payment
for it, and cannot be taken back except by the consent of the person to whom the gift was
given.
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3. If there is a temporary transfer of ownership of goods/assets and there is no payment for
it, this is called "qard al Hassan" / Tabarru‟ and Islam encourages such activity.
4. Ijarah means the transfer of the usufruct of assets and hence there is payment of rent.
The lessor is the owner of the leased assets, therefore, he is the owner of the risk and
reward as related to the asset.
5. "Anything which cannot be used without consuming its corpus during the use" cannot be
leased, money, yarn, edibles fuels, such items can be sold, bought or loaned; and in latter
case the exact sum must be repaid. On the other hand, things, assets which cannot be
consumed during use can be leased against fixed rental such as ships, houses, motor
vehicles.
6. The above discussion shows that Islamic banks can charge a fixed profit when there are
a trading or leasing transactions. In the case of loan and debt the banks cannot charge
any amount of money over and above the exact sum when the debt or loan is created.
2.12.5 Variable Rates on Investment
1. (Musharakah / mudarabah, and their variants, are called shirakah) this kind of
partnership-based modes gives different returns to investors.
2. Mobilization of deposits and funds from investors / savers is an important mode used by
Islamic banks, and hence as a result of this business the banks gain variable return.
3. A quasi-fixed return is possible here in trade and ijarah because shirakah – based
investment is attached to fixed earning modes. An example of such modes is diminishing
musharakah on the basis of shirkatulmilk and securitization through shirkah.
4. A point to be noted that in shirakah based modes, the risk is higher than in trade or
ijarah-based modes, and hence normally the profit is also high.
2.12.6 What is the Criterion For Entitlement to Profit in Islamic
Transactions?
Business risk is a main element and a precondition to any profit over a capital
a. “Alghunm bil ghurm” as shari'ah states.
b. In debt creating modes Islamic banks should bear market risks, commodity risks, price
or rate of return risks, legal and documentation risks.
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2.12.7 Islamic Banks Dealing in Goods Not in Money!!
Islamic banks in contrast with conventional banks, deal in goods and documents and
not in money, while conventional banks dealings is shown by this famous quote.
"Conventional banks deal in documents not in goods". These banks don‟t bear any kind of
risks or responsibility concerning any contracts, counter payments or price. On the other
hand Islamic banks act as intermediator between savers/ investors and those who use the
funds. For example, in salam or murabaha, there are certain commodities that will be dealt
with by the banks. Goods will be purchased by the banks or by wakalah arrangement as
banks agent for maintaining inventory or upon an order by a client. The banks own the
goods and bear their risk, and then banks sell them at cost plus profit margin. After
executing the sale, the clients bear the risk and bound to pay the price at the specific time. In
istisna'a, the manufacturers manufacture the asset and send it to the banks. The banks bear
the market risk.
In the case of salam the banks receive goods after they have made a prepayments, at
this time the banks bear both the assets risk as well as the price risk and not the salam
sellers. Involvement in trading goods on the basis of salam and istisna'a gives a great
potential for the development of the agricultural and rural microfinance market as well as
making the future of the people in rural areas so secure. In case of ijarah, first the Islamic
banks deal with physical assets. They purchase the assets that can be leased by the clients,
while the assets remain on lease, its ownership and the related risks/expenses remain with
the bank. Also if any damages happen to the assets, and it is not the lessee fault, the bank
ceases to receive the rentals. In musharakah and mudarabah–based investment, any earnings
gained by the Islamic banks will be as a result of the economic activity executed by the
client; and the profit will be shared per agreed ratios. The banks will bear the loss per their
share in the capital of shirakah business.
2.12.8 Creation of Money From the Islamic Perspective
Financial system is affected greatly by the monetary and credit policies. This effect
is shown clearly in the quantity and value of money. In contrast with conventional system,
where billion money paper or fiduciary money can be created by ledger entries or issuing of
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paper securities irrespective of any increase in goods and services and with distortion of the
economy and exploitation of part of the society. Islamic financing system prohibits
exploitation and the supply or growth of money / credit should go in line with good and
services for the benefit of all the society.
Avery distinct feature in Islamic financing instruments is that these instruments must
be real asset based. Backing of real assets to Islamic banking is the core of their creating of
money. Islamic institutions with their risk and reward securitize that asset‟ operations, the
ownership of these assets are transferred to the security holders in order to get liquid funds.
Deficits in the government budget are financed by Islamic banks and financial institutions.
This takes place only when governments have enough real assets to raise funds according to
shariah compliant or to transfer the debt stock into securities in compliance with shariah.
2.12.9 Source for Monetary Expansion are Set by Regulators
Financing of government budget deficit is executed by borrowing from the central
bank. The central bank acts as a monitor to direct the monetary policy for the growth of the
money supply, which neither "more" or "less" but just enough for the exploitation of the
capacity of economy for the sake of offering goods and services to wide sectors of society.
Deposits of the commercial banks act as an essential factor for the money supply. There are
two kinds of deposits; first there is the "primary deposit" that provides the banking system
with the base money (cash-in-wallet deposits with the central bank).
Secondly there is "the derivative deposit", which acts in a proportional reserve
system as a source of money created by the commercial bank in the process of credit
extension. Mudarabah or shirakah system for mobilizing and using of funds represents the
core of the Islamic finance model that entails creation of money and credit. In shirakah–
based, interest-free system, overexpansion is so limited there is the liability to losses on the
part of the banking system, the creator of credit. The relationship between the Islamic banks
and clients is that of a partner, investor or trader and not a creditor or debtor as in
conventional bank. Islam assures the equitable sharing of profit and loss between capital and
enterprise by mutual consent. If people use to keep their income and saving as deposits in
51
the bank and carry out most of their payments through cheques, then the banks will be able
to create and meet public element for cash, since there is a fractional reserve
2.12.10 What is Inflation?
1. It is generally a change in the value of money, specially the depreciation of currency.
2. What is the cause of inflation? [
3. The main cause of inflation is the unlimited creation of money and credit, which result in
debtor's liabilities that hit future generation.
4. Government and banks generally use various measures to combat inflation including
indexation of wages. [
5. There is an argument concerning using of indexation by Islamic finance to counter
inflationary pressures or that repayment may be made after the considerations of the
impact of inflation on the purchasing power of money. But the Nass (clear text) OF
HOLY Qur‟an permit only the principal of a loan and debt that any addition over it as
Riba.
2.13 Islamic Law of Contract and Business Transaction
Islam sees people property as sacred as their life and honour. So Islam forbids
usurpation of other people property by way of theft, embe33element, bribery, cheating and
all other unlawful means like riba, gharar and qimar.
On the other hand contracts and transactions have different features that must
conform to SHARIAH tenets; without any involvement with the above mentioned prohibited
elements. If there is any kind of involvement, the contract is regarded as invalid one.
Dealing in goods is part of Islamic banks and financial institutions. So, sale, leasing,
partnership, suretyship, agency, assignment of debt, mortgages contracts etc are parts of
these banks and institutions work.
2.14 MAL (Wealth), Usufruct and Ownership
The main function of contracts is dealing with goods, wealth (MAL), usufruct of
goods and transfer of ownership of the goods and usufruct from one party to another party.
Wealth or MAL should be something of value and can be possessed and have a legitimate
52
use. In addition to goods fiduciary money is also a kind of MAL that acts as a medium of
exchange but cannot be sold. MAL or property in Islamic commercial law is classified into
movable and immovable, fungible and non fungible and determinate (Ain) and
indeterminate (Dayn) categories.
Example of (Dayn) is gold, silver, currency, grain, oil etc.. Legally (Dayn) is the
responsibility or obligation of a person to another person, that has to be fulfilled and paid.
Here are three kinds of ownership of assets through contracts, succession or addition to
already existing assets of someone:-
1. Ownership of assets (milk UL'Ain).
2. Ownership of debt (milk Ud Dayn).
3. Ownership of usufruct (milk UL Manfa‟t).
I. Milkul'Ain is definite and not affected by time. Once one purchases an asset the
ownership is not ended by time unless the asset is transferred by the purchaser with his
free will through valid contract.
II. The transfer of ownership of an asset is different from the transfer of its usufruct this
point is crucial in Islamic Banks as it determines the liability right, risk, and reward in
their asset based operations.
III. Milk Ul Manf'at is affected by time. The usufruct of any rented assets will be given or
taken for a specified time through valid contract.
IV. Islamic financial institutions are keen about categorization of goods as such:
Fungible (Zwatul Amthal or Mithli) and non fungible (Zwatul Qiyam or Qimi)
goods.
- The fungible goods are those with similar units e.g. wheats or rice or vehicles of a
given trademarks.
- A commodity belongs to dissimilar types where their units have different value due to
different quality e.g. paintings, gems and buildings.
- Islamic financial institutions is so interested in such categorization e.g. Istisna‟a is
used for Qimi goods while Salam is for Mithli goods the first categories non fungible,
while the second is fungible.
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2.15 Interpreting and Translating Techniques
An important tip for the translator , in public service interpreting, you will often
come across the names of organizations, official bodies, acts, schemes etc that will not have
an equivalent in Arabic. The best way of tackling these names when they arise is the use of
the original English with a simple translation and explanation in Arabic. However, if they
are used in an extract for simultaneous interpreting, you will not have time to translate these
names and you must not attempt to do so (south Tynside college, England) so, again you
have to use the English version.
2.15.1 Law and Language
Unlike an engineer who deals with physical things such as iron etc, the lawyer deals
primarily with words. The term semantics denotes the study of meaning in language. So the
business of lawyer is to express precise legal meanings through the medium of language,
language is the tool of law and law to this extent is an exercise in semantics.
Historically, by the 16th
country French had become obsolete as a spoken language in
England and legal language had developed into mixture of French, English and Latin. An
act was passed by year 1650 saying that all law reports and acts of parliament must be in
English. Finally the English language becomes the official language of the courts and legal
documents. Modern legal language contains technical terms derived from French and Latin
e.g. Mensrea, Bailment, tortfeasor etc.
Using these foreign words or phrases is essential due to their precision in legal
dialogue. They have particular legal meaning and are rarely used outside legal context.
Often problems evolve when words are used in both everyday speech and the same words
used technically as legal vocabulary. Examples of such words are factory, premises,
trespass, consideration, land.
Take for instance the word "Land" this word means fields, meadows, the ground
where people walk upon and build on for a layman, but to a lawyer it means the buildings
on the ground and the fixture attached to the buildings such as light, kitchen units, also the
land beneath a lake or a river. On the other hand, the word consideration usually means not
to hurt the feeling of others ie to care, or to take things into account, to a lawyer it has a
54
precise meaning in the law of contract. It means money or money worth that seals the
contract and makes it binding. Vagueness of legal terms sometimes is done deliberately to
accommodate many different real-life situation, for example the law of negligence requires
people to take reasonable care in their dealings with others to avoid being liable to pay
damages, so such terms as "reasonable care" produces uncertainty, persons do not know
exactly what the law wish them to do to avoid legal problems.
On the other hand, there is a definite form of word used by the lawyer to achieve a
desired legal result such as "without prejudice" which heads solicitor's letters and the other
one is "subject to contract". Both forms of words have specific legal consequences required
by the talks of lawyer. The last analysis about abstracting the general from the particular for
formation of concepts. What is the concept? It is an idea abstracted from particular concrete
instances. These particular instances are the cases from which the law concepts are derived
to be applied. Also, acts of parliament consist of general statements of law applied to
concrete instances of human behavior and here what the law is all about. So to understand
law we have to understand concepts and rules in addition to language, so these
combinations constitute the game of legal reasoning. (faculty of humanities and arts, south
Tynside college).
In comparison with the Islamic economics, the researcher can say the language has
its own particularity, its own legal language and system. Here one deals with an economic
system based on an ideology in contrast with the economic system that concerns with
creating of wealth. Ethical and moral principles derived from the main source of the divine
law of the holy Quran and Sunnah of the holy prophet (PBUH), have its effect directly or
indirectly on business of Islamic financial institutions and markets. Human beings conduct
both their individual and collective lives is regulated with Shari'ah; and what is Shari'ah? It‟s
a code of law or divine injunctions that regulate all the above mentioned activities. At the
same time all business and financial contracts in Islamic finance frame work must go in line
with Shari'ah rules and its objectives.
So Islamic economics is governed and controlled with a specific Shari'ah code of law
or divine injunctions which is in contrast with the conventional economics system laws and
factors sometimes. Examples of such specific injunctions are:
55
a. "Aqaid" or matters of belief and worship
b. "Akhalq" or matters for disciplining one's self
c. "Ahkam" or socioeconomic and legal system
d. "Fraid" or obligations
e. "Nawahi" prohibition
So, these injunctions require an absolute belief of the revelation as the source of
tenets and a complete sub-mission to Shari'ah rules.
- On the other hand, Ijma'a, Ijtihad, Giyas (analogy) are sources of Sharia‟h tenets. An
important source for the derivation of law is Ijma'a of the companions of the holy
prophet. So, jurists, Shari'ah scholars, Shari'ah board of Islamic banks and their
institutions are in need to deal with solution and issues pertaining to various activities
and problem on the basis of the above Shari'ah sources or Shari'ah law, So, one
deduces that there are the above mentioned divine laws and injunctions, fundamental
principles, Shari'ah objectives or (Maqasid) to protect religion, life, progency,
property, intellect and Honour.
i. There are the secondary objectives of Shari'ah
ii. To establish justice and equity.
iii. To promote social security.
iv. To maintain peace and security.
v. To promote matter of goodness and prevent evil deeds and action
vi. To promote moral values and all actions to preserve the authority of nature
vii. On the other hand, a deduction from studying Quran and Sunnah are those right that
concern:
1. The right of safety
2. The right to be informed
3. The right to choose
4. The right to be heard
5. The right to satisfaction of basic needs
6. The right to redress
7. The right to education
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8. The right to healthy environment
Banks must faithfully comply with the conditions laid down by the Shari'ah, and such
compliance cannot be ensured unless the outstanding Figh issues related to finance shall be
resolved. A widely agreed legal framework is necessary. The absence of such legal
framework leads to the creation of obstacles for the development of standardized products
for Islamic banking. So the adoption of certain techniques carried out by conventional banks
internationally for certain purposes is so necessary e.g. the imposing of penalty on Loan
defaulters, compensating banks for the loss of income and managing of risks more
effectively. On the other hand, the Shari'ah board, the central bank and the chartered
auditing firm's roles must be specified and clear, so banks do not violate the teaching of
Shari'ah.
2.16 General Framework of Contracts
1. Islamic law is tied up with Shar'ah in dealing with Ibadat; ie (devotional acts) which is a
universal truth not affected by time and space.
2. And Mu'amalat which is matters concerning individuals interacting with each other,
Mu'amalat is affected with time and space.
3. Two types of activities such as social and economic and/or financial are part of
Mu'amalat.
4. Production of goods or providing of services through sale of goods, usufruct or
expertise, all these represent the way to acquire income.
5. On the other hand, businesses are carried out through the sole proprietorship, partnership
(Shirkah), agency (Wakalah) or labour (Ujrah) or sale and lease.
6. All these activities are governed by certain rules, to ensure their validity and legal
application. All these rules constitute the Islamic law of contracts.
7. The Islamic law basic rule in Muamalat or social and economic contracts is the wording
of any format or writing of the contracts.
8. On the other hand, in devotional act (Ibadat) only intent (Niyyah) is the factor that will
be considered.
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9. Underlying cause and motivation of a contract determine its validity. If those contracts
generate from Shari‟ah or on the contrary if they promote immorality and are harmful to
person and property they are considered void contracts.
2.16.1 Elements of Contract
Muslim jurists present three elements:-
The form offer and acceptance (Sighah);
The contracting parties;
The subject matter;
While Sanhuri added three elements:-
The unity of the Majlis (session/meeting) of the a contract;
Sanity or the power of distinction of the contracting parties;
The object (Mahall) defined.
The beneficial nature of the object, in that trade.
Offer and acceptance an offer (Ijab): it is the condition of a valid contract. “It is
defined as a declaration or a firm proposal made with view to create an obligation; while the
subsequent declaration is termed acceptance (Qabul).”
2.16.2 Elements of the Subject Matter
Generally the subject matter should be existing, existent, valuable, and useable and
can be owned, delivered and possessed; and it is specified and the seller must have its title
and risk. The commodity, service or performance must not relate to things prohibited by
Shariah e.g. wine, pork and intoxicants and must be legally and ritually permissible. The
subject matter must not be harmful to the contracting parties or the public. On the other
hand, seller of a debt or a receivables contract is not valid, if the seller of the debt does not
know when the debtor will pay the debt; while in Salam (the sale of goods with prepayment
and deferred delivery) this sale is valid because all the details about the commodity and
delivery are agreed upon and the elements of Gharar are removed.
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2.16.3 Broad Rule for the Validity of Mu'Amalat
Free mutual consent between the two contracting parties, without oppression or
fraud. Prohibition of Gharar: - excessive uncertainty must be removed from the subject
matter and the consideration (price) of exchange for the validity of all compensatory or
commutative contracts, Salam or Salaf and Istisna'a are the exception from Gharar due to the
existence of such conditions which are the precise determination of quality, quantity, price
and the time and place of delivery of the goods. The sale of debt Mu'Amalat in itself is not
permissible according to Shari'ah rules; but it can be validated through the rules of Hawalah
(assignment of debt) and here Gharar is removed. Another Gharar – based invalid
transaction are short-selling of shares, the sale of conventional derivatives and the insurance
business. Future sales of shares where the delivery of share is not given; trading in shares or
speculation in shares and (Forex) business where the delivery does not take place are
examples of Gharar- based invalid transaction.
2.17 Avoiding Riba
2.17.1 Avoiding Qimar and Maisir (games of chance)
1. Prohibition of two mutually contingent contracts.
2. Such contingent inconsistent contracts are prohibited by the holy prophet (PBUH);
such as:-
a. The sale of two articles where one who wants to purchase an article, he has to purchase
the other also at any given price.
b. The sale of one article for two prices where one of the two prices is not stipulated at
the time of the sale execution.
c. Contingent sale.
d. Combining sale and lending in contract.
So what is one needed is a separate transactions under separate contracts.
3. Some contracts can be combined under certain conditions for example:-
i. Bai' (sale) and Ijarah (leasing).
ii. Shirkah and Ijarah.
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iii. Musharakah and Mudarabah.
iv. Contracts of agency (Wakalah) and suretyship (Kafala).
2.17.2 Conformity of Contacts with Magasid of Shari'ah
So, any contract or transaction must be conformed with Shari'ah objectives which is
realized in the welfare of mankind
1. Profits with Liability:In business, a person gains a profit when he bears the risk of loss.
This is according to Islamic economics principle. Examples are such contract of sale,
hire and partnership. So, the parties have to bear the risk of the contracts requirements.
2. Permissibility as a General Rule The permissibility principle states that all agreements
and their condition must conform to Qu‟ran and Sunnah.
2.17.3 W'ADAH (Promise) and Related Matters
1. When someone binds himself to do something for another party, this called W'adah or
'Ahd. Generally 'Ahd has no legal obligation except in certain cases, it becomes legally
binding and enforceable when the promisee has some expenses on his part or has
liability due to the promise itself.
2. Contingent promises are binding.
3. So, promise is important in Islamic Shari'ah, traditional jurists like the Maliks,
Hanbalis and some Hanfi and Shafie and also contemporary jurist accepted the legal
effectiveness of promise under certain conditions such as: the understanding between
the promisor and the promisee concerning the commercial dealings and there must be
a mutual consent. In such case, fulfilling of a promise is mandatory and there is a legal
as well as moral obligation on the part of the promisor to fulfill his promise
4. Muwa'adah or Mu'ahidah (bilateral promise) is not permissible where 'Aqd is not
allowed.
5. 'Aqd does not refer only to the transfer of ownership but also to the rule of inheritance
apply when the two 'Aqd is executed.
6. A promise with its binding nature affects the Islamic banks operations in relation to
Murabaha to purchase orderer, Ijarah-wal-Iqtina'
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7. Diminishing Musharakah, is used by many Islamic banks for housing finance and for
the disposal of goods purchased by banks under Salam and Istisna'a.
2.17.4 Token Money (Hamish Jiddiah)and 'Arbun
In binding promises, usually Islamic banks take token money from the promise
client; this shows the client intention to purchase the commodity or the asset. Hamish
Jiddiyah is the name for such dealing. The banks take this money as a trust and adjust its
price to the time of the execution of sale. This shows the difference between token money
(Hamish-Jiddiah) which is taken before the execution of an agreement, and 'Arbon, which is
taken from the buyer after the execution of the agreement sale as part of the price. But when
the bank incurs many expenses in this business and the promisee fails to honour the
"promise to purchase" the bank recovers his money from the promise trust; the excess or
remaining amount of Hamish-Jiddiyah will be given back to the client.
2.18 Trading in Islamic Commercial Law
Shari'ah acknowledges and approves the growth of wealth. These activities take
place through production of goods and exchange of values among people in the market.
There are no limits for profit and there is no fixed price set by Islamic law; the law requires
only a just economic system with avoidance of Riba and Gharar; in addition to other
principles and rules that must be fulfilled.
Islamic banks earn profits through trading, leasing and PLS (profit lose sharing
contracts). This chapter contains various aspects and general rules concerning Bai'/trading
that is applied in trade based modes such as Bai' Murabaha, Mu'ajjal, Salam, Istisna'a etc…
banks / funds are invested through such activities which are regarded as debt-creating modes
of financing and so the finance user stands must repay the entire amount (or its equivalent,
like Bai' Salam). So it is very important to differentiate between any increase, addition or
growth which is termed Riba and the increase of wealth due to trading activity.
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2.18.1 Bai'- Exchange of Values
2.18.1.1 Definition of the Word Bai'
Literally it means, exchange of one thing (subject matter) (Mabi') with the other
which is the price (Thaman)
The Majallah which is (a code of Islamic commercial law defines a sale as( the
exchange of property for property). In its wider meaning the word Bai' can refer to bilateral
contract, in this, the word can simply means (exchange) and include all types of business
and exchange. On the other hand the word Bai' in verse 2.275 (of the holy Quran) involves
sale, business, trade, investment, bargaining etc …; but there are provisions of principles
that govern the involvement of Riba within these exchanges. Trade exchange, involves
exchange of properties and usufruct.
Ijara is called (sale of usufruct); a lessor gives usufruct and obtains rent but also he
has the ownership and liabilities. Loan exchange; in this dealing the borrower attains
temporary but complete ownership of the loaned item with usufruct; but he has to repay a
similar item, commodity or the money.
Shirkah; the parties in this dealing share ownership and benefit/loss. There are rules
in trade transactions where the ownership of the item is completely transferred, instantly and
irreversibly once the deal is executed. So if the items of exchange are different in genere e.g.
gold is exchanged for wheat, one item can be delayed in delivery, and hence as in a credit
sale, or in Salam when the payment for purchasing of wheat is in advance, but if the genere
of the items are the same e.g. wheat for barely; there will be Riba if one of the item is
delayed. "And Allah has permitted sale and prohibited Riba." This is how almighty
distinguishes between the two.
2.18.2 Trade (Profit) Versus Interest
Permissibility versus prohibition
The Holy Quran (verses 2.275, 276) states that "Riba on loans and debt must not be
equated with trade or profit from sale".
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An essential difference between trades profit and Riba is that the first one is the
consequence of a real investment activity with the existence of risk in obtaining the goods,
damages of storage and price risks. While in Riba- based transaction, the reward is
guaranteed for one party leaving the others at risk; such transaction far from Shari'ah
principle "Al-Kharaj bi-al Daman" which refer to earning a profit only when one ready to
bear liability and risk, and contributing to the development of resources and society.
The profit margin in business is justified by the trader provision of services for
client, in the form of seeking out, locating and purchasing goods, secondly, the trader in
addition to his liability, he takes risks of loss or damages during his activity. So, he has the
right to gain a margin profit which is more in cash market price than in the credit sale.
Shari'ah allows trader to sell for cash or on credit on condition that once the parties
agreed on certain price at the time of the bargain, it must not be changed if the payment is
not executed at the due date.
2.18.3 Types of Bai'
1. Bai' can be valid (Sahih)
2. Void (Batil)
3. Voidable (Fasid)
4. Suspended.
5. These classification (Mawquf) are done according to the legality of the types of Bai'
6. An important type is (Bai' al Mutlaq) ie the exchange of any commodity with money
on the spot or at credit.
7. (Bai' al Sarf) ie the exchange of different types of money or goods that represents
money e.g. gold, silver, Dollars, Rupees, etc…
8. (Bai' al Mugayaza) or barter ie the exchange of goods with goods.
9. (Bai' Mua‟jjal) ie deferred payment but to a definite time in the future.
10. (Bai' Salam) ie an immediate payment contract with future delivery of the
commodity.
11. So, different kinds of Bai' governed by different rules in order to comply with
Shari'ah.
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2.18.4 Requirements of A Valid Sale Contract
1. Islamic Shari'ah compliance is the essential rule pertaining to the requirements ofthe
trade transactions in Islamic banks.
2. Proper offer and acceptance by the parties.
3. Free consent of the seller and the buyer.
4. Legality of the ware or any medium of exchange.
5. The necessity of record – keeping of business security.
6. Fulfillment of promise.
7. A sale has to be prompt and absolute.
2.19 Prices and Profit Margin
1. Islamic principle does not have tendency to fix prices or profit margins, but leave them
to be arranged by the forces of supply and demand.
2. The Holy prophet (PBUH) permits the competitive price mechanism to create the
balance of supply and demand of goods for attainment of economic justice, absolute
benefit of society and for efficient allocation of resources. These market mechanisms
are restricted only by moral, religious and culture views and behavior.
2.19.1 Option in Sale (KHIYAR)
1. The Shari'ah declares that any article being sold with defects, the sale is not valid.
2. If a seller sold any asset with certain quality, and it turn out to be without that quality,
the buyer has an option to cancel the contract.
3. One has to note that the right to exercise an option is not automatic.
4. This brings us to a peculiarity of Islamic law which is "the doctrine of option or the right
of cancellation (Khiyar)”.
5. The following types of options are important they are discussed in Figh books:
6. Khiyar Al-Shart: a stipulation where either party has the option to cancel the sale within
(specified) days; it's also called Bai' al Khiyar.
7. Khiyar al Ro‟uat: if this option is written in the sale agreement, and if after inspecting
the goods, they turn out not to be according to the contract, the goods can be returned.
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8. Khiyar al 'Aib: this option refers to the defective goods, that can be returned even If
there is no conditions written in the contract; but, if the seller declares in the contract that
he is not responsible for any defect in the commodity, then for Hanafis the contract is
valid.
9. Khiyar al-Wasf. Here the option is for quality. If the article lacks quality, it can be
returned.
10. Khiyar –e- Ghaban: here the option is related to price. Goods are sold at higher price
than market price; but the client has the impression that he has been charged by the
market price.
11. In case of Murabaha to purchase order; here the client has the options of defect,
specification and quality. If the goods lack the stipulated specification, the client has the
right not to purchase the goods, and if Murabaha is executed, the client has to rescind the
sale unless the bank gets a certificate of fitness at the time of the sale, and after that the
client may examine the asset so closely.
2.20 Loan and Debt in Islamic Commercial Law
The superstructure of Islamic banks is based on profit loss sharing (PLS) that is to
say the utilization of deposits on the basis of the profit / loss sharing. There is a small
portion acting as current deposits and can be used as loan sometimes (wadi‟ah / Amanah
(trust). Profit / loss sharing (PLS) and debt – creating modes are the result of trading and
leasing activities, they are the basic activities of Islamic banks. Loaning in shari‟ah is a
virtuous act, so, the person who takes a loan, he has to pay only the principal without excess,
or it makes the loan usurious.
2.20.1 Illegality of Commercial Interest
a. A consensus have been reached by contemporary Shari‟ah scholars that recent
commercial interest is Riba , and any form of loan / debt with interest as precondition is
prohibited and illegal whether that condition includes quantity or quality.
b. All jurists agree that any contract between a lender and a buyer entails an increase or
includes a gift or a present above the principal is Riba.
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2.20.2 Loaning and the Banking System
1. Conventional banks and government securities, deposits and investments act as Gard
because their capital is bound to be repaid with return that is either fixed or not
related with their outcome of economic activities. [[
2. Banks current account is classified as loans because banks are liable to the current
account holders as to the fixed account holders. [[[
3. Concerning assets side , conventional banks financing takes the form of debts and
loans for consumption durable and business activities like capital finance, trade
finance, project finance, micro and sme finance and government finance etc, [[[
4. Concerning Islamic finance, many writers think that banks in Islamic structure will
act as intermediaries. [[[
5. On the other hand, some Islamic economists recommend that banks should remain as
intermediaries but also as traders or institutions that works in tangible goods.
6. They can act as universal banking and holding company models owning subsidiaries,
mutual funds for different kinds of financing operations. [
7. Whatever the activities of Islamic banks, they cannot earn money from money, and
their dealings should be in real goods for financing objectives, through such
activities, Islamic banks use trade and leased – based model and products to create
debt and so they comply with shari‟ah rules of Dayn.
8. The substance of Gard or Loan according to Maliki school is something „valuable‟
given only as favour but not as “Ariyah” or Hiba (gift). So Qard consist of anything
valuable such as merchandise, animals or similar of weight.
9. Loan must be paid, and debt is not forgiven even for martyrs.
10. So money can be lent without any hope for return over the principal or profit, this is an
illegal and a prohibited act.
[
2.20.3 Instructions for the Debtor
Instructions for the debtor include repayment of loans. According to a Hadith, willful
default or procrastination in payment of due debt is amount to arrest, since it is seen by holy
prophet as injustice, and greatest sin after kabai‟r. There are great numbers of
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nonperforming loans (NPL) of banks today. Usually they have not the intention and are not
serious to pay their debts, and they continue their lavish lifestyle. According to Islamic
teaching, the authorities have to set relevant laws accounting, auditing standards to lessen
the chances of not repaying loans and other moral hazard that threats present societies.
Instructions for the creditor include the holy Quran encouragement for creditor to allow
more time for payment or even to waive the Loan amount or part of it, when the debtor is
dire straits. But the creditor is compelled to give more time for the debtor; the debtor must
pay the debt amount.
2.20.4 Husnal Qadha Gracious Payment of Loan / Debt
An excess of the principal in repaying a loan and without a precondition is
commendable with the Sunnah. Jabir (ABPWH) states that the prophet (pbuh) owed to him a
debt (he paid to me and gave me more than the principal). Such gracious repayment of debt
must be a matter of one's discretion without any implicit or explicit precondition. It must not
be adopted by a system or government, because in such case, investors or others will expect
some return or profit from such loans. In Islamic banks, the current account deposits are
considered Loans and hence the bank must return their full amount of money. A current
account does not carry any weigtage.
The Islamic fiqh council of the OIC decided that the liability to repay Loan (current
deposit) must be executed irrespective of the banks‟ solvency, its profit or loss. The shariah
ruling is that in such accounts there is no share in profits, there is no exposure to risk and
therefore there is no return to pay for them. In such cases, the banks and depositors
relationship is that of a creditor and debtor. The banks will take services charges from the
current account holders. Away from this general view, some shari‟ah boards have rules that
allow gifts for the current accounts but not profits.
The Board of Faisal Islamic Bank of Sudan gives prizes to depositors. Such gifts
maybe given with prior knowledge and not regularly just to mobilize the funds and there
will be a just reward distribution between account holders and shareholders. Another point is
that there is a non–fund income. Such non–fund income gained from currency transfers or
other (customer services) so as deposits in the current accounts it represents a very essential
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source of financial strength for the banks, so gift from such source to depositors is allowed
without prior (inducement) and it must not be adopted as a system.
2.20.5 Insolvency of the Debtor
A debtor is termed insolvency, bankrupt or “Muflis” in Islamic commercial law if he
does not have enough money to pay his debt. In such case there must be a strict assurance,
that the debtor is not resorting to fraudulent bankrupcy, but if he is really in trouble and
cannot pay he can be declared insolvent , i.e. all his assets will be sold and on apro rata basis
, the proceeds will be distributed among creditors, and if there is a remaining debt, the
debtor will be given time to repay it.
2.20.6 The Two kinds of Hawalah
a. Restricted Hawalah: in restricted Hawalah the payment has to be executed from the
asset or property of the assignor in the hand of the assignee. The asset or property is
in the possession of the assignee.
b. Unrestricted Hawalah: in this case the payment is not restricted to the property or
asset of the assignor or the transferor in the hand of the transferee.
2.20.7 Security / Guarantee (Kafalah) in Loans
As mentioned before, Loan has to be paid. Lender needs to have a security in case
the borrower fails to fulfill his obligation. Tthe prophet (PBUH) himself borrowed against a
security from a Jew. In Islamic commercial law guarantee is part of the term kafalah.
Two forms of guarantee are mentioned: kafalah or suretyship and Rihn or pledge /
surety. Such application of this kind of dealing will lead to avoidance of inequities for both
parties in the loan contract especially the creditor. Literally “Kafalah means to take on the
responsibility for the payment of a debt or for a person‟s appearance in court”.
Understanding Islamic economics.
Legally in “kafalh, a third party becomes surety for the payment of a debt unpaid by
the person originally liable“. Understanding Islamic economics. So it is a guarantee taken by
the creditor that the debtor will pay the debt, fine or any other liability. Rihn or pledge acts
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as a security for the return of debt in case of the debtor failure to repay it. Kafalah and Rihn
have different functions.
In a contract kafalah, the surety is a third person who is responsible for the payment
of the debt. In Rihn something will be given by the debtor as a pledge to ensure the payment
of the debt. Both contracts will be valid when there is mutual consent or agreement between
the parties. Rihn is regarded as a trusteeship. The pledged property is seen as a trust for the
creditor. The following types of guarantees can be called by banks to ensure the payment of
their loans:
1. Letters of guarantee,
2. Use of cheques (post dated),
3. Promissory notes,
4. Freezing cash deposits
5. Third party guarantees,
6. Hamish jiddiyah (earnest money taken from a prospective client to ensure the
performance of any assignment or liability by him before execution of the formal
contract).
7. Arbun (down payment taken as part of the settled payment taken after execution of the
formal contract).
8. The pledger is the owner of the risk and reward of the commodity pledged.
2.20.8 Risk and Reward in Pledge
A pledger i.e a person owning a debt is the owner of the risk and reward of the
commodity pledged. “Understanding Islamic Economics”. A loss is on the part of the pledger
/ debtor if the pledged commodity is destroyed and without any negligence on the part of the
pledgee. According to Hadith of the holy prophet “pledge is to cover what it is for i.e. to
cover only the debt. If the due time of the pledge is expired and the debt has not been paid,
the pledgee ask the court to sell the pledge commodity, so that the debt will be recovered
from the proceeds of sale so, here the creditors may have a power of an attorney to sell the
security on behalf of the pledger to recover their dues and remit the extra amount. Mortgage
i.e. the transference of only the interest to the mortagee and not the property possession. Such
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dealing is not mentioned in traditional books of Islamic law, but contemporary scholars allow
it on the basis of analogy.
2.21 Islamic Finance Products and Procedures
Operations of Islamic finance can be better understood by referring to the financial
institutions, market and instruments in the conventional frame work as well as in the Islamic
one. Such overview will help in understanding how financial institutions and products affect
firms, individuals, societies, economies and states and reflect their mechanism in meeting
the needs of every sector in an economy. Mainly in this chapter we shall reflect the
alternatives in the Islamic finance to their counterpart in the conventional one. What is
banking or a bank?
The word "Bank" derived from the Italian word "banco". The word means shelf or
bench used by ancient money changers to show their coin.
1. A bank is an institution which takes deposits to extend long and short-term finance
facilities.
2. Modern banking is divided into commercial banking and investment banking.
3. Commercial banking acts as an intermediation between depositors and fund users and
makes payment on the behalf of their clients.
4. Investment banking contains capital market activities to facilitate the raising of fund by
the corporate sector directly or indirectly by investors. Later, investment banking has
become an important function of the commercial banks.
5. There are large numbers of banks that make operations in the capital market and
securities trading; a great number of them offer Muslim investors investment services.
6. A form of Islamic banking evolves within the banking industry in many countries.
2.21.1 The Strategic Position of Banks and Financial Institutions
Finance is the most essential part in modern economy. There are surplus and a deficit
household and institutions in every society. A large number of people have small services
while others as business lack funds for their expenses or production needs. So financial
institutions link between the deficit and the surplus unit, so in conventional system,
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individuals and households provide funds to business and industries through financial
institutions, where a fixed or floating risk – free return will be taken from fund users, part of
the return will be given to the fund owners (savers, investors) the remainder will be kept by
the financial institutions as spread.
The existence of funds for goods and services are governed by forces of supply and
demand and the risk profile of stakeholders. The supply of funds comes from individuals or
householders or corporate bodies while the demand comes from trade, business, industry,
agriculture, corporations and government sectors. The institutions which make the resources
transfer are commercial bank, investment banks, saving and loan institutions, specialized
institutions like micro credit, SMF credit, industry, agriculture, trade, export, housing,
leasing, venture capital, discount house, insurance companies. So these can be divided in
banks and non-bank companies institutions. On the other hand, there are the development
finance institutions (DFIS) that provide finance for developmental activities.
2.21.2 The Need for Islamic Banks and NB FIS
With the strict prohibition of interest in the Islamic framework, the existence of
banks and financial institutions as intermediaries is a necessity between savers and fund
users, also it is a necessity where business needs can be fulfilled with saver's pooled money
by which savers and investment, and business and industry can get the funds for acquiring a
sufficient supply and goods for the welfare of mankind.
Banks as intermediation strengthen the efficiency of the saving and investment
process by lessening the matches arise in the requirement and availability of financial
resources of savers and entrepreneurs in an economy. Banks as intermediaries resolve many
risks to both savers and entrepreneurs in spite of the fact that the prohibiting of interest
dealings limits their activities.
2.21.3 The Structure of Islamic Banks
1. As banks, an Islamic financial institution (IFIs) acts as intermediaries between the saving
surplus and the deficit units households.
2. Many instruments have to replace the absence of "Interest".
3. In conventional banks, they usually pay and charge interest in their operations.
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4. The great difference is that risks in Islamic banking remain with the ownership, so the
IFIs share profit or loss during investment process and earn return on their trade and
leasing operations with risk and liability and adding value in their business activity.
5. Banks usually mobilize their deposits with profit and loss sharing; and sometimes on the
basis of Wakalah with pre-agreed service charges or agency fees.
6. On the assets side, the ownership of these assets remain with the Islamic financial
institutions and hence they take the liability of loss e.g. in Musharkah, Mudarabah they
also bear the risk in trading process.
7. In leasing activities the IFIs purchase the assets and rent them; and since the IFIs are the
owners they bear the risk and the expenses.
8. So IFIs are intermediaries; they collect savings from savers and investors for financing
the requirements of business agriculture and industry; with a change in their modus
operandi. An important point is that there must be real goods and real business activities.
Approaches to replace the institutions of interest:-
a. There is profit and loss sharing through the advancing of funds modes; example of
such modes are Mudarabah and diminishing Musharakah with clients who participate
in the equity of companies.
b. This sector includes financing the purchase and hire of goods and (also assets) and
service with a fixed return basis example of this modes are Murabahah, Istinsa'a,Salam
and leasing.
9. The structure of the banking also includes three models of organizational structure, this
classifications are according to their span of activities:-
i. The "universal banking model"
ii. The "bonafide subsidiaries model" (with their own capital and separate operations).
iii. "Bank holding company model" a bank owned separate organizations, each with
different activities e.g. investment banking, Murbahah, trading transactions,
commercial banking etc.
2.22 The Deposits Side of Islamic Banking
There is a development on the side of deposits mobilization; there are the general
savings and investment deposits, but banks started offering commodity funds, leasing funds
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and Murabaha funds. So these funds are mobilized and used in lease or Murabaha
operations. This operations offer fees or fixed margin profit to the banks, so this means that
savers can get a quasi-fixed return. Concerning deposits side the Islamic banks provide the
products below.
2.22.1 Current Deposits
There is no return on current accounts on the basis that such deposits take the form
of loans and loans in Islamic banks have no returns, they are Amanah. In permissible
business the proceeds of such account can be used as loans and be paid back without any
increase or decrease. After an agreement between them, bank and depositors act as debtor
and creditor. Some writer prefers offering a gratis return to current account holders, but such
incentive should not be given regular, saving deposits are accepted in Islamic banks on the
basis of profit loss sharing (PLS). Investment\financing are made by the bank's capital and
form the monies raised from the profit and loss sharing (PLS) basis. This form "the earning
asset based" which represents returns from which an allocation is carried out between the
bank and their account holders with acceptable ratio between them.
2.22.2 Deposit Management in Islamic Banks on Mudarabah Basis
Musharakah, Mudarabah are used for short, medium and long-term project financing,
import financing, reshipment export financing, working capital financing. For purchasing
fixed assets such as houses, transport, machinery etc banks use diminishing Musharakah.
Purchasing and selling of automobiles, consumer durables and trade financing, acquisition
and holding of stock and inventory, spare and replacement and raw material, so Mudarabah
can be used for all these activities. Musawamah is used for financing of huge single
transactions.
In financing agriculturist and farmers, commodity, operations of public and private
sectors and purchasing of homogenous goods, Salam can finance all these activities. Banks
subsidiaries as trading and leasing companies can finance on Murabaha and leasing
activities. Ijarah or leasing can suit the financing of automobiles and machinery. For
financing of trade and industry there can be a combination of Istisnaa plus Murabaha, Salam
plus Murabaha or Salam plus Istisnaa, diminishing Musharakah can finance construction of
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houses as well as purchasing of houses. Salam, Istisnaa and Murabaha can provide the
working capital finance.
Big projects can be financed by syndicate Mudarabahs by using the Istisnaa and Murabaha
modes.
2.22.3 Experts on Islamic Banks Finance Recommend the Following
Financing Modes for Certain Areas and Transactions
2.22.3.1 Modes for Financing Trade, Agriculture and Industry
Murabaha, instalement sale, leasing and Salam are suitable for trade; while Istisnaa
is suitable for industry. So here financing is needed for the purchase of raw materials
inventory (goods in trade), fixed assets and some working capital for paying of salaries and
other expenses.
2.22.3.2 Household, Personal Finance, Consumer Banking
Personal finance for consumer durable can be got by Murabaha, leasing or by return-
free loans from current accounts or the bank funds "depositors; these loans should be used
only by explicit approval, they are a trust in the bank". Wakalah and Murabaha are used for
cash financing by charge and credit cards. Housing finance can be carried out through
Murabaha, diminishing Musharakah and rent-sharing.
2.22.3.3 Treasury Operations–Liquidity and Fund Management
Liquidity management means that the bank ensures sufficient liquid funds for a
smooth running of its operations in their due time. The bank must invest its surplus funds,
match maturity of assets and liabilities, accommodate the decrease in the deposits and
liabilities and increase in assets.
Fund management means the securing and managing funds for business
development. Sukuk are important for the management of liquidity an investor with Sukuk
can get returns on the basis of the ownership of Sukuk rather than interest. The selling and
purchasing of Sukuk in the secondary market can provide liquidity. Islamic bank can sell
Sukuk to the central bank if the regulatory structure allows.
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2.22.3.4 Foreign Exchange Operations
Exchange of currencies and monetary units can be done according to the rule of Bai'
al sarf. This means that it must be simultaneous. So spot purchase and also a currency
against another currency is allowed.
2.22.3.5 Government\ Public Sector Financing
Enterprise of government and public sector issue their Musharakah and Mudarabah
certificate to purchase equipment or utility-generating assets to lease them to public sector
corporations. The public sector can use Ijarah and Istisnaa for the infrastructure project.
Ijarah Sukuk becomes lately the important instrument for financing public sector; also
Islamic banks can offer goods and asset with great values to government entities or
corporations through syndication agreements on Murabaha basis. Returns from these funds
can be distributed among Sukuk, certificate holders on a pro rate basis.
2.22.3.6 The Issue of Mode Preference
Scholars tend to replace interest based system with profit loss sharing that includes
Musharakah Mudarabah and their various types.
Abdul Halim Ismail classified writers on Islamic finance into "Islamic economist"
who prefer replacing of interest with profit loss sharing system and "Islamic banks" who
prefer to give equal importance to debt-based modes including both trade and leasing.
2.23 Islamic Investment Banking
Islamic investment can be understood on the light of the conventional investment
with the difference of that Islamic investment product and services must be in compliant
with Shari'ah in meeting the clients' requirements.
1. Investment banks manage portfolio for institutions, corporate clients and highnet
worth individual and pooled investment modes as unit trust and mutual funds.
2. The main factors that differentiate Islamic corporate finance activities of investment
institutions and that of the conventional corporate finance are the services and
products offered are according to Shari'ah compliance e.g. the services:
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i. Equity issues such as, offer for sale, right issues.
ii. Private placements
iii. Strategic reviews
iv. Financial restructurings
v. Acquisition, divestment, mergers
vi. Joint ventures, alliance search and studies
3. Islamic investment bank: can execute syndicated finance with a large financing facility
offered to industrial or trading organization. These facilities offered by an Islamic
syndication are provided through Murabaha, Mudarabah, Musharakah, Ijara or leasing.
[
2.23.1 Islamic Funds
1. Fund management is executed by both commercial and investment banks.
2. Fund management means that investors pooling their resources to buy a large number
of shares through any manager as group; they cannot purchase them individually
3. Low risk, moderate return; balanced risk return, and high risk, high return are
Shariah Compliant which are provided to facilitate investment for about 150 mutual
funds through many parts of the world.
4. Equity funds is the main while others like hybrid funds are managing leasing, real
estate, Takaful and other funds.
5. Shaikh Tagi Usman has shown the following types of Islamic investment funds
i. Equity funds: - equity funds proceeds are invested in shares of joint stock companies, so
the return in the form of capital gains and dividends are distributed among investors.
ii. Ijarah funds: - such funds are used to purchase the assets in order to lease them; rentals
should be distributed among subscribers of the funds. Ijarah Sukuk can be traded
according to market forces in the secondary market.
iii. Commodity fund: - here, the subscription amount to equity (PL) ordinary stocks and
shares not bearing fixed interest are used to purchase various commodities to resale
them. The profits in this case are distributed among the subscribers.
iv. Murabaha funds: - fund created by Murabaha sale is a closed-end fund.
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v. Mixed funds: - the tangible assets should be more than 51% while the liquid assets and
debt less than 50% to be traded in mixed funds.
6. Assets management through equity fund: conventional equity funds has fixed return
related to its face value, while Islamic equity fund should have a pro rata profit earned by
the fund, so neither the principal nor its rate of profit can be guaranteed. On the basis of the
investor and investment risk profile, equity funds can be divided into four classifications:
i. Regular income funds: where investors receive a regular income by way of dividends
most of this investor is risk-averse such as old one retired people.
ii. Capital gain funds: in such funds, profit can be earned through capital gain through sale
and purchase of Shariah compliant stocks. Here, there is moderate-risk investor with a
better return.
iii. Aggressive funds: in such funds there is an investment with high risk securities to obtain
abnormal profits for investors.
iv. Balanced funds: the investment here is in a high quality security with less risk. It
provides a regular income through dividends and capital gain. "A capital provocative
approach is adopted by such funds".
In late 1990s Islamic equity funds made great growth. There were 29 Islamic equity
funds in the market with 800 million in assets. The number of funds had grown to 98 with
almost $5 billion in assets by early 2000, and today Islamic equity funds reached over 100
on the market giving investment solution to meet any investor taste.
2.23.2 Investment Sukuk As Islamic Instruments
1. Nowadays Sukuk in Islam are akin to the conventional concept of securitization
2. Suk is (the plural of the word Sake)
3. It is a process where the ownership of assets is transferred to a large number of investors
through papers known as certificates
4. Sukuk or other instruments represent proportionate value of the relevant assets
5. There are difference between Sukuk and common shares of joint stock companies.
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6. These shares are certificates of equal values stand for undivided shares that associated
with the ownership of tangible assets of certain projects or investment activity, usufruct
and services.
7. There are many types of Sukuk according to Shariah modes. The important ones are
Shirkah, Ijarah,Salam and Istisnaa; where sukuk act as a base for their contract.
8. According to Shariah basic rules, investment Sukuk can be structured on the Murabaha
principle; business can be conducted through participatory or fixed return modes
instrument.
9. So the rates of return on Sukuk can be variable if the mode is participatory or quasi-fixed
in modes with fixed return
10. Sukuk can be with fixed return if there is a guarantee of a third party.
11. There are the primary markets that work according to the basis of equity principles like
shares, redeemable equity capital, Mudarabah, Musharakah certificates (MCs) or Sukuk
representing ownership of leasing assets or debt instruments of investor or fund
providers' trade modes.
12. Islamic financial structure comprises such type of market ruled by relevant contracts or
modes: -
i. Equity or stock markets
ii. Securities markets such as nongovernment securities (banks, non-bank, corporate and
housing securities
iii. Government and municipal securities market
iv. Commodity futures market
v. Inter-bank money markets for placement of funds on Mudarabah basis
vi. Foreign exchange market (limited)
Trading in financial instruments: Instruments of real physical assets or real usufruct such
as certificates or Sukuk issued by Musharakah, Mudarabah and Ijarah are negotiable at
market prices. Instruments of debts and money are negotiated according to the Hawalah
rules (assignment of debt) and Bai' al Sarf (exchange of money units), a pool of different
categories instruments are governed by the dominant category rule.
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2.23.3 Tradability
1. Instruments of Islamic money market can be tradable or non-tradable in the secondary
market
2. Instruments representing ownership in business, real physical assets and usufructs can
be negotiated at market prices
3. Instruments representing ownership of debt cannot be trade in secondary market e.g.
sale of debt which is not permitted in Islamic law
4. Instruments representing a group of various categories are governed by rules relating to
the dominant category
2.23.4 Derivatives and Islamic Finance
What are derivatives "ie they are derived from the expected future performance of
the respective underlying assets" "understanding Islamic finance." There are considered
risky and complex contracts; but with trillions of dollar in the global financial markets. As
more derivatives and "hedging" increase, the global financial market becomes fragile.
Conventional options confer only rights and not liabilities. The option has an
underling assets which the option holder may wish to buy or sell at price which he may like,
according to him this buying and selling depend on whether the price moves favorably or
unfavorably to him; he can abandon simply the whole deal. Such dealing is against the
principle of Shariah. In contrast, the whole deal will be executed according to sale contract
without regard to the movement of the price in Islamic finance.
2.24 STIANA'A (Order to Manufacture)
Istisna'a is like Salam, it is a kind of Bai' where the transaction of the commodity
sale comes before the commodity existence.
Istisna'a is accepted by the Shari'ah. It is a common and natural business practice
throughout the world. Istisna'a is a legalized finance mode based on the principle of Istisna'a
(public interest). "Istisna'a is an agreement culminating in a sale at an agreed price where by
the purchase places an order to manufacture, assemble or construct (or cause so to do)
anything to deliver at a future date". The manufacturer or the builder is obliged to deliver
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the agreed asset with its certain specification at the agreed time. An Istisna'a contract is
binding for both the manufacturer and the orderer or buyer. The manufacturer is obliged to
supply the agreed subject matter with its specification and the orderer or buyer to is obliged
to accept the stipulated assets with its quality and quantity and gives the agreed payment.
2.24.1 Guarantees
Usually the bank may act as a manufacturer or as an ultimate purchaser, accordingly
it can give or demand a security, a collaterally or a performance bond to ascertain that the
work is done according to the agreed time and with the agreed specifications. The bank can
also have Arbun, which is part of the price in case the contract is fulfilled or forfeited if the
contract is rescinded.
2.24.2 The Potential of Istisna'a
Manufacturing of high technology goods like:
1. Financing the construction industry:- apartment buildings, hospitals, schools and
universities.
2. Development of residential, commercial areas.
3. Financing high technology industries as aircrafts industry, locomotives and ship-
building industries.
4. All these potential areas can be manufactured by the banks using Istisna'a mode.
2.24.3 Risk Management In Istisna'a
In Istisna'a based financing, there are many risks which the banks face, that would be
mitigated, e.g.
1. Settlement risk;
2. Price risk;
3. Delivery risk;
4. Possession risk;
5. Market risk;
Proper collateral, performance bonds, technical Experties for effective marketing and
for the emphasis of the effectiveness of cost by resorting to Takaful policies which is
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suitable, all these are achieved by selecting good client and adopting budget and liquidity
management policy; all these above mentioned policies would mitigate some of the risks.
2.25 The Role of Translation Theory in Translator Training
Translation is a subject by itself; unfortunately in our universities translation is part
of the languages courses in the English, French and Arabic department. On the other hand,
graduate students of the various languages departments even with master or PhDs are not
translators.
So the need for theoretical foundation is so great to teach and train students of
translation and translation trainees to be professional translators of high standard and this
can be approached from two angles “knowing what” and “mainly knowing how” Kinga
Kludy. This leads us to the interdependence of teaching translation (TT) and studying
translation (ST), a term which is created by James Holmes; besides the role of applied
linguistic, its usefulness and applicability in teaching translation and translation training. On
the other hand, there is the role of translation theory in:
1. Curriculum design (Kelly 2005)
2. Selection of teaching materials (Schmitt 1997, Mayoral 2003)
3. Finding the most powerful teaching methods (e.g. group translation, project work etc …
Kiraly 1996, 2000)
4. Assessment of quality translation (Klaudy 2006, Mossop 2001)
5. Development of translation tools (online dictionaries, translation memories, Autermith
2001).
Concerning the division of theoretical translation into general translation theory and
partial or concrete translation theories, James Holmes investigates various partial problems
of translation depending on who carries out the act of translation, what language they use
and what type of text is being translated. Besides he believes in the usefulness of the specific
description of different languages pairs in the development of transfer competence of
translators. Translational competence consists generally of the five elements:
1. Linguistic competence
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2. Subject related competence
3. Intercultural competence
4. Transfer competence
5. Communicative competence
Part of these elements such as “linguistic competence” does contribute to teaching
study not as traditional contrastive linguistics but as search for dynamic contrasts. Dynamic
contrasts are differences in encoding strategies characteristic of different languages shown
only when these languages clash in the process of translation.
The above mentioned elements of theory of translation, their approaches, usefulness
and applicability in western languages can be adopted and adapted by us in our universities,
for the sake of our students of translation and translation trainees. So, one can view and trace
the joint functioning, the contrast and the complexity of choice between the English, French
and Arabic languages during the process of translation; and certainly, this will be achieved
only through students of translation and translation trainees skill and experimentation with
different strategies, approaches and methodologies of the various theories of translation
being introduced to them; so they will be able to know exactly what is appropriate in any
given situation.
So theory of translations not regarded as a static body of knowledge to add academic
weight to training program of translation, but rather to enable students to develop personal
methods of theorizing about what they are doing and provide them with set of techniques to
enable them to produce translation connected with different disciplines and of high standard.
The interdependence of contemporary theories of translation and the process of translation
reflect a new image of the translator as visible, subjective and creative( Klaudy 2006 ).
2.26 Participatory Modes: Shirkah and its Variants
The Shirkah based participatory modes is a kind of business that involves the sharing
of profit and loss by the parties. Shirkah comprises Mudarbah and Musharkah contracts with
its loss and profit sharing. "shirkatulmik" which is kind of a partner-ship where there is an
ownership but the profit may not necessarily be found; and "Shirkatul aqd" where a contract
is signed by two partners to make a joint business with the aim of earning profit and share it
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with a pre-agreed ratio and bear the loss. In this chapter, many types of Shirkah such as,
Musharakah, Mudarabah, modern corporations and diminishing Musharakah as an Islamic
financial institution (IFIs) modes shall be discussed.
The main feature of Musharakah is represented in the fact that all parties contribute to
their joint business and work for it, while in Mudarabah mode, one party supplies funds and
the other parties work as entrepreneur and the distribution of the profit will be in
predetermined, a pre-agreed ratio by all partners. The financier in Mudarabah bears the loss
while the entrepreneur loses his Labour.
2.27 Legality, Forms and Definition of Partnership
Holly Qura'n, Sunnah and the consensus of the Islamic jurists have approved two
forms of Shirkah, Al Inan (general partnership) and Mudarabah. Shirkah is divided into
Shirkatumilk (partnership by ownership or right of ownership) and Shirkatul 'aqd
(partnership by contract). "understanding Islamic finance"
These two traditional forms of Skirkah are the source of the current rules of
Musharakah, Mudarabah and diminishing Musharakah in islamic financial institutions.
Shirkah definition can be shown as a business of the combination of capital or Labour or
credit worthiness, with similar rights and liabilities, sharing profits and loss if any, will be
according to their proportionate ownership.
2.27.1 Partnership by (Contract Shirkah Alul'aqd)
This form of Shirkah is divided into:
1. Shirkahatuamwal:- it is a collective ownership of partners who invest some capital into a
commercial enterprise according to the ratio of their capital.
2. Shirkatua'mal:- here the partners as a group undertake to give services to their clients;
each one can bring his own recourses for the business. They share the fee charged from
their customers according to the agreed ratio.
3. Shirkatul-wujouh:- it is defined as partnership in creditworthiness: by using their
credibility, partners get credit from the market.
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They share their profit earned according to an agreed ratio after selling the
commodity.Right and liabilities in Shirkah are similar to all partners but not equal. The main
principle of Shirkah, any partner shares profit must bear the risk as the prophet says
"earnings are concomitant with risks".
2.28 Mudarabah
Mudarabah is a partnership concerned with profit of capital and Labour. It is a
contract partnership where one party is entitled to profit due to his participation with Mal,
while the other is entitled to profit due his participation with Labour.
2.28.1 The Concept and Rules of Mudarabah
What is Mudarabah? It is kind of Musharakah where an investor or investors give an
agent or manager a capital to trade with it. According to pre-agreed proportions the profit is
shared, while the loss is ultimately borne by the investor. Mudarabah form an important
economic function to serve societies and concerned parties benefit. Mudarib can be a trustee,
agent, partner, indemnifier, liable or even wag-earner if the contract become void. There is
the Multilateral Mudarabah and can be of many forms:
i. A financier can contract Mudarabah with more than worker or many financers can
make a contract of Mudarabah with one person.
ii. Also, a number of workers can be as a group to work for one or more subscriber.
A sub-Mudarabah: where a Modrib can provide a third party with the Mudarabah
capital at the same terms of Mudarabah if the financier permits such action. Fidelity is the
essence of Mudarabah, where Mudarib is considered trustworthy of the capital entrusted to
him. He is not responsible of the loss that happens normally in the business course of action;
but he is responsible for the property if there is a breach of trust, miss-conduct or
negligence. A guarantee to give funds, happens into two cases: where the Mudarib is
negligence of the funds or if he breaches a Mudarabah terms.
2.28.2 Types of Mudarabah and Conditions Regarding Business
Mudarabah business is classified into two kinds
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Restricted mudarabah: when the financer gives certain specifications concerning the
business, the items, the conditions and the time set. So mudarib must obey Rubbal-mal
instructions. The unrestricted mudarabah: when Rubbal-mal gives the mudarib the liberty to
choose any business and authorized to invest the funds in any business he wishes; in both
cases the mudarib should conform with the mudarabah custom relating to the subject matter
of the contract. It is not necessary that the financier makes a direct contract with the
Mudarib.
2.28.3 Modern Corporations: Joint Stock Companies
1. Modern corporation are generally seen to be based on the idea of Shirkah al'anan or a
combination of musharakah and mudarabah, there are many form of modern
corporations such as joint stock companies
2. There are also joint liability companies limited by shares (they are a form of personal
partnership)
3. Here we will discuss the modern stock companies with limited liability of the
shareholders.
4. The modern corporate bodies have many constituents made of issuance of receipts.
These receipts are called shares or many types of certificates. These shares are given to a
large number of people who represent the provider of funds and are called the investor in
the joint business.
5. The shares or the certificate represent the proportionate ownership of the shareholders.
6. The AAOIFI standard on musharakah defined a stock company as an entity where a
capital is distributed into equal units of tradable shares with limited liability of the
shareholders to their pro-rata capital "understanding Islamic finance". Such definition
means that shareholders own the asset of the company to the extent of their shares only.
They can sell or transfers the shares to anybody but not the assets of the company.
2.29 Modern Application of the Concept of Shirkah
With the broad principles and the concept of Musharakah and Mudarabah, a new
system can be developed on both liabilities and assets sides of the financial system that
complies with shariah and conforms with the needs of trade and business. This new system
can be on the form of corporate firms, mudarabah companies, individual or multi-investment
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portfolios by funds managers, business participation certificates, project financing,
certificates of investment or diminishing musharakah for facilitating financing fixed assets,
trade and services. Services firms can be provided through combination of shirkatul-amwal
and shirkatula'mal in modern age, in medicine, law, architecture and other fields.
2.29.1 Securitization on a Shirkah Basis
1. As a financial term, the word security "defined as an asset in the form of paper whose
cash flow is backed by a pool of liquid and tangible assets, "understanding Islamic
finance".
2. What is the process of securitization? "It is where the tangible or non-liquid assets of
joint business are made negotiable through the sale of shares, certificates in the financial
market" "understanding Islamic finance"
3. Big projects that need huge amount of money can be dealt with by using musharakah
activity that can be adopted as a basis for securitization.
4. A certificate can be given to every subscriber, this certificate shows each subscriber
proportionate ownership in the assets of the joint business
5. When the business start, there is a huge amount of non-liquid assets, therefore these
musharakah certificates can be negotiable and be bought or sold in the secondary
market.
6. Musharakah and mudarabah sukuk can be issued by or to corporate sector of individuals
as redeemable certificate to buy automobiles for commercial use as well as for the
establishment of high standard clinics, hospitals, factories, trade centers etc…
2.29.2 Diminishing Musharakah
Diminishing musharakah (DM) is a new kind of contract for a financing technique.
This financing technique of (DM) involves "the concept of Musha'a" ie undivided ownership
of the assets by the partners. All co-owners are owners of each and every part of the joint
property on pro rata basis and one partner cannot claim a specific part of the property
leaving other part(s) for the partners, further it is allowed to lease Musha'a to another joint
owners" "understanding Islamic finance".
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2.29.3 Diminishing Musharakah in Trade
This is considered a simple partnership, where two partners start business. It can be
on the basis of 40-60. Both partners can agree that, the share unit of one partner will
periodically be sold to the other partner; the partner continues to purchase periodically the
share until the other partner is out of the business. In such contract, partners enter for the
sake of profit earning.
[
1. The diminishing musharakah facility can be used for buying a house, building a house
and renovation of house. Other fixed assets can also be financed by diminishing
musharkah.
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CHAPTR THREE
METHODOGLY
3.0 Introduction
This methodology shows the student how they will acquained with such interpreting
and translating techniques and then attempt applying them in the texts translation below, in
both chapters three and four.
3.1 From An Article of Translation
This article deals with the theoretical approaches to the translational process
concerning different procedures to cope with various texts.
There is the step-by-step methodology which either sequential or successive
procedure for workshops. This method is proved to be very successful where the educator
act as a facilitator of the translation task, and the lionshare of the translation process is done
by the students in group or individually. On the other hand, the article reflects the aim of the
translation which act as a cross – cultural bilingual communication vehicle among people.
Lately, this activity has developed due to the increase of trade, migration globalization and
the expansion of the mass media and technology. So the role of the translator is so essential
as bilingual or multi-lingual cross – cultural transferor of culture, truth, concepts and speech,
faithfully and accurately. This is what theorists agree, that there an increase in the market
requirements, so translators transfer texts to a target language which is a foreign language.
This is what Newmark calls “service translation”. “I shall assume that you, the
reader, are learning to translate into your language of habitual use, since that is the only way
to translate naturally, accurately, and with maximum effectiveness”.
- Newmark (1995b)
Such kind of translation is considered a hard task resulting in a mediocre out-put that
must be revised and post-edited before being sent to the client, because the
consequences of wrong translations can be disastrous.
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- Delisle (1980)
Translation is an arduous job that mortifies you, puts you in a state of despair at
times, but also an enriching and indispensible work, that demands honesty and
modesty.
So, according to Delisle there are many thorns and problems facing translators, they
have to be aware of them. First there are problems related to reading and comprehension
ability in the source language. Once the translator has cope with them, there are the
difficulties of semantic and cultural nature, (Tricas, 1995); “linguistic untranslatability”
(institutional and standardized terms, neologisms, aphorisms, etc.) and cultural un-
translability, (idioms, sayings, proverbs, jokes, puns, etc.).
There are what theorists call the painful “not found terms”. Where neither the best
dictionary nor an expert in the topic or a native speaker can provide us with the solution. But
we usually bear in mind that a good translator is what the author called “contextualized
intuition”, i.e the ability to give the nearest common sense interpretation of the “not found”
element within its context.
Nida and Talber (1974) reached the fact that a translator must reproduce in the target
language, the nearest equivalent to the message in the source language, in both the semantic
and the stylistic aspect. On the other hand, the quality of translation depends on the quality
of translator i.e. his knowledge, skills, training, cultural background, expertise, and even
mood. (New mark (1995b).
Mercedes Tricas refers to intuition. i.e common sense or it can also be using of the
sixth sense, which is the combination of intelligence, sensitivity and intuition. Translator
must be aware that meaning is not only transferred by words, but there are decoding and re-
coding of nomenclatures, figures, tables and charts, standardize terms, acronyms, metonyms,
toponyms etc.
A definition of essential starting points concerning the text to be translated is
important such as the author of the text, the aim of the text, the readership and the standard
to be used for. Another aspect is the pre-editing of the original text to detect if there are
source text defects; on the other hand, there must be a post editing of the translated text to
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check the use of the most suitable syntactic, semantic and graphemic levels. The translators
must be aware and control the sound effect and cadence of the translated text.
3.2 Evaluation Kussmaul (1995)
The kinds of errors and difficulties in translation texts for the sake of assessment as
follows:
Comprehension, sense and ideas
Lexico – semantic level
Morphosyntactic level
Writing style and register
Spelling and punctuation
Creative solutions to translation problems
Transfer and re-wording (use of translation procedures)
Cohesion and Coherence
Assessment of the result and post – edition
Format
So, using a clear criteria for showing the method o f penalization of error, is very
important for example, the lack of coherence, mainly concerning meaning and sense; such
lack of coherence may be due to faulty translation, missing items or the wrong application of
lexical, semantic, grammatical, graphemic and/or cultural transfer. (Kussmaul 1995).
Educator has to point out for the students the positive aspects of meaning of his or her
translation. From an article by professor Constanza Gerding Salas
[
3.3 Principles of Translation
These general principles are relevant to all translation:-
A- Meaning: the translation should reflect accurately the meaning of the original text.
Nothing should be arbitrarily added or removed, though occasionally part of the
meaning can be "transposed" e.g. he was limp with fatigue might become “ Il etait
tellement fatigue quit ne tenait plus debut”.
- Ask yourself
- Is the meaning of the original text clear? If not where does the uncertainty lie?
- Are any words "loaded" ie is there any underlying implications?
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- Is the dictionary meaning of a particular word the most suitable one?
- Does anything, in the translation sound unnatural or forced?
B- Form – the ordering of words and ideas in the translation should match the original as
closely as possible (this particularly important in translating legal documents, grantees,
contracts etc …) but different in language structure often require changes in the form
and order of the words.
- Concerning this point of the ordering of words and ideas, The researcher think it's
very controversial.
- In the introductory lecture, the researcher tells the students that there is no two similar
or identical languages in the whole world due to the difference in cultural and
environmental dimensions, so logically there is a great difference in the construction
of sentences, images metaphors, similes and analogies such problems do not concern
only those literary works of arts. But also those technical translations associated with
economics, agriculture, political, science, medicine etc so literal translation in such
domain is not effective, because in many cases the meaning will be lost.
- In such cases the researcher tells the students to reword and mould the texts or version
to be translated, so that the constructions of the sentences sound proper Arabic, (as an
example in our lecture), students must try to avoid the English style in translating into
Arabic language so that the sense will be reflected and conveyed to the nearest level in
the target language.
- Abd El Khaznder commented in his book (creativity) that Krambo, a French writer
cries "ILfaut etre absolument moderne", abd alkhazndar confesses that he is incapable
of translating such French sentence, why? because such grammatical construction is
not found in Arabic language, so he is only able to give a general meaning to such
sentence. Another example of the languages differences is that, the English language is
so concise and precise in comparison with the Arabic language, as the researcher tells
the students in the first introductory lecture, example of such difference is what the
researcher noticed in her translation to such sentence in “Dr. Mohammed Abd Elhai
book" “and finally abu shabakah, in his Miltonic Dantesque career de – Byronized, de
– Satanized his poetry and discovered the bright vision of regained paradise”. This
sentence reflects how the English language can be so concise and loaded with
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intensive meaning. This meaning intensity led the researcher to translate one page of
the sources language into multi pages into the target language. She felt doubtful about
her command of the mother tongue language (Arabic). The supervisor commented that
there is nothing strange about such translation due to the languages differences.
C- Register: the language often differ greatly in their levels of formality in context (e.g.
business letters), so the translator has to differentiate between formal, informal, cold,
warm, personal, impersonal if translated literally.
- Another question is what the intention of the writer? (To
persuade/dissuade/apologies/criticize?) Can one reflect all these personal expressions
in translation?
D- Source language influence: Usually the researcher in the introductory lecture to the
student, she insists on emphasizing that the translated text must sound natural when
you read, it must be fluent and smooth, it doesn't relate to the source language word
order, it doesn't sound as if it was translated/ So students have to avoid all source
language constructions of sentence effects and shadows. Of course such effects take
place due to the translator‟s thoughts and choice of words which are molded with his
original text. To avoid such influence, one tries to translate few sentences from
memory and sets away the original text.
E- Style and clarity: The translator should not change the style of the original, but if the
text is loppily written or full of tedious repetitions, the translator may for reader's sake
correct the defects "(south tyneside college)
F- Idiom: Idiomatic expressions are untranslatable, similes, metaphors, proverbs and
sayings; (as good as gold), jargon, slang and colloquialism (the big apple, yuppie, etc).
So if these expressions are not directly translated, try to tackle them by the following:-
- Keep the original word, in inverted commas "Yuppie"
- Keep the original expression, with a literal explanation in brackets e.g. Indian summer
(dry, hazy, weather in late autumn)
- Use a close equivalent "talk of devil(literally)" the wolf at the door"
- Use a non-idiomatic or plain prose translation: abit over the top- UN peu exessir
(faculty of humanities and arts, south Tynside College).
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3.4 Procedure to Practice Assignment
The context should be studied carefully, try to predict the terminology. As an aid for
your memory, a notebook and a pen are needed write down names, numbers and facts to
help in interpreting process.
3.5 Consecutive Interpreting
Client A speaks, the interpreter interprets what has been said to client B; who replies.
The interpreter then interprets what client B response to client A.
a- Allowing the speaker to complete an idea before interpreting.
b- Good listening skills are important.
c- Use the pause button to allow interpreting what said.
d- Use always the first person (1) when you interpret.
e- Usually you use the formal style for addressing a second person (you) unless the
situation needs otherwise.
You are now ready to attempt your first practice interpreting assignment.
Study the following context . Where two IDB members talk in a meeting both of
them speak English. So you interpret to the members who only speak Arabic. Points to
remember when interpreting:
As an interpreter you interpret faithfully and impartially from one language to
another. When working lively, you can introduce yourself and explain your interpreting
method. In professional interpreting there is no place for summarizing or inventing. The
interpreter can ask only for clarification. Record your interpretation and listen critically to
your interpretation for the sakes of assessment.
3.5.1 Interpreting and Translation Techniques 1 The Use of Dictionaries
You need two tape recorders with play back and record facilities and a set of head
phones, practice interpreting skills at home. It is preferable if you recorded conference or
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meeting minutes where English speakers and Arabic speakers interacting. So you practice
your interpreting skills at home, you may be faced with such situation in your work.
It is important that you understand the precise definitions of the various types of
words in order to get the right translation equivalent. As an interpreter translator you need
selections of dictionaries. A general bilingual dictionary will not be enough by itself as well
as the specialist bilingual dictionaries. So a good collection of specialist monolingual
dictionaries, English versions as well as two good general monolingual dictionaries are
needed.
3.5.2 Interpreting and Translation Technique 2
One has to anticipate problems especially when you are interpreting. So consider
how one can overcome such problems:
Keeps communication going.
1. If you don‟t know the meaning of a word that is used, do you:-
a- Leave it out thinking it might not be important
b- Guess its meaning
c- Keep the word in English during your interpreting.
d- Ask English speaker for explanation
2. If more than one person speaks at the same time. Do you:-
a- Ask them politely but firmly that one person talks at a time
b- Take notes from both people at once even if they talk to each other
c- Ask the interviewer to see only one person at a time and send the other out.
3. If it becomes clear that either client has misunderstood a point do you:
a- Carry on regardless because it is none of your business
b- Stop and tell your client that he/she has misunderstood something without telling the
other person unless he ask
c- Tell both clients briefly that there may be some misunderstanding and for a repetition
to that point.
4. If you have some kind of mental block and you are not keeping up as well as usually
do; do you:-
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a- Try to save face by keeping going even things are going wrong.
b- A apologies briefly, and ask the people to speak slowly, using short sentences to
enable you to take more notes.
c- Give up and say you‟ve been caught on a bad day
Hoping your answer is as the suggested answer below (d) 2. a) 3. c) 4. b).
3.6 Types of Contracts
1. Contracts are classified according to different perspectives; mainly the contract
conformity with Shari'ah rules.
2. Jurists divide contracts into valid (Sahih) or invalid (Batil) contract.
3. A valid contract, that which satisfies all of its condition.
4. The invalid contract which does not satisfy one or more of its conditions.
5. Hanafie have three divisions, valid (Sahih), voidable, defective (Fasid) and void (Batil).
6. These Hanafis categories give more options to the application of the Islamic law of
contracts in modern day operations.
3.6.1 Valid Contract
A valid contract must go in line with Islamic law in relation to both its 'Asl
(fundamental components, nature and essence) and Wasf (accessory circumstances or
external attributes).
A gain a contract is valid when (form or offer and acceptance, the subject matter and
the contracting parties are properly found; the condition of each of the above factors are met,
with no existence of prohibited elements like Riba or Gharar. The sanity and maturity of the
two parties are essential. A valid contract must immediately conform to Shari'ah, it becomes
effective (Nafiz) after the execution of the contract unless it is suspended (Mawguf) or it
depends upon ratification.
3.6.2 Contracts Effective Instantly or From A Future Date
Jurists permit the contracts of Ijarah and Istisna'a (manufacturing due to an order) to
be effective in futures; another types of contracts are considered to be effective in future are
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Kafalah (suretyship), agency, divorce, Wagf and bequest. On the other hand, all jurists agree
to the immediate enforcement of the sale contract.
3.6.3 Mawaguf (Suspended) Contracts
Such factors may suspend the validity of a contract.
Defective capacity of any of the parties
Lack of proper authority.
The right of any third party.
3.6.4 Binding (Lazim) and Non Binding Contract
1. Sahih and Nafiz contracts are divided into Lazim (binding) and Ghair Lazim
(nonbinding) contracts
2. A Lazim contract is the one where none of the parties has the right to revoke the contract
without the permission of the other, unless there is the option of (Khair- al- Shart). This
option grants one of the parties to revoke the contract.
3. A Ghair Lazim contract is the one where one party has the right to revoke the contract
without any consent from the other party.
4. Such contracts as Wakalah (agency), Kfalah (suretyship), Shirkah (partnership), Wadi'ah
(deposits or Amanah), Ariyah (commodity given for use without any compensation or
rents are nonbinding by nature; unless the parties agree that neither party will terminate
the contract. This is why Islamic bank investment deposits based on Shirkah principle
restricts the depositors from withdrawl before the appointed date by putting a clause
concerning this issue.
5. On the other hand, (Khiyar- al- Shart) prevent the contract from becoming Lazim until
its time is over.
3.6.5 Voidable (Fasid) Contracts
1. A contract which is legal in its 'Asl ie it contains all its elements, but its Wasf ie all the
external or nonessential attributes of the contract is illegal; such contract is not necessary
void but it said to be voidable or (Fasid).
2. Major factors making contracts irregular or voidable:
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3. Defective consent e.g. contract under coercion.
4. Lack of information for any one of the parties. (Gharar or Jahl) or lack of information
about consideration (price)
5. Lack of information about the pledge, the guarantee, or surety.
6. Defect that happens due to invalid condition such as:
7. Defects that are against the contracts purpose.
8. When the defect is useful to one party at the cost of other party.
It is important to note that such irregular conditions affect only compensatory
contracts e.g. contracts of sale, hiring etc...
3.6.6 Hanafi jurists have Shown Some Forms of Fasid or Voidable
Contracts
1. Bai' al-Majhul (lacking any material information).
2. Contingent contract: This is a contract that is contingent upon uncertain event.
3. Bai' al-Ghaib
4. Sales contract effective in the future
5. Sale contract with unlawful consideration
6. Two sales in one contract
The legal status of the Fasid (voidable) contracts is that it must be revoked without
the permission of either party; but if the cause of defect or irregularity is removed then the
contract becomes valid.
3.6.7 Void (Batil) Contracts
Void or Batil contract is the one where major conditions associated with the form of
the contract is void e.g. (acceptance does not conform to the offer, or the absent of offer at
the time of acceptance etc…).
On the other hand, the parties are not sane and mature; and the possession and
deliverability of the subject matter are not executed. Also such examples as a sale dealing
with elements of uncertainty and speculation; like the sale of milk in the Udor of a cow
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which is not valid sale. A sale of a dirham for two dirham's. A contract executed by fraud
and deceit. All these are examples of invalid contracts.
3.6.8 Commutative and Non-Commutative Contracts
In relation to the consideration or counter value exchange, there are two types of
contracts.
1. Ugood- e- Mu'awadha which is compensatory, commutative contracts. Here, one party
can get remuneration or compensation, such as sale, purchase, lease and Wakalah contracts
2. Ugood Ghair Mu'awadha or non-commutative contracts. Here, one cannot get any return or
compensation, such as the contracts of loan (Gard), gift (Tabarru/Hiba), guarantee (Kafalah)
and assignment of debt (Hawalah). So any consideration in the contracts of loan, guarantee,
against guarantee per se and assignment of debt is illegal.
3. 6.8.1 Ugood - E- Mu'awadha (Commutative Contracts)
Classification according to object:-
1. Bai' Mugayadhaha (barter sale).
2. Bai' alHal (simultaneous exchange of goods for money, spot sale).
3. Bai' alSarf (exchange of money or monetary units)
4. Bai' Salam (Sale with immediate payment and deferred delivery).
5. Bai' Mu'ajal (deferred payment sale, commonly known as a credit sale).
6. Bai' Mutlaq (normal sale of goods for money, also called absolute sale)
Classification according to price:
i. Bai' Tawliyah (resale at cost price).
ii. Bai' Murabaha (resale at cost price plus profit – bargaining on profit margin).
iii. Bai' Wadhiah (resale with loss, the three above mentioned sales are called Buyu'al Amanat
or trust sales)
iv. Bai' Musawamah (sale without returning to the original cost price – bargaining.
There are two types of Ijara or the contract of hiring:
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i. Ijarat al-Shkhas (offering services).
ii. Ijarat al-Ashya (letting things).
Istisna'a (contract of manufactureing). Wakala contract can be commutative and non-
commute.
3.6.8.2 Ugood Ghair Mu'awadha (Tabarru') or Gratuitous Contracts
These types of contracts are distinguished by the donation of property, ie the transfer
of the property to another party without consideration or price. The following are examples
of such contracts:
1. Hiba (gift);
2. Wasiyyah (bequest);
3. Wagf (endowment);
4. Kafalah (guarantee);
5. Ariyah (loan of usable items free of any charge);
6. Loan (Qurd);
7. Hawalah (assignment of debt).
8. Kafala, Gard and Hawalah are part of Islamic banking operations, but with no profit only
a charge of fees for services provided by bank in these contracts.
3.6.9 Conditional or Contingent Contracts
Concerning the subject of conditions in contracts that a condition or stipulation that
does not contradict the purpose of the contract is a valid condition. On the other hand, a
condition that becomes, usually a kind of practice in the market is not considered void,
provided that the condition is not against injunctions of the Holy Quran or Sunna.
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CHAPTER FOUR
DISCUSSION
4.0 Introduction
The researcher is keen to select these various texts from different reputable "Islamic
Financial Institutions and Banks" for a thorough and deep understanding of the subject itself
(Islamic Economics) as well as for the sake of practicing the translation of such texts which
represent the core and essence of the subject, and that is the objective and goal of the
research to attain a professional cadre within this field.
)Text A(
4.1 Islamic Research and Training Institute (IRTI)
Islamic research and training institute (IRTI) member states:- "The institute has
organized 31 seminars and workshops on Islamic economics and relating subjects
benefiting a large number of scholars and participants from member countries"
Another member of the institute says "the IRTI is developing a Model Information
Center based on latest technologies to provide up-to-date information services to member
countries. Development of database relating to trade, industry, Islamic economics and other
area are in progress. Points to remember when interpreting: When working lively, you can
introduce yourself and explain your interpreting method.
4.2 Interpreting and Translation Techniques, Simultaneous Interpretation
Simultaneous interpretation is called sometimes "whispered" interpreting and it is
usually used when an individual is speaking to a group for example at conferences, public
meetings, also in courtrooms. "Many people find simultaneous interpreting is a daunting
one, but after practicing the mode, many find it easier than consecutive interpreting because
no memory or note-taking skills are needed. What are needed are fluency, acute hearing,
ability to process into language instantly andwith high degree of concentration.
Text (B)
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Written Translation From English to Arabic
In Makkah Al mukaramah declaration held in 1401 H "(1981) where the third Islamic
summit adopted a plan of action to strengthen economic, commercial, technical and
cooperation among OIC member states. So the IDB (Islamic development bank) cooperates
with the three standing committees founded by the third Islamic summit for carrying out the
plan of action . They are the standing committee on economic and commercial cooperation
(COMCES); the standing committee on cultural affairs and information, The standing
committee on scientific and technological cooperation (COM STECH).
The IDB works in close cooperation with the first two committees and as part of its
cooperation with (COMCEC), a longer term trade financing scheme has been developed in
favour of the OIC member countries, to promote imports of countries participating in the
scheme. it is operational since 1408H (1989) within the bank.
Translation of Text (B)
٤لاد٣ش ك٤غ طز٠ 1981( حـشس ححكن ػخ 1401حؼخغ رش حشش ك٢ حؼخ )ػوذ ئطش حوش حلاعلا٢
حئطش خطش ػ طظؼ ك٢ حظؼخ حلاهظقخد١ حظـخس١ حل٢ ر٤ د حلاػنخء ك٢ ظش حئطش حلاعلا٢
ز١ حؾخءخ ئطش حوش حلاعلا٢ حؼخغ رخظخ٢ كوذ هخ حزي حلاعلا٢ ظ٤ش رخظؼخ غ حـخ حؼلاع حذحثش ح
( حـش حذحثش COMCECحـش حذحثش ظؼخ حلاهظقخد١ حظـخس١) -ظل٤ز طي حخطش. حـخ حؼلاع :
(. ٣و حزي حلاعلا٢ ظ٤ش COMSTECHؾج حؼوخك٤ش حلاػلا حـش حذحثش ظؼخ حؼ٢ حظو٢ )
رخظؼخ حق٤ن غ حـظ٤ حلا٠ حؼخ٤ش , ـضء حظؼخ غ حـش حلاهظقخد٣ش حظـخس٣ش, كوذ طظطس
( حؿ طشه٤ 512ؾشع حظ٣ حظـخس١ ر حلاذ حط٣ قخق حذ حلاػنخء ك٢ ظش حئطش حلاعلا٢ )
ـش٣ش ححكن 1408 حؾخسش ك٢ حؾشع , هذ رذأ حزي حلاعلا٢ حؼ ك٢ زح حؾشع ز ػخ حسحدص حذ
٤لاد٣ش. 1989
So in such occasion when you want to relate all the details of the declaration of the "Third
Islamic Summit" in IDB meeting; it is easier to use the simultaneous interpretation; so you
do not need to constantly pause. There is less chance to lose the thread of the subject and of
making mistakes; and its easier to understand what is said without interruption. On the other
hand, simultaneous interpretation is used when there is a problem in time
factors.Consecutive interpreting is a more lengthy procedure.
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What is needed in simultaneous interpreting is fluency, a good hearing, the ability to
interpret instantly and a high concentration; if you happen to miss part of the speech try to
catch up with the speaker at the point where he is actually speaking or you will be
hopelessly lost.
Another way to practice interpreting is by listening to the radio and television, while doing
this; try simultaneous interpreting for one minute and consecutive interpreting for one
minute.
Interpreting and Translating Techniques - Sight Translation
This kind of translation is used to sight translate information sheets, leaflet, forms, letters
and other documents. Sight translation is a good practice in interpreter training.
Fluency, accuracy, speed and clarity are important to such kind of translation as well as to
both consecutive and simultaneous interpreting.
Approach to sight translation
1. Read all the information in the context
2. Pick out the important terminology
3. Identify difficult sentences and constructions
4. Attempt to speak slowly and clearly to gain more time to think during your translation
You are now going to sight translate declaration part of a document of Mekkah Al
Mukramah adopted by the third Islamic summit of the plan of action.
The Text (C)
The IDB operates a technical cooperation programme (TCP) established in 1411H (1983).
This programme is designed to mobilize the technical capabilities of IDB member countries
by promoting cooperation and exchange of expertise, experience and skills among them.
Under this programme, short-term technical assistance is provided through grants to member
countries to meet the cost of services of experts, and to organize seminars and training
courses on specific topics related to development in member countries. The programme is
regarded as a supplement to the IDB's regular technical assistance operation.
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Try to record your translation and listen to yourself to be sure that your translation is clear
and accurate, so you can monitor your progress.
In the early stage of your translation, where you try to acquire the terminology and the
techniques, you choose simple texts, and prepare for your translation by looking up words
and expressions to achieve fluency and accuracy. Later you can achieve such task without
preparation.
Find translation equivalents for the terms and phrases.
You may wish to discuss your translation with your tutor or in class.
Discuss your Translation with your Tutor or in Class
Interpreting and Translation Techniques (Written Translation)
Before you start your translation let your translation be in stages.
1. Scan the text.
2. Be aware of such factors as.
3. Who is the text written for.
4. Who wrote the text.
5. What is the aim of the text written.
6. Pick and identify the difficult, ambiguous and technical words.
7. Any grammatical difficulties such as (passive constructions, excessive long or
convoluted sentences) shall be picked and identified.
8. High light key words or phrases.
9. Each paragraph shall be read to "decode" the meaning.
10. Then the meaning shall be translated or encoded in the target language (TL).
Read the source text and the translated text side by side.
Check that meaning, style and register are transferred correctly and accurately.
Text (A)
You have been asked to make a written translation of this text for a non-Arabic speaking
seller.
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طظل ٤ش حغؼش ك٢ كخش حطخ ػ٤ش حز٤غ ح٢ حزخثغ ك٢ حظ حلظش أ ٣ زح حظل غؼ رؼذ اطخ
ا طل ٤ش ز حغؼ .ئؿلا دكغ حزؾ دكؼخ كس٣خ أػ٤ش حز٤غ كو٤و٤خ رقلش دحث رـل حظش ػخ حرح خ
٣ وخر ذكغ حزؾ كس٣خ أ وخر ذكغ حذ٣, ك٠ لا حلخظ٤ سرخ ٣ خي سرلخ خؾ٤خ قخق حزخثغ، أخ
خ ك٢ كخش ر٤غ حغ ع خخؿ حز٤غ ك٤غ ٣ دكغ حزؾ دكؼخ وذخ ، رخ أ ز حزنخػ ٣ظ طغ٤
غظوزلا ك٢ ص اطلن ػ٤ حطشكخ الا أ حطشكخ ضخ أكذحخ ربسعخ حزنخػ حؼخ٢ رل٤خص ٤ظخ ك٢
ص لذد ؽشه ظلن ػ٤خ رـل حظش ػ اسطلخع حلأعؼخس أ اخلخمخ ك٢ ص طغ٤ حزنخػ.
Finally, ask yourself, if you have achieved a semi ideal state where your translation is
independent in every aspect?
Text (A)
You have been asked to make a written translation of this text for a non–English speaking
seller
In bai‟, or sale, ownership of the commodity being sold is transferred to the buyer just at the
time the sale is executed; and this transfer is definite and permanent. It makes no difference
whether the payment of the price is on the spot or deferred. This owner transfer is against
on-the-spot or credit payment that may also involve a profit margin for the seller. In the case
of salam, a special kind of the forward sale, although goods have to be delivered at a future
stipulated time, both parties are obliged to give / take ownership at specified time on agreed
terms, irrespective of whether the price rises or falls at the time of delivery
Text (B)
Use the following text for written translation into English, you can use dictionaries for this
task, and time yourself for I hour in this kind translation.
You can follow the instructions in interpreting and translation techniques within the
different activities.
در الإدارة اىؤسسيت اىفؼبىت
ا حلإدحسس حئعغ٤ش حلؼخش ك٢ حقخسف ك٢ حؾؤص حظ٢ طغظخذ أح حقخسف ٢ حكذ أ دػخث -
ذ٣ش حظ٢ طؼذ هخثش حلأ . خ ٣ئعق أ حز٤جش حشحد ا٣ـخدخ ظل ل حز٤جش حلإؿظخػ٤ش حلإهظقخد٣ش حو
حلإدحسس حئعغ٤ش طظغ رقسس ػخ رخنؼق ك٢ ؼظ ئعغخص حلأػخ رخزذح حخ٤ش زح ؿ٤غ
104
حئعغخص حظ٢ طو رذس ك٢ مزو حلأعحم حظؤذ حلخءس علاش حلأعحم طظطس ك٢ ز حزذح
خك٤ش.رخذسؿش ح
خى هنخ٣خ أخش طئػش عزخ ؼ طزخ٣ حؼخص, هش خزشس حظؼخ٤ ك٢ حغم ، حشهخرش ا ؿذص لا٣ظ -
ف حؾلخك٤ش ؿ٤ش ططز٤وخ رلؼخ٤ش رـ٤خد٣ش رغزذ حلغخد حغ٤خع٢ نؼق حظ حونخث٤ش ػخ ، زي كب حم
ظطس.، حظطز٤وخص حلخعز٤ش ؿ٤ش خك٤خ
ا ػذ كؼخ٤ش حلإدحسس حئعغ٤ش ط أؽذ خطسس ك٢ كخش حئعغخص حخ٤ش لأ ػذد حغخ٤ حدػ٤ ك٤خ -
أزش لأ خخهشخ حؼخش أؼش خخهش حؾؤص حلأخش .
Text ( B )
Now, use this same text (B) as written translation into Arabic.
The Role of Effective Corporate Governance
Effective corporate governance in banks as well as the firms that use bank funds is one of
the most important pillars of the new environment that needs to be created to replace the old
socio – economic environment that no longer exists. Unfortunately, however corporate
governance is considered to be generally weak in the corporations of most developing
countries. This is because all the institutions that play a crucial role in disciplining markets
and ensuring efficiency and integrity are not well–developed in these countries. Information
asymmetetries are more sever, market participants less experienced and regulators, even if
they exist, do not get enforced effectively and impartially because of political corruption and
the general weakness of judicial system. The adverse effects of the ineffective corporate
governance can be more serious in the case of financial institutions because the number of
their stakeholders is much larger and the systemic risks are much greater.
Text ( C )
Written at Translation
A written translation into Arabic for a text which is concerned with the factors of
production in Islamic economics.
Please refer back to the different activities. Read the notes on written translation.
The responsibility to get a job done is also a factor of production; it may be taken by a single
person or a group of people joining together as business partners. A number of financers
105
may join Together to contract a partnership and pursue any business of their choice
themselves or through hired managers. They may also get the job done by signing sub-
partnerships with other contractors or companies. They would all share the profits of such
business. They may also assign the job to big business organizations and firms to complete
different jobs on an offered bid Price. The reward for taking the responsibility to coordinate
the services and supplies and get the work done according to the terms of the contract is also
profit.
Sight Translation
The first one is concerned with the social framework in Islamic economy, and the second
one is concerned with the concept of time value in Islamic economy. Use both texts for sight
translation practice and also to improve vocabulary. During this exercise record your sight
translation. This will accustom you to speaking into a machine as well as to listen to yourself
to identify your strengths and weaknesses.
Social Framework in Islamic Economics
The integrated model of the Islamic social framework is based, among other things, on the
following criteria, which provide a positive motivation for economic activities, steered by
the concept of a fair balance between material and spiritual needs and between the
individual‟s and social needs.
Time value in Islamic Economics
The contract of Salam also provides ample illustration of the concept of time value of money
through pricing of goods. Salam is a forward contract which enables a commodity to be
bought for immediate payment of the price and for future delivery. The basic element of this
contract is that the price paid in advance for future delivery of the goods is genuinely less
than the cash-n carry price at the time the salam contract is executed.
Interpreting and Translation Techniques (Written Translation)
Before you start your translation let your translation be in stages.
1. Scan the text.
2. Be aware of such factors as
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a. Who is the text written for
b. Who wrote the text
c. What is the aim of the text written for.
3. Pick and identify the difficult, ambiguous and technical words.
4. Any grammatical difficulties such as (passive constructions, excessive long or
convoluted sentences) shall be picked and identified.
5. Highlight key words or phrases.
6. Each paragraph shall be read to "decode" the meaning.
7. Then the meaning shall be translated or encoded in the target language (TL).
Read the source text and the translated text side by side.
Check that meaning, style and register are transferred correctly and accurately.
Use the following text for written translation into English, you can use dictionaries for
this task, and time yourself for I hour in this kind translation.
You can follow the instructions in interpreting and translation techniques.
(Text a) اىتحذيبث الانبيبث ىصذق اىتضب الاسلا
لاعظشحط٤ـ٤ش فذم حظنخ حلاعلا٢ ظ٤ش حغز٤ حلاكن ظلؼ٤ طؼذ حؾشحش حكذس حلاذحف حشث٤غ٤ش
حسد حقذم مخ رشحـ رخظخ٢ كخ فذم حظنخ حلاعلا٢ ظ٤ش حطخز زح حلاطـخ ظ٣ ؽشحخص
شك٤ش رشحؾ حظ٣ غ ئعغخص حظ٤ش حظ٤٣ش حظخرؼش ذ حلاػنخء فلا ظل٤ز حلؼخ زشحؾ حؼشكش حل
حلافـش, كخذخؽ حلادحسس ح٤ش لاهظقخد غ حلادحسس حـضث٤ش زى طلض ظش حظ حلاؽشحف حغ٤ غ حلاكظ٤خه٢
حخك٢ ظؼ٣ل حخغخسس , ز حلاؿشحءحص طؼذ ح وخص حؾشحش ٣ دػ ز حلاؿشحءحص ػ٠ حلاه
ذ.رخظؤ٤ ػ٠ ح٣ذحػخص حط
٣ؤخز حقذم ك٢ حلاػظزخس حظؼخهذ٣ حغظؾخس٣ حؿ خن هذسحص ك٤ش و حخسحص حخزشس ك٢
حـخ حذع٢ ـخ حخذخص حل٤ش حذ حلاػنخء خخفش ذ حلاه ح.
IDB (Text b) اىظ الاشراف في اىبل الاسلاي ىيتيت
طظؼ ح ز حزي حلاعلا٢ ظ٤ش لاطخخر ػذس حؿشحءحص نخ علاش حطذ ح٣ذحػخص حلاعظؼخس.٣لظخؽ
حلاؿشحءحص ك٢ ح٣ـخد حدحسس ٤ش لاهظقخد ضؿش رخدحسس ؿضث٤ش كؼخش زى طلض ظش ظ حلاؽشحف حغ٤ ح
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س سرخ ٣ذػ زح حلاطـخ ػ٠ حلاه رظؤ٤ ح٣ذحػخص حرح خض خي مشس ٣ خي حكظ٤خه٢ طؼ٣ل خغخسس.
حطذ.
Interpreting And Translation Technique, Simultaneous Interpretation
Simultaneous interpretation is called sometime "whispered interpreting" and it is usually
used when an individual is speaking to a group for example at conferences, meetings, also
at courtroom.
Written Translation
Text- C
Expert Group Meeting (EGM) Recommendations
The expert group meeting of regional organization on inter-regional economic cooperation
was held at IDB headquarters on 25-26 September 2012 with the objectives to share the
experience and best practice of existing regional cooperation schemes to identify priority
areas for enhanced cooperation in trade across regions and to discuss ways and means for
strengthening cooperation between the OIC institutions
As a result of the deliberations, the meeting came up with a number of the ideas and
proposals; and here are some recommendations:
1. Establish a working group and nominate a focal point for each of the regional
organization and OIC institutions to follow-up the implementations of the
recommendations of this Expert Group Meeting Coordination of the communication
done by the IDB Group and then on a rotational basis.
- This working group will have the mandate of:
i. Implementing the recommendations of the current meeting.
ii. Deciding on priority sectors and themes for future meetings .
iii. Sharing information amongst the parties.
Text ( C )تصيبث اختبع دػت اىخبراء
د١ ر٤خ ري ك٢ حوش حشث٤غ٢ زي ط ػوذ حؿظخع ـػش حخزشحء ظش حلإه٤٤ش حخخؿ رخظؼخ حلاهظقخ
. طظؼ حذحف زح حوخء ك٢ طزخد 2012 عزظزش ػخ 26-25حلاعلا٢ ظ٤ش خلا حلظشس خ ر٤
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حخزشحص حخسعخص حلاؼ ظ حظؼخ حلاه٢٤ حلخ٤ش طؼش٣ق حخهن حظ٢ خ حلا٣ش ظؼض٣ض حظؼخ
ر٤خ طذح حلاسحء ك حطشم حغز ظو٣ش حظؼخ ر٤ ئعغخص ظش حذ حلاعلا٤ش حظـخس١ حظزخد
(OIC.حـػخص حلاهظقخد٣ش )
ظ٤ـش زي حظذح حز١ ط ك٢ ري حلاؿظخع خض حلق٤ش حظ٢ طؼض ك٢ ػذس حكخس وظشكخص, سد خ رؼل
ز حظف٤خص:
( OICطؼ٤٤ وطش اسطخص حظخص حلاه٤٤ش ئعغخص ظش حذ حلاعلا٤ش )ط٣ ـػش ػ -
ظخرؼش طل٤ز طف٤خص حؿظخع ـػش حخزشحء.
رذح٣ش طو ـػش حزي حلاعلا٢ ظ٤ش رظغ٤ن حلاطقخ ر٤ حلاهشحف حخظلش رؼذخ ع٤ طغ٤ن ري -
حف.حلاطقخ ػ٠ حعظ دس٣ش ر٤ حلاهش
طوغ ػ٠ ػخطن ـػش حؼ ز طل٣ل رخلاط٢:: -
طل٤ز طف٤خص زح حلاؿظخع حلخ٢ .1
حطخخر حوشحس رخقؿ حوطخػخص حظ٢ خ حلا٣ش ح٣نخ رخحم٤غ حشث٤غ٤ش لاؿظخػخص حغظوز٤ش .2
حؾخسش ك٤خ ٣خظـ رخؼخص عو حلاهشحف .3
طزخد حؼخص ر٤ ز حلاهشحف .4
Interpreting and Translating Techniques - Sight Translation
This kind of translation is used to sight translate information sheets, leaflet, forms, letters
and other documents. Sight translation is a good practice in interpreter training. Fluency,
accuracy, speed and clarity are important to such kind of translation as well as to both
consecutive and simultaneous interpreting.
Approach to sight translation
- Read all the information in the context
- Pick out the important terminology
- Identify difficult sentences and constructions
- Attempt to speak slowly and clearly to gain more time to think during your translation
You are now going to sight translate significant accounting policies.
Text ( D )
Significant accounting polices:
- Functional and presentation currency
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a. Foreign currency transactions functional statements are presented in thousands of
united states dollars (USD) which is functional and presentation currency of the fund
b. Transaction and balances
Foreign currency transactions are translated into USD using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the transactions of monetary assets
and liabilities denominated in foreign currencies at the year-end exchange roles are
recognized in the statement of activities
Text (D )
اىسيبسبث اىحبسبيت الاسبسيت
تحيو اىؼلاث الاخبيت
ػيت اىؼرض اىشبط
حكذس حلغخر٤ش قذم، حؼخلاص طظش حوحث حخ٤ش رؤلاف حذلاسص حلاش٤٣ش حظ٢ طؼ ػش حؼشك
حلاسفذس .طل حؼخلاص حظ٢ طظ رخؼلاص حلاؿز٤ش ح٠ حذلاس حلاش٢٣ رؤعؼخس حظل٣ حغخثذس ك٢ طحس٣خ
طي حؼ٤خص. طل٤ذ حلاسرخف حخغخثش حخطـش ػ طغ٣ش ز حؼخلاص طشؿش حؿدحص حطرخص
ص حلاؿز٤ش رخعظخذح حعؼخس فشف خ٣ش حغش ك٢ هخثش حلاؾطشحخ٤ش رخؼلا
Text )E(
Commodity placements through banks
Commodity placements are made through banks and are utilized in the purchase and sale of
commodities at profit. The buying and selling of commodities are limited by the terms of
agreement between the fund and the banks.
(Text E (
ايذاػبث اىسيغ ف اىبك
ح ح٣ذحػخص حغغ حظؼوش رخؾشحء حز٤غ حؿ حشرق طوغ ػ٠ ػخطن حزى. طظ ػ٤خص ؽشحء ر٤غ ز حغغ
حقذم حزى.ػ٠ كغذ ؽشه حلاطلخم حز كذد هز
110
Commenting on text (e) and (f), translated by (IDB) unit of translation, this kind of
translation shows the importance of the thorough and deep understanding of the discipline
itself ie the economic subject itself, Islamic as well as conventional. Understanding the
traminotogies and the mechanism of the subject and the application of these various
branches on the reality is so essential for attaining semi-perfect translation and reflecting
every highly standard of sense which is the core and essence of translation. A vivid
illustration met the researcher when she read this phrase of text (e) bb the transactions of
monetary assets and liabilities “ the researcher translation goes as such”. حلاف حلاظضحخص
حخ٤
Compared with the (IDB) unit of translation " حؿدحص حطرخطخخ٤ "
If one looks deeply in both translations they are correct حلاف حخ٤ش حؿدحص "
ح٣نخحلاظضحخص رخؼ٠ حؾخ ٠ حطرخص حظ٢ ٣ـذ حلاظضح رخ٣لخثخ "
But the translator of the (IDB) unit uses the practical language of the world of finance. So a
detailed informations, constituents and practicing the mechanism of the discipline is so
essential for appropriate translation so, this why the searcher presents such detailed
informations about the discipline with its religious and archaic unfamiliar terms; and later in
section III, there multi text for sight translation which reflect both the definitions of many
Islamic Economic operations as well as the practicing of such translations to be acquainted
with their terms and the mechanism of those unique process .
Consecutive Interpreting
Client A speaks, the interpreter interprets what has been said to client B; who replies.
The interpreter then interprets what client B response to client A.
i. Allowing the speaker to complete an idea before interpreting.
ii. Good listening skills are important.
iii. Use the pause button to allow interpreting what is being said.
iv. Use always the first person (1) when you interpret.
v. Usually you use the formal style for addressing a second person (you) unless the
situation needs otherwise.
You are now ready to attempt your first practice interpreting assignment.
Study the following context. Where two IDB members talk in a meeting both of them
speak English. So you interpret to the members who only speak Arabic.
111
Record Your Interpretation and Listen Critically to Your Interpretation for the Sakes
of Assessment
An Islamic Research and Training Institute (IRTI)
Islamic research and training institute (IRTI) member states:- "The institute has organized
31 seminars and workshops on Islamic economics and relating subjects benefiting a large
number of scholars and participants from member countries". Another member of the
institute says "the IRTI is developing a Model Information Center based on latest
technologies to provide up-to-date information services to member countries. Development
of database relating to trade, industry, Islamic economics and other area are in progress.
Points to remember when interpreting: When working lively, you can introduce yourself and
explain your interpreting method.
Translate into Arabic
Text A
A text from Islamic solidarity fund for development (ISFD) expert groups meeting
"challenges and future prospects". Forming partnership is one of the key objectives of the
ISFD strategy and it is one of the best ways of leveraging the funds resources and scaling up
its programs. Therefore ISFD should take into this respect for forming partnership with
financial development inistitutions of member countries for effective implementation of its
vocational literacy and micro finance program.
The fund should take into Consideration contactors and consultant of the donor countries in
order to create technical capacities and transfer the knowhow and expertise in engineering
and technical services to all member countries especially in the least development
countries.
Text B
Regulation and supervision of Islamic banks (IDB)
112
A number of measures would be needed to ensure the safety of both demands and
investment deposits. Among the most important of these measure would have to be better
macro-management of the economy combined with efficient micro-management of banks
under the umbrella of proper regulation and supervision and the building of adequate loss-
offsetting reserves. These may have to be reinforced, if necessary by the insurance of at
least demand deposits. As an interpreter you interpret faithfully and impartially from one
language to another. In professional interpreting there is no place for summarizing or
inventing. The interpreter can ask only for clarification.
Interpreting and Translation Techniques
Creating your term bank
Definition of term bank
It is a glossary, dictionary that is created and developed by you. It reflects the meaning and
translation of specialist terms.
Information's sources for your dictionary:
For your quest to achieve such task, your experience, contacts with agent, language tutors,
specialist book-shops, libraries and the internet will be needed. Examination is very short to
look up a word term in a dictionary; so your term bank will be of great help to you; provided
that your method of classification is alphabetic or thematic. You must be absolutely sure of
the meanings and the information concerning choosen words, terms and phrases.
Translation It Can Be Useful to other Discipline
Translation is the transfer of written material from the (source) language into a second
(target) language.
1. The need
Much material is needed to be translated in legal system, from and into English. It includes
standard letters, official forms and notices. There are also information leaflets to be
distributed, witness statements; report from doctors, social workers may have to be
translated.
2. Training of translators as well as to the interpreters.
113
i. Knowledge of the context of the translation (e.g. the aims and procedures of the
texts).
ii. Strengthening of both languages to cover the formal and informal terminology.
iii. Translation theories and techniques.
iv. Professional good practice (e.g. ethics and conduct)
3. Assessing the text to be translated
The translator must assess the text and its context in terms of the following:-
a) The types of document (e.g. letter, information leaflet, professional report)
b) The languages used and whether translation is to be from or into English.
c) The purpose of the translation (e.g. is it for publication or other purpose; but in all
cases it must be accurate translation).
d) Whether the readership is precisely (e.g. a particular person or small group or an
unidentified group of unknown size).
e) The probable level of education and the background knowledge of those may read
the material translated .
f) The length of the material to be translated.
g) Its legibility (e.g. a policeman's hand – written notes a poor photo – copy)
h) In the case of a document in English, its complexity (e.g. the degree of specialized
vocabulary used) and how clearly its written .
i) The deadline of delivery of the complete translation.
You have been asked to make a written translation of this text for anon –English speaking
seller.
Text ( A )
Decide on Projects, Beneficiaries and Partners
The bank distinguishes several major types of poverty reduction projects which should be
eligible for its financing:-
i) Integrated sector projects aiming at boosting pro-poor growth and addressing the root
causes of poverty, education, health, water, microfinance etc.
ii) Projects which finance improvements in institutional infrastructure.
114
iii) Projects aiming at specific issues which cut across sectors and promote the role of
women.
iv) Investment by private sector arms of the IDB group in support of micro-credit, micro-
insurance and other direct poverty alleviate projects.
Text ( B )
Indentify Eligible Beneficiaries
The bank identifies ultimate beneficiaries and project sponsors (or initial beneficiaries) as
two distinct groups.
Group (1):- eligible ultimate beneficiaries comprise the poor and those needing emergency
relief.
- The poor are defined as those living on less than US $1 per day and seriously lacking
in any of life chances that are defined within the MDGs. Of the 400 million people
that are estimated to live in poverty in 31 IDB member countries it is estimated that
there are approximately 300 million in rural areas and 100 million in urban areas.
The bank will, wherever necessary develop poverty distribution maps to focus its
support on the pocket of poverty.
- The group needing emergency relief is those suffering from majeure circumstance
(e.g. drought, famine, flood, civil unrest and war etc) either in their homes or as
displaced refugees.
Group (2): eligible initial beneficiaries:-
As project sponsors – may receive funding from the IDB in order to implement project for
ultimate beneficiaries.
- These project sponsors- chosen for their skills in making projects happen – are potentially
abroad group, though they will require central government approval.
115
Text ( A )
اىستفيذي اىشرمبء تحذيذ اىشرػبث
حلذ حلوش حئ ظو٠ ط٣. حشث٤غ٤ش ؾشػخص٤ ػذد حلاحع ٤٣ض حزي ر
حوطخػ٤ش حظخش حخدك ح٠ طؼض٣ض ح قخق حلوشحء ؼخـش حلأعزخد حـزس٣ لوش، حؿ حؾشػخص - أ
ل حظؼ٤ حقل ح٤خ حظ٣ حلأفـش.
ئعغ.حظ٠ ط ػ٤خص طلغ٤ حز٤ حظلظ٤ ح شػخصحؾ - د
حظ٠ طغظذف هنخ٣خ ظؼذدس طؾظشى ك٤خ هطخػخص ظلذ طؾـغ دس حشأ. شػخصحؾ - ص
حلإعظؼخسحص حظ٠ طو رخ أهغخ حوطخع حخخؿ حظخرؼش ـػش حزي حلإعلا٠ ظ٤ش دػخ رخوشك - ع
س حلوش.رحص حظؤػ٤ش حزخؽش ػ٠ طخل٤ل كذ شػخصحظؤ٤خص حقـش ؿ٤شخ حؾ
Text ( B )
تحذيذ ستفيذي ؤيي
)أ حغظل٤ذ٣ حلأ٤( رؤخ ـػظخ لقظخ ػ٠ حل شػخص٣لذد حزي حغظل٤ذ٣ حلأخش٣ ، سػخس حؾ
-حظخ٠:
ـػش حغظل٤ذ٣ حلأخش٣ حئ٤ ، طؾ حلوشحء ٣لظخؿ ح٠ حلإؿخػ حطخسثش. اىدػت الاى:
٣ؼشف حلوشحء رؤ ٣ؼ٤ؾ رؤه دلاس ك٠ ح٤، ٣لظوش اكظوخسح ؽذ٣ذح ح٠ أ كشؿ ل٤خس طلذدخ حلأذحف
د حذ حلأػنخء ، 21 ٣ؼ٤ؾ حلوش ك٠ ٤ غ 400حلإخ٤ لأل٤، طزذ حظوذ٣شحص ح٠ أ خى
٤ غ ك٠ حخهن حلنش٣ش. ع٤شع حزي خشحثو لأخ ٤100 غ ك٠ حخهن حش٣ل٤ 300ل
٠ ٣شض دػ ػ٠ ؿ٤د حلوش. –ك٤ؼخ دػض حلخؿ –اظؾخس حلوش
( . ٣خ حلق ػ٠ حظ٣ حزي شػخص حئ٤ )شػخس حؾـػشحغظل٤ذ٣ حلأ٤اىدػت اىثبيت:
، هذ ٣ ـػش شػخص خسط ك٠ اهخش حؾشػخصظل٤ز ؾخس٣غ غظل٤ذ٣ آخش٣. ٣خظخس سػخس حؾ
حعؼش، ٣لظخؿ ح٠ حكوش حلش حشض٣.
)حزي حلإعلا٠ ظ٤ش(
خص خكلش حلوش()سهش ػ ع٤خع
Use the following text for written translation into English, you can use dictionaries for this
task, and time yourself for I hour in this kind of translation.
You can follow the instructions in interpreting and translation techniques within the
different activities.
116
Text ( C )
اىتي اىبشري
ط٤ش ححسد حزؾش٣ش ٠ حلـش حلأعخع٠ ك٠ ط٤ش حوطخع حلإؿظخػ٠ ك٠ أ دش، ٣طزن ري أؼش خ ٣طزن ػ٠
ك٠ رذح أخش حذ حلأه ، كز حظ٤ش غخ سث٤غ٠ ك٠ ح حلإهظقخد طلو٤ن حغؼذس خ أػزظض حظـخسد
ػذ٣ذس، حلو٤و أ ط٤ش حوطخع حلإؿظخػ٠ حلذ حلوش ٣زـ٠ ػذخ ذك٤ ظخط٤و ك٠ دش ٣ذػ خ
حلأخش، خ خ حؼظشف ر أ حخط لس حظ٤ش. كب حلذ حلوش ػ٠ ل غظذح ٣وظن٠ رز حـذ
٣ أ ٣زذ . أكن هش٣وش و٤خ رزي ٠ حشكغ ؿدس سأط حخ حزؾش.ظؼض٣ض هخهش حلوشحء حلإظخؿ٤ش
اعظـلا حظلخػ ر٤ خظق أرؼخد حظ٤ش حزؾش٣ش أعرخ ؿ٤ش ق ، كخلأخص حظؼخص ؼلا ، ٣كش لأهلخ حظـز٣ش
ز٤جش ك٠ ل٤ط، كظو ز حلإؿشحءحص حـ٤ذ حظلق٤ حلاشحك، خء حؾشد ح٥ ٣لشف ػ٠ ظخكش ح
ؼذلاص حلإفخر رؤلاشحك طكش ػ٤ لوخص مخ ع٤قشكخ ػ٠ حشػخ٣ش حقل٤ش لأعش ، خ طخلل
ؼذلاص حلإـخد ر٤ حغخء حلاط٠ كظخ حظؼ٤.
Text ( D )
شبنبث الأب ىيفقراء
، ، حـخػخصحلأعش حـظؼخص حخهن )خل٤نخخص ، حـلخف حضلاص طظؼذد حخخهش ٣ظلخص طؤػ٤شخ ك٠
اظؾخس حلأرج ، ؿ٤شخ......حخ( طؼد ح٥ػخس حغز٤ حظشطز ػ٠ ري رؤمشحس كخدك ػ٠ دخ حلوشحء
سحثذ ك٠ طوذ٣ غخػذ اكغخع رخغؼخدس، ػ٠ حظ٤ش حزؾش٣ش رقل ػخش. زي ٣ زي أ ٣نطغ رذس
طكش ؽزخص حلأخ حلإؿظخػ٠ حلخ٣ش رظوذ٣ حلإؿخػ خخف لخ٣ش حلوشحء ك٠ أهخص حلأص حعؼش حلإظؾخس.
حطخسث حلأؿز٣ش حلأعخع٤ش، ؿ٤شخ حغخػذحص خ طكش كشؿ حؼ خلا طل٤ز ؾخس٣غ طظطذ ؼخكش ك٠
خ طوذ حؼ خلا رشخؾ طشض ػ٠ حظ٤ش حزؾش٣ش ري أ٣نخ حزشحؾ حظ٠ حؼخش )حـزحء وخر حؼ(
، خذحسط )رشحؾ حؿزخص حذسع٤ش( حخذخص حقل٤ش شحء لق ػ٠ حخذخص حلأعخع٤شطلغق حـخ أخ حلو
)رخغظفلخص حؼ٤خدحص حظو(
Text ( C ).Human Development
Human resources development is the cornerstone of social sector development in any
country. This is particularly true for the least developed countries. It is a major contributor to
economic growth and well-being as experience elsewhere has shown. In fact, social sector
development and poverty reduction should be viewed as mutually supportive goals of
planning in any country. Since it is being recognized that people must be the focus of
development, efforts must be made to raise the productive capacity of the poor to reduce
poverty on a sustainable basis. The best way to do so is to raise the quality of the human
capital. The exploitation of synergies between different dimensions of human development
117
can prove to be cost-effective. For example, educated mothers provide better nutrition,
immunization, safe drinking water to their children and ensure sanitation in their vicinity.
These actions, in turn, reduce the incidence of diseases and save substantial healthcare costs
for their families; similarly, birth rates are lower among the women who have attended
school.
Text ( D )Safety Nets for the Poor
Risks can vary and affect households, communities and regions differently (food, drought,
earthquakes, famines, etc).
The adverse impact of these risks can be highly damaging for the incomes and wellbeing of
the poor and for human development generally. The IDB will, therefore play a protective
role in helping to extend special assistance to protect poor people during times of
widespread crisis.
Social safety nets offer protection by providing emergency relief aid, staple foods and other
items, employment through Labour-intensive projects (e.g. "food-for-work"), and aid
through targeted human development. Also included are programs that give the poor access
to essential services, such as schools (e.g. school feeding programs) and health services
(including mobile dispensaries clinics).
Study the Following Texts for Sight Translation
The first one is concerned with the social framework in Islamic economy, and the second
one is concerned with the concept of time value in Islamic economy. Use both texts for sight
translation practice and also to improve vocabulary. During this exercise record your sight
translation. This will accustom you to speaking into a machine as well as to listen to yourself
to identify your strengths and weaknesses
Text ( E)
Murabaha Financing
Murabaha financing is an agreement whereby the fund sells to a customer a commodity or
an asset, which the fund has purchased and acquired, based on a promise of the cost plus an
agreed profit margin.
118
Text (F)
Investment in Sukuk
Investment in sukuk are held to maturity and stated at cost, except if there is an impairment
of value other than temporary for such investments. In such situations, the investments in
sukuk at statement of financial position date are premeasured to their fair value and the loss
is recognized in the statement at activities.
Text ( G)
Ijarah Muntahia Biltamleek
Ijarah is agreement whereby the fund, acting as a lesser, based on his promise to lease the
asset for an agreed rent for a specific period. The fund transfers the title to the lessee without
consideration upon completion of all payments due.
Investment in Ijarah Muntahia Bitamleek consists of assets purchase by the fund either
individually or through a syndicate agreement and leased to beneficiaries for their use under
Ijarah Muntahia Bitamleek agreements.
Text (E)
اىتيو ببىرابحت
حظ٣ رخشحرلش ٢ حطلخه٤ش ٣و رؿزخ حقذم رز٤غ عؼش ح حف ح٠ حؼ٤ حظ٢ ٣ حزي هذ حؽظشحخ
٣ؾظ عؼش حز٤غ ػ٠ حظلش نخكخ ح٤خ خؼ سرق ظلن حؼ٤ حهظخخ رخءح ػ٠ ػذ رخؾشحء ري
ػ٤.ػذ حؾشحء.
Text (F)
صنكإستثبراث ف
طوخط حلإعظؼخسحص ك٠ حقى حلظلع رخ كظ٠ طخس٣خ حلإعظلوخم رخظل الا ارح خ خى اخلخك ؿ٤ش ئهض ك٠
ه٤ش ز حلإعظؼخسحص. ك٠ ؼ ز حلخلاص ٣ظ ك٠ طخس٣خ هخثش حشض حخ٠ اػخدس ه٤خط حلإعظؼخسحص ك٠ حقى
خطـش ك٠ هخثش حلإؾط.رو٤ظخ حؼخد ٣ظ حلإػظشحف رخخغخسس ح
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Text (G)
إخبرة تيت ببىتييل
حلاؿخسس ٢ حطلخه٤ش ٣ خلاخ حقذم ئؿش لاف ؼ٤ , ط ؽشحإ رخء ػ٠ هذ حؼ٤ غ حػذ ري
حؼ٤ )حغظؤؿش( رخ ٣غظخؿش حلاف حقذم وخر ح٣ـخس ظلن ػ٤ ذس ؼ٤ش. ٣و حقذم رظل٣ ٤ش
٣ظ حلاعظؼخس رخلاؿخسس حظ٤ش رخظ٤ي ٣ـخس٣ش حغظلوش.حلاف غظخؿش د حػظزخس حدحث خكش حذكؼخص حلا
ؿدحص ؾظشحس هز حقذم اخ رقلش كشد٣ش ح رخطلخه٤ش ؾظشش , ٣ظ طؤؿ٤شخ ح٠ غظل٤ذ٣ لاعظخذحخ رؿذ
حطلخه٤خص ظ٤ش رخظ٤ي.
You are now ready to attempt your interpreting assignment:-
Study the following context where two members of the Islamic Solidarity Fund for
Development (ISFD) speak in a meeting to discuss the recommendation of experts group
meeting. Both members speak English.
So you have to interpret for the rest of the members who speak Arabic.Use consecutive
interpretation.
Text ( A )
A member commented that the fund was urged that similar to other institutions there has to
be standards and criteria for the member countries towards making contributions to the fund.
The same member added that, the ISFD has to immediately undertake a concerted media and
advocacy drive to document and showcase the ISFD, its areas of interventions and roadmap,
success stories, needs and future prospects(in the form of publications, information brief,
brochures, audio, video production and internet presence). The media and advocacy
campaign should not be restricted only to member countries
- The other member commented there should be communication with the other
international institutions and philanthropists who are involved in charity work so as to
benefit from their experience.
- The first member said that since the fund is under umbrella of IDB, it can easily get the
consent of competent bodies to conduct a campaign of collecting coupons and donations
for the fund.
- You are now ready to attempt your interpreting assignment.
- Study the following context where two ISFD members talk in a meeting. Both members
speak English, so you have to interpret for the rest of the members who speak Arabic.
120
Text ( A )
رش أكذ حلاػنخء رؤ ػ٠ حقذم ح٣نخ ا٣ـخد غظ ؼ٤خس ذ حلاػنخء ك٠ غخظخ قذم أعس رؼ٤لاطخ
حئعغخص حلأخش.
اؽخس ػن آخش رخظل حلس )فذم حظنخ حلإعلا٠ ظ٤( رعخث حلإػلا حظنخكش حذػ حو٣ش ، ظػ٤ن
نخ حلإعلا٠ ظ٤ش ، حغخكخص حظ٠ ٣ظذخ ك٤خ ، خخسهش هش٣و ، هقـ ـخكخط ػشك ون٤ش فذم حظ
اكظ٤خؿخط حكخه حغظوز٤ )ار خ ري ك٠ ؽ ظذ أ ـلاص ؾسس ؿضحص اػلا٤ ظ٤زخص دػخث٤ش حلاظخؽ
حشث٠ حغع ؿد حؾزخص حؼزط٤(.
طقخ رخئعغخص حذ٤ حخ٤ش٣ حز٣ رخع ك٠ حلاػخ حخ٤ش٣ لإعظلخد ػن حؼن حلأ رؿد حلإ
طـخسر أ خزشط ك٠ زح حـخ.
( ٣وغ طلض ظش حزي حلإعلا٠ ظ٤ش ك ISDFكشد حؼن حؼخ٠ رخ أ فذم حظنخ حلإعلا٠ ظ٤ش )
جخص حئ لإدحسس كش ـغ حزخص حق أؿ حقذم.حغ ا٣ـخد حكو هز حلأؿض ح ح٤
- Use the following text for written translation into Arabic, you can use dictionaries for
this task, and time yourself for 1 hour in this kind of translation.
- You can follow the instructions in interpreting and translation technique.
Text ( B)
Efforts to Enhance the Level of
Resource Mobilization
- Aware of the critical need for mobilizing the required capital resources for the fund to
implement its programs and therefore, fulfill its objectives.
- IDB has continued its efforts to sensitize member countries about the need to announce
and pay appropriate contributions to the fund and pay those contributions, these actions
included:-
Regular contributions with the ISFD governors particularly during the BOG annual
meetings in Azirbigan, as well as communications through the chair of the BOG, to
address the problem of low contributions to the fund.
Consultations about the need to adopt specific criteria to guide contributions by member
countries to the fund.
Preparing promotional material to highlight the funds programs and heighten the
awareness about the need to support those programs.
121
Commissioning a study about establishment of special trust funds in the IDB to augment
its resources.
Organizing an expert group meeting to discuss the reasons of the low level of resources
mobilization and make recommendations about the steps to be taken to enhance the
funds resources and its programs.
Text ( B )
اىدد اىرايت اى رفغ ست تؼبئت اىارد
لا٢ ظ٤ش حلخؿش حلش ظؼزجش ححسد حشأعخ٤ش حظ٢ ٣طزخ حقذم ظل٤ز رشحـ طلو٤ن حذحك ٣ذسى حزي حلاع
حـد لاؽؼخسحذ حلأػنخء رنشسس اػلاخ ػ غخظخ حخعز ، دكغ حغخخص ز, زي كخ حف ر
-:ح٠ حقذم ، ر٤ خ حطخز اؿشحءحص ك٠ خ ٠٣
اؿشحء حؾخسحص غ لخكظ٠ حقذم خقفخ ك٠ اؿظخع ـظ حلخكظ٤ ك٠ أرسر٤ـخ حلإطقخلاص خلا
اؿشحء ؾخسحص رؾؤ سث٤ظ ـظ حلخكظ٤ أؿ ؼخـش ؾش حغظ حخلل غخ ك٠ حقذم.
اػذحد خدس طش٣ـ٤ ظم٤ق رشحؾ حقذم.حلخؿ لإػظخد ؼخ٤٣ش لذد ظؿ٤ غخخص حذ حلأػنخء ك٠
حؾشع ك٠ اؿشحء دسحع خخف ربؾخء فخد٣ن خخف اعظجخ٤ دحػ قذم حقذم ص٣خدس حػ٠ غخذطخ.
طظ٤ اؿظخع ـػ حخزشحء خهؾش أعزخد اخلخك غظ طؼزجش ححسد طوذ٣ حظف٤خص أؿ طؼض٣ض حسد.
خطحص حشحد اطخخرخ ض٣خدس حسد حقذم رشحـ.رؾؤ ح
Study the text below for five minutes, then sight translate it lnto the tape. After the
interpretation exercise you may want to check back to the unit of (translation and
interpreting technique) for information on how to approach sight translation before you start.
You must not use dictionary or make notes.
Text (C )
Bai' Salam: a contract in advance payment is made for goods to be delivered later on. The
seller undertakes to supply some specific good to the buyer at a future date in exchange of
an advance price fully paid at the time of the contract. According to normal rules of the
Sharia'h, no sale can be executed unless the goods are in existence at the time of the bargain.
But Salam sale forms an exception given by the holy prophet himself to the general rule,
provided the goods and their prices are defined and the date of delivery is fixed. It is
122
necessary that the quality of the commodity intended to be purchased is fully specified
leaving no ambiguity leading to dispute.
Use the following text for written translation into Arabic, you can use dictionaries for this
task and time yourself for 1 hour in this kind of translation
You can follow the instructions in interpreting and translation technique
Text (D)
Integrated Sector Projects
First, the bank will finance integrated sector projects aimed at the causes of poverty. These
can comprise, in various combinations, the sectors where the bank already has experience,
education of all types (basic literacy as well as more advanced), vocational training, health
care (general maternity and pediatric and disease control, eradication), low-cost housing and
electrification, rural roads and urban infrastructure, water and sanitation, urban and slum
improvements, access to finance schemes including micro – credit and other sectors
activities where relevant. Many of these focus areas work best in pairs as there are synergies
between theme.g. Health and education, water and sanitation, low-cost housing and slum
improvement, and access to finance and new credit schemes.
Translate the Same Text into Arabic
Text (D)
اىقطبػي اىتنبي اىشرػبث
هطخػ٤ ظخ ، طش٠ ح٠ حونخء ػ٠ أعزخد حلوش، ٣ أ طؾ ؼ ز ألا, ع٤ حزي ؾشػخص
ك٠ أؽخخ حؾظشش حخظل، حوطخػخص حظ٠ ٣ي ك٤خ حزي خزش خخف ، ؼ حظؼ٤ رـ٤غ شحك شػخصحؾ
ل حلأ٤ ، حظؼ٤ حظوذ( حظذس٣ذ ح٠ حشػخ٣ش حقل٤ )حؼخ حظؼو رخلأخص حلأهلخ )حظؼ٤ حلأ٠
حغ٤طش ػ٠ حلأشحك أ حؿظؼخطخ( ، حغخ حلإهظقخد٣, حشر ، حطشم حش٣ل٤ ، حز٤ حظلظ٤ ك٠ حخهن
خهن حخخف رخلأك٤خء حلو٤ش، اطخكش رشحؾ حظ٣، رخ ك٠ حش٣ل٤ حذ، ح٤خ حقشف حقل٠ ، طلغ٤ ح
ري حوشك حقـش ، خ ح٠ ري حوطخػخص أ حؾخهخص حلأخش رحص حؼلاه ، ط حؼ٤ش ز حوطخػخص
، خشح اسطزخه حظ٠ عظلظ٠ رخظش٤ض أؼش ـخكخ ك٤ ٣ن رؼنخ ح٠ رؼل لأ ك٠ ري كشح ز٤شح ري ؼلا
123
ػ٤ن ر٤ حقل حظؼ٤، طحكش ح٤خ حقشف حقل٠ ، حغخ حلإهظقخد٣ حظخـ أك٤خء حلوشحء ، ر٤
حف ح٠ حظ٣ رشحؾ حلإهشحك حـذ٣ذ.
You have been asked to make a written translation of this economic text deduced from the
third annual report of ISFD. Use the guide lines concerning written translation technique.
Text (E )
a. Operations Financing
The ISFD approvals in 1431 H (2010 G) amounted to US$324.51 million, for all operations
in 10 IDB member countries. These operations were partly financed from IDB allocations
for concessionary financing under the umbrella of IDB.
The applied terms and conditions to the fund's operations were set in a manner that financing
is provided on concessional terms to the member countries while conserving the long-term
sustainability of the fund.
Text (F )
b. Income
The ISFD liquid funds are composed of paid-in contributions from member countries and
the IDB during 1431 H (2010 G), these funds were invested in Murabaha and short-term
Shariah compatible placements. All investments were made in US dollar and euro.
ISFD gross income in 1431 H (2010G) was US$ 13.202 million, composed of income from
commodity placement (US$ 727 million), Mudarabas (US$ 4.0175 million) and syndication
(US$ 0.30 million).
The low gross income was mainly due to the low rates on commodity placement and
Mudarabas during the year which mostly ranged between 0.6% and 0.9% net income for the
year was US$ 11.798 million and no accrued income was made on the funds operations
during the year. Regarding the impact of exchange rate movements, the net impact was
negative as the fund registered a net currency loss of US$ 0.078 million, compared to a
currency gain of US$ 0.835 million which was registered in the year before.
124
Text (G )
c. Management of Liquid Funds
ISFD is required to invest its resources which will not be immediately required for financing
its operations. As Awagf (le trust) paid-in capital would not be available for utilization in the
funds operation activities. Therefore, to maximize the income of the fund, liquidity would be
maintained only to the extent that can meet the funds current cash requirement and
undisbursed commitments.
The ISFD liquid assets are invested based on guidelines which are issued by the IDB risk
management department. In the meantime, the ISFD is in the process of developing an
investment policy to guide the short-and long-term investment of its capital resources.
Written translation from Arabic into English. Attempt to translate this same text from Arabic
into English in order to be well acquainted with these special economic terms.
Text (E )
تيو اىؼييبث
٤ دلاس حش٢٣ لاكذ 324.57( زؾ 2010ـ )1931رـض حكوخص فذم حظنخ حلاعلا٢ ظ٤ش ػخ
حلاعلا٢ ظ٤ش, ػ ط٣ ز حؼ٤خص ط٣لا ؿضث٤خ خققخص حزي ػؾشس ػ٤ش ك٢ ػؾش د حػنخء رخزي
حظ٣ ٤غش حؾشه طلض ظش فذم حظنخ حلإعلا٠ ظ٤ش, خ ط طلذ٣ذ ؽشه نحلاعلا٢ ظ٤ش رل
حش حقذم ػ٠ أمخع ػ٤خص حقذم رؾ ٣ن حظ٣ رؾشه ٤غش ذ حلأػنخء حلخكظ ػ٠ اعظذ
حذ حزؼ٤ذ.
Text (F)
اىذخو -ة
طظ حلاح حغخث قذم حظنخ حلإعلا٠ ظ٤ش حغخخص حذكػ حذ حلأػنخء حزي حلإعلا٠
ظلو (ط اعظؼخس ز حلأح ك٠ ػ٤خص شحرل طظ٤لخص هق٤ش حلأؿ2010ـ )1431ظ٤ش . ك٠ خلا حؼخ
رؾ دخ حلإؿخ٠ قذم حظنخ غ أكخ حؾش٣ؼ حلإعلا٤ش، حلإعظؼخسحص طظ رخذلاس حلأش٠٣ ح٤س.
٤ دلاس أش٠٣ ٣ظ اعظؼخسحص عؼ٤ 1302012( زؾ 2010ـ )1431حلإعلا٠ ظ٤ش ك٠ حؼخ
٤syndication (0,30 دلاس أش٠٣( ، طـغ ٤ ٤4,0175 دلاس أش٠٣( نخسرخص ) 8,727)
٤ دلاس أش٠٣( ٣ؼض اخلخك حذخ حلإؿخ٠ رقس سث٤غ٤ ح٠ حؼذلاص حخلن لإعظؼخسحص حغؼ٤
% .9% 1ػ٤خص حنخسر خلا حغ حظ٠ طشحكض ر٤
125
أش٠٣ لا ٣ؿذ دخ غظلن ؼ٤خص حقذم خلا حغ ، ك٤خ ٤ دلاس 11،798رؾ حذخ حقخك٠ غ
٤ ٣0,78ظؼن رؤػش كشش أعؼخس حقشف، خ حلأػش حقخك٠ عخزخ لأ حقذم عـ خغخس ػش فخك٤ رـض
٤ دلاس أش٠٣ ك٠ حؼخ حغخرن. 0,835دلاس أش٠٣ وخسش رشرق ػ هذس
Text (G )
إدارة الأاه اىسبئي -ث
حطد فذم حظنخ حلإعلا٠ ظ٤ش أ ٣غظؼش حسد حظ٠ لا ط طر كسح ظ٣ ػ٤خط,
ض٣خدس دخ حقذم ٣ظ ربػظزخس هلخ ٣ظخف سأط حخ حذكع لإعظخذح ك٠ أؾطش ػ٤خص حقذم زي كب
طز٤ش اكظ٤خؿخص حقذم حلخ٤ ح٠ حوذ٣ ك٠ كذد حلإظضحخص ؿ٤ش حذكػ. ه٠ كذد حلاكظلخظ رخغ٤ش كوو
طغظؼش حلاف حغخث قذم رخء ػ٠ حخطه حلإسؽخد٣ حقخدس ادحسس حخخهش رخزي حلإعلا٠ ظ٤ش
ؿ حسد حشأعخ٤.٣نغ حقذم ك٠ حهض حلخمش ع٤خع اعظؼخس هق٤ش حلأؿ ه٣ حلأ
Attempt simultaneous interpreting for this text concerning risk management to the IDB
group meeting.Simultaneous interpreting needs fluency, a good hearing and the ability to
interpret instantly and with high concentration. If you happen to miss part of the speech,
leave it and go ahead with your. Interpretation or you will be hopelessly lost.
Text (H )
بيئت بسبت سيبسبث إخراءاث سيي لإدارة اىخبطر تيئت
ادحسس حظؼو ربدحسطخ . ٣ؼظزشـظعظخ خ حلأذحف حؼخ لا قشف اعظشحط٤ـ٤ظ طـخ حخخهش حغ٤خعخص
ربدحسس حخخهش. حخخف حلإعظشحط٤ـ٤خص ح٤ش، حغ٤خعخص حلأذحف مغ ػ حغج خ٤ش حـ ح ئعغ
ز حلأذحف حؼخش ح٠ خ ك٠ حئعغخص حخ٤ش . امخكش ا٠ أ ٣ـ٤ضحغ٤خعخص حؼخ حظؼو طز٤ؾ ٣ـذ
هش، ك٤زـ٠ ػ٠ ـظ حلإدحسس أ ٣ظؤذ أ حلإدحس حظل٤ز٣ هذ اطخزص حلإؿشحءحص حلاص ظلذ٣ذ ز حخخهش رخخخ
ه٤خعخ شحهزظخ حغ٤طش ػ٤خ، خ٣ـذ اهلاع ـظ حلإدحسس رقس ظظ ػ حخخهش حخظل حظ٠ ٣حؿخ
حقشف شحؿؼش هلخ خلا حلاظوخس٣ش.
طوغ ػ٠ حلإدحس حؼ٤خ غج٤ش ز حزد حخخف حظ٢ أؿخصخ ـظ حلإدحس. لأؿ زح، كؼ٠ ادحسس حقشف أ
طنغ حغ٤خعخص حلإؿشحءحص حظ٠ طغظخذ ك٠ ادحسس حخخهش، حظ٠ طن ػ٤ش شحؿؼش ادحسس حخخهش، حلذد
خ، ح٤٥ حؾخش ظغـ٤خ أدحص حغ٤طشس حذحخ٤ حلخػ. ٣ـذ أ حخعز ذخ ك٤خ، حظ حخك٤ش و٤خع
طؾظ حلإؿشحءحص ػ٠ ٤ل٤ش اؿخصس خطو ادحسس حخخهش، كذد آ٤خص حظؤذ طل٤ز حلأذحف ح٤ لإدحسس حخخهش.
126
٤ظخ غج٤خطخ . خ ٣ـذ ػ٠ حقخسف أ طؼ٤٤ رمف حلأؽخخؿ حـخ حخظق ربدحسس حخخهش فلاك
خ حغ٤طش ػ٤خ ؿخذ آخش. ٣ـذ حلإظخ رخلق ر٤ حؿزخص ه٤خط حخخهش شحهزظخ ؿخذ,
ؿخذ ري، ٣ـذ طكش حوح٤ حؼخ٤٣ش ححمل حخخف رخؾخس ك٠ حخخهش، ري رخلأخز ك٠ ح٠
خخهشحلاهشحف حلاخش١, ح حخخهش حلاثظخ٤ش خخهش طش٤ض حلاف، حلإػظزخسكذد حخخهش، دسؿش حظؼشك
رزي. ػ٠ حخخهشحشطزط رخلاؾط حظؼذد ٣ـذ شحػخس د٤ حلإعظؼخس حخطو حخخف حغ٤طش
ف غ طؼط٠ ز حخطه حلإسؽخد٣ ٤ حلأف ك٤غ أؿخخ دسؿش طش٤ضخ، ػذ طحكن حلا حنشس أ
ربدحسس حخخهش. ٤ل٤ش طـط٤ظخ، طق٤خ خ ا٠ ري حظذحر٤شحخخف حخق،
[
Use these same texts as written translation from Arabic into English. Be aware of those
important translation texts as well as the interpreting texts. They are made of multi
economics as well as Islamic economics terms. Find translation equivalents for those term
and phrases.
Check your translation with the translated texts within this research as well as with your
tutor before transferring them to your term-bank.
Text (H )
Establishing Appropriate Risk Management Environment and Sound Policies and
Procedures
This stage deals with the overall objective and strategy of the bank towards risk
management policies. The board of directors is responsible for outlining the overall
objectives policies and strategies of risk management for any financial institutions, the
overall risk objectives should be communicated throughout the institution. Other than
approving the overall policies of the bank regarding risk, the board of directors should
ensure that the management takes the necessary actions to identify measure, monitor and
control these risks. The board should periodically be informed and review the status of the
different risks the bank is facing through reports.
Senior management is responsible to implement these broad specifications approved by the
broad. To do so, the management should establish policies and procedures that would be
127
used by the institution to manage risk. These include maintaining a risk management review
process, appropriate limits on risk taking, and adequate system of risk measurement.
A comprehensive reporting system and effective internal controls. Procedures should
include appropriate approval process, limits and mechanisms designed to assure the banks
risk management objective are achieved.
Banks should clearly identify the individuals and/or committees responsible for risk
management and define the line of authority and responsibility. Care should be taken that
there is adequate separation of duties of risk measurement, monitoring and control functions.
Furthermore, clear rules and standards of participation should be provided regarding
position limits, exposure to counterparties, credit and concentration. Investment guidelines
and strategies should be followed to limit the risks involved in different activities. These
guidelines should cover the structure of assets in terms of concentration and maturity, asset-
liability mismatching, hedging, securitization, etc…
Technique
Sight translation is a good practice in interpreting training. Fluency, accuracy, speed and
clarity are important to such kind of translation as well as for both consecutive and
simultaneous interpreting.
Approach to sight translation
- Read all the information in context
- Pick out the important terminology
- Identify difficult sentences and constructions
- Attempt to speak slowly and clearly to gain more time to think during your translation
"south Tynside college- DPSI study guide)
You are now going to sight translate the definitions of some important terms associated
with Islamic economics.
128
Text (A )
Ijarah-Wal-Iqtina'
A mode of financing by way of hire-purchase, adopted by Islamic banks but different from
conventional hire-purchase. It is a contract under which an Islamic bank purchases
equipment, building etc…
Giving them on lease against agreed rentals together with a unilateral undertaking that at the
end of the lease period, the ownership of the asset will be transferred to the lessee. The
underlying contract is Ijarah and all rules applicable to Ijarah have to be observed to make
the deal Shariah-compliant. The undertaking or the promise does not become an integral part
of lease contract to make it conditional. Ownership is transferred through a separate contract
of sale or gift. Another term used for this is Ijarah Muntahia-bi-Tamleek.
Text (B )
Mudarabah: Forms of partnership where one party provide the funds while the other
provide
expertise and management. The latter is referred to as Mudarib. Any profits accrued are
shared between the two parties on a pre-agreed basis, while any loss is borne by the provider
of capital.
Mudarib: in a Mudarabah contract, the person or party who acts as entrepreneur.
Written Translation into Arabic
Text (A)
Overview of Financial Institution and Products Conventional and Islamic
Finance is the most strategic part of modern economics that functions like blood arteries in
the human body. In every society, there are surplus as well as deficit householders and
institutions. While a large number of people have relatively smaller savings, a number of
others, particularly business, are short funds for their business expenses or production needs.
Financial institutions provide a link between the deficit and the surplus units.
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Like all other goods and services, the availability of the funds is governed by the forces of
demand and supply and the risk profiles of various stakeholders. While the supply of funds
comes from individuals or householders and corporate bodies, demand is generated in trade
business, industry, agriculture, corporate and government sector. The institutions involved in
this process of resources transfer are commercial banks, saving and loan institutions,
specialized institutions like micro credit, SME credit industry, agriculture, trade, export,
import, housing, leasing, venture capital discount houses, insurance companies, fund
management companies, asset management companies etc …
Written Translation into English
Text( A)
اىتيو
لاعظشحط٤ـ٤ش حلاهظقخد حلذ٣غ غش٣خ حذ ك٢ ؽشح٤٣ حلاغخ. كخي كخثل ػـض ك٤خ ٣ؼذ حظ٣ حـضء حلاػظ
٣خـ حـحذ حلاعش٣ش حئعغخص . ك٤خ ٣ظي ػذد ز٤ش حلاؽخخؿ حدخخسحص مؼ٤ل غز٤خ , خي ػذس حؽخخؿ
حلاظخؽ. رخظخ٢ كخ ئعغخص حظ٣ خخفش سؿخ حلاػخ ٣لظوذ حلاح ظـط٤ش حلوخص حخخفش رخؼ حكظ٤خؿخص
طؾ ضس ف ر٤ كذحص حؼـض كذحص حلخثل.
ح ؿد حلاح ؿخزخ خ ٣ شطزو رو حؼشك حطذ لش حخخهش ح٠ خظق ظغ٢ حشخ, زح
حلاعش حؾشخص رذ حلاح , كخ حلخ ٣طزن ػ٠ خ ٣ظؼن رؿد حزنخثغ حخذخص. كز٤خ ٣و حلاكشحد
حلاػخ حظـخس٣ش حقخػش حضسحػ هطخػخص ح٤جخص حوطخػخص حل٤ش طؾ حقذس حلاعخع٢ طذ . ح
حئعغخص طذس ك٢ لس كشش طل٣ ز ححسد.
حوشك حظعطش شػخصؾكـذ ح حقخسف حظـخس٣ش ئعغخص حلادخخس حوشك حئعغخص حظخققش ؼ
ventureحؾشع ) حقخػش حضسحػش حظـخسس حقخدسحص ححسدحص حلا٣ـخسحص سأط خ SMEحقـ٤شس
capital ر٤ص حخق )discount house ؽشخص حظؤ٤ ؽشخص حدحسس حخ ؽشخص حدحسس حلاف ...حخ
حسدص ز حئعغخص طذس ك٢ لس طلش٣ي ح
Text ( B )
Written Translation into Arabic
What Is Sukuk?
The Sukuk structure presently found in Islamic finance are different from the Sukuk
originally used and are akin to the conventional concept of securitization; which is the
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process in which ownership of the underlying assets is transferred to a large number of
investor through papers commonly known as certificates, Sukuk or other instruments
representing proportionate value of the relevant assets
Text ( B )
Written Translation into English
بي اىصنك؟
( ٣ؼذ ن حقى حغظؼش كخ٤خ ك٢ حظ٣ حلاعلا٢ ؿ٤ش طي حقى حظ٢ حعظؼض ٢sak ؿغ لشدس )
ك٢ حضخ حخخ٢ , ك٢ حلا ؽز٤ ل حظق٤ي ك٢ حظ حظو٤ذ٣ش , ٢ حؼ٤ش حظ٢ ٣ظ ك٤خ و ٤ش حلاف
ري ػزش حسحم طؼشف رخؾخدحص ح حقى ح حظ٢ فذسص ػ٠ حعخعخ حقى ح٠ ػذد ز٤ش حغظؼش٣ ,
حدحص حخش طؼ ز حؾخدحص ح حقى حو٤ش حغز٤ش ز حلاف.
Written Translation into English
Text (C)
What is an Islamic Forward Market?
ب اىبيغ الآخو؟
ش رخظغ٤ ح٥ؿ ظؾ حضسحػ٢ ح حزنخػ ح ؿ٤ش ٣و حز٤غ ح٥ؿ ػ٠ ػلاػش ححع حؼود ظؼو
ن رخظـخص حزنخثغ حؿدس ك٢ حغم حؼخد١. عم حز٤غ ح٥ؿ )ع( حظؼ.1
حظ٤ش . ع حز٤غ ٣ حعخعخ ؾشػخص حز٤ش حظلظ٤ش ؾخسػخصعم حز٤غ ح٥ؿ )حلاعظقخع( زح ح.2
ح٣نخ عم حز٤غ ح٥ؿ )ؿؼخ( ٣ظؼن حعخعخ رخؾخهخص حخذ٤ش. .3
Text ( D )
بي اىشتقبث؟
٢ ػزخسس ػ ؾظوخص خ٤ش ظهؼ حدحء ظؼن رخلاف ك٢ حغظوز طؼذ ز حؼود ػود رحص خخهش ز٤ش
ك٢ حلاعحم حلخ٤شحؼخ٤ش. ح٣نخ ٢ ػود ؼوذس ك٤غ طؼ ز حؼود طش٤٣خص حذلاسحص
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Sight Translation into Arabic
Text (E )
What is Murabaha?
Literally it means a sale on mutually agreed profit. Technically, it is a contract of a sale in
which the seller declares his cost and the profit. This has been adopted by Islamic banks as a
mode of financing. As a financing technique, it can involve a request by the client to the
bank to purchase a certain item for him. The bank does that for a definite profit over the
cost.
Sight Translation into English
Text (E )
٣ؼ٢ قطق شحرل كشك٤خ , حز٤غ رشرق ظلن ػ٤ هز حطشك٤ . ك٤خ ٣ؼ٢ قطق ػوذ حز٤غ حز١ رؿز ٣ؼ
, ك٤غ ٣و حضر رظوذ٣ ٤ش زح حلاعد طش٣وش ظ٣طزض حزى حلاعلا .حزخثغ ك٤ طلظ سرل ك٢ ز حؼخ
شحء حخدس حؼ٤ , ٣و حزي رخطخ ز حؼخ رشرق لذد ص٣خدس ػ٠ عؼش حظلش.هذ زي حز١ رؿز ٣ظ ؽ
Sight Translation into Arabic
Text (F )
What is Musawamah?
Musawama or normal sale in which parties bargain on price, a sale is executed and goods
delivered while payment is deferred.
Sight Translation into Enhlish
Text (F )
ب اىسبت
ؾظش١ ك٤غ ٣ دكغ حزؾ ئؿلا طؼذ حغخ ػ٠ حغؼش ر٤ حلاهشحف ك٤غ طظ ػ٤ش حز٤غ طشع حزنخثغ ح٠ ح
, ز ىخؼ٤ش طغ٠ رخغخ ح حز٤غ حؤف.
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Sight Translation into English
Text (G )
اىؼاو اىتي سبػذث في ادبذ ظب اىتيو الاسلاي في اىبضي
٣كش حغلاش كوو لا خ حق٤خسكش ٣و رظل٣ حلاح خ لاخش د حلخؿ و حود لغخ , رزح
حفذحس حغذحص حلار٤ش, ز حلاح , حخ زي ظؾـ٤ ظخ حذكغ ح٣نخ. خح ٣و رقشف حؾ٤خص ,
ذخش٣ طك٤شخ عخع٤ش عخهش حخ٤ش , خلا حعظوطخد ححسد حخطخرخص حلاػظخد, زي حو٤خ رخظ٤لش حلا
, رؼ٠ حعخع٢ حنخسرش حؾخسش رقل حعخع٤ش. رز حطش٣وش كخ هذ هخح رظ٣ حضسحػش ظـ٤ حظـخس
عخػذح رؼن رؼنخ ك٢ حقخػش , حظـخسس ه٣ حلاؿ , حظ٤ش حلاهظقخد٣ش ػلا ػ٠ ري كخ حق٤خسكش
ؼخـش وـ حغ٤ش ػ٠ حعخط طشط٤زخص حظؼخ حؾظشى حز١ ػشف ك٢ حغخرن رخلارنخع ح حزنخػش.
Written Translation Into Arabic
Text (G )
Factors that Contribute to the Success of the Islamic
Financial System in the Past
The Sarrafs transferred funds from place to place without their physical transport and
thereby ensured not only their safety but also the successful functioning of the payment
system. They cashed checks and issued promissory notes and letter of credit. They also
performed the crucial task of financial intermediation by mobilizing funds from savers and
making them available to producers and traders primarily on the basis of Mudarabah and
Musharakah. They thereby finance agriculture, manufacturing and long-distance trade, and
promoted economic development. They also helped each other overcome liquidity
shortages on the basis of a mutual help arrangement which was then called Ibda' or bida'ah.
Written Translation into English
Text (H )
اىؤسسيت: فبي قضبيب اسبسيت ةالادار
ك٢ كخش حظ٣ حلاعلا٢, كخ حقلش حلا٠ حلاعلا لغ. كخ ٣ حدحء حقخسف حلاعلا٤ش كغخ,
كخ ٣ؼظوذ رخ حظخ حلاعلا٢ لا ٣غـ غ حؼخ حلذ٣غ , هذ ٣غؼ لادحش حلاعلا ػ٠ ح سحء حلادحء
غ قخسف حلاعلا٤ش سؿ ح حلاعلا رشحء ري . لا خلاف ك٢ ح خى حػظشحف رلوم حفلخد حظحم
133
حلاع حدػ٤ حز٣ طظؼشك قخل زي خطش لا ٣و حظخخ ز٤شح ك٢ حصؽ حلاـحش٢٣ ح
س٣ق حظو٤ذ٣ش ٣ؼد حغزذ ك٢ ري ح٠ ح حلشححخ٢ ػذ خهؾش ز حخصؽ لادحسس حئعغ٤ش ك٢ حقخ
دػ٤ مخ ػ دحثؼ حظ٢ ٣ظو ػ٤خ زي ػخثذح لذدح غزوخ . رخ ح حدػ٤ ك٢ كغخرخص حلاعظؼخس
٣ؾخس ك٢ حلاسرخف حخغخثش ك٢ حظخ حلاعلا٢ , كظـذ كخ٣ش قخل. سؿ ح حح حفلخد حدحثغ طلض
نش حلا ح قخل ك٢ خطش ح٣نخ لا حخغخثش حظ٢ طلذع دػ٤ ك٢ كغخرخص حلاعظؼخس هذ طظو حطذ
ح٤ ػ ؿ٤ش هقذ خ طو ححغ ر٤ حؼ٤خص حظ٢ طو ػ٠ حػ٤: دحثغ طلض حطذ دحثغ حلاعظؼخس
قشف ؿ٤ذح خ خض كحكض حظل٤ حكن. رخ ح حظل ح٣نخ قخق ح كوم : كخ خ حدحء ح
حظخ حخ٢ حلاخش ػ٠ خطش , لا طؼؼش حقخسف حز٤شس هذ ٣لذع حصش ٣نش رخلاهظقخد . رخظخ٢
ئعغخص )حقخسف( , خي دسحعخص طؼط٢ د٤لا سإ٣ش رق٤ش ك٢ حطشم حظؼذدس لخ٣ش حفلخد حلوم ك٢ ح
ز حطشم : آ٤ش حغم , حو٤ حلاؿظخػ٤ش حز٤ج٤ش , حلاؽشحف حشهخرش حلؼخ , طخعي لخءس حونخء ,
٤ ح٤ش حلاث , حغطش حغ٤خع٤ش حظطؼش لأدحء خخ رلؼخ٤ش.
Written Translation into Arabic
Text (H )
Corporate Government: Basic Concepts and Issues
The most important stakeholders in the case of Islamic finance are Islam itself. If the banks
do not perform well, those who assume the Islamic system to be out of tune with the modern
world may try to blame Islam for the poor performance of these banks even though Islam
may itself have nothing to do with it. Shareholders stake is unquestionably recognized.
However depositors, whose interest is also at stake, do not generally get much attention in
the normal Anglo-American as well as France-German discussions of corporate governance
in conventional banks. This is because all deposits are insured and the rate of return is
known in advance. Since investment depositors share in the profit and loss in the Islamic
system, their interest needs to be protected. Demand depositors, even though their deposits
are guaranteed, have their interest at stake because of the fear that the loser suffered by
investment depositors may in adherently get shifted to demand depositors unless firewalls
are constructed between the operations based on these two sets of deposits. Employees also
have a stake. Their contribution to the efficient performance of the banks and their
remuneration are both determined by the banks incentive structure. The better the bank
134
performers, the better are their employments and the greater the incentive effect. The
financial system is at stake because the failure of major banks can create a crisis and hurt the
whole economy.
Studies provide evidence and insights and point to a number of ways of protecting
stakeholders, some of these ways are market mechanism, social value and environment,
effective regulation and supervision, integrity and efficiency of the judiciary, enabling
ownership structure and a political authority motivated to perform its function effectively.
Sight Translation into Arabic
Text ( I )
Islamic finance and instruments
1. What is Sukuk?
The Sukuk structures presently found in Islamic finance are different from the Sukuk
originally used. They are a kin to the conventional concept of securitization in which
ownership of the underlying assets is transferred to a large number of investors through
papers commonly known as certificates, Sukuk or other instruments representing
proportionate value of the relevant assets.
2. What is an Islamic forward market?
It is based on the three types of contracts relating to future delivery:
i. A salam- based forward market (for products and commodities for which a regular
market exists).
ii. An Istisna'a – based forward market, basically for infrastructural and developmental
projects.
iii. A Ju'alah – based forward market for service – based activities.
3. What are derivatives?
ie they are derived from the expected future performance of the respective underlying
assets; these are very complex and risky contracts with a present market value of
trillions of dollars around the world.
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Written Translation into Arabic
Text (J )
Murabahah Financing
Translation into Arabic
The main point in this regard stems from the fact that financial murabaha is a contemporary
contract. It has designed by combining a number of different contracts. There is a complete
consensus among all Figh scholars that this new contract has been approved as a form of
deferred trading. The condition of its validity is based on the fact that the bank must buy
(become owner) and after that transfer the ownership right to the client. The order placed by
the client is not a sale contract but it is merely a promise to buy. According to the OIC Figh
academy resolution, a promise can be binding on one party only. OIC Figh academy,
AAOIFI, and most Islamic banks treat the promise to buy as binding on the client. Some
other scholars, however, are of the opinion that the promise is not binding on the client, the
client even after putting an order and paying the commitment fee can rescind from the
contract. The most important counterparty risk specific to Mudarabah arises due to this
unsettled nature of the contract, which can pose litigation problems.
Another potential problem in a sale- contract like Murabaha is the payment by the
counterparty as Islamic banks cannot, in principle, charge anything in excess of the agreed
upon price. Nonpayment of dues in the stipulated time by the counterparty implies loss to
banks.
Written Translation into English
Text ( J )
اىتيو ببىرابح
حغخش حـش٣ش ك٢ زح حقذد طخط٢ كو٤وش ح حشحرلش حظ٤٣ش ػزخس ػ ػوذ غظلذع ؿخءص ف٤خؿظ رـغ
و٢ ػ٠ ح حؼوذ حـذ٣ذ هذ طض حؿخصط ؤكذ فس حز٤غ ح٥ؿ ؽشه فلش ػذد حؼود حخظلش. خى حؿخع ك
زح حؼوذ طو ػ٠ كو٤وش ح ٣ظؼ٤ ػ٠ حقشف ؽشحء)طي( حغؼش ػ طل٣ ٤ش ز حغؼش ضر .
حلو حلاعلا٢ حظخرغ حلاش حز١ ٣قذس ػ حضر لا٣ؼ ػوذ ر٤غ حخ كوو ػذ رخؾشحء كوخ وشحس ـغ
ظش حئطش حلاعلا٢ كخ حػذ هذ ٣ ضخ طشف حكذ ك٢ ػوذ حشحرلش. ػ٠ زح , كخ ـغ حلو
136
حلاعلا٢ ٤جش حلخعزش ؼظ حقخسف حلاعلا٤ش طؼظزش زح حػذ ضخ ضر. كوخء حخش٣ ٣ؼظزش
ذ ري, كخ رخخ حضر ح ٣ظشحؿغ ػ حطخ ػوذ حؾشحء كظ٠ رؼذ ح ٣قذس ػ حػذ ؿ٤ش ض ضر, رؿ
. زح كخ ح حخخهش حخخفش رزح حؼوذ هذ طؾؤ ػذ حلاطلخم ػ٠ هز٤ؼش حؼوذ غ حؼشرحػذ رؼذ ح ٣و رذك
خ هذ ٣طشأ غخث هنخث٤ش رغزذ ري.
طلذع ك٢ ػوذ ؼ ر٤غ حشحرلش ٢ طؤخش حضر ك٢ عذحد خ ػ٤, ك٤غ ح حقخسف ػش ؾش حخش لظش هذ
حلاعلا٤ش لاطو ك٢ حلاعخط رخخز خ ٣ض٣ذ ػ حغؼش حظلن ػ٤ غغ حزخػش . ٣ؼ٢ حظزخهئ ك٢ عذحد حلاظضحخص
ل حقشف حلاعلا٢ ح ٣حؿ خطش حخغخسس.
Sight Translation into English
Text ( K )
ب بيغ اىسي؟
حز٤غ حز١ ٣ظ ك٤ حذكغ وذخ رحعطش حؾظش١ , طشع حزنخػ حآؿلا زخثغ. ٣ؾز ر٤غ حغ ر٤غ حلاعظقخع
ك٤غ ح زح حػخ حز٤غ ٣ؼلا حعظؼخء وخ حؾش٣ؼ حلاعلا٤ش ك٤غ لا ٣ ؾخـ ح ٣ز٤غ ؽت ٤ظ ك٢
ر.ك٤خصط ح
Text ( L )
ب الاستصبع؟
٣ؾ٤ش زح حؼوذ حز١ رؿز ٣وز حقخغ )حظؼخهذ( رخهخش )ز٠( طغ٤ رنخػش ح ؾؤس ك٢ هض لذد عؼش
لذد ك٢ حغظوز. طؼذ ز حؼخش حعظؼخثخ وخ حؾش٣ؼش حلاعلا٤ش حظ٢ لاطغق ؾخـ ٣ز٤غ ؽ٢ لا ٣.
ر٤ؼغ حغ ٤ظ خي حكظ٤خؽ ذكغ حغؼش وذخ , ٣ ح ٣ حذكغ غؼش رخلاهغخه ح ػ٠ كغذ خ ك٢ وخر
طلن حلاهشحف ح دكغ ؿضء ك٢ رذح٣ش حؼ٤ش حخ رخغزش ظزو٢ ك٤ دكؼخ ئخشح خ حطلن ػ٤ .
Sight Translation into Arabic
Text ( K )
What is Salam, bay'al: sale in which payment is made in a dvance by the buyer and the
delivery of goods is deferred by the seller. This is also like Istisna' an exception to the
general Shari'ah ruling that you cannot sell what you do not own and possess.
137
Text ( L )
What is Istisna' Bay'al?
Refers to a contract whereby a manufacturer (contractor) agrees to produce (build) and
deliver a certain good or premise at given price on a given date in the future.
This is an exception to general Shari'ah ruling which does not allow a person to sell what he
does own and possess. As against Salam, the price here need not be paid in advance. It may
be paid in installments, in steps with the preferences of the parties or a party at the front end
and the balance later on as agreed.
Written Translation into Arabic
Text ( M )
Salam Financing
There are at least two important counterparty risks in Salam, a brief discussion of these risks
is provided here:
The counterparty risks can range from failure to supply the same quality of goods as
contractually agreed. Since Salam is an agriculture lease contract, the counterparty risks may
be due to factors beyond the normal credit quality of the client. For example, the credit
quality of the client may be very good but the supply may not come as contractually agreed
due to natural calamities. Since agriculture is exposed to catastrophist risks, the counterparty
risks are expected to be more than normal in Salam.
Salam contracts are not neither exchange-traded nor traded over the counter. These contracts
are written between two parties to a contract. Thus all the Salam contracts end up in physical
deliveries and ownership of commodities. These commodities require inventories exposing
the banks to storage costs and other related price risk. Such as costs and risks are unique to
Islamic banks.
138
Written Translation into English
Text ( M )
اىتيو ببىسي
خي ػ٠ حلاه ػخ حخخهش ك٢ ػوذ حغ قذسخ حطشف حلاخش ك٢ حؼوذ. ك٤خ ٢٣ طل٤ خظقش ز
.حخخهش
طظلخص خخهش حطشف حلاخش ػذ طغ٤ حغ ك٢ ك٤ ح ػذ طغ٤ طخخ, ح٠ طغ٤ ػ٤ش خظلش ػخ حطلن ػ٤
ك٢ ػوذ حغ , رخ ح ػوذ حغ ٣و ػ٠ ر٤غ حظـخص حضسحػ٤ش كخ خخهش حطشف حلاخش هذ ط رغزذ ػح
, كقخد حضسػخص حظ٢ ٣ظظغ حضر رظق٤ق حثظخ٢ ؿ٤ذلا , كوذ ٤ظ خ فش رخلاءس حخ٤ش ضر. كؼ
, رخ ح حؾخه حضسحػ٢ ٣حؿ رطز٤ؼش حلخ خ ٤لخ رغزذ حلحثؾ حطز٤ؼ٤شرخػخ عخ قشف هذ لا٣ خك٤خ
خخهش ححسع كخ خخهش حطشف حلاخش حؼش خ ط ك٢ حغ.
ػود حغ ك٢ حلاعحم حظش ح خخسؿخ ك٢ حطلخم هشك٤ ٣ظ٢ رظغ٤ عغ ػ٤٤ طل٣ ٤ظخ , لا ٣ظ طذح
ز حغغ طلظخؽ ح٠ طخض٣ رزي ط خي طلش حمخك٤ش خخهش حعؼخس طوغ ػ٠ حقشف حز١ ٣ي ز حغؼ
رخقخسف حلاعلا٤ش كوو. رؿذ ػوذ حغ. زح حع حظخ٤ق حخخهش خخؿ
Written Translation into English
Text ( N )
اىتيو استصبػب
ػذخ ٣وذ حقشف حظ٣ كن ػوذ حلاعظقخع, كخ ٣ؼشك سأط خ ؼذد حخخهش حخخفش رخطشف حلاخش
ز طؾ حلاط٢:
قخسف حخخفش رظغ٤ حغغ حزخػ حعظقخػخ طؾز خخهش حطشف ح٥خش ك٠ ػوذ حلاعظقخع حظ٢ طحؿخ ح
خخهش ػوذ حغ. ك٤غ ٣ ح ٣لؾ حطشف ك٢ طغ٤ حغؼش ك٢ ػذخ ح حخ عؼش سد٣جش . ؿ٤ش ح حغؼش مغ
غ حؼوذ ك٢ كخ حلاعظقخع ط طلض ع٤طشس حضر )حطشف حلاخش( حه طؼشمخ لحثؾ حطز٤ؼ٤ش وخسش رخغ
حزخػش عخ. لاؿ ري, حظهغ ح ٣ خخهش حطشف حلاخش )حوخ( ك٢ حلاعظقخع أه خطسس رؼ٤ش وخسخ
رخخهش حضر ك٢ ػوذ حغ.
خخهش حؼـض ػ حغذحد ؿخذ حؾظش١ رحص هز٤ؼش ػخ رؼ٢ كؾ ك٢ حغذحد رخخ ك٢ حػذ حظلن ػ٤ غ
حقشف.
كوذ ط خي خخهش حطشف حلاخش –كن رؼل حلاسحء حلو٤ش –حرح حػظزش ػوذ حلاعظقخع ػوذح ؿخثضح ؿ٤ش ض
حز١ هذ طؼظذ ػ٠ ػذ ض٤ش حؼوذ ك٤ظشحؿغ ػ.
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ح طض ؼخش حضر ك٢ ػوذ حلاعظقخع ؼخظ ك٢ ػوذ حشحرلش , طظغ رخ٤خس حظشحؿغ ػ حؼوذ سكل طغ٤
حغؼش ك٢ ػذخ كخى خخهش حمخك٤ش ٣حؿخ حقشف حلاعلا٢ ػذ حظؼخ رؼوذ حلاعظقخع.
حلاعظقخع ٣ؤخز دس حقخغ حؾت حزخء هذ ط ز حخخهش لا حقشف حلاعلا٢ ػذخ ٣ذخ ك٢ ػوذ
حسد, رخ ح حقشف ٣ظخقـ ك٢ ز ح كخ ٣ؼظذ ػ٠ حوخ٤ حزخه.
Written Translation into Arabic
Text ( N )
Istisna'a Financing
While extending Istisna'a financing, the bank exposes its capital to a number of specified
counterparty risks. These include for example:
The counterparty risks under Istisna'a faced by the bank from the supplier's side are similar
to the risks mentioned under Salam. There could be a contract failure regarding quality and
time of delivery. However, the object of Istisna'a is more in the control of the counterparty
and less exposed to natural calamities as compared to the object of Salam. Therefore, it can
be expected that the counterparty risk of the sub-contractor or Istisna'a although
substantially high, is less sever as compared to that of Salam.
The default risk on the buyers side is of the general nature, namely, failure in paying fully in
time.
If the Istisna'a contract is considered optional and not binding as the fulfillment of
conditions under certain Fiqhi jurisdictions may need, there is a counterparty risk as the
supplier maintains the option to rescind from the contract.
Considering that like the client in the mudarabah contract, if the client in the Istisna'a
contract is given the option to rescind from the contract and decline acceptance at the time
of delivery, the bank will be exposed to additional risks.
This risk exist because, an Islamic bank into an Istisna'a contract assumes the role of a
builder, a contractor, a manufacturer and supplier, since the bank does not specialize in
these traits, it relies on subcontractors.
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Sight Translation into English
Text ( O )
بي الإخبر؟
حخش )ؼ حلاؿخسحص( كن حلاظلخع رظخص ٣ ح ط ز حظخص ؾخـ ر٤غ حلاؿخس ػزخس ػ
Text ( P )
بي اىشبرمت؟
طؼذ حؾخسش حكذ طو٤خص حظ٣ حلاعلا٠٤ حز١ رؿزخ ط ؾخسش حلاهشحف ؿ٤ؼخ ك٢ غخش سحط حخ
حلادحسس. خ ٣ طص٣غ حلاسرخف رؼذد حلاهشحف ػ٠ كغذ حغذ حظلن ػ٤خ غ ري, كخ ؿد حؾخسش ك٢
خغخسس حلاهشحف ط ػ٠ كغذ حؾخسش ك٢ حغخ ك٢ سأط حخ.ح
Text ( Q )
بي اىضبربت ؟
حنخسرش ٢ حلاطلخم ر٤ ؽخـ ح ػذس حؽخخؿ حظ٢ رؿزخ ٣و ؽخـ ح حؼش ؽخـ رظك٤ش سأط حخ ر٤خ
ـخصكش رذف حلق ػ٠ حلاسرخف. طوغ حلاسرخف ٣كش حلاخش س٣خدس حلاػخ حدحسطخ ظل٤ز ح١ ػ ٣ط١ ػ٠ ح
لن ػ٤خ. ر٤خ ٣ظل ح كوو ػزت حخغخسس ػ٠ كغذ غذ ر٤ ئلاء حلاهشحف ػ٠ كغذ حغذ حظ
كقق ك٢ سأط حخ ح٢ .
ظ٤ـش لاػخ حظ٢ حخ رخغزش شحثذ١ حلاػخ, كخ خغخسط ط ك٢ كوذ خكؤس حظ٢ خح ٣لق ػ٤خ
٣وذخ.
Text ( O )
What is Ijarah?
Ijarah, bay'al
Sale of usufructs (operating lease).
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Text ( P )
What is Musharakah?
It's an Islamic financing technique whereby all the partners share in equity as well as
management. The profits can be distributed among them in accordance with agreed ratios.
However, losses must be shared according to the share in equity.
Text ( Q )
What is Mudarabah?
It is an agreement between two or more person whereby one or more of them provide
finance, while the others provide entrepreneurship and management to carry on any business
venture, whether it is trade, industry or service with the objective of earning profits. The
profit is shared by them in an agreed proportion. The loss is borne only by the financiers in
proportion to their share in total capital. The entrepreneur's loss lies in not getting any
reward for his or her services.
Written Translation into Arabic
Text ( R )
Musharakah – Mudarabah (M_M) Financing
Many academic and policy oriented writings consider that the allocation of funds by the
Islamic banks on the basis of the Musharakah and Mudarabah is preferable as compared to
the fixed return modes of Murabaha, leasing and Istisna'a. But in practice the Islamic banks
use of the M-M modes is minimal. This is considered to be due to the very high credit risk
involved.
The credit risk is expected to be high under the M-M modes due to the fact that there is no
collateral requirement; there is a high level of moral hazard and adverse selection and banks
existing competencies in project evaluation and related techniques are limited. Institutional
arrangements such as tax treatment, accounting and auditing system, regulatory framework
are all not in favour of a large use of these modes by banks.
One possible way to reduce the risks in profit sharing modes of financing is for Islamic
banks to function as universal banks. Universal banks can hold equity along with loans. In
case of Islamic banks this would imply financing using Musharakah mode. Before investing
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in projects in this basis, however, the bank needs to do a thorough feasibility study. By
holding equity positions, universal banks can essentially get involved in the decision making
and management of the firm. As a result, the bank will be able to monitor the use of funds
by the project more closely and reduce the moral hazard problem.
Some economists however, argue that banks by not opting for these modes are actually not
benefiting from portfolio diversification and hence taking more risks rather than avoiding
risks. Moreover, the use of M-M modes on both sides of the bank's balance sheets will
actually enhance systemic stability as any shocks on the assets side will be matched by
absorption of the shock on the deposit side. It also argued that incentive compatible
contracts can be formulated which can reduce the effect of moral hazard and adverse
selection. However, these arguments ignore the fact that banks basically specialized in
optimizing credit portfolios not optimizing in credit and equity portfolios. Furthermore,
since the Islamic banks use of current accounts on the liability side is very high, the shocks
on the assets side cannot be absorbed by these accounts on the liability side. Hence greater
use of M-M on the assets side could actually cause a systemic instability given the large
current accounts utilized by the Islamic banks.
Written Translation into English
Text ( R )
اىضبربت –اىتيو ببىشبرمت
ػ٠ح حؼذ٣ذ حذسحعخص حؼ٤ش حظخرخص ك حغ٤خعخص طزذ ح٠ ح ه٤خ حقخسف حلاعلا٤ش رظظ٤ق حلاح
حعخط حؾخسش حنخسرش حكن حعظخذحخ كن ف٤ؾ حؼخثذ حؼخرض ؼ حشحرلش, حلاؿخسس حلاعظقخع. ك٢
ذح حقخسف حلاعلا٤ش ق٤ؾ حؾخسش حنخسرش ك٢ حد٠ حلذد ٣ؼد ري خخهش حلاثظخ٤ش حهغ, كخ حعظخ
حؼخ٤ش حشطزطش رز حق٤ؾ.
أكذ حطشم ظخـ حخخهش حشطزطش رق٤ؾ حظ٣ رخؾخسش ك٢ حلاسرخف ٢ ح طؼ حقخسف حلاعلا٤ش
خص لخكظخ حلاعظؼخس٣ش , رخغزش قخسف حلاعلا٤ش كخ ري ٣ؼ٠ قخسف ؽخش طلظلع رخع م
حظ٣ رخعظخذح ف٤ـش حؾخسش. هز حذخ ك٢ ط٣ حؾشع رز حق٤ـش , ٣لظخؽ حقشف ح ٣و رذسحعش
حس ك٢ حدحسس حؾؤس حـذ حلش . رخكظلخظخ رخع , كخ حقخسف حؾخ طقزق هشكخ حف٤لا ك٢ حطخخر حوش
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حظ٢ طلظلع ز حقخسف رخعخ, ظ٤ـش زي رخعظطخػش حقشف ح ٣ظل ػ هشد ك٢ طظ٤ق حلاح ك٢
حؾشػخص حظ٢ طض دسحعش ؿذحخ ح ٣و ؾش حخطش حلاخلاه٢ .
ذخ حلاعظلخدس ٤ضس ط٣غ حللظش ٣و رؼل حلاهظقخد٣ ح ػذ حعظخذح حقخسف ق٤ؾ حؾخسش حنخسرش ٣لو
حلاعظخسػش رخظخ٢ ك٠ طظؼشك خخهش حؼش رذلا طلخد٣خ ز حخخهش . ػلا ػ٠ ري كخ حـء ق٤ؾ
حؾخسش حنخسرش ك٢ ؿخذ حلافح ؿخذ حخق ك٢ ٤ضح٤خص حقخسف ع٤ئد١ كو٤وش ح٠ طلغ٤ حلاعظوشحس
ش فذخص خ٤ش ك٢ ؿخذ حلاف ع٤وخرخ حخلخك ك٢ ؿخذ حخق )حدحثغ( . خى ٣و ح حؼخ ك٤غ ح ح٣
٣ ف٤خؿش ػود طؾظ ػ٠ كحكض , زح ع٤و حػخس حخطش حلاخلاه٢ حلاظوخء حخخهت. ز حلاسحء طظـخ
حلاثظخ٤ش ٤ظ ك٢ طي حظ٢ طـغ ر٤ حذ٣ كو٤وش ح حقخسف هذ طخققض حعخعخ ك٢ رلغ ػ حلخكع حؼ٠
حلاع. حمخكش زي رخ ح حقخسف حلاعلا٤ش طؼظذ رقسس حعخع٤ش ػ٠ ححسد حخ٤ش ك٢ حلغخرخص حـخس٣ش كخ
طؼشمخ قذخص خ٤ش ك٢ ؿخذ حلاف لا ٣ وخرظ رخخلخك حظضحخ حطـخ حفلخد ز حلغخرخص ك٢ ؿخذ
حخق . حؿ ري كخ حـء حؼش ح٠ حعظؼخ ف٤ؾ حؾخسش حنخسرش ك٢ ؿخذ حلاف هذ ٣ظغزذ كو٤وش ك٢
ػذ حعظوشحس ػخ خخفش غ خ صشخ عخروخ حػظخد حقخسف حلاعلا٤ش ػ٠ حلغخرخص حـخس٣ش ظ٣ حؾظطخ
حلاعظؼخس٣ش.
Written Translation into English
Text ( S )
اىؤسسبث اىبىيت الاسلايت
طبيؼتب خبطرب
( ػ٤ خرؽ حقخسف حلاعلا٤ش حػظخدح ػ٠ ٤ حؿدحص. حلا صؽ ٣1998زش حهزخ آخش )
حؾخسش حقخسف حلاعلا٤ش حظ٢ طؼ ػ٠ حعخط حنخسرش ك٢ ؿخذ حخق ك٢ ؿخذ حكدحص . ط ف٤ؾ
ك٢ حشرق ٢ حظ٢ طل ل حظ٣ حشر١ ػ٠ ؿ حظلذ٣ذ . كوخ زح حرؽ كخ ؿ٤غ حلاف ٣خط٢ ط٣خ
حنخسرش . زح حرؽ قخسف حلاعلا٤ش ٣و زي رذس -خلا حح حعظوطزض ػ٠ حعخط حؾخسش ك٢ حشرق
( . حخ حصؽ حلاخش قخسف 154ؿ 1985chaparaقشكخ طـخس٣خ كوو ) حعخثو حلاعظؼخس٣ش حؼش
حلاعلا٤ش ك صؽ حنخسرش هشف حكذ ك٢ ؿخذ حخق غ حعظخذح ف٤ؾ ط٣ ظؼذد ك٢ ؿخذ حلاف
خذح ف٤ؾ حؾخسش . هذ ططس زح حصؽ لا حقخسف حلاعلا٤ش هذ حؿض ػوزخص ػ٤ش طؾـ٤٤ش كخض د حعظ
ك٢ حشرق ك٢ ؿخذ حلاف. زح, كوذ حخظخسص حقخسف حلاعلا٤ش ح طغظخذ ف٤ؾ حذخ حؼخرض طن
حشحرلش)حظلش صحثذح خؼ حشرق( , حز٤غ رخظوغ٤و )حشحرلش حظعطش حط٣ش حلاؿ( , حلاعظقخع / حغ )ر٤غ
( , حلاؿخسس .طؤخ٤ش حغؼش ح حز٤غ رؼ وذ
ح حقشك٤ش حلاعلا٤ش طوذ خذخص خ٤ش كن حظضحخ رزذأ طلش٣ حشرخ ؽشػخ . كخشرخ ػخثذ )حلخثذس( حوشك . زح
حظلش٣ حؾشػ٢ رلشم ر٤ حلاح ك٢ حلغخرخص حـخس٣ش قخسف حلاعلا٤ش )ك٤غ ٣خخز حفلخد حقشف حلاعلا٢
وشك حلغ( ر٤ حح كغخرخص حلاعؼخس )كغخرخص حنخسرش (. كل٢ كخش حلغخرخص ز حلاح ػ٠ حعخط ح
144
حـخس٣ش , ٣ن حقشف حلاعلا٢ دػ٤ حعظشدحد حف حد٣ؼش ؿ٤ش ػحثذ, لا ٣ؾخسى حفلخد ز حدحثغ
لا حؼخثذ ػ٤خ. زح , حقشف ك٢ خخهش . حخ ك٢ كخش دحثغ حلاعظؼخس , كخ حقشف لا ٣ن حف حد٣ؼ
ط حدحثغ حلاعظؼخس٣ش حخ ك٢ كغخرخص حعظؼخس و٤ذس ح طوش , ك٤غ ح لغخرخص حو٤ذس ؽشهخ ػ٠ حلاف
حظ٢ ٣ظ ط٣خ حح ز حلغخرخص , ه٤دح ػ٠ حغلذ هز حونخء حؿ حد٣ؼش . ٣ؾخسى حفلخد كغخرخص
حخخهش ك٢ ػخثذ حلاعظؼخس ػ٠ هذس كقش ك٢ حلاح حـؼش ك٢ ز حلغخرخص . حلاعظؼخس حقخسف ك٢
ػ٠ زح كخخ و ح ػوذ حوشك ػوذ حنخسرش خ حذػخش حلاعخع٤ش قشك٤ش حلاعلا٤ش ح حلاكظلخظ
٤ش.رخقخثـ ز٣ حؼوذ٣ حؿ ح طزو٠ حلاق ح٤ضس قخسف حلاعلا
ح حقشف حلاعلا٢ حز١ ؿش فل عخروخ ٣ل خقخثـ حع٤و حلاعظؼخس١ حقشف حظـخس١. كو ح٤ش
قشف حلاعلا٢ ٣ؾز و ح٤ش قخسف حظـخس٣ش ك٤غ ح حدػ٤ لا٣ حقشف ٤ظ كن
٣و ؿخذ ح٤ش ػ٠ حعخط ػوذ حؾخسش, ٣و ؿخذ حظق٣ض. رـش حقخسف حلاعلا٤ش, كخ ري ٣ؼ٢ ح ر٤خ
حدحثغ ػ٠ حعخط ػود حنخسرش قشف حلاعلا٢ حؿ ؽز غ حع٤و حلاعؼخس١ لا ٣ؾخسى حفلخد
ثذ حلغخرخص حلاعظؼخس٣ش حسرخف ػ٤خط . رؼذ ح ٣ذكغ دػ٤ ق٤ز ك٢ ز حلاسرخف ٣ؼط٢ خ ٣وزل غخ٤ ؼخ
ػ٠ حلاع.
ح حعظخذح ف٤ؾ حؾخسش ك٢ حلاسرخف رحعطش حقخسف حلاعلا٤ش هذ ؿ٤ش هز٤ؼش حخخهش حظ٢ طحؿ ز
حئعغخص . كخؼحثذ ػ٠ دحثغ حلاعظؼخس ح حلادخخس طؼظذ ػ٠ ظخثؾ حػخ حقشف. رخ ح طظ ؼخش حدػ٤
خغخثش , كخ ٣ظل ؿضء خخهش ػ٤خص حقشف. حدػ٤ ػ٠ حعخط حؾخسش ك٢ حلاسرخف ح
٣ؾخس ك٢ حلاسرخف حخغخثش, حطض رؼل حخخهش حلاخش. ػلا ػ٠ ري كخ حعظخذح ف٤ؾ حظ٣ حلاعلا٤ش ك٢
ؿخذ حلاف هذ ؿ٤ش هز٤ؼش حخخهش حظو٤ذ٣ش.
Written translation into Arabic
Text ( S )
Islamic Financial Institutions: Nature and Risks
Iqbal et. al (1998) distinguishes two models of Islamic banks based on the structure of the
assets. The first is the two – tier Mudarabah model that replaces interest by profit sharing
(PS) modes on both liability and asset sides of the bank. In particular in this model all assets
are financed by (PS) modes of financing Mudarabah. This model of Islamic banking will
also take up the role of an investment intermediary, rather than being a commercial bank
only (chapara 1985, P 154). The second model of Islamic banking is the one-tier Mudarabah
with multiple investment tools. This model evolved because Islamic banks faced practical
and operational problem in using profit-sharing modes of financing on the assts side. As a
result, they opted for fixed income modes of financing. As mentioned earlier, fixed – income
145
instruments include Murabaha (cost-plus or mark–up Murabaha), Installment sale
(mrdium\lomg-term Murabaha), Istisna'a\ Salam (object deferred sale or pre-paid sale) and
Ijarah.
Islamic banking offers financial services by complying with religious prohibition of Riba.
Riba is a return (interest) charged in a loan (Qard Hasan) contract. This religious injunction
has sharpened the differences between current accounts (interest free loans taken by owners
of the Islamic bank) and investment deposits (Mudarabah funds). In the former case, the
repayment on demand of the principal amount is guaranteed without any return. The owners
of current accounts do not share with the bank in its risks. In case of investment deposits,
neither the principal nor a return is guaranteed. Investment accounts can be further classified
as restricted and unrestricted; the former having restrictions on assets that the funds can be
used for and on withdrawals before maturity date. The owners of investment accounts
participate in the risks and share in the banks profit on pro rata basis. The contract of Qard
hasan and Mudarabah are thus the fundamental pillars of Islamic banking and their
characteristics must fully be protected for the preservation of the unique of Islamic banks.
The Islamic bank described above appears to have characteristics of both an investment
intermediary and commercial bank. The ownership pattern of the Islamic bank resembles
that of a commercial bank as the depositors do not own the bank and do not have voting
rights. In Islamic finance parlance, this means while Musharakah contract characterizes the
equity owners, deposit take the form of Mudarabah contracts. An Islamic bank, however,
has similarities with an investment intermediary as it shares the profit generated from its
operations with those who hold investment accounts. After paying the depositors a share of
the profit, the residual net-income is given out to the shareholders as dividends.
Using profit –sharing modes in Islamic banks changes the nature of risks in these
institutions face. The returns on saving\investment deposit are contingent. As the depositors
are rewarded on a profit – loss sharing (PLS) method, they share the business risks of the
banking operations of the bank. The profit-loss sharing features of these depositors introduce
some other risks. Further the use of Islamic modes of financing on the asset sides changes
the nature of traditional risks.
Sight Translation into English
146
Text ( T )
شبرمت تيت ببىتييل
مأداة اداث اىتيو الاسلاي
طظخؽ٠ ف٤ـش حؾخسش حظ٤ش رخظ٤ي غ طؼخ٤ حؾش٣ؼش حلاعلا٤ش, ك٤غ ٣ حذخ ك٢ حؼلاػش ػود حظؼوش رز
طخخ ػ رؼنخ حزؼل , ٣خط٢ طغغ ز حؼود خلاط٢:حق٤ـش حلاعلا٤ش لقش
٣ظ حؼوذ ر٤ حلاهشحف خن ؾخسش رخظ٤ي ك٤غ ٣و حؼ٤ حؾخسى رخػطخء حػذ رؾشحء حـضء حخخؿ .1
رخ حؾخسى هز رؼذ حطخ ػوذ حز٤غ.
٣و حؼ٤ حؾخسى رخعظجـخس كذس طظزغ حؾخسى. .2
ش حؼ٤ حؾخسى ك٢ ؽشحء حكذس حظ٢ ٣خ ح حؾخسى ػ٠ كغذ حػذ حز١ هطؼ , رؿذ ٣غظ .3
زح حػذ ٣ظنخث حلاؿش حز١ ٣ذكؼ حؼ٤ كظ٠ ٣ظي حؼ٤ حكذ.
Written translation into English
Text ( U )
اىتصنيل
حظ٣ ك٤غ طؼشف رخخ ػزخسس ػ حف حلاف ك٢ ٤جش سهش طؼذ ش مخ قطق قطلخص
رظذكوخص خ٤ش طغذخ ـػش حلاف حغخثش حلاف حعش ػزش ػ٤ش حظق٤ي ك٢ حلاػخ
حؾظشش ٣ظ طخ ز حلاف حؼ٤٤ش ح حـ٤ش عخثش ػزش ر٤غ حلاع حؾخدحص ك٢ حلاعحم حخ٤ش .
Sight Translation into Arabic
Text ( T )
Diminishing Musharakah As An Islamic Instrument of Finance
The modus operandi approved by Shariah scholars are that three contracts are entered into
separately, ensuring that each contract is independent of the other two contracts. The
sequencing of contracts should be:
1. A contract between partners to create a joint ownership. The client partner makes a
promise before or after the lease agreement is finalized to purchase the share of the
financier partner.
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2. The financing partner gives units of his share to the client on lease.
3. The client partner goes on purchasing the units of ownership of financing partner as
per his promise. Accordingly, the rent goes on decreasing.
Sight Translation into Arabic
Text ( U)
Securitization
A security, in financial terms, can be defined as an asset in the form of a paper whose cash
flow is backed by a pool of liquid and tangible assets. Through securitization, tangible or
non-liquid assets of joint business are made negotiable through the sale of share\certificates
in the financial market.
Sight Translation
Text ( V )
اىخراج ببىضب اىغ ببىغ
ح خط٤ حلو٤وظ٤ حزذ٤٣خص حلاعخع٤ش ك٢ حلاهظقخد حلاعلا٢ ك٤غ ٣ظنخ ح ح١ حعظلوخم ؼخثذ حلاف ٣ظزؼ
حظضح رخخغخس ز حلاف.
Text ( V )
Al Khairaju Bi Al-Daman and Al Ghunum Bi Al Ghunum
These are two fundamentals axioms of Islamic finance implying that entitlement to return
from an asset is intrinsically related to the liability of loss of that asset.
Text ( W )
بيغ اىؼرب
ر٤غ حؼشر ػزخس ػ ػوذ ر٤غ ٣ذكغ زؾ رغ٤و حغؼش حلذد ؾ٢ ذكغ ح٢ , ك٤غ ٣ظ طزخد حغؼ حخ
حظزو٢ ك٢ حغظوز. ػذ طخ٢ حؾظش١ ػ ػوذ حز٤غ ٣ هذ كوذ حزؾ حز١ دكؼ وذخ ظؼ٣ل حزخثغ ظغزز ك٢
طؤخ٤ش حز٤غ.
Text ( W )
Al - arboon , bay'
148
A sale contract in which a small part of the price is paid as an earnest money (down
payment), the object and its remaining price are exchanged is a future date. In case the payer
rescinds from the contract he has to forego the earnest money compensating the seller in
causing a delay in sale.
Text ( X )
اىقرض اىحس
.حوشك حلغ ػزخس ػ هشك ظذ رذ عؼش حلخثذس ح طوخع ك٢ حشرق
Text ( X )
Qared hasan
A loan extended without interest or profit sharing.
Text ( Y )
اىر
.ن رنخش حمخك٤شحش :
Rahn
Collateral
Text (Z )
ربــب
طؼ٢ حش كشك٤خ ص٣خدس ح حمخكش , ٣ؾ٤ش حقطق ح٠ حؼلاس حظ٢ ٣ظوخمخخ حغق ح حوشك هز حؾظش٣
ش ذ زح حع ح ذ ٤ؼخد حعظلوخه. ح حـخز٤ش حؼظ٠ غ٤ ٣ظوشك ص٣خدس ػ٠ حزؾ حشث٤غ٢ ؾشه
حظؼخلاص شرخ .
149
Text ( Z )
Riba
Literally means increase or addition and refers to the premium that must be paid by the
borrower to the lender a long with the principal amount as a condition for the loan or an
extension in its maturity, it is regarded by a predominant majority of Muslim to be
equivalent to interest.
Text ( A )
مبىت
٣ؼ٤ ح٤ لادحء حخذش ٤خرش ػ حشث٤ظ وخر حطؼخد طؼذ حخش غج٤ش , رخظخ٢ كخ حنشس١ -ح٤
.حلا٤ غج٤خط ل حخذش حظ٢ حض ح٤ ك٢ كخش حلاخشؿذح ح ٣ئد١ ح٤ خ خ ٣ئد١
Text ( A )
Wakalah
Agency - appointment of someone also to render a work on behalf of the principal for a fee.
Wakalah is also a responsibility. It is therefore necessary for a Wakil to discharge his
responsibility in the way a trustee discharges his responsibility in the case of Amanah.
Written Translation into English
Text ( B )
طرق
ش رذف حلق ػ٠ خ وذ١. ز حظؼخلاص طؼ٢ رزغخهش ؼرخذ٣ حز٤غ حلس١ غ٣ؼ٢ حقطق هسم حؾشحء
حلق ػ٠ حغ٤ش. ك٤ظ خي كؿش ؾشحء حؾظش١ ز حغؼ ر ط حلؿش ك٢ ؽشحء حغؼش رخذ٣ ر٤غ رحص
ػخغ كزي حز٤غ وز حخك٤ش حؾشػ٤ش, حغؼش كسح لق ػ٠ حغ٤ش. كخرح هخ حزخثغ رز٤غ ز حغؼش طشف
حرح رخع ز حغؼ لظ حؾخـ حز١ ط حؾشحء عخروخ, كزي لا ٣ظخؽ٠ غ حؾش٣ؼش حلاعلا٤ش ؿش ظش
حق٤ـش ؼظ ح حشأ١ رخظخ٢ كخ ف٤ـش حطخسم طوغ ك٢ حطوش حشخد٣ش ـذ ح ػذس رى حعلا٤ش طـؤ ز
حؿ حدحسس ح٣نخ ق٤ـش ظ٣ خخفش ظ٣ حؾخق٢ رطخهخص حلاثظخ.
150
Written Translation into Arabic
Text ( B )
Tawarruq
What is tawarruq?
Tawarruq means to buy on credit and sell at spot value with the objective of getting cash,
meaning that the transaction is not the need of the buyer, he simply wants liquidity which he
gets by purchasing a commodity on credit and selling the same forthwith for cash. If he sells
to any third party, it is acceptable from the Shariah point of view but if he sells to the person
from whom he purchased on credit, it is not shariah compatible according to the majority
view. Despite being a grey area, tawarruq is being used by many Islamic banks for liquidity
management and as a mod of financing, especially for personal financing and credit cards.
Written Translation into English
Text ( C )
خؼبى
خرح ٣ؼ٢ حقطق ؿؼخ؟
ؿؼخ طؼ٢ حؼوذ حز١ رؿز ٣ظؼذ حكذ حلاهشحف )ؿخػ( رخػطخء خكخس )ؿؼ( لا١ ؽخـ سرخ ٣ظ طلو٤ن
طغظؼ حـؼخش لادحء ػذس خذخص رحعطش حظ٤ـش حطرش عحء خض ز حظ٤ـش حطرش لذد ح ؿ٤ش لذد.
حص٣ش. رخظخ٢, كخى رؼل ح٣شحدص حظ٣ حلاعلا٤ش حظ٢ ٣ حزى حلاعلا٤ش ػزش ػود حـؼخش حزخؽشس ح
طلق٤خ رخطشم حئعغش ػ٠ حـؼخ. ؼ طلق٤ حذ٣, ك٤غ ح حلاعظلوخم ر٤ حخكؤس شطزو حسطزخهخ ػ٤وخ
ظ٣ حغف ر رظلق٤ حذ٣ ح ؿضء خك٤ش حخش كخ رخلاخ٤ش حعظؼخ ػود حـؼخش نخ ح
ؽشػخ ؼخ زي, ػذخ ٣طذ حؼخ حو٤خ رخـخص رؼل حخذخص ؼ طلن٤ش ػ ػخ٢ حـذ حز١ رؿز
٣وز حزي رظك٤ش حظغ٤ وذ حؼشك.
Written Translation into Arabic
Text ( C )
ju'alah
What is ju'alah?
151
Ju'alah is a contract in which one party the (Jail) undertakes to give a specific reward (the
Jua'l) to anyone who may be able to realize a specific or uncertain required result, for
example finding a stolen care.
Ju'alah can be used by Islamic banks for a number of services, directly or through a parallel
ju'alah contract with the following process:
Some Islamic financial products based on ju'alah like collection of debts. Ju'alah contracts
can be used for collecting due debts where the entitlement to the reward is related to
realization of all or part of the debt. On the other hand, ju'alah contract can be used to secure
permissible financing in which a worker is required to do some form of services, like
preparing of feasibility that will make the bank agree the facility to the offer.
Written Translation into English
Text ( D )
بيغ الاستدرار
ب بيغ الاستدرار؟
ز٤غ لا٣ؼذ ر٤غ حلاعظـشحس ق٤ـش لذدس ف٤ؾ حظ٣ حلاعلا٢ , ر ػزخسس ػ طظ٤ ؼ٤ش ؽشحء ر٤غ ظشسس
حؤف ك٤غ ٣وز حزخثغ رز٤غ ٤خص ح كذحص ظػش حغغ هض لاخش سرخ ٣و حزخثغ رخسعخ ػذس ؽلخص
ح ٣ كوخ رخسعخ ؽلش ح كظ٠ رؼذ ح ٣ظ حسعخ , حغغ حظلن ػ٤خ ك٤غ ٣ طلذ٣ذ حغؼش هذ ط وذخ
حؾلخص.
Written translation into Arabic
Text ( D )
Bai ' al istijrar (supply contract)
What is istijrar?
Istijrar is not a specific mode; it is rather a repeat sale\purchase arrangement of normal sale
in which a seller agrees to sell various amounts\units of a commodity from time to time. The
152
seller may also deliver the commodity agreed upon once in a number of consignments and
the price may be determined in advance, with every consignment or after the delivery.
Written translation into English
Text ( E )
اىتنبفو
خ ححظخك ؟
)ػ٠ حظؼخ حظزخد ( ٣ئعظ خك ػ٠ زذأ حظؼخ حز ٣ز٠ زح حظ .حظخك ح ٣ن هشف حطشف حلاخش
زذأ حظزشع )حز( ك٤غ ٣ظلن حهشحف حظخك حز٣ ٣ل حز٤قش ك٢ حؾخسش ك٢ طل حخطش حلذم رخ
خغخس عظلذع لا١ هشف خ ري رظؼ٣ل طي حخغخس رخـضء ح٢ ح حـضث٢ غخخظ حظخك٤ش )خكخس(.
Written Translation into Arabic
Text ( E )
Takaful
What is takaful?
Takaful means "guaranteeing each other" and is based on the principles of Ta'awun (mutual
co-operation) and Tabarru (donation) where a group of takaful participants (policyholders)
agree between themselves to share the risk of a potential of all or part of their takaful
contribution (premium) to compensate for loss.
Takaful is a structure in which the risk is shared between all participants, removing the
elements of uncertainty and gambling from the contract.
153
Written Translation into English
Text ( F )
بي صيغت اىتؼب ؟
طظؼ ف٤ـش حظؼخ )حظخ٤ حظؼخ٢( ك٢ حظؼخلاص ح٤٤ش ك٢ كشس ف٤ـش حنخسرش حظ٢ طؾـغ حو٤ حلاعلا٤ش
حخخء كذس طنخ حظؼخ حظزخد. طظوخع ؽشش حظخك حؾخس حذخ حزخؽش حلاعظؼخسحص ك٢ ف٤ـش
حظص٣غ. هز حلخثل د خق %100حنخسرش ر٤ظخ ٣غظلن حؾخس غزش
Written Translation into Arabic
Text ( F )
What is the Ta'awun Model?
The Ta'awun model (co-operative insurance) practices the concept of Mudarabah in daily
transactions, where it encourages the Islamic values of brotherhood, unity, solidarity and
mutual co-operation. In the Mudarabah model, the Takaful Company and the participant
share the direct investment income, while the participant is entitled to 100% of the
surplus, with no deduction mode prior to the distribution.
Written Translation into English
Text ( G )
اىقف
خ٢ ػ٤ش حظخك ػزش ف٤ـش حهق؟
ح حهق ٣خظق ػ ف٤ـش حنخسرش حخش ٣ؼ ؾشع رشحؾ حؿظخػ٤ش ك٤ش لاطئعظ ػ٠ حشرق .
خ ٤ظ خي آ٤ش ظص٣غ ح١ كخثل لا٣ظي حئ لا حؾخس ح١ كخثل ح سرق زخؽش ف٤ـش حهق
.حلاح ظ٤ـش زي كخ حئ ٣لظلع رلخثل حلاح ذػ ـظغ حؾخس٤
Written Translation into Arabic
Text ( G )
How Does the Waqf Takaful Model Work?
154
Unlike the Mudaraba and Wakala model Waqf operates as a social government enterprise
and programmers are operated on a non-profit basis. Under the Waqf model any surplus or
profit is not owned directly by either the insurer or the participants and there is no
mechanism to distribute any surplus funds. In effect, the insurer retains the surplus funds to
support the participant community.
Written Translation into English
Text ( H )
اىتنبفو ببىمبىت
٤ق طؼ ف٤ـش حظخك رخخش ؟
طئعظ ز حق٤ـش ظخك رخخش ػزش زذأ حلاؿش ك٤غ طلذع ر٤ حؾخس٤ ؾخسش طؼخ٤ش مذ حخخهش حظ٢
طق٤ز , ك٤غ ٣غذ رزغخهش حئ ك٢ حظخك حؿش خذخط )٤( ػذ ؾخسظ ك٢ ح١ خطؾ ئ ػ٤ .
لاح ػ٠ حلاؿش حز١ ٣خ لخكض ػ٠ حدحث. سرخ ٣ظن حلاؿش حز١ ٣ظوخمخ حئ ػ٠ حؿش حدحسط
Written Translation into English
Text ( H )
How does the Wakalah Takaful model work?
This is a fee-based model co-operative risk-sharing occurs among participants where a
Takaful insurer simply earns a fee for services (as Wakeel or an agent) and does not
participate or share in any underwriting outcomes. The insurer's fee may include a fund
management fee and a performance incentive fee.
155
CHAPTER FIVE
CONCLUSIONS, FINDINGS AND RECOMMENDATION
5.0 Conclusions
“The researcher attempts an adaptation of this diploma mode and procedure to suit
the Islamic economic translation, hoping to get the expected output; and be able to have
professional cadre of Islamic economic translators”. “This should be the main assumption of
your thesis.” Dr. Hassan Ali Eissa. So, I agree entirely with Dr. Eissa, and this is what I tried
hardly to achieve in my thesis.
First, I have the ideal model as I mentioned before in my introduction i.e “the British
Law option diploma” which I have studied; and without this diploma of legal translation,
one cannot work as translator in this field in England. Here, I want to give my advisors some
of the main features of the law option diploma.
Concerning this thesis, the researcher has exerted a hard effort for the adoption and
adaptation of the core, the structure and the procedure of the Law option system to suit the
translation of Islamic Economic whenever and wherever possible.
Islamic Economic has its own entity has its own religious and cultural aspects and
traits. So, one hasn‟t got the freedom to translate such Islamic economic texts according to
point of views. There are many prohibitions within this field in contrast with the
conventional economie.
In the first part of the thesis, there are definitions of what is translation also there are
some theories of translation written by famous writers as Nida Delicle and Mercedes and
others. On the other hand, there are many techniques concerning interpreting as well as
translation are presented to help in achieving this task. As an interpreter or translator you
need to have access to a general bilingual dictionary, a specialist bilingual dictionaries as
well as specialist monolingual dictionaries. On the other hand, there is a very important
reference supplied by DR. Eissa by the title Islamic Translation that reflects a very essential
points concerning this task of Islamic translation.
156
So, in this thesis, the researcher has selected a wide range of topics that personified the
essence of the Islamic economic and Islamic finance. So, as we have seen in the law option
system model with its numerous deteals Islamic Economies subject is loaded with the
essential details concerning the various types of topics and the researcher presented them in
a simple clear language for a thorough and deep understanding and hence the process of
translation will be easier, accurate and precise. So this is our target and goal from the
academic program of the Islamic economic translation in order to have professional
translator cadre within this domain.
- To enhance such profession, each chapter consists of various types of related subjects.
- Each chapter embodies interpreting and translation techniques or a reference to them.
- Each chapter with it‟s various types of related economic subjects in English language
and then the extraction of the economical terminologies in English with the search for
their equivalents in Arabic.
- Then each chapter has its translation practices and activities: The researcher is keen
about the selection of all texts from the Islamic Development Bank (Jeddah), and the
Islamic Financial Institutions.
- There are the written translation practices from English into Arabic and from Arabic into
English.
- There are texts for sight translation from English into Arabic and vice versa.
- Concerning interpretation from English into Arabic and vice versa, the researcher
suggests either the hearing of a C.D and translating instantly or students can perform a
play and the interpreter can interpret what one hears from their performance.
- Concerning the number of special Islamic economic terms, as an example, Murabaha,
Musawama, Salam, Istisna‟a. Although these terms are written as they are in both
languages in Arabic and English, but their definitions, applications within the texts and
their mechanism within the Islamic financial system is critically needed to be known and
thoroughly to be under stood in order to be translated.
So, eventually, the researcher concludes that a detailed study for the Islamic
economic subject with its various types of the multi terminologies that are really rooted in
culture and religion is crucially needed for the deep understanding and clarification of the
157
various texts to be translated easily and naturally and hence we acquire professional
translators within this field.
5.1 Findings
The curriculum for this kind of translation embodies what they call “Law study
Guides” they are about twenty three in numbers and comprise some of the following.
a. Fields: criminal sentences, the probation service, legal personnel, tribunals. With each
field, there are the translation activities, e.g articles on victim support for sight and
written translation from English into Arabic and from Arabic into English
b. patients involved in criminal proceedings. Hospital order (section 37) (discharge by any
of the following … (Flowchart on sentencing).
c. Another example of Law study Guide units from (17 – 21). This contains the following
fields: Traffic offences, Immigration and Asylum, Civil procedure, the Law of contract
and Consumer rights, the Law of Torts. Then there are the following activities, text for
telephone tutorial, I try to achieve this activity with certain procedure that I have already
explained in my thesis. There are texts for sight translation and written translation from
Arabic to English and vice versa.
d. Another example of this diploma study guide units are (1 – 4): English Law with its
details; interpretating and translating techniques; legal English and second language
(Arabic) equivalent practical activities.
e. Interpreters and investigations and proceedings in the criminal justice system.
f. English Courts Structure (court structure in England and Wales). (Court of appeal) –
criminal court, civil court, with all the details. The European court.
g. Find the equivalent for all these types of court – highlight all the specific legal words
and their equivalent in Arabic). So there are hundreds of terms to be translated; we even
have almost a book of terms to find their equivalent or sometimes they give us the
equivalents to be memorized. On the other hand, they explain to us how to make our
term bank, almost like a dictionary to help us during the examination. At the end of the
course they gave us what they call “the additional legal words and phrases. Found in a
booklet.
158
h. Another content of the diploma are the guide units from (9,10,11,12) with the titles,
Assault, sexual offences, Drugs and public order offences; with written translation for
tutor assessment – text for sight translation. Text for role play practice – annex: Body
Language and Cross Cultural Communication (Judicial Studies Board, Third Annual
Report of the Ethnic Minorities. Advisory Committee – February 1995, Pages 16-28).
- South Tyneside College (vocabulary Record Booklet).
- Northumbria Police (Notes of Guidance for interpreters and police officers).
- So, these few samples reflect the researcher model of the law option diploma that
embodies an overwhelming details of the subject (Law) itself and its dimentions and all
parts related to this field for the sake of thorough acquaintance and understanding of the
various law structure and its mechanism.
5.2 Recommendation
1- The researcher hopes that this academic programme will be inserted within the
curriculums of the units of translation and Arabicization as well as in other institutes of
translation in Sudan so that we acquire proffessional cadre within this domaine (Islamic
economic translation).
2- The professional translators within this domain can be absorbed in various Islamic
Financial Institutions.
159
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(Received 9/11/1417 A. H; Accepted For Publication 1/1/1418 A.H)
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Klaudy, Kinga, The Role of Translation Theory in Translator Training
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second language acquisition.
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translational process and the various
Reprinted December (2007) Umar Chapra, Habib Ahmed0Jeddah, 2002Corporate
Governance in Islamic Financial Institutions Occasional Paper No.6
Islamic Development Bank Islamic
ؾش حظص٣غ حطزؼش حؼخؼش خ زخدة هحػذ ػخش، دحس حلش طزخػش ح حزخسى، لذ، ظخ حلإعلا، حلاهظقخد
حخؽش: ظزش حخخـ٢ رقش أر حخس كغ، ص٣ذح، ػخء حلاصشلإهظقخد حلإعلا٢، حؾ حظطز٤ن
South Tyneside College Faculty of Humanities and Arts 9-12 2002
1990 طخرغ حكخء، حقسس هز٤ؼظ ـخ حذظس كغ٤ ؿخ، حلاهظقخد حلإعلا٢
د.. لذ ػش ؽزشح، حشإ٣ش حلإعلا٤ش ظ٤ش ك٢ مء وخفذ حؾش٣ؼش حؼذ حلإعلا٢ زلع حظذس٣ذ ػن
ـػش حزي حلإعلا٢ ظ٤ش
Chapra, M-Umer The Islamic vision of Development In the light of Magasid Al-Shariah
Islamic Research and Training Institute
حكخء طزخػش حؾش حؾش حلاهظقخد٣ش حذظس كغ٤ ؿخ، حلاهظقخد حلإعلا٢
Islamic Development Bank Seventeen Years In the service of Development (1976)
approaches to very on texts to be translated.
161
Appendix (1)
اىض ببىبحث اىؼيي خبطبت الآخر أ الأدار
ضررة تفؼيو حرمت اىترخت ى شر
صيبغت اىصرفيت الإسلايت
أ ػن 15/10/2010أذ حؾ٤خ ػزذ الله ر ٤غ ك٢ حذس حظ٢ ػوذص ك٢ حؾشش حغؼد٣ش لأرلخع حؾش ك٢
ؼشكش حـ٤ذس رخـخص حل٤ش خخفش حلاـ٤ض٣ش , حظؼخلاص حز٤ش رخلاـ٤ض٣ش أ٣نخ ح٤جش حؾشػ٤ش ٣لظخؽ ح٤
حؼشكش ك٢ حلاهظقخد, ٢ ٣ظ طلو٤ن أذحف حؾش٣ؼش ططز٤وخ ك٢ حظؼخلاص حز٤ش د أ ط ز حقسس
٤ش رخطض ػلا ك٤ حلاء حؼ٤ش, كش أ حظشؿش ك٢ ػخ حقشك٤ش حلإعلا وفش أ ٣ـش١ اخلخء رؼنخ.
حظشؿش لا طؼذ ش ر ٢ سعخش ن٤جش ػ ظش٣ش حهظقخد٣ش ٣شطزو حعخ ك٢ حـخص رخلإعلا , ظشص دسحعش
ش ػ دس حظشؿش ك٢ ؾش حقخػش رؼح "دس حظشؿش ك٢ طط٣ش حزلغ حؼ٢ ك٢ حلاهظقخد حلإعلا٢
ظخ ك٢ طوخسد ؿخص حظش طلذ٣ذ طقل٤ق غخس غظو ذسحعخص حلاهظقخد حلإعلا٢ حؼخ٤ش " ذظس غخ
حزخكغ ك٢ حـخؼش حؼخ٤ش حخ٤ش حلإعلا٤ش, طؼذ ز حذسحعش دسحعش خدسس ك٤خ ahcene lahsasnaكغ لغخعخ
٤ظخ ك٢ اسعخ سعخش حملش ك٤خ ٣خظـ رخلاهظقخد ٣خظـ طلذ٣ذح رخظشؿش ك٢ ـخ حلاهظقخد حلإعلا٢ أ
حلإعلا٢ ـش ؿ٤ش زظ ح وـ ك٢ زخدثخ حلأعخع٤ش. ٣و لغخعخ أ حظشؿش طؼذ حظلذ١ حلأزش حز١ ٣وق كـش
ؼش طظؼ ػؼشس أخ حذ حلإعلا٤ش ؿ٤ش حخهوش رخؼشر٤ش ك٢ اهخش ظخخ حلاهظقخد١ حخ٢ رخ ٣ظلن اكخ حؾش٣
حؾش ك٢ ك حظطزخص حؾشػ٤ش ك٢ كو حؼخلاص حلاكظوخد خزشس حؾشػ٤ش ك٢ زح حـخ. غزش ظزخهئ كشش
حظشؿش حؼشر٤ش ح٤خ طنطش ز حذ ـء ظ حخ٤ش حـشر٤ش غش حظحف ؼخ قؼرش حـش حؼشر٤ش .
-٢ ـخ طط٣ش حزلغ حؼ٢ ك٢ حلاهظقخد حلإعلا٢ ك٢ ز حوخه :مق حزخكغ أ٤ش حظشؿش ك
% وخس 20ح حظغخسع حز١ طؾذ فخػش حظ٣ حلإعلا٢ ك٤غ ٣وذس حزى حلإعلا٤ش رغزش .1
خلا % . و لخ٤ حلاهظقخد حلإعلا٢ ـ٤ش حخهو٤ رخؼشر٤ش لا ٣ظلون ري الا12رخزى حظو٤ذ٣ش
حظشؿش
طزشص أ٤ش حظشؿش أ٣نخ ك٢ دػ ح حقشك٢ طؼض٣ض خلا حزلغ حؼ٢ غ ح حقشك٢ ؿذ .2
ؿد حدس رؾش٣ش حزلغ حؼ٢ كظ٠ لا طلذع كـ ر٤ حظش٣ش حظطز٤ن دحثشس حظؾخس حقشك٤ش حلإعلا٤ش
حلإعلا٢ حصدحد رخظخ٢ حظلذ١ حز١ طحؿ حظشؿش ك٢ حغخكش رخظخ٢ حصدحد حطذ ػ٠ ؼشكش حلاهظقخد
حؼ٤ش حؼ٤ش. لا ٣لص ػ٠ حظخرغ قخػش حظ٣ حلإعلا٢ كخؿش حظخ حخ٢ حلاهظقخد١ ا٠ ض٣ذ
حـش حزلغ حظط٣ش ك٢ حظـخص حقشك٤ش , لا ٣ظؤط٠ ري ك٢ ؽق ححد حؼ٤ش حؾشػ٤ش حظشؿش
-حؼشر٤ش . ػش ـخ طزشص ك٤ أ٤ش دس حظشؿش :
حظعغ ك٢ اؾخء حشحض حؼ٤ش حظخققش ك٢ طؼ٤ حقشك٤ش حلإعلا٢ ػ٠ حغظ حؼخ٢ طؤط٢ ز حزخدسحص
ش ؼ حزى حشض٣ش خ ؿخص خظلش خ خ ٣و ر حعخطز ظخقق رؼنخ طو رخ ئعغخص خ٤ش ك٤
ك٢ حزلش٣ خ٤ض٣خ , خ طو أ٣نخ رؼل حـخؼخص ؼ ؿخؼش حلأصش حـخؼش حلإعلا٤ش حؼخ٤ش رخ٤ض٣خ . خ أ
خى ؿخؼخص ك٢ د ؿ٤ش حذ حلإعلا٤ش كظلض شحض ظؼ٤ أف حقشك٤ش حلإعلا٤ش ك٢ ٤خطخ حظخققش ك٢
خعزش, رخ ح ز حلضش ؾطض طؼذص كذد حذ حلإعلا٤ش لاعظشحس٣ش ز حزشحؾ حظؼ٤٤ش حلاهظقخد حل
خ كبخ شش رلشش حظشؿش هذسطخ ػ٠ طز٤ش حطذ حظخذ ػ٤خ رخظخ٢ حطش٣وش حك٤ذس و لخ٤ طي
طحكشص حخدس حؾشػ٤ش حلاهظقخد٣ش ر٤ حذحسع٤ ؿ٤ش حؼشد حقخػش حـش حؼشر٤ش ا٠ حـخص حلأخش , كخ
162
صحدص كشؿ ططس كشش حزلغ حؼ٢ ك٢ حلاهظقخد حلإعلا٢ أ حؼظ . رزي كخ ططس كشش حظشؿش
ـ٤ض٣ش خ خ طع٤ؼخ هذسطخ ػ٠ طك٤ش حخدس حؼ٤ش حؾشػ٤ش حلاهظقخد٣ش حخ٤ش ا٠ حـخص حلأخش خخفش حلا
دس ؿش١ ك٢ طط٣ش كضش حزلغ حؼ٢ ك٢ حلاهظقخد حلإعلا٢.
حوخه حش ٢ حؼ ػ٠ حصد٣خد ط٤شس حزلغ حؾش ػ٠ اػشحء ػ٤ش حظظ٤ش حظط٣ش حظطز٤ن
طعغ دحثشس حزلغ حؼ٢.
ر٤ حزخكؼ٤ عحء خ ػ هش٣وش طشؿش حلإػخ حؼ٤ش خ طؼ حظشؿش ػ٠ طك٤ش حلحس حؼ٢ حلش١
أ رخظشؿش حل٤ش ك٢ حذحص ح حئطشحص حذ٤ش , خي دس ظشؿش ٣ـذ أ لا ـل ػ طلخد١
حظطز٤وخص حخخهجش رلخ٤ حلاهظقخد حلإعلا٢ حظ٢ ؽؤخ أ١ حظشؿش طقذ٣ش ظش٣ش حهظقخد٣ش حملش
و٤ش ع٤ش ؽز ئػشس ػ٠ قؿ طؾش٣ؼ٤ش حملش رخظخ٢ ٣ظ ؿ٤ش حخهو٤ رخؼشر٤ش طز٢ حؼخ
حظش٣ش حلاهظقخد٣ش حلإعلا٤ش خ ٢ ظذحش ك٢ ـظخ حلأ رذ دػ كشش حظشؿش طذ لخ٤ خخهجش
ططز٤وخص ؿ٤ش فل٤لش طؾ ظش٣ش حلاهظقخد حلإعلا٢.
ك٢ حللخظ ػ٠ أفخش حظشحع حلإعلا٢ و أفخش حلش حلاهظقخد١ ا٠ حـشد ك٢ زح حظشؿش طغخ
لخكظش ػ٠ ح٣ش حلإعلا٤ش ظي حقخػش ك٤غ ٣شؿغ حزخكؼ ا٠ حقخدس حلإعلا٤ش حلأف٤ش حشحؿغ
أسم٤ش ؾظشش ر٤ حزخكؼ٤ حؼشر٤ش ك٢ حلاهظقخد حلإعلا٢ ػ٠ أعخعخ ٣ز رلػ حؼ٤ش ػ٤خ ك٤غ طؿذ
ؽظ٠ حـغ٤خص حؼوخكخص.
خ أ ظشؿش دس ز٤ش ك٢ طط٣ش ـش حزلغ حؼ٢ ارح خض حـش حؼشر٤ش أ حلأؿز٤ش, خ طضدحد ـش حلاهظقخد
حظشؿش .حلإعلا٢ هس ػشحء طؤػ٤ش ك٢ حـ٤ش , رزي ٣غظذف حؼخ رؤ لا ٣ظ ري الا رؼ٤ش
طوش٣ذ ؿخص ظش حزخكؼ٤ ك٢ ـخ حلاهظقخد حلإعلا٢ لا ٣ظ ري الا ػزش حظشؿش ري ٣غ ك٢ طقل٤ق
غخس غظوز حزلغ ك٢ زح حـخ .
كخظشؿش طو رؼ٤ش ضدؿش ك٢ و حلخ٤ حؼشكش حظؼوش رخلاهظقخد حلإعلا٢ كز حؼ٤ش طوشد ؿخص
طزخد ؿخص حظش حلحس حزلع ح٥سحء حلأكخس ك٤غ ٣ئد١ ري ا٠ طقل٤ق غخس حلاهظقخد حظش ك٤غ
حلإعلا٢ غظوز حزلغ ك٢ زح حـخ ح٥خز ك٢ حلاظؾخس ح روس ػ٠ حغظ حؼخ٢ .
علا٢ حغ٤ ؿ٤ش خ ٣زشص دس حظشؿش ك٢ أ خى حؼذ٣ذ حزخكؼ٤ حزخسص٣ ك٢ ـخ حلاهظقخد حلإ
حخهو٤ رخؼشر٤ش كلا ٣ حلاعظلخدس خ ٣وذ أكخس ٤ضس زذػش الا خلا حظشؿش لاعظلخدس رخ
ذ٣ خزشحص ػ٤ش ػ٤ش .
,ططشف حذسحعش فس غخخص حظشؿش ك٢ طك٤ذ حظقسحص ر٤ حظلذػ٤ رخؼشر٤ش ؿ٤ش حظلذػ٤ رخ
خخفش أجي حز٣ ٣ظلذػ حلاـ٤ض٣ش ري ظك٤ذ ـش حلحس طك٤ذ حؼخ٤٣ش حخ٤ش حؼود حظـخس٣ش
حقطلخص حؼ٤ش حظذحش ك٢ زح حـخ.
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أ اعخخص حظشؿش طن٤ن زح حخلاف حلو٢ ك٢ ـخ حلاهظقخد حلإعلا٢ ح٠ كذ ز٤٤ش ك دش طظز٢
ؼ حخلاف ك٢ ف٤ؾ حؼ٤ش ر٤غ حذ٣ ؿ٤شخ ك٤غ طمق حظشؿش ح٥سحء حظ٢ ٣ظلن ػ٤خ أؿز٤ش ززخ ؼ٤خ
حؼخء حذ حلإعلا٤ش.
, حقس حش حـغ ر٤ حؼو٤ش حؼشر٤ش حؼو٤ش حـشر٤ش ك٢ فخػش ذعش غظوز حلاهظقخد حلإعلا٢
–حلإعلا٢ حلإهخس حؾشػ٢ حوخ٢ ظكش ظطس ك٢ حظخرخص حؼشر٤ش خى حخدس حؼ٤ش ك٢ حلاهظقخد
أخ حعخث حخ٤ش حظـخص حقشك٤ش حذعش حخ٤ش ظطسس ك٢ حـشد ػ ٣ حـغ ر٤ حؼو٤ظ٤
ذعش حلاهظقخد٣ش.ل٤ذح لاهظقخد حلإعلا٢ خ ٣ـؼ ٣خكظ ٣لم خ طف ا٤ حـشد ك٢ حلاهظقخد ح
, خ أ طك٤ذ حقطلخص حخطخد خلا حظشؿش ٣وذ ـشد فسس فل٤لش ػ حلاهظقخد حلإعلا٢
ػ٠ و٤ل خخهزش ح٥خش رقطلخص ظش٣خص خظلش ظخهنش ك٤غ ط حشإ٣ش ؾؽش.
علا٢, كوش ححسد حزؾش٣ش ك٢ أ حػؤس مؼق كشش حظشؿش ك٢ حلاهظقخد حلإعلا٢ أ خ ٣ذد حلاهظقخد حلإ
زح حوطخع ذسس حظذ رخـخص حلأؿز٤ش ط ذس ك٢ حشحؿغ حؼ٤ش ٣نطش حزخكؼ ا٠ حـء ا٠ ظذ
أؿز٤ش طوذخ ئعغخص ؿ٤ش اعلا٤ش لإطشحػ٢ حزخدة حلأعخع٤ش ك٢ كو حؼخلاص طظؾ ظـخص قشك٤ش رخع
حلأخطش طز٠ حظش٣ش حلاهظقخد٣ش حـشر٤ش حؼ ػ٠ أعظخ ٣ظؾ طؾ٣ حلإعلا خ رشة.
-ظش٣ش حلاهظقخد٣ش حلإعلا٤ش حظلشدس. طقس حعظشحط٤ـ٢ غظوز حظشؿش:
دػ طلؼ٤ شحض حظشؿش
حـخغ حـ٣ش حؼ٤ش اؾخء شحض طغ٤ن ؽشحش ر٤ حخهو٤ رخـخص حخظلش ٣ حظغ٤ن حؾشحش ر٤
حشحض حخ٤ش حلاهظقخد٣ش ػ٠ غظ حؼخ
اؾخء شحض طذس٣ذ طؤ٤، طظ حشحض رظذس٣ذ طؤ٤ ظخقق٤ ك٢ كشش حظشؿش ٣ ٤ رزخدة
حلاهظقخد حلإعلا٢ ٢ ط حظشؿش ده٤وش ؿ٤ش ؾش .
كشش حظشؿش حلجخص طـط٢ حطزوخص خخهزش حزش ؽش٣لش ؽ٤ش كشش حظشؿش. ٣ـذ أ طشحػ٢
حخط
مغ محرو لشش حظشؿش
ا طؼظزش حظشؿش ك٢ ـخ حلاهظقخد حلإعلا٢ سعخش ش ك٢ حزخء حلنخس١ لأش ح طؼظزش حخدس حظشؿش
ػ٢ طخقـ خكآص خد٣ش لخكض حظشؿ طغ ك٤خ اظخؿخ ػ٤خ ٤ضح حظشؿ٤ ؽشخء ك٢ زح حؼ حلإرذح
حئعغخص حلإعلا٤ش خ طؿ أهغخ حظشؿش ك٢ حـخؼخص ك٤غ ط خى حسد رؾش٣ش رحص لخءس ك٢ زح
حـخ طؾـ٤غ افذحس حـلاص حؼ٤ش حذسحعخص حلاهظقخد٣ش رـخص ظؼذدس ك٢ حـخؼخص حشحض ك٢ حزذح
حؼشر٤ش .
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Appendix (2)
Find translation equivalents for the following vocabulary and phrases check your
translation with your tutor or in class room before transferring it to your term bank. Add
any appropriate words to the list.
No Word or phrase Meaning
1 A bill of exchange عذ
2 A contract of bequeath ش٤رسص رف
3 A contract of bequeath ػوذ طس٣غ
4 A destitute debtor ؼر, لش
5 A promissory notes or a bill of exchange عذ د٣, ز٤خ , عذ علذ
6 A property of value ي ر حو٤ش
7 A sale and a loan (Bai wal salaf) ر٤غ عق
8 A willful defaulter usurper (Ghasib) حظخق حظؼذ ػ ح٣لخء حذ٣ ؿخفذ
9 Agd ػوذ
10 Agency خش
11 'Ahd or Wadah ػذ –ػذ
12 Al inah sale ر٤غ حؼ٤ش
13 AL kali bil Kale termed Bai Al dayn ر٤غ حذ٣
14 Al kharij bi al daman in transit and market حخشؽ رخنخ ك٢ حؼزس أ حو
15 Alms-giving حػطخء حقذهش
16 An encumbrance ػخثن , س ح د٣ ػ٠ ػوخس
17 An installment sale ٣ز٤غ رخلاهغخه
18 An irrevocable power of attorney لا ٣ـ٢ ح ٣غخ
19 Annulled ٣ـ٢ , ٣زط , ٣لغخ
20 Aqd Mudhaf (effective from) ػوذ نخف
21 Arbitration حظل٤
22 Arbitrator ل
23 Arbun Sale ر٤غ رخؼشر
24 Ariyah ػخس٣
25 Ariyah (commonly given for use ػخس٣ش
26 Asl (fundamental, component natural or essence ) حلأف
27 Assignee / transferee لخ ح٤
28 Assignment of debt طخص ػ حذ٣
29 Assignor / transferor ل٤ , ظخص ـ٤ش خ ح لؼش
30 Avoid condition ٣خشم أ ٣خخق ػوذ أ ؼخذس
31 Aya‟n (commodities of material value in ػ٤خ
165
themselves)
32 Bai „ Muqayadhah ر٤غ وخ٣ن
33 Bai al – ghaib ر٤غ حـخثذ
34 Bai' al Inah ر٤غ حؼ٤
35 Bai al Ma dum ر٤غ حؼذ
36 Bai al munabadhah ر٤غ حزن
37 Bai aldayn ر٤غ حذ٣
38 Bai' wafa ر٤غ رخكخء ك٢ كو حلل٤ش
39 Baiwal shart ر٤غ ؽشه
40 Bai‟ al Hal ر٤غ حلخ
41 Bai‟ al Hasat ر٤غ حغذ
42 Bai‟ al Majhul ر٤غ حـ
43 Bai‟ al Mulamasah ر٤غ حلاغش
44 Bai‟ al muqayaza is barter طزخد رنخثغ رزنخثغ
45 Bai‟ al sarf ر٤غ حقشف
46 Bai‟ is exchange of values is طزخد حخكغ –ر٤غ حلؼ
47 Bai‟ Mu‟ajjal ر٤غ ئؿ أ ر٤غ حذ٣
48 Bai‟ Murabaha شحرلشر٤غ
49 Bai‟ Musawamah ر٤غ غخش
50 Bai‟ Mutlq or (alesolute sale) ر٤غ طن
51 Bai‟ salam ر٤غ حغ
52 Bai‟ Tawliyah ر٤غ ط٤ش
53 Bai‟ Wadhi‟ah (resallwith loss) ر٤غ د٣ؼش
54 Bai‟ Wadhi‟ah (resallwith loss) ر٤غ م٤غ
55 Bales رنخػش مل –سص –رخ
56 Barnamaj (alist of contents) رشخؾ
57 Best example of such in Murabaha
58 Bid – Dayn وز –قشف ر
59 Bidders حظوذ ؼطخء –حضح٣ذ
60 Bidders حظوذ رؼشك ح –حضح٣ذ
61 Binding promises ػد ضش
62 Blocking the means ( in an illicit end)
(sad al – zar'i)
عذ حضسحثغ
63 Borrowers حذ٤٣
64 Breach of contract حخلا رخؼوذ
65 Breach of contract خشم ؼوذ
66 Bribery سؽس
166
67 Buy- back ٣ؾظش١ ؽ٤جخ خ هذ رخػ
68 Canonical authority عطخص غ٤ش
69 Capital finance ط٣ سحط حخ
70 Cash price عؼش حذكغ حخػ
71 Casuistry practices حلإكظخء ك٢ هنخ٣خ
72 Charitable activities حؾطش خ٤ش٣ش
73 Charity كؼ حخ٤ش
74 Cheques ؽ٤خص
75 Circumvent the prohibition of Riba ٣شحؽ حشرخ –٣ذس ك
76 Coercion, pledge, surety, guarantee حش
77 Cognizance ؽخس ٤ضس, ػ , ؼشكش ,حدسحى ,حع ك٢
حذػ
78 Collateral لاص ,قخكذ , حمخك٢
79 Commendable and compatible ؿذ٣ش رخؼخء ح حلاهشحء
80 Commutative contract ػوذ طزخد٢
81 Commutative contracts ػود ؿ٤ش ؼمش
82 Commutative contracts ػود طزخد٤ش
83 Compatible غـ ظخؿ
84 Compensatory contracts ػود طؼ٣ن٤ش
85 Compensatory contracts (e.g. contract of sale ,
hiring)
ػود طؼ٣ن٤ش
86 Concealment ظخ
87 Concedes ٣وذ طخصلاص –٣ل –٣ق
88 Concessions حظ٤خصحص
89 Conditional or Contingent contracts ػود ؾشهش أ ػود رؾشه
90 Conditional sale ر٤غ ؾشه
91 Conducive means عز طلن٢ ح٢
92 Confiscation ؿشح -كوذح –قخدس
93 Consensus اؿخع
94 Consideration حعؼخس
95 Constructive possession ك٤خصس رخءس
96 Consumption durables
97 Contention نخ -لخف
98 Contingent ؾشه , ؿ٤ش ظهغ , , لظ
99 Contract of agency (Wakalah) ػوذ رخخش
100 Contracting parties حلأهشحف حظؼخهذس
101 Corporeal property ظخص خد٣ش
167
102 Corporeal property for a corresponding liability ظخص خد٣ش وخر حظضح
103 Counterpart to sharia'h غخش طخروش حظ٤ش
104 Credit price عؼش حذ٣
105 Current account حلغخد حـخس١
106 Current account deposits دحثغ حلغخرخص حـخس٣ش
107 Current account holders خي ح حفلخد حلغخرخص حـخس٣ش
108 Customary down payment حذكغ حلا٠ حؼظخد
109 Debt – based securities د٣ حقى
110 Debt certificates ؽخدس د٣
111 Debt instruments ع٤ش -حدحس –ػش٣نش –غظذ
112 Default in payment ح٣لخء حذ٣طخق ػ
113 Defective capacity اخخص أ وذحسص خهقش أ رحص خ
114 Defective consent حر ح حكوش رخ خ
115 Depositors حدػ٤
116 Depreciated coins ٣خلل حغؼش ح حو٤ش
117 Derogate ٣وـ أ ٣لو هذس
118 Determinate („Ain) ؽ٢ لذد –ؽ٢ وشس
119 Detrimental مخس –ئر
120 Devaluation appreciation
Depreciation
حخلخك ك٢ حؼ ح ه٤ش حؾت
121 Devour ٣ظ –٣زذد
122 Dicing ٣سه لغ, ٣وخش
123 Dilatory tactics طظ٤ي ح ظخ ؼم
124 Discount طخل٤ل
125 Dividends كقش ح ح٣شحد , حع خ٤ش
126 Document د٣ؼ
127 Document ػ٤وش
128 Donation, gift طزشع
129 Drafts كح خ٤ش
130 Due - date طخس٣خ حلاعظلوخم –ػذ حلأعظلوخم
131 Duyun Halal (loan that have become due) د٣)هشك( كلا
132 Duyun Mu'ajjalah (the debt is not yet due) د٣ ئؿش
133 Easement حؼوخسك٠ حعظؼخ ػوخس حـ٤ش حسطلخم ,كن خي
134 Elucidating types of hiyal ٣ؾشف –٣مق
135 Embezzlement حخظلاط
136 Endorsement طظ٤ش ح طـ٤ش عذح ح ؿ٤ش
168
137 Enhanced ٣ض٣ذ ه٤ش حؾ٢ –٣ؼضص
138 Enunciated حػلا , ر٤خ , طن , لع
139 Enunciated by ٣لع –أ ٣طن -٣ؼ
140 Excessive profiteering (Ghaban – e – fahish) ؿز حلخكؼ
141 Exorbitant price لشه –رخع
142 Expenditure حلخم
143 Extrinsic causes ر فش رخفق ؼ حشرخ ح حـشس ك٠ حؼوذ
144 Face value حو٤ش حلو٤و٤ش
145 Fatwa Alamgiri (Hanafi Figh) كو ح٤ـش١
146 Fiat money ػش سه٤ش هخ٤ش لا طوز حظل٣ زذ
147 Fixed account holders حفلذ حلغخرخص حؼخرظش
148 Force majeure حلامشحرخص حوذس –هس هخشس
149 Foreclosed ٣قذ , ٣غ , ٣ؼم
150 Foreclosed encumbrance ٣لزظ حش
151 Foreign exchange market حلاؿز٤شعم حؼلاص
152 Forfeit قخدس, س
153 Forgery طض٤٣ش أ طض٤٣ق
154 Form or offer and acceptance ػشك حوز
155 Forward currency contract طؼخهذ حذكغ حوذ
156 Fraudulent bankruptcy حكظ٤خ ك٠ فلش حلاكلاط
157 Fraudulent bankruptcy حكلاط رخظذ٤ظ
158 Fuduli (a person who is neither guardian nor agent,
or if he is anagent, he transgresses the limits
prescribed by the principal).
كن٢
159 Fulus كط
160 Fungible goods (Zwatul, Amthal or Mithli)
Non fungible goods (Zwatul, Qimi, Qiyam)
رحص حو٤ش -رحص حؼ
161 Genus ؿظ ح ع
162 Ghaban –e-Fahish – charging exorbitant prices
while giving the impression that the normal market
price has been charged
كشك ػ رخع ػ٠ حعخط ح زح عؼش
حغم
163 Ghaban –e-Fahish –c charging exorbitant prices
while giving the impression that the normal market
price has been charged
رخع كخدف دكغ ػ رخع ػ٠ حعخط ح زح
عؼش حغم
164 Ghair lazim ( non binding) ؿ٤ش ض
165 Gharar )excessive uncertainty) ؿشس
166 Gift طزشع أ ز
167 Government finance ط٣ ك٠
169
168 Gracious repayment كخء ش٣ ذ٣
169 Gratuitous ػ٠ عز٤ حزش
170 Gratuitous contracts e.g. loan, gift, and donation. ,ػوذ قلش أكذ حلش٣و٤ كلغذ ؼ هشك
ذ٣ش, طزشع
171 Guarantee لخش
172 Guarantee / security (Kafalah) in loan
Kafalah or surety ship
لخش مخ
173 Guarantor remitted حنخ حل٤
174 Hadith )كذ٣غ حشع ) ؿ
175 Halal غف
176 Hawalah كح
177 Hawalah (assignment of debt) كحش
178 Heterogonous ظـخ٣ش حخحؿ أ حؼخفش
179 joint ventures نخسرش ؾظشش
180 Holding company models خرؽ ؾشخص حوزنش
181 Homogeneous عؼش ظـخغش
182 Husnal Qardh (gracious payment of loan/debt) حوشك حلغ
183 Ibadat ػزخدحص
184 Ibahatul Asliyah ارخكش أف٤ش
185 Idafa حمخكش
186 Idols كشس خخهجش
187 Ignorance ؿ
188 Ijab حؿخر
189 Ijarah ح٣ـخسس
190 Ijarah muntahia – bi tamleek حؿخس ظ٤ش رخظ٤ي
191 Ijarat al Ashkhas حؿخسس حؽخخؿ
192 Ijarat al Ashya (letting things) حؿخسس حؽ٤خء
193 Illah (effective cause عزذ –ػش
194 Illegality ؿ٤ش هخ٢
195 Illicit acts حكؼخ لظسس
196 Impose fine دكغ ؿشح
197 In dire straits م٤ن س٤ذ
198 Incurve ٣ظؼشك , ٣غظذف ٢ , ٣ـذ ػ٠ لغ زح
199 Indeterminate (Dayn) ؽ٢ ؿ٤ش لذد
200 Indexing loan and debt with any basket of
currencies
حزذسرو حذ٣ حوشك رلش حؼلاص ح
201 Inducement هق
170
202 Indulgency ش طغق رذكغ حذ٣ –طغخ
203 Infringe ٣خشم أ ٣خخق ػوذ أ ؼخذس
204 Iniquities ٣لون, حعظؼلا, رلغ
205 Insolvency حلاكلاط , حؼـض ػ ح٣لخء حذ٣
206 Insotuent/bankrupt (Muflis) لظ
207 Interest - based – Loan رخلخثذسهشك
208 Interest - based – Loan هشك ئعظ
209 Interest – based finance ط٣ ئعغ٢ ػ٠ حلخ٣ذ
210 Intricacies طؼو٤ذحص
211 Intrinsic cause ر فش رؼخفش حؼوذ حلاعخع٠
212 Invalid (Batil) رخه
213 Iqtiran حهظشح
214 Islamic financial institutions حخ٤ش حلاعلا٤شحئعغغخص
215 Joint stock companies ؽشخص حلاع حؾظشش
216 Joint ventures نخسرش ؾظشش
217 Jurisdiction حغطخص حونخث٤ش كن أ عطش حظش ك٢ حوخ
218 Kafil ل٤
219 Khiyar – al – shart خ٤خس حؾشه
220 Khiyar – al Ru‟yah inspection option حشإ٣خخ٤خس
221 Khiyar al Aib خ٤خس حؼ٤ذ
222 Khiyar al Majlis خ٤خس حـظ
223 Khiyar al Ro'yat خ٤خس حشإ٣ش
224 Khiyar al Shart خ٤خس حؾشه
225 Khiyar al Wasf خ٤خس حفق
226 Khiyar e- Ghaban خ٤خس حـز
227 Khiyar e- Nagad خ٤خس حوذ
228 Lavish consumption كغخد٣غظي رـ٤ش
229 Lawful (Mubah) زخف
230 Lazim Binding ض
231 Legal fictions خ٤خ٢ -أدر٢ –هقق٢
232 Legal tender طوذ٣ عؼش لص رخهقش –ػطخء هخ٢
طشكش
233 Legal tender ػطخء هخ٢
234 Legal tender طوذ٣ عؼش لص رخهقش –ػطخء هخ٢
طشكش
235 Legality هخ٢
236 Legality فل٤ق
171
237 Lend ٣غق
238 Leniency طغخ -٤
239 Liability حظضح , د٣ , كخثذط ؿش٣خ
240 Lien ie the right to retain the property belonging to
another until a debt due from the latter is paid and
it's called a possessory lien : Bai' al Dayn
ر٤غ حذ٣
241 Liquidated damages طقل٤ش حلامشحس
242 Loan هشك
243 Mabi' (subject of sale) حؾت حؼشك ز٤غ
244 Mabi' (subject of sale) ز٤ؾ
245 Mal – e mutaqawam (wealth having a commercial
value)
ػشس رحص ه٤ش طـخس٣ش
246 Mal (wealth) ػشس
247 Mandatory حضح٠
248 Mandatory أضح٠ ح أؿزخس
249 Maqasid of shari‟ah وخفذ حؾش٣ؼ
250 Marketable سحثؾ –فخق ؼشك حغم
251 Martyrs حؾذحء
252 Milk ul manfa‟t ي حلؼش
253 Minute specifications حظلخف٤ حذه٤وش
254 Mithag ٤ؼخم
255 Mitigated ٣طق –٣خلق –٣غ
256 Mobilized ٣لؾذ
257 Moderation ؼظذ
258 Modus operandi هش٣وش حؼ
259 Monopoly حلظش –عؼش لظشس –حلاكظخس
260 Muamalat ؼخلاص
261 Mutation ٣ل , طـ٤٤ش خ حعخع٢
262 Najash (false bidding to prices) طض٣ش حعؼخس حؼطخء
263 Najash (false bidding to prices) طوذ٣ ػشك ـؾػ
264 Nominal value ه٤ش حع٤ش ح ؽ٤ش
265 Non commutative contract ػوذ ؿ٤ش طزخد٢
266 Non restricted كحش طوش
267 Nonperforming loan حز٣ لا٣غذد هشم
268 Of effective (Nnafiz) خكز
269 On a pro rate basis رغزش خ
270 Onerous ؽخم –شن
172
271 Option Khiyar خ٤خس
272 Ordained translucency ٣ون٢ –٣وذس
273 Originator ٣زذأ
274 Ownership of assets (milk Ul'Ain) ي حؼ٤
275 Ownership of debt (milk Ul'dayn) ي حذ٣
276 Ownership of usufruct (milk Ul'Mnafah) ي حوؼش
277 Par value رخو٤ش
278 Partnership ؽشحش
279 Penalty clauses كوش حخدس هخ حؼورخص
280 Penalty on default حؼورش غزش ظخق ػ ح٣لخء حذ٣ ك٢
حػ٤ذخ.
281 Perse a rebate حخق ك٠ كذ رحط
282 Personal surety حنخ حخخؿحل٤ ح
283 Perspective حوذسس ػ٠ حػخدس حلأؽ٤خء كوخ –ؿش ظش
ؼلاهظخ حقل٤لش
284 Pledgee حشط ٣خخز حش
285 Pledger حشح , ٣دع ؽت ػ٠ عز٤ حش
286 PLS profit – lose ؾخسش ك٢ حشرق أ حخغخسس
287 Pooled and allocated طخق٤قخ ـشكطـ٤غ حح
288 Precautionary عخث هخث٤ش
289 Precautionary عخث هخث٤ش
290 Preconditions ؽشه غزوش
291 Premium زش -حطؼخد –ػلاس
292 Prepayment rebate خق ح طض٣ ك٠ كخش حذكغ حوذ
293 Price ػ
294 Prior inducement حهخع , حؿشحء , حهغ غزن
295 Procedural devices ع٤ش اؿشحث٤ش
296 Proceeds سرق , ػخثذحص , دخ
297 Procrastination ٣ئؿ , ٣شؿ٠
298 Prohibited كشح
299 Project finance شػخصط٣ ؾ
300 Proper coins ػش فل٤لش
301 Proscribed ٣ل٢ ٣لش ؽخقخ كخ٣ش حوخ
302 Proscribed حوخ, ٣ل٠ حزلاد ٣لش ؽخقخ كخ٣ش
طقخدس ظخط
303 Prosperous borrowers (Murabaha)(enough pay and
deliberately) Tard (in paying the debt)
ؾخـ حخ٤ش دكغ د٣ حشحرلش ٣ظؼذ
طخخ٤ش حذكغ
304 Puberty حزؽ أ ع حزؽ
173
305 Qabul هز
306 Qabza in the possession of ٤ش حؾت
307 Qard al Hassan حوشك حلغ
308 Ratification ٣قذم ػ٠ ، ٣وشر٢
309 Ratification حهشحس -طقذ٣ن
310 Ratify ٣قخدم ػ٢ حطلخه٤ش
311 Rebate Alms-giving ٣لغ , ٣ـش١ كغ , طض٣
312 Reconciliation committee ـش حظغ٣ش حلافلاف
313 Recourse ٣شؿغ خ
314 Remittance طل٣ خ٠
315 Remitted ٣ل ح ٣شع خلا
316 Remitting a part of loan ٣ـ٢ , ٣ولش, ٣ل
317 Restricted Hawalah كحش و٤ذس
318 Riba – based transactions حظؼخلاص حشر٣ش
319 Riba al mithl سرخ حؼ
320 Riba based activities حؾطش سر٣ش
321 Riba based activities حؾطش ئعغش ػ٠ حشرخ
322 Rihn or pledge / surety to purchase ordered مخ ؾشحء خ هذ \س
323 Ritual slaughter رر٤ق كلا
324 Ruses (Hiyal) ك٤
325 Ruses or subterfuge ك٤
326 Sale and buy back (Bai al'Inah) ر٤غ حؼ٤ش
327 Sale with a stipulation ر٤غ ؾشه
328 Sanctioned حكوش –طقذ٣ن
329 Secondary market trading of debt طـخسس حذ٣ ك٠ حغم حؼخ٣ش
330 Security )مخش , لخش , )حدحء د٣
331 Share holders حفلخد حلاع حخ٤ش
332 Short selling حز٤غ ػ٠ حؾف
333 Short selling of shares طؼخهذ ػ٠ ر٤غ حع لا ٣خ حزخثغ
334 Short selling of shares ر٤غ ػ٠ حؾف
335 Sol proprietorship ػش كشغ٤ش هذ٣ش
336 Speculation per se ie sale purchase keeping in mind
possible change price in the future ( is not
prohibited)
ػ٤ش ؽشحء ر٤غ حمؼخ قذ ػ٤ طـ٤٤ش ك٢
حغظوز
337 Speculation per se le sale purchase keeping in mind
possible change price in the future ( is not
prohibited)
ػ٤ش ؽشحء ر٤غ حمؼخ قذ ػ٤ طـ٤٤ش ك٢
حغظوز )غف ر(
338 Stipulated specification ؾشهشطلخف٤
174
339 Stipulatin طؼخهذ رؾشه
340 Subsidiaries / mutual funds ؽشخص كشػ٤ش
341 Sunnah حغش
342 Suretyship (Kafalah) لخش
343 Suspended (mawquf) هف
344 Taliq (conditions that suspend the contract) ؽشه رؿزخ ٣ؼن حؼوذ
345 Tawarruq ( a form of , inah) is Makrooh
(reprehensible)
هشم )ؽ حؽخ حؼ٤ش( ش
346 Tawarruq contract ػوذ هسم
347 Tawrruq sale ر٤غ هشم
348 Tenders طوذ٣ أعؼخس لص رخهقش –ػطخءحص
349 Tenure كل , ـض
350 Thaman (price) عؼش
351 The actual loss حخغخسس حلو٤وش
352 The bid ػطخء ضح٣ذ أ خهقش
353 The companions حقلخرش
354 The contracting parties (Aqidain) )حلاهشحف حظؼخهذس )ػوذ٣
355 The cost of living -
Interest rate - GNP growth rate
ؼذ حذخ –ؼذ حلخثذس -طخ٤ق حؼ٤ؾش
حو٠
356 The doctrine of option زذأ حخ٤خس
357 The exchange of two liabilities طزخد حغج٤خص ر٤ هشك٤
358 The fore of demand and supply هس حؼشك حطذ
359 The form le offer and acceptance (sighah) ػوش
360 The invent buyer ؾظش خخدع
361 The note are unlimited زشس أ سهش وذ٣ش ز٤خش
362 The right of cancellation خ٤خس
363 The right of cancellation كن حـخء حؾت
364 The sale of debt ر٤غ حذ٣
365 The subject matter هذ( –مع )ضحع
366 The subject matter (Ma‟qud „layh) ؼخهذ ػ٤
367 The time of maturity حلاعظلوخمػذ
368 Time value of money ه٤ش حض ك٤خ ٣ظؼن رخود
369 To purchase order حلاش رخؾشحء
370 To refund اػخدس حخ أ حزؾ حؼخد
371 To rescind ٣ـ٢, ٣زط , ٣لغخ
372 Token money (Hamish Jiddiyah) خؼ ؿذ٣ش
373 Trade finance ط٣ طـخس
175
374 Trademarks حخسش
375 Transmutation(taking its possession ) حظلاى حؾ٢
376 Trust, Wadi'ah / Amanah د٣ؼ, حخش
377 Trusteeship حخش
378 Two bargains in one sale ؽشهخ ك٢ حز٤غ
379 Unauthenticated ؿ٤ش ػم
380 Underlying assets حلاف حلاعخع٤ش
381 Uqood – e- Mu‟awadha or compensatory /
commutative contracts e.g. in which one get
remuneration or compensation.
ػود ؼم
382 Uqood ghair Muawadha e or gratuitous (ontrad) طزشع –ػود ؿ٤ش ؼم
383 Usurious خخؿ رخشرخ –شحر٢
384 Valid (Sahih) فل٤ق
385 Virtuous acts حخلاه٢(ػ كخف(
386 Void رخه
387 Voidable / defective (fasid) كخعذ
388 W‟ ADAH (Promise) OR Ahd ػذ أ ػذ
389 Wadi‟ah (deposits or amanah) د٣ؼش
390 Wagering سخ , ٣شح ػ٤
391 Waqf هق
392 Wares زخؾ رنخػش
393 Wasf ( external attribute) فق
394 Wasiyah ف٤ش
395 Wasiyah ز
396 Weightages حصح
176
Appendix (3)
Find translation equivlents for the following vocabulary and phrases check your translation
with you tutor or in class room before transferring it to your term bank
Add any appropriate words to the list .
No Word Meaning
1 A balanced sustainable and equitable
economics
حلاهظقخد حظحص١ حغظوش حؼخد
2 A timely help for the needy ػ هظ٢ لظخؿ٤
3 Accountability حلخعزش
4 An interaction طلخػ
5 An interest – based system حظخ حشر١
6 Benevolent act حػخ خ٤ش٣ش , ػ حخ٤ش
7 Bid ػطخء
8 Commercial interest ؼذ حلخثذ حظـخس١
9 Commodities عغ
10 Competition حظخكظ
11 Competitive price حعؼخس حظخكظ
12 Consumption حلاعظلاى
13 Contracts ػود
14 Corporations ٤جخص ؽشخص ,
15 Creditor حذحث
177
16 Debtor حذ٣
17 Declare insolvency حػلا حلاكلاط ح حؼـض ػ ح٣لخء حذ٣
18 Disposal ownership حظخـ ح٤ش
19 Enterprise ئعغش طـخس٣ش , ؾشع , ػ
20 Ethical limit حنحرو حلاخلاه٤ش
21 Ethical value حو٤ حلاخلاه٤ش
22 Fair play ػذ حقخف
23 Feature لاق,ؼخ
24 Financial instruments عخث حظ٣
25 Foundation حعخط
26 free market حغم حلش
27 Fundamentals حلاعظ
28 Gain and loss حغذ حخغخسس
29 Guarantees مخخص
30 Income distribution طص٣غ حذخ
31 Investment حلاعظؼخس
32 Islamic economic system حظخ حلاهظقخد١ حلاعلا٢
33 Islamic jurisprudence حلو حلاعلا٢ , كغلش حظؾش٣غ
178
34 Leasing حلا٣ـخس
35 Liability طؼشك خطش, غج٤ش , حظضح , ـخصكش
36 Loans هشك
37 Mal practice عء حظقشف , حلاهذح ػ٠ ػ لظس خخفش
هز ظق
38 Manipulated خسس ح نخسرش ك٢ حغم حظـخس٣ش ظخػ٤ش
ػ٠ حلاعؼخس
39 Market forces ه ح ح٤ش حغم
40 Market mechanism ح٤ش حغم
41 Mechanism ح٤ش ح ٤خ٤ش
42 Partnership firms ؽشخص طو ػ٠ حؾشحش
43 Per se ك٢ رحط , ؿش٣خ
44 Policy maker حز٣ ٣شع ح ٣نؼ حغ٤خعخص
45 Poverty alleviation طخل٤ق كذس حلوش
46 Principles زخدة
47 Private property ح٤ش حخخفش
48 Profits حشرق
49 Prohibited كظش ح غ
50 Proper and smooth function of market
forces
حغم حؼ حغ٤ حغظ و١
51 Property ح٤ش
179
52 Purchase حؾشحء
53 Real genuine assets حف كو٤و٤ش
54 Religious obligation حظضح د٢٣
55 Return حؼخثذ
56 Rules هخ , حثق , هخػذس , حش هنخث٢
57 Sale حز٤غ
58 Self interest حقلش حزحط٤ش
59 Social welfare سكخ٤ش حـظغ
60 Sub-contracts ػود كشػ٤ش
61 The rule and norms حوح٤ حؼخ٤٣ش
62 Transactions طؼخ , ؼخلاص طـخس٣ش
63 Transparency and disclosure حؾلخك٤ش حمف
64 Waive ٣ظخ٠ ػ
65 Wealth ػشس
180
Appendix (4)
No Word Meaning
1 Business حؼ
2 Charged رطذ٣ق ر ، ٣ؼذ ر ، رـشك ح
3 Currencies market حعحم حؼلاص
4 Demand حطذ
5 Derivatives حؾظوخص ح١ طزخد حخخهش حخ٤ش
6 Determinants Fiscal monetary
polices
لذدحص حغ٤خ٣خص حخ٤ش حوذ٣ش
7 Entitlement to profit ئ ح ٣ئ ح٠
8 Financial contracts ػود خ٤ش
9 Funds owners حفلخد سحط حخ
10 Inventory خض
11 Legitimized ؾشػش
12 Management of savings ادحسس حذخشحص
13 Reward خكؤس ح ٣خكت
14 Risk خخهشس أ ـخصكخس
15 Stock market حعحم حلاع
16 Supply حؼشك
17 Sustainable equitable Growth حغظوش حؼخد ح
181
Appendix (5)
An important point to be aware of in Islamic economics translation are those terms with
mainly cultural but deeply religious connotations, it is almost impossible to translate such
terms into the target language. The only solution to such terms is by writing them as in their
source language but in phonetics with brief description to clarify the exact meaning to a non-
Arabic people as well as to the Arabic people due to their absolute importance and specific
sense.
No Word Meaning
"Ahkam" or socioeconomic and legal
system
حكخ
"Akhlaq" or matter of disciplining one's
self
حخلام )حش ٣ظؼن رخنزخه حلظ , حس طظؼن
رخنزخه حزحص(
"Aqaid" or matter of belief or worship حؼزخدس ( ػوخثذ )حس طظؼن رخلا٣خ ح حؼو٤ذس ح
"Fraidh" obligations كشحثل
"Nawahi" or prohibition ح٢
(Qiyas)(analogy) حو٤خط
Ijma'a (consensus) اؿخع
Ijma'a of the companions of the holy
prophet and are important source for the
derivation of laws
سع الله قذس غ حلاؿخع : حؿخع فلخرش
حوح٤
Ijtihad (the mental effort of juristic
expertise to find solutions to emerging
problems)
اؿظخد
Le commutative and non-commutative
(Ugood - e - Mu'awadah and Ugood ghair
Mu'awadah)
ػود ؼمش ػود ؿ٤ش ؼمش
Life (the sanctity of life protected by the
law of Qias
حل٤خس )هذحعش حل٤خس حل٤ش روخ حو٤خط(
Maqasid (Shariah objectives) )حوخفذ )حذحف حؾش٣ؼش
182
Other sources of Shariah قخدس حخش ؾش٣ؼش
Progeny (family unit) protection of family
and married institution
حلالاد ح حزس٣ش) حلاعشس كذس طل٤خ ئعغش
حضحؽ(
Property (the sanctity of wealth) )ح٤ش )هذحعش حؼشس
Religion (the worship of ALLAH (SWT)) )حذ٣ ) ػزخدس الله عزلخ طؼخ٠
Riba )حشرخ)حلخثذس
Shariah (a code of law or divine
injunctions that regulates human beings
conduct in both their individual and
collective lives)
حؾش٣ؼش) ػزخسس ػ ـػش هح٤ ح ححش ح٤
حزؾش ك٢ ك٤خط خكشحد ح ؿخػخص.ظش ظقشكخص
Shariah board of Islamic bank ـظ حؾش٣ؼش زي حلاعلا٢
Shariah scholars ػخء حظؾش٣غ
Shariah Tenets حكخ حؾش٣ؼش حلاعلا٤ش
Standing committees ـخ ػخرظش
Transactions contracts ػود حظؼخلاص
Urf (prevalent practice) is one of the tools
in the hand of Islamic jurists to deal with
Shariah position of the different contract
activities
حؼشف )حخسعخص حغخثذس( طؼذ حكذس حلادحص
وخ٤ حلاعلا٤ ظؼخ غ هق حؾش٣ؼش
لش حظؼوش رخؼوذحؾخهخص حخظ
Zakat حضخس
183
Appendix (6)
ACTIVITY 12
Table (4) fom activity 12
No Word Meaning
1 A profit margin خؼ حشرق
2 Aggregate variables حظـ٤شحص حظشح٤ش
3 Al hisba (the initiation of ombudsman) حلغز ئعغش
4 Allocation of funds طخق٤ـ سحط حخ
5 An optimum حلأؼ ، حلأكن
6 Bai salam a forward Sale )ر٤غ حغ )دكغ وذ
7 Basic needs حلخؿخص حلأعخع٤ش
8 Benchmark ........... حوطش حشؿؼ٤ش ، ؼ٤خس
9 Bills ز٤لاص
10 Bonds ؽ٤ي طؤ٤ –عذ
11 Cheating ؿؼ
12 Commodities حغغ
13 Consumption and investment حلإعظلاى حلإعظؼخس
14 Credit card رطخهش اثظخ
15 Credit payment دكغ حذ٣
16 Currency note أسحم خ٤ ، هشػ
17 Deceit خذحع
18 Deferred payment حذكغ حئؿ
19 Deployment ٣لؾذ –٣ؾش
20 Deposit دحثغ
21 Derivatives حؾظوخص
22 Determinants لذدحص أ وشس
23 Discount طخل٤ل ه٤ حؾشحء
24 Earnings حغذ
25 Economic welfare سكخ٤ش اهظقخد٣
26 Entrepreneur (ship) حؾخـ حز١ ٣ذ٣ش ٣ظ طل٤ز ش طـخس٣ش أ
ؾشع
27 Equal for equal حذكغ رخظغخ١
28 Evil حؾش
29 Expenditure حلإلخم
184
30 Expertise خزشس أ ؼشكش حعؼش
31 Fiduciary money ػش سه٤ش رـ٤ش ؿطخء
32 Fiscal and money policies حغ٤خعخص حخ٤ش حوذ٣ش
33 Forgery طض٤٣ق –طض٣ش
34 Fraud اكظ٤خ خذحع
35 Fungible حؼ٤ حظزخد٢
36 Gambling ـخش
37 Game of chance ؼز حلشؿ
38 Gharar حـشحس
39 Gimar حوخس
40 Goodness حخ٤ش
41 Hand to hand حذكغ رخظغ٤ رخ٤ذ
42 Income حذخ
43 Indexation سرو حلاعؼخس رخذ٣
44 Instrument حعخث
45 Interest – free banking رى لاطؼ رظخ ؼذ حلخثذ
46 Interest -based system ظخ حلخثذ
47 Istisnaa حعظقخع
48 Iuicit acts أػخ أ أكؼخ لظسس
49 Labour force حو حؼخ
50 Lessor حئؿش
51 Liquidity حغ٤ش
52 Lotteries حطش١
53 Macroeconomics دسحعش ؽخش لإهظقخد ح٢
54 Maisir ح٤غش
55 Money laundering ؿغ٤ حلاح
56 Mua‟jjal ئؿ
57 Mudarabaha نخسرش
58 Murabaha شحرل
59 Murabaha – muajjala شحرل ئؿش
60 Musharakah ؾخسش
61 Mutual solidarity حظنخ حظزخد حظخك حظزخد
62 National income accounting كغخرخص حذخ حو٢
63 On the spot payment حذكغ حلس١
64 Overdraft علذ هشػ أؼش سف٤ذى
65 Paper securities حسحم مخ٤ش
66 Paraphernalia ظخص ، أدحص أ ؼذحص
185
67 Public exchequer ر٤ض حخ حؼذ حلإعلا٢
68 Receivables حغظلوخص
69 Remuneration خكخء ، طؼ٣ل
70 Salam حغ ر٤غ
71 Salaries حشحطذ
72 Sale حز٤غ
73 Savings حذخشحص
74 Security holders كخ٢ حقى
75 Security stock or bonds for payment مخ ؼخ ؿد أع أ فى نخ ذكغ
76 Sell their debt investment ٣زخع حذ٣ حعظؼخس ـش خ ٣غؼش أه لأ حذحث
طقزش حـش حظ٢ أؽظشص حذ٣ ----حلاظظخس
ػ٠ حذ٣ ٢ طظ أخز حذ٣ .
77 Social justice حؼذح حلإؿظخػ٤ش
78 Social security حنخ حلإؿظخػ٢
79 Swearing ٣لق –٣وغ –حوغ
80 The potential level of output حؼذ حظهغ لإظخؽ
81 The principal of the debt حزؾ حلأعخع٢ حز١ حعظذظ
82 Transfer of ownership و ح٤ش
83 Usufruct حلؼ
84 Vendor حزخثغ
85 Wagering سخ
86 Wages حلأؿس
87 Wealth حؼش
186
Appendix (7)
Table (5) fom activity 13
No Word Meaning
1 (israf) control of waste حعشحف
2 A capital provider حز١ ٣ـذ سحط حخ
3 A charge ق ر
4 A debt creating mode عخث خن حذ٣
5 A profit margin خؼ حشرق
6 Accounting practices حظطز٤وخص حلخعز٤ش
7 Agood observing role حو٤خ رذس حشحهزش أ حلإؽشحف حـ٤ذ
8 Al hisba (the institution of ombudsman) )حلغز )ئعغش حشهخرش
9 Allocation of funds طخق٤ـ سحط حخ
10 An adequate allocation of resources طخق٤ـ خك٢ حسد
11 An entrepreneur ـخش
12 An optimum حلأؼ ، حلأكن
13 Bai salam a forward Sale ر٤غ حغ
14 Banks fund أح حقخسف
15 Basic needs حلخؿخص حلأعخع٤ش
16 Benchmark ........... حوطش حشؿؼ٤ش ، ؼ٤خس
17 Bills ز٤لاص
18 Bond عذ
19 Bonds ؽ٤ي طؤ٤ –عذ
20 Capital سحط حخ
21 Cheating ؿؼ
22 Commodities حغغ
23 Consumption and investment حلإعظلاى حلإعظؼخس
24 Corporate governance ادحسس حئعغ٤ش
25 Credit card رطخهش اثظخ
26 Credit payment دكغ حذ٣
27 Currency note أسحم خ٤ ، هشػ -ػلاص وذ٣ش
28 Debit حذ٣
29 Deceit خذحع
187
30 Deferred payment حذكغ حئؿ
31 Deployment طؼزجش
32 Diminishing Musharakah حؾخس حظخهق
33 Discipline markets مزو حلاعحم
34 Disclosure حلإكقخف حمف
35 Discount طخل٤ل ه٤ حؾشحء
36 Earnings حغذ
37 Economic welfare سكخ٤ش اهظقخد٣
38 Entitlement ٣ئ -٣خ
39 Equal for equal حذكغ رخظغخ١
40 Equity حؾخس رشحط حخ
41 Evil حؾش
42 Expenditure حلإلخم
43 Expertise خزشس أ ؼشكش حعؼش
44 Firms حؾؤص
45 Fiscal and money policies حغ٤خعخص حخ٤ش حوذ٣ش
46 Forgery طض٤٣ق –طض٣ش
47 Fraud اكظ٤خ خذحع
48 Fungible حؼ٤ حظزخد٢
49 Gambling ـخش
50 Game of chance ؼز حلشؿ
51 Gard al Hassan حوشك حلغ
52 Genereosity فى
53 Goodness حخ٤ش
54 Granting of property Or anything ق أ ز ٤ش أ أ١ ؽ٢ آخش
55 Grants زخص
56 Indexation(a system of economic control) سرو حلاعؼخس رخؽ٤خء حخش١ ؼ مزو
حلاهظقخد
57 Information asymmetries طزخ٣ حؼخص
58 Inheritance سحػ , اسع ، ٤شحع
59 Instrument حعخث
60 Interest – free banking ظخ ؿ٤ش \رى لاطؼ رؼذ حلخثذس
سر
61 Interest -based system ظخ سر حلخثذ
188
62 Istisnaa حعظقخع
63 Joint venture .......... ، ؾشع طـخس١
64 Labour ػ
65 Labour force حو حؼخ
66 Lessor حئؿش
67 Liabilities اظضحخص \طؼشك، غج٤ش \خخهش
68 Liquidity حغ٤ش
69 Lotteries حطش١
70 Macroeconomics دسحعش ؽخش لإهظقخد ر٤خط
71 Maisir ح٤غش
72 Mobilization حظؼزجش
73 Money laundering ؿغ٤ حلاح
74 Mortgage حش
75 Mudarabaha نخسرش
76 Murabaha شحرل
77 Murabaha – muajjala شحرل ئؿش
78 Musharakah ؾخسش
79 Mutual solidarity حظخك حظزخد \حظنخ حظزخد
80 National income accounting كغخرخص حذخ حو٢
81 On the spot payment حذكغ حلشس١
82 Paper securities حلاسحم حخ٤ش
83 Partaership-based mode عخث حؾشحش
84 Peragreed ratio كغذ حغزش حظلن ػ٤خ
85 Principal حخ حز١ ٣زذح ر حؼ \حخ سأط
86 Prize bonds scheme خكؤس ، ػلاس \ؿخثضس حغذحص
87 Public exchequer ر٤ض حخ ك٠ حؼذ حلإعلا٢
88 Qura‟nic injunctions .ححش أ هح٤ حلا٤ش
89 Rate حؼذ
90 Ratio حغزش
91 Receivables حطرخص حغظلوخص
92 Remuneration خكخء ، طؼ٣ل
93 Rent ا٣ـخس
94 Reward of a capital in Islam is the profit ٣ؼظزش حشرق خكؤ سحط حخ ك٢
حلإعلا
189
95 Salam ر٤غ حغ
96 Salaries حشحطذ
97 Savers حذخش
98 Savings حئخشحص
99 Securitization حنخ -حلخ
100 Security holders كخ٢ حقى
101 Security market عم حسحم خ٤ش
102 Security stock or bonds for payment مخ ؼخ ؿد أع أ فى
نخ ذكغ
103 Sell their debt investment ٣ز٤غ حذحث حذ٣ حغظؼش ـش خ
104 Social justice حؼذح حلإؿظخػ٤ش
105 Social security حنخ حلإؿظخػ٢
106 Stakeholders and Depositors حغخ حدػ
107 Stock market عم حلاسحم حخ٤
108 Surplus حلخثل
109 Swearing ٣لق –٣وغ –حوغ
110 Tangable real assets أف كو٤و٤ش عش
111 The banking and finance Sectors حقشك٤ش حظ٤٣شحوطخػخص
112 The creator حخخن
113 The potential level of output حؼذ حظهغ لإظخؽ
114 The principal of the debt حزؾ حلأعخع٢ حز١ حعظذح
115 The residual revenue حؼخثذ حظزو٠
116 Transfer of ownership و ح٤ش
117 Usufruct حلؼ
118 Vendor حزخثغ
119 Vice gerent of God خ٤لش الله ػ٠ حلأسك
120 Wagering سخ
121 Wages حلأؿس
122 Wakalotul istesmar خش حلإعظؼخس
123 Wealth حؼش
190
Appendix (8)
ACTIVITY 18
Table (6) fom activity 18
No Word Meaning
1 A fractional reserve ؿضث٢حكظ٤خه٢
2 A proportional reserve حكظ٤خه٢ غز٢
3 Against their deposits وخر حدػخص
4 Credit extension طذ٣ذ حلاثظخ
5 Debt – based financing حظ٣ رخذ٣
6 Debt – creating mode حذ٣ , عخث خن حذ٣ طك٤شعخث
7 Debt stock د٣ -أع حذ٣
8 Equity – based financing حظ٣ حوخث ػ٠ كوم حغخ٤
9 Equity – based modes عخث غظذس ػ٠ كوم حغخ٤
10 Indexation of wages وخ٣غش حلاؿس
11 Market – based pricing حعؼخس حغم
12 Paper securities أسحم خ٤ش
13 Partnership – based modes عخث حؾشح
14 Securitize their assets طس٣ن ح طق٤ي حلاف
15 Security holders كخ٢ حقى
16 The risk – averse investors حغظؼش ؿ٤ش حـخصك٤
17 Trade and leasing based mode عخث حظـخس حلإ٣ـخسحص
191
Appendix (9)
Table (2)terminology
No Word Meaning
1 (L/C) letter of credit خطخد حػظخد
2 A hypothecation charge on asset ع حشخص ح حنخخص ػ٠ ؿ٤ش حؼوخس
3 Actual or constructive liquidation طقل٤ش ك٤ش , ح١ طقل٤ش ٤ظ طقل٤ش
كو٤و٤ش ٣ طؾـ٤ حلاح حعظؼخسخ
4 Companies limited ؽشش لذدس حغج٤ش رخلاع
5 Compulsive ش , ض
6 Constructive collateral against murabaha مخخص ح ع حشخص ؾت ؼ ػخسس
ح مخ ػ٢٤
7 Constructive possession ك٤خصس ك٤ش ؼ حطغ٤ لظخف ٣زو٠ رل٤خصس
ك٤ش حؾل ح رق٤ش حؾل ٣ؼ٠ ح
حزنخػ ؽلض
8 Corporate firms Murabaha companies ؽشخص نخسرش
9 DM diminishing Musharkah حؾخسش حظخهقش
10 Forward market ( Istisna'a – Salam) حز٤غ حلاؿ
11 High net worth individual ٤٤شؽخـ
12 Individual or multi – investment port –foilo
by fund manager
كو٤زش حعظؼخسحص ؼ ح طؾظش١ حع خ خ
حق ع ػذد حلاع ح١ طل١ ٣20ؼخد
حلوظش حعظؼخسحص ظؼذدس
13 Inhibit ٣زق , ٣غ
14 Joint liability غج٤ش ؾظشش
15 Joint venture risk ػ٤ش ؾظشش ؼ ؽ٢ , حؼ حلاهظقخد١ ؼ
ػ كذحثن سد ز٤ؼخ ك٢ ذح )ح١ ؾشع
حهظقخد ر ؽ٢ حـخصكش(
16 Legal tender , حرشحء طن حذ٣ وذ هخ٢ , وذ حعخع٢
17 Master Murabaha شحرلش سث٤غ٤ش
18 Perpetual musharkah غخش دحثش
19 Promise stage شكش حػذ لا حز٤غ ٤ظ خ زخثغ
Offerػذخ طي حؾ٢ ٣ حؾشحء رخوز
acceptance
192
20 Redeem ٣ؾـ , ٣غظشؿغ
21 Redeemable حز١ ٣ حعظشؿخػ
22 Redeemable partnership غخ ؿ٤ش دحث
23 Rollover in Murabaha حدخخ حزؾ حذ٣ ك٢ حشحرلش ك٢ ػ٤ش ؿذ٣ذس
clientخؼ سرق ؿذ٣ذ رؼ٠ ح ٣ذكغ حضر
حؼش هز رؼذ ذ حه
24 Syndication agreement حطلخه٤خص ط٣ ـػش حطلخه٤خص طذ٣شخ ؿش
حكذس
25 Tenor ذس
26 The mabi' alienable ح ٣ حؾت لق حـػ
27 Treasury operation ػ٤خص حعؼخسحص حغ٤ش
28 Treasury operation (to maintain liquidity) حعظؼخس حلاح ػزش طؾـ٤ حغ٤ش ك٢ ؽ
ح٣ذحػخص , ؽشحء حع ....
كخرح طشض خح ع طخشؽ خحضخس
عظئد ح٠ حلاكلاط
29 Underwriter ٣ن طـط٤ش حفذحس حكذ حؾشخص حع
ح عذحص ؾشحء خ لا ٣ؾظش٣ حـس
193
Appendix (10)
Murabaha Musawama
No Word Meaning
1 A hypothecation س ؿ٤ش ك٤خص١ , لا ٣و ؼ حش ذحث حشط لؼ سد حظقشف ك٢
خ حـ٤ش
2 A mortgage charge ػ ش , لوخص , قخس٣ق
3 Bai' al 'anan A buy back is double sale
4 Bunched ٣خو , ٣ضؽ
5 Collateral ؿ٤ش زخؽش , كشػ٢
6 Collateral security مخ حكظ٤خه٢
7 Credit حػظخد , طغ٤ق
8 Debt حذ٣ ك٢ حلاعلا ٣ذكغ ؿ٤ش ص٣خدس ح وقخ
9 joint stock companies ؽشش غخ
10 Kaphala ل٤ ؾخـ حعظذح رن ٣ذكغ ػذ ػذ وذسط ذكغ
11 Marketable هخر ز٤غ
12 Mortgage حش حشع٢ ؼخ : طخخز ض حزي طذكغ زؾ شك ٣ظخعذ غ
دخي رل٤غ لا طظنخ٣ن ك٢ ك٤خطي
13 Pledge س ك٤خص١ ؼخ : طزذ حشأ طنغ رزخ ش ػذ حذكغ رخ٣لخء د٣خ
ك٢ كخش ؿد ػوذ طؼ٢ ٣pledgeشؿغ خ حش ح حزؾ. ٣ؼ٢ حطق
ػذ ؿد ػوذ طؼ٢ ػذ س ك٢ كخش
14 Rebate حذكغ ك٢ حػذ حلذد ؼلا زي , ٣ ح ٣ خي كخكض رخ ٣وـ
حزؾ ك٤ حذكغ ك٢ حػذ حلذد لخكض
15 Remitting طخص ػ ؿضء حزؾ ح٢
16 Restricted Hawala كحش و٤ذس
17 Security حنخ: ؼخ حخز د٣ حزي س حز٤ض نخ زي
18 Unrestricted Hawala كحش طوش
194
Appendix (11)
No Word Meaning
1 Alienable هخر ظقشف ح حلاظوخ خي ح٠ حـ٤ش
2 Proceeds ػحثذ , خطؾ , كق٤ش
3 Tenor ذ
4 Weight age ص ؼ٤
5 Rollover in Murabaha حدخخ حزؾ حذ٣ ك٢ ػ٤ش شحرلش ؿذ٣ذس لق ػ٠ خؼ سرق ػخ٢
6 Syndicate حطلخد –حطلخد ز٤ش ٣ن ػذد حلاكشحد ح حؾشخص ؼ ؾشع هظ٢
سؿخ حلاػخ ؾشحء حع حكذ حؾشخص كزغخ ؼشمخ رغؼش حزش ك٤خ
رؼذ
7 Syndicated agreement حطلخه٤ش ط٣ ـػش ك٤غ طذ٣ش ز حـػش ححخ
8 High net worth
individual
كشد ٣ظي ٤خسص حود
9 Joint venture and
allocation in the
venture
ػ٤ اهظقخد٣ش ؾظشش ؼ ؽت , نخسر ـخش
10 Individual or multi-
investment portfolio by
fund manager
كو٤زش حعظؼخسحص ظؼذدس ٣ذ٣شخ ذ٣ش حقذم
11 Adverse selection حلاظوخء حخخهت
12 Balance sheet ؾق سف٤ذ
13 Deposits دحثغ ح خق
14 Optimizing طؼظ٤ حؾت
15 Optimizing credit
portfolio
حلخكظش حلاثظخ٤ش حؼ٠