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Glossary

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F

  • Facultative treaty,A reTakaful contract under which a ceding Takaful operator has the option to cede and the reTakaful operator has the option to accept or decline individual risks
  • Fard al Kifayah,socially obligatory dutles.
    A collective duty of Muslims. The performance of these duties (for example, funeral prayers) by some Muslims absolves the rest from discharging them. This term covers functions which the community fails to or cannot perform and hence are taken over by the state, such as the provision of utilities, or the building of roads, bridges and canals.
  • Fasid,unsound or unviable or vitiated.
    A forbidden term in a contract, which consequently renders the contract invalid
  • Fatwa,religious decree or an authoritative legal opinion based on Islamic law (Shariah)
  • Fiqh,Islamic jurisprudence.
    The science of the Shariah. An important source of Islamic economics

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