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Consumer Zone

Glossary

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  • Ibra',rebate/waving of debt.
    When a person withdraws the right to collect payment form a borrower.
  • Ijtihad,effort, exertion, industry.
    A faqhi's endeavor to formulate a rule on the bases of evidence found in the Islamic sources
  • Incurred but not reported,Losses which have occurred during a stated period, usually a financial year, but have not yet (IBNR) been reported to the Takaful operator as of the date under consideration.
  • Indemnity,Restoration to the claimant of a loss by payment, repair or replacement.
  • Individual Family Takaful,A contract that provides Takaful benefits payable to an individual upon death/total permanent disability or periodic income to participant upon retirement.
  • Investment linked,A contract where the certificate benefits ant any time vary according to the value of the Takaful underlying assits at the time.
  • Istisna',advance purchase of goods or buildings.
    A contract of acquisition of goods by specification or order, where the price is paid in advance, or progressively in accordance with the progress of a job. For example, to purchase a yet-to-be-constructed house, payments would be made to the builder according to the stage of work completed.

    This type of financing, along with Salam, is used as a purchasing mechanism and Marabahah and Bai Bithaman Ajil are for financing sales.

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