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Consumer Zone

Glossary

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T

  • Tabarru',A portion of participant's contribution for the purpose of mutual help and used to pay claims submitted by eligible claimants.
  • Takaful,Mutual guarantee provided by a group of people against a defined risk or catastrophe befalling one's life, property or any form of valuable things.
  • Takaful annuity,A contract that provides a stream of periodic income upon retirement for a term dependent upon human life
  • Tawarrug ,reverse Murabahah
    In personal financing, a client with a genuine need buys an item on credit from the bank on a deferred payment basis and then immediately resells it for cash to a third party. In this way, the client can obtain cash without taking out an interest-based loan.
  • Ta'widh ,Deliberate delay in payment
    Penalty agreed upon by the contracting parties as compensation that can rightfully be claimed by the creditor when the debtor fails or is late in meeting his obligation to pay back the debt.
  • Tijari,Commercial business
  • Total loss,A loss of sufficient size so that it can be said there is nothing left of value

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