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Sharia Banking
06 January 2009

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Sharia Banking
Glossary
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There are 6 entries in the glossary.


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Term Definition
HadithProphet's commentary on Qur'an
 
HajjHajj means pilgrimage to Mecca and other holy places. Hajj, the fifth pillar of Islam, is a duty on every Muslim who is financially and physically able to carry it out, at least once in his lifetime. There is a specific period for Hajj, namely one week from the 8th day of the Islamic month of Dhul Hijjah to the 13th day of that month in the Islamic lunar calendar. 
 
HalalThat which is permissible. The concept of halal has spiritual overtones. In Islam there are activities, professions, contracts and transactions which are explicitly prohibited (haram) by the Qur'an or the Sunnah. Barring them, all other activities, professions, contracts, and transactions etc. are halal.
 
Hanifite lawsIslamic school of law founded by Imam Abu Hanifa. Followers of this school are known as Hanafis. 
 
HaramUnlawful
 
HawalaLit: bill of exchange, promissory note, cheque or draft. Technically, a debtor passes on the responsibility of payment of his debt to a third party who owes the former a debt. Thus the responsibility of payment is ultimately shifted to a third party. Hawala is a mechanism for settling international accounts, by book transfers.
 


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