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Glossary of Financial Terms - U
 
This glossary is not limited to Islamic terms and
contains Arabic and English terms that are also referred to
in the study of Islamic economics, banking and insurance.
 
 
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Ujrah
The financial charge for using services (wage, salary, allowance, commission, fee).
Ukhuwah
Spirit of brotherhood.
Ulama
Scholars, Muslim scholars trained in Islam and Islamic law.
Ulema
See Ulama.
Ummah
The Diaspora or ‘Community of the Believers’ ( ummat al mu’minin),  the worldwide community of Muslims.
Umra
See Umrah.
Umrah
Lit: visiting or attending. It is a mini-pilgrimage to Makkah which is not compulsory, but highly recommended, and can be performed at any time of the year.
Uqood-e-mu´awadha
Commutative, characterised by substitution.
Uqood Ghair mu´awadha
Non-Commutative.
Urboun
See Arbun.
Urf
Custom. Usage, common practice. Urf is one of the sources of the Islamic law as long as it does not contradict the primary sources of the  Shari'ah i.e. the Qur'an and the Sunnah.
Ushr
Ten percent (in some cases five percent) of the agriculture produce payable by the Muslim as a part of his religious obligation, like Zakah, mainly for the benefit of the poor and the needy.
Usufruct
A legal right to use and derive profit from property belonging to someone else provided that the property itself is not damaged.
Usul al-Fiqh
Islamic legal theory.
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