Guarantee, security. Taking responsibility. Also see Kafalah.
Daman Khatar Al-Tariq
Guarantee against the travel hazards.An arrangement of mutual assistance in which losses suffered by traders during journeys due to hazards were indemnified from jointly pooled funds.
Necessity, overriding necessity. Adopting a ruling, even one that may contravene a Shari’ah rule, when one is compelled by extreme necessity, usually life or death (Usually used for the “Doctrine of Necessity,” whereby something otherwise prohibited becomes temporarily permissible).
Debt. A dayn comes into existence as the result of any contract or credit transaction.
Usually refers to an amount owed for funds borrowed. The debt may be owed to an organisation's own reserves, individuals, banks, or other institutions. Generally, the debt is secured by a note, bond, mortgage, or other instrument that states repayment and interest provisions. The note, in turn, may be secured by a lien against property or other assets. Debts in different forms all imply intent to pay back the amount owed by a specific date as set out in the repayment terms.
Debt Service Reserve
Term used to refer to cash reserves set aside by a borrower, either by internal policy or lender covenant, to repay debt in the event that cash generated by operations is insufficient.
It refers to a complete code of life prescribed in Islam.
A failure to discharge a duty. The term is most often used to describe the occurrence of an event that cuts short the rights or remedies of one of the parties to an agreement or legal dispute, for example, the failure of the mortgagor to pay a mortgage installment, or to comply with mortgage covenants.
Responsibility, term used in Takaful.
See Musharakah, Diminishing.
Currency in the form of gold coins that was used in the past. The term is still used in some Muslim countries, like Iraq.
Name of a currency unit, usually a silver coin, used in the past in several Muslim countries. The term is still used in some Muslim countries, such as Morocco and United Arab Emirates.
Refers to the task of carefully confirming all critical assumptions and facts presented by a borrower. This includes verifying sources of income, accuracy of financial statements, value of assets that will serve as collateral, the tax status of the borrower and any other material facts presented by the borrower.
This "world". Dunya literally means 'closer' or 'lower. Life in this world temporal world - and its earthly concerns and possessions.
Dayn / Debts that have become due or can be called back at any time.
Time of payment settled between the creditor and the debtor and the debt is not yet due.
Debt . A Dayn comes into existence as a result of any other contract or credit transaction. It is incurred either by way of rent or sale or purchase or in any other way which leaves it as a debt to another. The lender should not impose on the borrower more than what is given on credit.