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Glossary of Financial Terms: U

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Ujrah

The financial charge for using services (wage, salary, allowance, commission, fee).

Ukhuwah

Spirit of brotherhood.

Ulama

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 Ghair mu´awadha

Non-Commutative.

Uqood-e-mu´awadha

Commutative, characterised by substitution.

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.