Concept
Islamic economics
Related concepts (16)
Gharar
Gharar (غرر) literally means uncertainty, hazard, chance or risk. It is a negative element in mu'amalat fiqh (transactional Islamic jurisprudence), like riba (usury) and maysir (gambling). One Islamic dictionary (A Concise Dictionary of Islamic Terms) describes it as "the sale of what is not present" — such as fish not yet caught, crops not yet harvested. Similarly, author Muhammad Ayub says that "in the legal terminology of jurists", gharar is "the sale of a thing which is not present at hand, or the sale of a thing whose aqibah (consequence) is not known, or a sale involving hazard in which one does not know whether it will come to be or not".
Khums
In Islam, khums (خُمْس xums, literally 'one fifth') refers to the required religious obligation of any Muslims to pay 20% of their acquired wealth from certain sources toward specified causes. It is treated differently in Shia and Sunni Islam. This tax is paid to the imam, caliph or sultan, representing the state of Islam, for distribution between the orphans, the needy, the [stranded] traveler, and the descendants of Islamic prophet Muhammad. In some jurisdictions, khums is paid on minerals extracted in regions under the control of the state.
Islamic state
An Islamic state is a state that has a form of government based on Islamic law (sharia). As a term, it has been used to describe various historical polities and theories of governance in the Islamic world. As a translation of the Arabic term dawlah islāmiyyah (دولة إسلامية) it refers to a modern notion associated with political Islam (Islamism). Notable examples of historical Islamic states include the State of Medina, established by the Islamic prophet Muhammad, and the Arab Caliphate which continued under his successors and the Umayyads.
Urf
(العرف) is an Arabic Islamic term referring to the custom, or 'knowledge', of a given society. To be recognized in an Islamic society, must be compatible with the Sharia law. When applied, it can lead to the deprecation or inoperability of a certain aspect of fiqh (Islamic jurisprudence). is a source of Islamic legal rulings where there are not explicit primary texts of the Qur'an and Sunnah specifying the ruling. can also specify something generally established in the primary texts.
Waqf
A waqf (وَقْف; ˈwɑqf, plural awqaf أَوْقَاف), also called a ḥabs (حَبْس, plural ḥubūs حُبوس or aḥbās أَحْباس), or mortmain property, is an inalienable charitable endowment under Islamic law. It typically involves donating a building, plot of land or other assets for Muslim religious or charitable purposes with no intention of reclaiming the assets. A charitable trust may hold the donated assets. The person making such dedication is known as a waqif ('donor').
Islamic philosophy
Islamic philosophy is philosophy that emerges from the Islamic tradition. Two terms traditionally used in the Islamic world are sometimes translated as philosophy—falsafa (philosophy), which refers to philosophy as well as logic, mathematics, and physics; and Kalam (speech), which refers to a rationalist form of Scholastic Islamic theology which includes the schools of Maturidiyah, Ashaira and Mu'tazila.