The term Islamic economics in everyday

If we go to an institution or office that is labeled sharia, for example Sharia Bank, Sharia Leasing, Sharia Cooperative, or in Umrah & Hajj Travel, Surely we will find terms like this, what does that mean ,,?

Ujroh is Wages or Rewards for certain services

Ijarah is a lease agreement that gives the lessee the benefit of the goods to be leased in return for rent in accordance with the agreement and after the lease period ends, the item is returned to the owner, but the lessee can also have the leased item with the option of transferring ownership of the leased item from the party banks by other parties (ijarah wa iqtina).

Mudharabah is a collaboration between two parties where the shahibul maal provides capital while mudharib is the manager of funds where profits and losses are divided according to the agreement in advance.

Musyarakah is a financing agreement between a Sharia Bank and a customer that needs financing, whereby the Bank and the customer jointly finance a business or project that is also managed jointly on the principle of profit sharing in accordance with the participation where profits and losses are shared according to the agreement in advance.

Ratio is a part of business profit for each party, the amount of which is determined based on agreement.

Salam is a sale and purchase financing where the buyer gives money in advance for the goods purchased which have been specified specifications with delivery later.

 Shahibul Maal Is the first party.

Wadiah Is a deposit from one party to another party both individuals and groups that must be maintained and returned at any time if the owner wants it.

Is the first party.

Wadiah Yad adh-Dhamanah Is a wadiah where the recipient of the deposit can take advantage of the item deposited with the permission of the owner and guarantees to return the deposit in full at any time, when the owner wants it.

Wadiah Yad al-Amanah Is a wadiah where the recipient of the deposit is not responsible for loss and damage to the deposited item as long as this is not the result of negligence or carelessness of the depositor in maintaining the deposit.

 Wakalah Is a representative agreement between the two parties (the bank and the customer) where the customer gives the power to the bank to represent himself doing certain work or services.

Written by ChuznuL

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