The 5 PILLARS OF Islam
The Testification of Faith
What is Shahada
This is known as a joint partnership
What is a Musharaka
This is a word for forbidden or Impermissible according to Shariah
What is Haram
Most of the Islamic banks and financial institutions are using this as an Islamic mode of financing
What is Murabahah
What is The 5 daily Prayers
Salat
This term is frequently referred to in the context of Islamic modes of financing
What is Musharkah
This is the Islamic sacred book
What is the Quran
This is Islamic jurisprudence, often described as the human understanding of the sharia
What is Fiqh
What is The Poor Tax
Zakat
It means joint ownership of two or more person in a particular property
What is Shirkat-ul-milk
Someone who practices or follow Islam
What is Muslim
According to the Quran the only foods explicitly forbidden to eat
What is Pork? or the meat of the pig
The Fasting in the month Ramadan
What is Sawm
This is where all the partners jointly undertake to render some services for their customers, and the fee charged from them is distributed among them according to an agreed ratio
What is Shirkat-ul-A' mal
Set of Islamic laws derived from the Qu'an & Hadith which encompass all actions of a Muslim's Life
What is Shariah
He created the world in six days and sent prophets Muhammad to spread his word and book
Who is Allah
This is Pilgrimage to Mecca
What is Hajj
Here the partners have no investment at all. All they do is that they purchase the commodities on a deferred price and sell them at spot price.
What is Shirkat-ul-'wujooh
This is Permissible according to Shariah (Islamic Law)
What is Halal
This type of insurance wherein members contribute money into a pool system to guarantee each other against loss or damage
What is Takaful