alia ahmed abdallah ibrahim - repo.uofg.edu.sd

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A Suggested EFL Programe for Islamic Economics Translation

in Sudanese Institutes:

A Case Study of Islamic Bank, Islamic Funds,(2016)

Alia Ahmed Abdallah Ibrahim

2017

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B.A. Faculty of Education -in English Language- University of

Khartoum(1980)

M.A. Faculty of Education -in English Language- University of

Khartoum(1992)

A thesis

Submitted for the Degree of Doctor of Philosophy

in

Applied Linguistics

Department of Foreign Languages

Faculty of Education –Hasahisa

University of Gezira

February/2017

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Supervision Committee

Name Position Signature

Dr. Hassan Ali Eissa Main supervisor ………………

Dr. Ahmed Gasm Alseed Co-supervisor

………………

February/2017

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Examination Committee

Name Position Signature

Dr. Hassan Ali Eissa Chairperson

……………….

Dr. Ibrahim Mohamed Alfaki External Examiner

………….

Dr. Abdul Gadir Muhmmed Ali Internal Examiner

……………

Date of Examination: 2/2/2017

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Dedication

To the soul of my mother and father who did everything possible to see their

education ambitions personified on us. To my son and daughters and their

father Dr. Bakri Mekki who contributed to this research through a hard task of

the computer work and correction and I hope this thesis will be an incentive

for my son and daughters to seek learning and contribute it to others.

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Acknowledgement

First praise be to Allah for the completion of this thesis.

I would like to express my gratitude and appreciation to my Supervisor,

Dr. Hassan Ali Eissa, the former Head of the Department of Translation and

Arabasization (U of K), who inspires me with this academic programme, that I

choose it to be the translation of the Islamic economy. Also, I thank him for his

valuable directives and comments. My special thanks also go to my co-

superviser Dr. Ahmed Yousef Awad who made every possible effort to help

me with the methodology of this research. Also, I want to express my heartfelt

gratitude and appreciation to Dr. Muhammed Elfatih Hamid, the former Dean

of the Faculty of Law (UofK) and former legal advisor of the Islamic

Development Bank (Jeddah); who exerted Laudable efforts that I could

understand this complicated Islamic Economics Subject, for I am only a

graduate student of Languages with complete lack of economic knowledge.

On the other hand I extend thanks to Dr. Bashir Omer who supplied me with

notable references in Islamic economics from "The Islamic Research

Institute"(IRTI) of the Islamic Development Bank (Jeddah).

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A Suggested EFL Programe for Islamic Economics Translation in

Sudanese Institutes:



Abstract

The research is an attempt programme for the translation if Islamic economies to the

Sudanese universities and institutes. Present through details about the Islamic economic so,

students have to well acquainted and fatty understand the terms, the construction of

sentences and the mechanism of the subject itself, so they can translate precisely, accurately

and naturally. The Islamic economy and the feed lack will be supper. The methodology is

reflected in the great number and multi-texts taken from the great numbers of Islamic

economic terms and phrase. All these text and terms are being translated by those

professional translators as well as by researcher himself. So findings of this research is that,

notice that with such understanding of the subject itself, its terms phrase and how

explanation these terms and details works in their application and hence the translation

process is easier precise and natural. The researcher recommended that, I hope that Sudanese

universities and institutes adopt such programme within their courses of translation and the

researcher think that it‟s a new important subject to be added to the other domain for

translation.

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:حبىت ىذراست بربح ترخت الاقتصبد الإسلاي في اىدبؼبث

(2016)دسحعش كخش حزى حلإعلا٤ش ،حقخد٣ن حؼشر٤ش،

ابراي ػبذالله ػبىيت احذ

يخص اىبحث

حلاهظقخد حلإعلا٢ ك٢ حـخؼخص حؼخذ ٣ؼذ زح حزلغ لخش مغ رشخؾ ظذس٣ظ طشؿش

حغدح٤ش، ك٤غ ٣ظؼشك حزخكغ ظلخف٤ حعؼش ػ٤وش ـحذ حؼذ٣ذس خدس حلاهظقخد حلإعلا٢ كظ٠

٣ظ هخذ حظشؿش حل حؼ٤ن قطلخص حظؼشف ػ٢ آ٤ش ر٤ش ز حـ حقطلخص

ض ك٢ حزى حلإعلا٤ش أ حقخد٣ن حؼشر٤ش حظ٢ طظؼخ ك٢ ػذ ططز٤و٤خ ػ٢ حسك ححهغ عحء خ

زح حـخ، رخظخ٢ ط حظشؿش طشؿش فل٤لش هز٤ؼ٤ش عغش. أخ حطش٣وش حظ٢ حطزؼخ حزخكغ ك٢

ـخ رلؼ ك٢ ػزخسس ػ أػذحد خثش ظػش رظع حؼ لغ قؿ طؾ حؼذ٣ذ أؿ

٢, حؼذ٣ذ حقطلخص حؼزخسحص حظؼوش رخلاهظقخد حلإعلا٢. طشؿش ز حلاهظقخد حلإعلا

حقؿ هز ظشؿ٤ ظخقق٤ هز حزخكغ لغ. رخظخ٢ كخ ظخثؾ زح حزلغ خ

لاكع حزخكغ أ حل حؼ٤ن زح حؼ ر حظلخف٤ حظؼوش رؤؿ حخظلش قطلخص

ؽشف حك٢ خ ٣ظؼن رزح حؼ، خسعش طشؿش حقؿ حخظلش ؼشكش آ٤ش حؼ ػزخسحص

لغ ػذ حظطز٤ن ك٢ حزى حلإعلا٤ش حقخد٣ن حؼشر٤ش ـذ أ ػ٤ش طشؿش زح حؼ ط عش

غ ك٢ فل٤لش هز٤ؼ٤ش ؿ٤ش قػش ـ ك٢ ـش حلأف الا خك٤ش حؼ٢. ٣ؤ حزخك

طف٤خط أ طو حـخؼخص حؼخذ حغدح٤ش حظ٢ طذسط خدس حظشؿش ربمخكش طشؿش حلاهظقخد

حلإعلا٢ ؼ ؿذ٣ذ م حسعخص حؼذ٣ذس ظشؿخص حؼذ٣ذس ك٢ حـخلاص حخظلش.

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Table of Contents

Page Subject No

iii Dedication 1

iv Acknowledgements 2

v Abstract (English) 3

v Abstract (Arabic) 4

vi Table of Contents 5

CHAPTER ONE:INTRODUCTION

1 Background 1.0

1 What is Translation? 1.1

4 Problems of the Study 1.2

5 Objective of the Study 1.3

5 The Importance of the Research 1.4

6 Significance of the Study 1.5

7 Research Method 1.6

7 Limitation of the Study 1.7

7 Definition of Related Terms 1.8

CHAPTER TWO:LITERATURE REVIEW

10 Introduction 2.0

10 History of Islamic Economics 2.1

11 Early Islamic Economics 2.2

12 Economy in the Caliphate (Edit) 2.3

13 Agriculture in the Medieval Islamic World (Edit) 2.4

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15 Ibn Khaladun 2.5

15 What is the Role of Religion on Economics?

2.6

18 Competitive Price Mechanism, Transparency and

Disclosures are Parts of The Market Function

2.7

20 Fundamentals of Islamic Economic Systems 2.8

26 Global English and the Role of Translation 2.9

27 Translation Activities 2.10

30 The Main Prohibitions and Business Ethics in Islamic

Economics

2.11

34 Avoiding Interest 2.12

40 Islamic Law of Contract and Business Transaction

2.13

40 MAL (Wealth), Usufruct and Ownership 2.14

42 Interpreting and Translating Techniques 2.15

45 General Framework of Contracts 2.16

47 Avoiding Riba 2.17

49 Trading in Islamic Commercial Law 2.18

52 Prices and Profit Margin 2.19

53 Loan and Debt in Islamic Commercial Law 2.20

58 Islamic Finance Products and Procedures 2.21

60 The Deposits Side of Islamic Banking 2.22

63 2 Islamic Investment Banking 2.23

67 STIANA'A (Order to Manufacture) 2.24

69 The Role of Translation Theory in Translator Training 2.25

70 Participatory Modes: Shirkah and its Variants 2.26

71 Legality, Forms and Definition of Partnership 2.27

72 Mudarabah 2.28

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73 Modern Application of the Concept of Shirkah 2.29

CHAPTR THREE:METHODOGLY

76 Introduction 3.0

76 From An Article of Translation 3.1

78 Evaluation Kussmaul (1995) Classifies 3.2

78 Principles of Translation 3.3

81 Procedure to Practice Assignment 3.4

81 Consecutive Interpreting 3.5

83 Types of Contracts 3.6

CHAPTER FOUR:DISCUSSION

88 Introduction 4.0

88 Islamic Research and Training Institute (IRTI) 4.1

88 Interpreting and Translation Techniques,

Simultaneous Interpretation

4.2

CHAPTER FIVE: Conclusions, Findings and

Recommendation

144 Conclusions 5.0

146 Findings 5.1

147 Recommendation 5.2

148 Bibliography: English and Arabic

150 Appendixes

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CHAPTER ONE

INTRODUCTION

1.0 Background

In this introduction, the researcher wants to reveal how the concept of studying

translation of Islamic economy with hope of attaining professional cadres in this field comes

into her mind. A friend had been graduated with languages from UofK, made the diploma in

(health translation) and there is a (legal translation). Both diplomas act as a license for any

person to work in these fields in England, provided that those graduates who attain these

diplomas are regarded as professional translators. The researcher notices the perpetual calls

for medical translation from the different hospitals and clinics, especially for those people

coming from the Gulf States. Definitely, this is a very serious field, the translator must be

well acquainted with the terminology and proper accurate medical background for such kind

of translation. So, this is what makes the attempt for the adaptation of such system and

applies it to the translation of Islamic economics.

1.1 What is Translation?

1.1.1 The Global Approach

The most remarkable translation theorists (Dellise, Newmark, Nida, Nord, Kussaul)

are in agreement to the following aspects concerning the main approaches to a translation

and interpretation of text.

- First, the comprehension and interpretation of texts with consideration to the textual,

referential, cohesion and naturalness levels. This competence embodies reading

comprehension and message interpretation i.e encoding and decoding.

- Secondly, re-wording is so essential. It is the application of different strategies for

(recoding) i.e the restitution process of the message and this happens by choosing the

right methods, techniques and procedures. There a translator may resort to transfer,

cultural or functional equivalent, synonymy, modulation, compensation, reduction

and expansion (see Newmark, P.,1995: A textbook of translation).

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- Thirdly, those translation theorists focuses on the importance of the assessment of

the result comparing the translated text with the original text. It will be an accurate

revision of the output that will result in a final translation of higher quality.

1.1.2 Statistical System

In this research, there is a hard effort exerted to study and understand the essence

and the core of this different unique Islamic subject with its strong religious law of

prohibitions and permissions. The researcher is indebted to Dr. Mohmad Elfatih Hamid,

former Dean of the faculty of law (u of k) and the legal adviser to the president of the

Islamic Development Bank (IDB), who tries to explain and interpret most of these

complicated delails, senses and terminologies of these principles and fundamentals, their

procedures system applications and mainly their mechanism. So, this makes it possible to

present this attempt of reflecting a reasonable understanding of the Islamic finance. So,

unless one reaches this reasonable understanding of the various constituent subject matters

of Islamic economics such as Salam, murabaha, Mudarabah, Istisna'a, Istijrar, Takaful and

musharakah etc, their precise definitions ,terminologies, their mechanism; the process of

translation will be impossible.

There are attempts done for the adaptation of this diploma (DPSI) mode and

procedure to suit the Islamic economic translation, hoping to get the expected output;

and attaining professional cardre of Islamic economic translators.

The concentration on the understanding thoroughly of the main core and essence of

the research ie the subject itself with its peculiarities and uniqueness, it's various

subject matters, its prohibition and what is allowed, is so essencial.

There must be a concentration also on understanding thoroughly what is called a

peculiar unique (words, terms, phrases) connected with various subject matters of the

disciphine (Islamic economics).These constituents are such as Salam, Murabaha,

musharaka, Istisna, Mudarabah, Istijrar, Takaful etc . Each subject matter contains

definitions, terminologies, concepts and mainly its application on reality. The sense

of these subjects must be deeply understood. The researcher tried to define the

subject, its terms and phrases as well as exposing texts,for sight translation, and

written translation and how these texts work within the Islamic economic system.

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It will be impossible even to attempt to make translation to such complicated unique

subject with its very restricted religious concepts and fundamentals, details and

variants without considerable understanding of these issues.

At this point, there must be a concentration on these four integrated components of

the study guide:

- Studying of Islamic economie

- Interpreting and translating techniques .

- A detailed Interpretation and analysis of the subject matter itself (Islamic economics

and its variants).

- Practical activities.

The ultimate essential issue here, is the completion of all the assignments within this

study guides. The purpose of all these assignments and activities are the assessments

of the students progress and the attempt to iron out any difficulties and give them

support and encouragement in their studies.

The researcher tried hard that these assignments must be centred on texts collected

from the Islamic banks, Islamic financial Institutions and Islamic organizations.

1.1.3 Teaching of Sharia'h

So, seeing this strict precise language of the moral principles and fundamentals

appertaining to the divine law of the holy Quran and Sunnah, and the shariah tenets which

have direct and indirect effects on this Islamic economic system, the translator must be very

cautious in translating and interpreting such texts. There must be a very deep strict and

thorough understanding of this detailed different subject matters, that constitute the Islamic

economic system. There are also the precise religious terminologies such as “aqaid “

,”fraid”,”nawahi”. “Hamish jiddiyah “,” hisba”, “al Ghurm bil Ghurm‟‟.

So, the selective texts from the Islamic financlal lnstitutions such as the Islamic

development bank (IDB) , the Islamic Solidarity Fund Research and Training Institute

(ISFD) cover a great deal of the nature of this discipline, its strategy and purpose , policy

and hedging, the Tools and instruments , to achieve their economic goals . So the more the

practice of translation of these texts covering the most important domain and fields of this

discipline, the more your acquirememt of a very high standard of understanding.

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The researcher is keen to present some texts that represent the core and essence of

the subject matters and topics. Some of these texts are translated by professional translators

of the Islamic banks. The texts are presented to show how such translation is achieved. So

students aquire knowledge concerning the theories and the methodologies in dealing with

this type of translation.

It is the important to understand thoroughly the terminologies concerning the

discipline whether they belong to the conventional economics or the Islamic economics

special subject matters such as mudarabah , murabaha, Istijrar , musawma, salam , takaful,

“Hamish Jiddiya” “ Bai Tawliyah “,”Bai al Inah.”

1.2 Problems of The Study

1. Translation is a challenging activity; there are difficulties arising during the

translation process. Languages have their own grammar structure, grammar rules and

different syntax.

2. During the translation process, some particular problems appear:

3. Problems of ambiguity: such problems originate from structural and lexical

differences between languages as well as multiword units such as idioms and

collocations.

4. There are the problems of grammar where many constructions of grammar and their

rules are not properly understood.

5. Problems of language: It includes terms and neologisms, slang which is difficult to

understand, proper names of people, organizations and places.

6. Problems of source text. These are illegible text, spell incorrectly.

7. Since languages differ from each other in many ways for example small words are

hard to translate and the meaning of common words depends on context.

8. Conveying the same meaning to the target languages is not an easy task for

translators; such as the translation of literature, poems and songs, so here translators

must be familiar with the two languages, and the translation is not matter of

translating words but of finding ones that rhyme well.

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9. There is another problem which is lacking of vocabulary knowledge which leads to

the much use of dictionary for advanced text makes the process of translation very

boring.

10. The text problem is the encountering of complex grammar structure that must be

interpreted correctly.

1.3 Objective of the Study

In this thesis, the researcher has selected a wide range of topics that showed the

essence of the Islamic economic and Islamic finance. So, Islamic Economies subject is

loaded with the essential details concerning the various types of topics and the researcher

presented them in a simple clear language for a thorough and deep understanding and hence

the process of translation will be easier, accurate and precise. So this shows the target and

goal from the academic program of the Islamic economic translation in order to have

professional translator cadre within this domain.

1.4 The Importance of the Research

The most important issue about these texts is that, they deal with the different

Islamic economic topics, their precise definitions, concepts, how they work within the

market and financial reality. So translation and interpretation into Arabic and vise versa for

each text of these is so essential for practicing and acquiring both knowledge and translation

within this field.

The researcher describes this discipline as pecutiar or unique. The reference is to the

terminologies and concepts which often differ from the conventional economy. Such

phrases and terms are like “AL Ghnum bil Ghnum”,”Bai AlKali bil kali“, "Bai' al 'Inah",

"Bai' al Hasat" . The senses and implications of these terms and phrases must be shown.

The third step concerning this discipline as well as the activities related to the

interpretation, sight tranatalion and written translation from and into English and Arabic is

represented in the recommendations, that instead of the CDs mentioned before, groups of

students are called to perform conferences and meetings to discuss varous Islamic

economic topics. So students can practice interpretation and translation of these texts and

the feedback will be excellent.

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1.5 Significance of the Study

Students in Sudanese universities and institutes lack background for the Islamic

economy subject as a whole; and also have linguistic difficulties, but with such research

study that covers many syntactic, semantic, lexical and many other aspects within these

multi-texts, will overcome such difficulties and problems. But the task is hard and complex

with numerous obstacles as Delisle put it (1981): “Translation is an arduous job that

mortifies you and put you in a state of despair at times, but also an enriching and

indispensable work, that demands honesty and modesty.”

At the same time, the whole translation process aims at the essence of the message

and its transparence faithful and accurate fixed background as Nida and Taber (1974) said:

“Translating consists of reproducing in the target language, the

nearest equivalent to the message in the source language in the first

place, in the semantic aspect and in the second place, in the stylistic

aspect.”

But surely, the quality of translation mainly depends on the quality of the translator.

So, translator knowledge, skills, training, cultural background, expertise and even mood are

needed. NewMark (1956) surmmerises the translator characteristics in the following:

1. Reading comprehension, and ability in a foreign language.

2. Knowledge of the subject.

3. Sensitivity to languages (both mother tongue and foreign language)

4. Competence to write the target language dexterously, clearly, economically and

resourcefully.

In addition, Mercedes Tricas (1995) mentions the six senses "making use of that

combination of intelligence, sensitivity and intuition." "this phenomenon works very well if

handled cautiously."

Delisle (1980) banishes the theorists who claim that linguistic competence is

condition to translate properly. Delisle states that reading comprehension ability, the

knowledge of the specialized subjects derived from specialized training and a wide cultural

background and the global vision of cross- cultural and inter lingual communication, are a

must to learn to handle the strategic and tactical tools for a good translating performance.

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1.6 Research Method

The main goal of the study is to evaluate and analyze Islamic Econmic Translated

texts. The researcher follows the English law Diploma, its interpreting and translating

techniques, legal English and second language (Arabic) equivalent and practical activities

methods, that is also shown in Islamic Economic study, the theories of translation and their

application on the multi various texts.

1.7 Limitation of the Study

This study has been achieved mainly on texts and information from the Islamic

Banks, Islamic Financial Institutions, Arab Funds, Islamic Development Bank (IDB), The

Islamic Solidarity For Development (ISFD) and others.

1.8 Definition of Related Terms

The Islamic economics is distinguished with this essential and very curious

phenomenon which is personified in Arabic terms. Such terms are important and needful for

both Arabic –speaking as well as the non-Arabic speaking; due to their specific

environmental, cultural, religious and legal dimensions. So a translator who translates from

Arabic into English and vice versa must be well acquainted with all these dimensional

senses to reflect correct specific meanings in the target language.

Examples of such terms are: Mithaq 'Ahd or W'adah and 'Aqd.

Mithaq: - means a covenant; it is an earnest and firm determination on the part of the two

parties to fulfill their contractual obligations. The terms has more sanctity, it's used in the

holy Quran e.g. Mithaq are the treaties in the early Islamic era; also Mithaq is a contract of

marriage.

'Ahd or W'adah:- 'Ahd refers to a unilateral promise or undertaking. The terms also cover

a bilateral obligation. The Quran says “(But righteous) are those who fulfill the contracts,

which they have made”.

'Aqd (contract):- one concludes from the various definitions that 'Aqd in a specific sense,

is a combination of an offer (Ijab) and acceptance (Qabul), which gives rise to certain legal

consequences in relation to the subject matter, or as Abd Al-Rrazzag Al-Sanhuri defines

'Agd as "the concurrence of two wills to create an obligation or to shift it or to relinquish it".

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Example of Islamic financial institutions promises in regard to a number of

transactions.

- Murabaha to purchase an order.

- IJARAH MUNTAHIA – BI- TAMLEEK.

- Sale and lease back under certain conditions.

- Diminishing Musharkah

- Disposal of goods purchased through Salam.

- Disposal of assets manufactured or constructed through Istsna'a.

Gard , salaf: meaning of Gard is “to cut” ie cutting off the property from a lender ownership

and giving it to a borrower.

Legally, Gard: means to give anything of value to another person, so he owns it and

acquires benefit from it, with the condition that the same or similar amount of that thing will

be paid back when demanded at a settled time.

Syed Mhammad Tantawi of AL Azahar stated that Gard is more particular than dayn , loan

can be given by a person to another for help , charity or as an advance for a specific time.

Adayn: is created by way of rent, sale, purchase or any other way, and this duyun (debts)

must be returned without any profit or any excess.

“Salaf” literally: means a loan with no profit.

In a wider sense, it includes loan for (longer, intermediate or short – term). " Salam

and Salaf" have been used interchangeably in Hadith literature (Understanding Islamic

Finance 2007) .

Gard: is a particular kind of salaf , where it can be demanded at any time or immediately . ie

(it is Gard or loan payable on demand).

So loan: is classified into salaf and Gard.

Salaf: is a loan for fixed time.

Gard: is a loan payable on demand.

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The word “A‟riyah” : is used for borrowing goods i.e. to give any commodity to

another for use and the borrower is liable for this commodity and he is bound to return this

same commodity to the lender.

The English word “Loan”: is the counterpart, of the word “Gard”; and “debt” that of dayn.

The banking system today works under these categories, by giving loans and

advances. In Murabaha operations, goods are sold by Islamic financing instuitions (IFIS) to

create duyun / debts, which must be returned with a marginal profit.

So the definition of “Gard” by Sunnah is a kind of loan advanced for the benefit of

the borrower and the creditor can ask for it at any time. By such ownership the borrower can

buy, sell or donate it. Salaf is used for a loan of fixed tenure, so it‟s like dayn and both kind

are the liabilities created due to credit transactions for fixed tenure. Loan may be of any

thing valuable, can be paid by a similar or a substitute thing immediately or on demand, in

the case of Gard and at stipulated time in the case of salaf and dayn.

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CHAPTER TWO

LITERATURE REVIEW

2.0 Introduction

In this section the knowledge of the foundation, principles, fundamentals, philosophy

and the main feature of the Islamic financial institutions (IFIs) will be consolidated. After

the completion of this section, the translation students in this programme, acquire a wide

understanding of the Islamic economics mechanism with its multi-financing systems and

institutions. The overlapping of economy and Islamic religion generates specialty and a

unique characteristic for such economy with its permissibility and prohibition to certain

factors; its crystallization to the purity and transparency of the ethical, morals and equitable

values that revolves around every step within this economics for the sake, benefits and

welfare of the individual, society and mankind in general.

Shedding light on interpreting and translation techniques will accustom students to

practice translation and prepare them for the examinations. On the other hand, one has also

the opportunity in this section to practice sight translation, interpretation and written

translation.

2.1 History of Islamic Economics

From Wikipedia, the free encyclopedia this is a sub-article of Islamic economic

jurisprudence and Muslim world Wikipedia.org/wiki/history–of Islamic– economic.

Between the 8th

and 12th

centuries, there are many advanced and developed concepts

and techniques of production, investment finance, economic, development, taxation,

property use such as Hawala, an early informal value transfer system, Islamic trusts such as

Waqf, system of contracts relied on the merchants, a widely spread currency, cheques,

promissory notes, bills of exchange (Mufawada), advanced agricultural techniques, capture

and use of slaves.

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Specific Islamic concepts related to money, property taxation, charity as Zakat (the

taxing of certain goods such as harvest of which its explicitly defined, such as aid to the

needy; Gharar "the interdiction of chance – that is the presence of any uncertainty; in a

contract (which excludes not only insurance but also the lending of money without the

participation of risks) and Riba (charging interest or high interest on money lent). These

concepts, like others in islamic law and jurisprudence came from "the prescriptions,

anecdotes, examples word of the prophet ".

On the other hand, there are other sources such as al-urf (the custom), al-'aql (reason)

or al-ijma (consensus of the jurists) were employed. Islamic law has developed areas of law

that correspond to secular laws of contracts and torts. "Islamic economics" emerged in the

1940, as 2004 "Islamic banks" have been established in over 70 countries and interest has

been prohibited in Pakistan, Iran and Sudan.

2.2 Early Islamic Economics

The early prophet economic policy in early Islam is a ban on charging fees and rents;

and a ban on permanent buildings in medina market, only tents were allowed, this meant to

help poor traders.

2.2.1 Social Responsibility in Commerce

This issue is stressed in Islam. Usury is not allowed when Islamic bank and Islamic

economics were developed. Interest is prohibited and investors have to participate in risks.

All financing was equity financing (Musharaka) so, there is a social harmony purpose,

Shariah forbade any finance dealing in forbidden goods such as wine, pork, gambling. So

only ethical investing and moral purchasing are encouraged.

2.2.2 Legal Institution (See also Shariah and Fiqh)

Hawala Agency: main article Hawala; it is the early informal value transfer system;

its origin came from the classical Islamic law and it is mentioned in Islamic jurisprudence

texts in the 8th

century. The development of agency has been influenced by Hawala later,

both in civil law and in common law. Example, that the aval in French law and the avallo in

Italian law; both words aval and avallo are derived from Hawala. Islamic law and the later

23

common law "had no difficulty in accepting agency as one of the institutions in the field of

contracts and of obligations in general"

2.2.3 Waqf Trust

Islamic Waqf: main article waqf was developed in the medieval Islamic world from

7th

to 9th

centuries, it is like the English trust law. The crusades introduce the trust law

during the 12th

centuries, those crusade may be influenced by the Waqf, and the Madrassah

foundations were establish, a great number of Bimaristan hospitals were established

throughout Islamic area. The Waqf trust institution funded the establishments of hospital and

all the staff and equipments of the hospital, the Waqf also funded medical schools.

2.2.4 Classical Muslim Commerce

Traders were known and supervised by officials of the city. Technology and industry

in Islamic civilization were highly developed; such distillation of water, perfume industry

and the industry of ceramics merchants relied on the system of contracts. They also sell on

commission. Wealthy investors give the merchants loans. There are joint investments by

money merchants, Muslim, jouish or Christian. There is also business partnership. In the

nine century, banks can draw checks from bank of Baghdad to be cashed in Morocco since

the 8th

century (the abbasid, khaliph Al Mansur, the idea of welfare and pension were

introduced in the form of Zakat (charity). The taxes included (Zakat and jizya) are collected

in the treasury of Islamic government for the needy.

2.3 Economy in the Caliphate (Edit)

In the medieval Arab agricultural revolution; a social change took place due to

allowance of attaining land by any individuals of any gender, ethnic or religious back

ground. They could buy, sell, mortgage and inherit land.

2.3.1 Trade (Edit)

Main article Islamic geography. In the Islamic golden age, there is afar reading

Muslim trade network. It extended from the Atlantic Ocean and Mediterranean in the west to

the Indian Ocean and South China Sea in the east. Arabic silver dirham coins were

circulated throughout the Afro-Eurasian land mass often in exchange for goods and slavers

24

so, due to these activities, the Islamic empire had (included the Rashidun, Umayad, Abbasid

and Fatimid (Caliphates).

2.4 Agriculture in the Medieval Islamic World (Edit)

Further information: Arab agricultural production during the period from 8th

century

to the 13th

century, many crops and plants were cultivated in Muslim trade routes. Many

changes took place such as farming techniques, changes in economy, population

distribution, agricultural production, urban growth, distribution of Labour force, and many

aspects of life in the Islamic world had been changed.According to Andrew Watson, in the

early Islamic empire there was a highest literacy rates in comparison with pre-modern

societies. Later due to the diffusion of paper from china which led to the flourishing of

books and written culture in Islamic society; and later the study and memorizing of the

Quran, flourishing commercial activities and the emergence of Maktaba and Madrasah

educational institutions, all these led to a better education and high literacy.

2.4.1 Islamic Capitalism (Edit) Main Article

Islamic number of concepts and techniques had been applied by early Islamic

commerce; such as bills of exchange, forms of partnerships (Mufawada) as limited

partnerships (Mudaraba), and also forms of capital (al-mal) capital accumulation (nama al-

mal), Cheques, promising notes, trust (see Waqf), transactional accounts, loans, ledgers and

assignments. There were independent organizational enterprises from the state in medieval

Islamic world. Agency institution was also introduced in the era. Europe had adopted these

concepts from the 13th

century onward.

A market economy was established in the Islamic world like merchant capitalism;

there were a considerable number of owner's monetary fund and precious metals. The Quran

prohibited (usury) but this did not prevent the development of capital, and the capitalist

(sahib-al-mal) from 9th

to 12th

the prominent figure at that period till the arrival of the ikta

(landowners). These two tends to hamper the industrial capitalism in the Islamic world. In

enterprise and business group controlled by entrepreneurs, they influenced the Islamic world

economy from the 11th

to the 13th

century. Each karimis merchant had wealth ranging from

at least (100,000 dinars' to 10 million dinars). They influenced politics through their

25

customers such as Emirs, Sultans, foreign merchants and common coinsurers. The Karimis

dominated the trade routes across the Mediterranean, the red sea and the Indian Ocean and

sub saharn Africa in the south where they braught gold from their miners. Karimis adopted

the use of agents, the financing of projects as a way of acquiring capital, and a banking

institution for loans and deposits.

2.4.2 Islamic Socialism Edit (main articles Islamic socialism and Bayt al-

mal)

The prophet Muhammad himself defended common ownership, he said according to

Ibn Abbas that "all Muslim are partners in three things, water, herbage and fire" in modern

days this can be interpreted as they are partners in water, food energy fuel, oil, and gas.

2.4.3 Industrial Development (Edit)

Muslim engineers in Islamic world had many innovations in the industrial field such

as tide mills, wind power and fossil fuels E.g. petroleum. There were industrial mills found

in every province by the 11th

century Muslim engineers used water turbine, dams as a source

of water power. Such advances changed many manual labours to be mechanized. Such

advances were later transferred to medieval Europe and lately laid the foundations for the

industrial revolution in 18th

century in Europe. The Muslim agricultural revolution led to the

generation of many industries, such as astronomical instruments, cerms, chemicals,

distillation technologies, clocks, glass, mechanical hydropower, etc

2.4.4 Further Information: Islamic (Edit) Economic Jurisprudence

To some degree, the early Muslim based their economics analyses on the Quran

(such as opposition to Riba, meaning usury or interest) and from Sunnah, the saying and

doings of Muhammad.

Al Ghazali (1058-1111) classified economics into the science related to religion in

commotion with metaphysic, ethics and psychology. Thinkers did not see that this

connection made Islamic economic thought to be static. Many scholars trace the history of

economics, though the Muslim world in the golden age ranging from the 8th

to the 13th

26

century and whose philosophy continued the work of the Greek and Hellenistic thinkers with

the rediscovery of Greek philosophy by the European through Arabic translation.

Aba Yusf (731-798). He is a student of the founder of the Hanafi Sunni School of

Islamic through, Abu Hanifah. Abu Yusif was chief jurists for Abbasid caliph Harun Al-

Rashid. He wrote for him the book of taxation. Abu Yusif favored the use of tax revenues

for socioeconomic infrastructure and had discussed many types of taxes as sale tax, death

taxes, and import tariffs. Another prominent thinker is Ibn Taymiyyah who made an

elaborated analysis of the market mechanism he discussed the welfare advantages and

disadvantages of market regulation and deregulation. Gazali suggests an early version of

price inelasticity of demand for certain goods .

2.5 Ibn Khaladun

Main articles: Ibn Khaladun and Muqaddimah see also sabiyyah.

Ibn Khaladun is the best known Islamic scholar who wrote about economics, he is

from Tunisia (1332 – 1406). In this book (kitab al-ibar) the history of the world, he

discussed (the social cohesion) and called it asabiyyah where he tells about the cause of

some civilization becoming great and others not. He also thought that many social forces

are cyclic, but also this pattern can be broken, his idea also about the benefits of the division

of labour; one of his concepts is that growth and development simulated both supply and

demand and the forces of supply and demand determine the prices of goods. He also

observed that the effect of macroeconomic force of population growth, human capital

development and technological developments on development. Ibn Khaldun noted that

population growth was a straight forward function of wealth; he also has his approach to

describe the sociological implications of tax choices, now it is part of economics. Ibn

Khaldun introduced also the labour theory of value which can be summarized as the value of

profit and acquired "capital" must include the value of labor by which it was obtained .

2.6 What is the Role of Religion on Economics?

Hence, one must differentiate between economics as a science and economics as a

system. An economic system should be seen as based on an ideology, while economics

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science is seen as a science that deals with creation of wealth. The system includes these

three elements

a- Ownership of property, commodities and wealth.

b- Disposal of ownership.

c- Distribution of wealth among the people.

2.6.1 Difference Between Islamic Economic Principles and an Interest-

Based System

Islamic economic system can promote a balance between the social and the

economic aspects of human society, between the self and social, individual, family, society

and state interests.

1. Issues like income distribution and poverty alleviation which is the result of a balance

sustainable and equitable economics based on the socio-economic justice and fair play,

all these matters are among Islamic economic concern.

2. Such principles can achieve peace, happiness, welfare and prosperity for humanity.

3. At global level, sensible people call economists and policy makers to make an evolution

at inter and intra national levels which lead to a balanced sustainable and equitable

economics based on the socio-economic justice and fair play.

4. The late Yusuf Ali (translator of the holy Qur'an into English): "where as legitimate trade

and industry increase the prosperity and stability of men and nations, dependence over

usury would merely encourage a race of idler, cruel blood suckers and worthless fellows

who do not know their own good and therefore are akin to mad men" (translation of

verse 2:275).

2.6.2 Why Such Problems Occur In Free Market?

a. Due to unchecked creations of money.

b. A dependence on market forces with lack of ethical limits.

c. A stress on growth and profit per se with lack of any distribution aspect.

d. The state and regulators permit the pursuit of greed and unchecked profit.

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2.6.3 Islamic Principles

So, Islamic principles of economics lay down checks for all these factors. They are

ethical and moral principles focus on clarity, just, fair treatment and care for the right of the

others.

2.6.4 Compare and Contrast Between the Islamic Economics and The Free

Market System

2.6.4. 1 Islamic Economic Comprises

a. Market mechanism.

b. Private property and enterprise.

c. Self-interest and competitions.

2.6.4.2 Parts of the Islamic Economics Market Mechanism are When

Goods are Produced

They either consumed or invested.

2.6.4.3 For Further Production, the Goods Can Be For

a. Sale.

b. Purchase (trading).

c. Leasing.

2.6.4.4 These Processes Can Be Carried Out By

a. Individuals.

b. Partnership firms.

c. Corporations.

2.6.4.5 Such Transactions are Undertaken Properly According to

a. Islamic jurisprudence contracts.

b. Subcontracts with detailed rules.

2.6.4.6 Socio-Economics and Distributive Justice are

29

a. Fundamental feature of Islamic economics.

b. The system encourages social welfare based on mutual help and character building. e.g.

2.6.4.7 The Islamic System of Zakat System

a. It is a religious obligation for every Muslim.

b. When one's wealth exceeds his need at a non progressive rate.

c. Generally, 2.5% of net wealth or 5 to 10 % in the case of agricultural produce above a

minimum limit.

d. The have-nots and the needy are the people entitled to zakat money.

e. This will be according to tenets of the holy Qur'an (verse 9:60).

2.7 Competitive Price Mechanism, Transparency and Disclosures are

Parts of The Market Function

i. Individuals have the right of ownership and freedom of enterprise and can gain and lose

under this frame work.

ii. Commercial interest, excessive uncertainty, gambling and all other games of chance are

prohibited by Islamic economics system, mainly the prohibition of Riba (interest).

iii. The main principles governing trade exchange must be carried out under certain rules :

2.7.1 Various Transactions Contracts Form A Fundamental Principles in

Islamic Economics

a. Transaction contracts are classified as commutative and non commutative (U good -e-

MU'awadha and U good ghair MU'awadha).

b. The validity of profit and return existed only in the case of (U good -e- MU'awadha)

such as the contract of sale and leasing.

c. No return can be taken in the case of gifts, guarantees and loans.

d. Shari'ah considers such activities as gratuitous and benevolent acts.

e. In the case of loans, it is a timely help for the needy, the debtor is charged only with the

exact amount of the loan or the debt.

f. The debtor has to repay the debt unless the creditor gives relaxation or the debtor

declared insolvency.

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g. In The Hereafter the debt remains intact unless the creditor waives the amount of debt

even in the case of insolvency.

2.7.2 Regulating Trade and Business

Gordon Brown, the chancellor of the UKexchange said "it was mainly through

peaceful trade, the faith of Islam arrived in different countries". So, an interaction between

Muslim and non-Muslim communities, social cohesion among different societies can be

achieved through the trade that is based on ethical values, some standard of justice and fairly

play. Due to the above complications of the Islamic finance, economists, policy makers and

regulators must concentrate into two aspects:-

a. The role of the government must not concentrate only in conducting the different

businesses but mostly focusing in the proper and smooth functioning of market forces

with the utmost accountability and transparency so that vested interest cannot be

manipulated through malpractices as happen in the bitter experience of capitalism

leaving many human beings in at most poverty.

b. The second aspect is concerned with money, banking and finance, financial instruments,

institutions and the markets.

All financial transactions and instruments in Islamic finance should be represented by

genuine assets and business transactions are carried out according to the rules and norms

based on fair play, transparency and justice.

2.7.3 Other Fundamental Principle of Islamic Finance is That

i. All financial assets should be based on real assets (not necessarily gold and silver).

ii. On the other hand, there is the best standard for the value of the time factor in business

transaction, and that is through the pricing of goods and their usufructs.

iii. So, with such supply and demand of money, management of savings, investment and

financial assets should be conducted according to these principles which result in

sustainable and equitable growth and development leading to the happiness of mankind.

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2.7.4 Funds Owners Must Share The Risk and The Return with Users of

the Funds

i. All parties to contract have to undertake liabilities for entitlement to profit under the

nature of the transactions.

ii. Parties will be charged differently during the various business activities according to

trading, leasing or Shirkah(partnership) principles.

iii. These parties have both risk and reward during the different stages of the transactions

process.

iv. The risk shall be there; it can be mitigated but not eliminated if the profit from such

transaction has to be legitimized.

[

2.8 Fundamentals of Islamic Economic Systems

Fundamental of the Islamic world view with its direct and indirect effect on business

of Islamic financial institutions and markets.

2.8.1 Shariah is A Code of Law or Divine Injunctions that Regulates

Human Being Conduct In Both their Individual and Collective Lives

a. All business and financial contracts in Islamic finance framework must conform with

shariah rules and its objectives.

2.8.2 Here are Some Specific Branches of These Injunctions

a. "Aqaida" or matters of belief and worship.

b. "Akhlaq", or matters for disciplining one's self.

c. "ahkam", or socio economic and legal system.

d. "Fraidh", or obligations

e. "Nawahi",or prohibition. So Islamic economics is controlled with these disciplines.

2.8.3 Sources of Shariah Tenets

The main source of the divine law is the revelation. The Holy Qur'an and Sunnah of

the Holy prophet (PbUh). So absolute belief of the revelation as the source of tenets and

information requires complete submission to Shari'ah rules.

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2.8.4 Other Sources of Shari'ah Tenets

a. Ijma'a (consensus)

b. Ijtihad (the mental effort of juristic expertise to find solutions to emerging problems.

c. (Giyas)(analogy)

d. Ijma'a of the companions of the holy prophet is important source for the derivation of

laws.

e. Urf (prevalent practice) is one of the tools in the hand of Islamic jurists to deal with

shari'h position of the different contracts activities.

f. So, jurists, sharia'h scholar, shari'ah boards of Islamic banks and their institution are

needed to deal with solutions and issue edicts concerning various activities on the

basis of the above Shari'ah sources.

g. Shari'ah rules are divided into dos (order to undertake any act).

h. And don‟t (prohibition from some acts).

2.8.5 Shari'ah Objectives (Maqasid): Primary Objectives to Preserve and

Protect

1. Religion (the worship of Allah (S.W.T)).

2. Life (the sanscity of life protected by the law of Qias).

3. Progeny family unit (protection of family and married institution)

4. Property (sanctity of wealth).

5. Intellect.

6. Honour.

2.8.6 Secondary Objectives of Shari'ah

1. The establishment of justice and equity in society.

2. The promotion of social security, mutual help and solidarity, particularly to the poor and

the needy in meeting their basic needs.

3. The maintenance of peace and security.

4. The promotion of cooperative in matter of goodness and prohibition of evil deeds and

actions.

33

5. The promotion of supreme universal moral values and all actions necessary for the

preservation and authority of nature.

2.8.7 Studying Quran and Sunnah, Some Basic Socio-Economic Right of

Human Beings are Deduced

1. The right of safety.

2. The right to be informed.

3. The right to choose.

4. The right to be heard.

5. The right to satisfaction of basic needs.

6. The right to redress.

7. The right to education.

8. The right to healthy environment

2.8.8 For Achieving The Above Mentioned Goals, The Islamic Economics

Structure Should Be Clarified

a. Islamic economics approach is that, the creation and growth are means to satisfy human

needs as well as to support society.

b. Islamic encourages Muslims to seek the Hereafter by what they earn and not to forget

their worldly share during life.

c. The Shariah shows the directions towards a social order of justice, well being, security

and knowledge, and gives equal chance to all for earning a livelihood leading to

equitable distribution of income and wealth.

d. But when there is undue monopolistic and unjust pricing during the production and

distribution practices, ALHisba(the institution of the ombudsman) should be prevailed as

a social regulatory body to check these imbalances to achieve the Shariah goals of

justice and equitable distribution of wealth within different segment, sectors and

individuals among societies.

2.8.9 The Economic System Comprises

The main elements

1. Ownership of commodities and wealth.

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2. Transfer of the ownership.

3. Distribution of wealth among people.

4. Among the thoughts used in economic analysis are the determinants of the level of

income and employment, money and banking, fiscal and money polices, national

income accounting, economic growth, demand and supply of money and stability.

5. Other details may comprise expenditure, saving-investment relationship, the saving-

income relationship. Consumption and investment functions. The potential level of

output, employment, and labour force and profit as aggregate variables.

6. All these determinants correspond to the main Islamic values and tenets.

7. While the absolute prohibition of interest(Riba), promotion of other various business

activities and trading, the existence of profit sharing, and the application of (Zakat)

and prevention of a wasteful consumption(Israf) with an overseeing role of the state,

form the key features of the macro-economics in the ideal Islamic economy.

2.8.10 Ownership and Property Right

i. Islamic economics is based on socio-economic justice.

ii. All resource in the world belongs to the creator; human beings act as vicegerent of God,

the holy Qur'an says "and give them from the mal of Allah he gave you". (04:33) and

spend from what He put you in charge of.( 57:7).

iii. Thus, Islam has put the limits and the means by which individual, groups, the public and

the state can possess propriety.

2.8.11 The Means to Possess Goods

1. Work.

2. Inheritance.

3. Purchasing.

4. Obtaining property for sustenance.

5. Properties granted as gifts, granting of possession of anything to the people by the state.

6. As mentioned before, there are limits set in terms of the quality of the wealth and the

means of acquiring it, but not in terms of the quantity of wealth, because the latter resists

human being strife to work diligently.

35

2.8.12 Legal Means of Ownership and Transfer Through Different Kind of

Contracts are Set By Islam to Facilitate the Acquisition of Property and

Wealth

i. There are general rules for these contracts submitted to the allowed limits.

ii. The rules permit man to use the resources by consuming them, benefiting from them or

exchanging them via various contracts such as sale, loans, lease or gift. Other rules are

concerned with investment of wealth and property.

2.8.13 Distribution

There is also the distribution through partnership, trade joint venture, loans, as well

as other transfer means such as grants, Zakat and the control of waste (Israf). So, Islamic

economy links between the market functions of production and growth, and the institution

functions of policy and control.

2.8.14 Factors of Production

i. Qur'anic injunctions set basis for the distribution of wealth and income.

ii. All factors of production have share in this distribution and prevention of any kind of

exploitation to take place in this process.

iii. The fact that, capital has to bear the loss if any, represents a distinctive feature in Islamic

system.

iv. Islam also keeps a part of the produce wealth as Zakat for the needy ones who cannot

contribute to the production due to social, economic or physical handicap.

2.8.15 Factors of Production in Islamic Economy

1. Capital: comprises means of production that are consumed or altered in during the

process of production. In Islamic economics the compensation for the capital is profit.

Profit is the residual revenue of a business but it comes with responsibility or liability.

2. Land: Here, the means of production used in the process are not changed in corpus or

original form. The compensation here is rental; e.g. land, machinery and plant, owner of

houses, vehicles, and machines. All these can be rent or leased.

36

3. Labour: is human exertion, physical or mental effort, organization and planning are also

included. The compensation here is wages:

a. An entrepreneur who rent land, machinery and labour and uses his own (money capital)

he has to pay wages and rentals for utilizing all these factors of production.

b. The entrepreneur gains profit from his capital only if there is residual after paying the

entire rental and wages and other expenses.

c. If the money capital is taken as a loan, the loan shall be repaid without any addition or

reduction of the amount whether there is profit or a loss.

d. In case there is a provider of the whole or part of the money capital and he wants a profit

as a result of such business, and the business suffers a loss, the provider has to accept the

shortfall of the whole amount.

e. So an entrepreneur or a capital provider is not entitled to a profit just by being a capital

owner.

f. All participants in a business must share similar liabilities and rights according to the

nature of the business and agreements terms.

g. On the other hand, management, responsibility and liability are considered also as

factors of production.

h. For example, a group of people get together as business partners or group of financers

who pursue business of their choice, or hired a manger to do the job.

i. On the other hand, a profit can be a reward for taking the responsibility to coordinate and

get the work done according to contracts terms.

j. In Islam there must be balance dealing between individual freedom and the welfare of

society.

k. The balance of market mechanism concerning demand and supply of goods is necessary

to achieve economic justice for the welfare of society and adequate allocation of

resources.

l. So for efficient functioning of the banking and finance sectors, there must be a good

overseeing role on the part of governments and regulators to make sure that market

forces and stakeholders not exploit each other and hence, fairness, justice and healthy

monetary system will be achieved.

37

m. Government and regulators must devise and adopt fiscal and monetary policies in their

respective ambits in such a way that the rate of return emerging from real sector business

in the economies becomes the benchmark and an effective signal for the allocation of

funds to various sectors.

n. The state also must achieve the stability in the value of money. This vitally important for

both the growth of the economy as well as for the achievement of social justice and

economic welfare. The holy Quran says:"and give full measure and weight with justice",

(6:152).

2.9 Global English and the Role of Translation

In the last two decades, language has been affected by the trend of globalization.

According to international status, one notices that English occupies an unchallenged and

most dominant language. The factors that determine power in language and society may be

shown as follows:

1- Access to resources such as economic, political, material etc.

2- The language role in international decision making.

3- The ability to cope with global technical developments including the information

and communication technology and taking the lead in mediating information

technology and other tools such e-mail service and world-wide-web.

On the other hand, there is the important role of English in international politics and

diplomacy in resolving international conflicts and it‟s effect in the world economy. Now, the

big question for the specialist, is whether the translation from or into English can play a role

in this rapid advances in communication technology. Globalization and the Role of

Translation Research conducted in English/Arabic translation leads to the fact that the need

for translation is on the rise. [Al-Salman (2002, P.99)]. There is also the transfer of

technology where the language of the “sending” countries differs from that of the „receiving‟

ones; and when 60% of the technical documentation of the world is written in English; so,

the need for translation from English to other languages and vice versa is necessary.

In ( U S ) “from 1980 – 1990”, the number of Spanish speakers grew by 50% and the

number of speakers of Chinese grew by 98% ( op cit, p.2). With such statistics of speakers

38

of other languages, this indicates that English will be probably not the only medium of

communication between the people of the world. So, this fact implies that translation is the

way out; Wall raff (2000) says ”we monolingual English speakers may never be able to

communicate fluently with every one everywhere – we may well need help from something

other than English”. In other words, translation is the solution – there is a frequent and on-

going of translations of English terms and expressions into the local languages of other

speakers language. Statistics reflect the leadership of the English language in the publishing

industry, so it has more chances to be translated; because writers in English reach large

audience and hence their topics can be translated to other languages. So, global English

boosts the process of translation. We find that the English-speaking world is keen to learn

about the latest world development such as advances in the scientific, technological,

economic and cultural fields in the industrial countries; such countries as China, Japan,

Germany and France do not speak the English language. Wiersema (2003) reports that

“Because of the current trend of globalization, the translator no longer

has the absolute need to always find a translation of a term in the target

language if this could make the target – language text loses credibility.

These translations contribute to a better and more correct understanding

of the source culture”.

The role of translation in the Arab world and specifically in Jordon is well

known. All B.A degree in the department of English include translation in their curriculum,

as well there is the MA degree in their universities. Language experts in Jordon believe that

the English language will not lose its power dramatically, because all pharmaceutical leaflets

of medicine and drugs have an Arabic translation of the product‟s scientific and commercial

name, indications, side-effects, precautions, dose, etc., …. On the other hands, all

appliances, electronics they have an Arabic version concerning the operation manuals. So,

the translation role is there whether the source language is English or any other language.

(Al-Salman).

2.10 Translation Activities

2.10.1 Activity

1. Interpreting and translation technique:

39

a. Before interpreting any assignment you should be sure that you are competent to do it,

so asking about the people participating in a conference or a meeting for example, it is

important to know about their region, dialect and accent finding out about the

assignment and researching any specialized vocabulary is essential move.

b. The awareness of the meaning of a word can change from one country to another

especially in Arabic country.

2. Interpreting and translation techniques:

As an interpreter you must be aware of the register importance. Register is the

appropriate language for given context.

2.10.2Register is Classified into

1. Tenor

2. Field

3. Mode

4. Tenor is the choice of the language according to the relationship created between people

participation in language exchange. The choice of language changes according to age,

social status, familiarity and may be gender of the speaker, also the mood and the

emotions can affect the choice of the language.

5. The second aspect of register is the FILD.

6. Field is the right choice of word for the situation. Such definition can refer to jargon or

terminology or in legal context, it can point out to every long sentence with many

clauses and elaborate mode of expressing ideas.

7. The third aspect of register is mode; Mode is concerned with the means of

communication the translator used. e.g. (speech, writing, non-verbal).

2.10.3 Written Translation

Before the act of translation, some stages have to be taken.

1- Scan the text.

2- One has to be aware of factors such as:

40

I. To whom the text is written.

II. Who wrote the text?

III. The purpose of the text.

3- Determine difficult, ambiguous terms.

4- Identify any difficulties concerning grammatical constructions e.g. (passive

constructions, very long or convoluted sentences).

5- Key words or phrases can be highlighted.

6- Each paragraph should be read to "decode" the meaning.

7- Translate, or "encode" the meaning in the target language.

8- For checking the transferred meaning, style and register correctly, the original and the

translated texts should be read side by side.

9- So by following these steps one hope to achieve a state where the translation stands

independently in every aspect.

You have been asked to make a written translation of this next text deduced from

sources of Shariah tenets "section. Use the above guide lines to help you prepare your

translation.

I. The text: Shariah can be divided into dos (orders to undertake any act) and don't

(prohibition from some acts), which can further be divided into the rituals (matters of

worship) that are considered as rights of ALLAH (SWT) and the matters for disciplining

human life, that constitute the rights of human beings. While the former acts (rituals or

matters of relating to belief and worship in the form of Fradh or obligation) have to be

accomplished strictly according to Shariah tenets.

II. We identified the following points for attention:

a. A paragraph with very two long sentences.

b. The syntax (order), of these two long sentences is loaded with a peculiar terminology

that needed definitions between brackets, there are also about four passive constructions

with only one active sentence within the Para.

c. Astonishing use for the use of the familiar verb (Do); as the verb here is converted into

noun with the change of the spelling of the (Dos) which is usually does:

41

1. There are the terminology with a deep Islamic religious connotation that cannot be

changed such as ALLAH (SWT) and the word (Fraidh).

2. Islamic economics texts are loaded with such terms of Islamic religious connotations.

Such terms present us with two problems: decoding what is meant exactly by these

terms and encoding- raises the question – is there an equivalent to such terms in the

L2? If not – would an explanation in the L2 do?. After paying attention to such points

translate your text and send it to your teacher or tutor for assessment.

2.10.4 Interpreting and Translation Techniques:

a. Creating your term bank.

b. Definition of term bank.

It is a glossary, dictionary that is created and developed by you. It reflects the meaning

and translation of specialist terms.

2.10.5 Information's Sources for your Dictionary:

1. For your quest to achieve such task, your experience, contacts with agent, language

tutors, specialist book-shops, libraries and the internet will be needed.

2. Examination: the time is very short to look up a word term in a dictionary; so your term

bank will be of great help to you; provided that your method of classification is

alphabetic or thematic. You must be absolutely sure of the meanings and the information

concerning your chosen words, terms and phrases. Find Arabic equivalent for the

following economic words and phrases.

2.11 The Main Prohibitions and Business Ethics in Islamic Economics

The prohibitions, being discussed here include Riba which is commonly known as

“interest” in conventional commercial terminology; also Maisir Gimar (gambling) and

Gharar; the latter means the excessive uncertainty about the subject matter and/or the price

in exchanges, as well as the chapter discusses the norms and ethics of business and finance

in Islamic framework. Shariah has identified some elements that should be avoided in

commerce or business transaction:

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2.11.1 Prohibition of Riba

a. The word “Riba” means prohibited gain.

b. The Holy Qur‟an explains that all income and earnings, salaries and wages,

remuneration and profits, usury and interest, rent and hire, etc; can be categorized either

as:

I. Profit from trade and business along with liability which is permitted or

II. Return on cash or a converted form of cash without bearing liability in terms of the

result of deployed cash or capital is prohibited.

So Riba includes "any increase over or above the principal amount payable in a

contract obligation, not covered by a corresponding increase in labour, commodity, risk or

expertise." (Understanding Islamic finance).

2.11.2 All Real Sector Business Transactions Comprise

1- Sale, purchase which may be in cash or credit.

2- Loaning.

3- Leasing.

In Bai‟, or sale, the commodity is transferred to the buyer when the sale is executed. It

doesn‟t make any difference if the payment of the price is on the spot or deferred. The

payment for the ownership of this commodity can be on – the – spot or credit payment with

a profit margin for the seller. Bai‟ salam: it is a kind of forward sale, the goods will be

delivered in a future time, both parties must give and take ownership at a definite time and

on agreed terms, irrespective of the rises and falls of prices at the delivery time. If the

transaction is of (Hiba) or a gift, there will be no pay for the ownership of the assets.

2.11.3 A Loan In Islamic Finance

A loan is a temporary transfer of ownership of goods and assets without any

payment. The debtor is liable to pay back the same assets to the creditor.Riba in (loan or

debts) involves payment of interest during the transfer which is prohibited.

43

Ijarah is a different transaction, the lessor still has the ownership of the leased asset

against the payment of rent. But, on the other hand, he is liable for expenses relating to

ownership and loss of the asset, if any. In Islamic finance renting money is prohibited. In

Islamic finance, capital is a factor of production as in conventional economic system, but

with a different view that one cannot derive any profit from money unless one uses it in an

exchange for commodities or services in valid contracts of sale or lease taking into account

the liability of the risk of loss.

2.11.4 Prohibition of Gharar

Gharar represent the second major prohibition in Islamic economics.

Definition of Gharar:

Gharar comprises the elements of ambiguity, uncertainty about the end consequence

of a contract and nature and/or quality and specification of the subject matter of the contract,

the rights and obligations of the parties and the ambiguity of the possession and/or sending

of the item of exchange. That is to say the whole thing relate to the uncertainty of the basic

elements of any agreement, subject matter, consideration and liabilities.

Example: the sale of an escaped animal or a contract in which the price is indefinite.

Example of Gharar in the terms and essence of a contract:

a- Two sale in one

b- Down payment (Arbun) sale.

c- Suspended (Mu‟llaq) sale.

Example of Gharar in the object of contract:

a- Ignorance about the species.

b- Ignorance about attributes.

c- Ignorance about the quantity and also about the time of payment in deferred sale.

d- Contracting on a nonexistent object.

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2.11.5 Prohibition of Maisir / Qumar (Games of Chance)

According to jurists, “Qumar” is an important kind of the “Maisir” Maisir means

wishing to obtain valuable thing easily and without paying any compensation (I‟wad) for it,

without working for it one obtain things only by game of chance and without undertaking

any liability against it. Qumar also means having money, benefit or usufruct at the cost of

others by merely game of chance. Injunction of Islam generally prohibits gambling,

wagering and swearing. Lotteries and prize bond schemes that have been launched

sometimes by financial institutions and banks are prohibited by Islam. Why?

Although the investors‟ money may remain safe, but the prizes are result of the

interests accumulated from the capital. There is also the element of chance that few people

may become millionaires at the cost of others, and without undertaking any liability or doing

any kind of work. So this process is repugnant to the tenets of Shari‟ah, it involves both Riba

and Maisir.

But generally since the purchaser knows what he is purchasing and the vendor is

aware of what he is selling and knows what its prices as well as the property for sale is

available for inspection, therefore there is no element of chance and hence the whole process

comply with, Shari‟ah tenets, in spite of the fact that there the element of publication to

attract customers. Islamic financing institutions and banks must forbid launching

conventional lotteries or prize bond schemes. Both are repugnant to the tenets of the

shariah because of their involvement to both riba and maisir.

- All Islamic financial transactions must comply with certain ethical standards such as

trustworthiness in business transactions and generosity in bargaining. In business

transactions, acts such as false swearing, lying and hiding facts in any bargaining must

be avoided.

- Important pillars of business ethics in Islamic shariah comprise fair dealing that

involves honesty, straight forwardness, free consent and negation of misstatement,

misrepresentation and exaggerated description of products.

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2.11.6 Free Marketing and Fair Pricing

The Jeddah-based “Council of the Islamic Figh Academy” of the OIC in its fifth

session stated that:

1. Islamic banks should conform with shariah rules concerning trades and other business

(O66

you who believe! Consume not each other‟s property in vanities, unless there is

trade based on mutual acceptance).

2. Trader has freedom in the percentage of profit in his transactions.

3. Generally this left to the merchants, the business environment and the nature of the

merchant and of the goods. Merchants should be aware of the ethics recommended by

shariah such as moderation, contentment and leniency.

4. Shariah forbids all illicit acts features and benefits that are detrimental to the well –

being of society and individual.

5. Government must not interfere in fixing prices unless there are clear pitfalls noticed

in the market and the prices due to artificial factors. So, here the government

intervenes to get rid of these factors, their causes, the excessive price increases and

fraud.

2.12 Avoiding Interest

In Islamic banks, credit transactions, taking or giving any loan or enter into contracts

with intention of any increase over the principal of loans or debts is forbidden. While buying

/ selling goods in the form of cash payment and credit with the intention of earning profit is

allowed.

2.12.1 Avoidance of Interest

Lending on interest is alien to Islamic banks and financial institutions. In any case of

debts concerning trade or Ijarah transactions, there must not be any charge over or above the

principal of the debt. debtor are not allowed to charge any costs of funds or rent on money in

short, medium, or long term loans, over draft guarantees, financing against bill, receivable or

other instrument or sell their debt instruments.

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2.12.2 Alternative Financing Principles

Avoiding interests as a basis in Islamic finance, a number of techniques and tools are

used by Islamic banks to do their business. Such tools as the principle of participation and

sharing found in musharaka, mudarabah, and the deferred trade principles applicable in

credit and forward sales (muaj'jal and salam); there is also a combination of techniques such

as shirkah and ijarah, murabaha, and salam and istisna'a. Here are the major forms of Islamic

finance that shed lights on the above discussion concerning the philosophy of Islamic

banking.

1. Mudarabah is a form of partnership, where one party provides the capital and the

other party provides entrepreneurial skills. Any loss is borne by the financier but in

case of profit, it will be shared by the partners according to a pre agreed ratio.

2. Musharakah is another arrangement that may take the form of a permanent equity

investment. It is a partnership in a certain project with a fixed duration or a

diminishing partnership (the banks share is repaid overtime by the company that

borrowed the funds).

3. Murabaha – muaj'jal: here a customer demands goods or otherwise; the goods credit

sale is at profit margin, the result is a debt covering the cost plus a profit margin, so

this debt has to be paid back if there is a profit or loss to the person or institution

that purchased in credit and suffered the loss of the goods in his ownership.

4. Salam is concerned with providing funds for forward purchase of defined goods

with prepayments.

5. Ijarah is concerned with leasing an asset and receiving rentals as the asset is leased;

the lessor owns the asset and the risk and reward of its ownership.

6. Istisna‟a is concerned with a financing agent for example who is asked to

manufacture or construct or supply an item at a future date; the sum must be explicit

and be paid periodically; the agent makes the contract with the manufacturer to

produce the commodity and the customer must pay to cover the production price and

the profit margin.

7. Security / collateral: in debt-creating modes: the bank may ask the client for a security

in the form of mortgage, or a charge in his assets.

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8. Liquidity, features of liquidity in Islam are the possibility or ease with which the bank

can sell the related assets to obtain cash money when needed.

2.12.3 Valid Gains on Investment

1. In Islam all gains on investment or principal of a business are permissible.

2. Profit has been known in Islam as "reward" of capital and Islam allows gainful use of

surplus resources, but along with the permissible profit there is the liability of risk of

loss with the capital itself.

3. In Islamic finance the financial transactions are permissible for the purpose of earning

profits and must be associated with tangible real asset. It has to be noted that in Islam

money is not recognized as capital so it can not earn profit in itself.

4. The provider of funds can be also the entrepreneur; he will gain profit /loss for his

capital and a wage / remuneration for his entrepreneurship / labour.

5. On the other hand, the provider can provide capital for any other individual / group of

individuals for any kind of business, he will have a share in the profit; on the other hand

the manger of the business will have “wages” from a share in the profit. But if the

business suffers a loss the capital owner will bear the loss while the manager's labour is

wasted; so the principle is that one can earn a profit from his investment or financing, the

assets must be real and tangible and one has to bear the loss if there is one.

6. All pre–fixed returns are not Riba.

2.12.4 The Following Point is Necessary to Differentiate Various

Transactions

1. Bai‟ (sale/ purchase of goods) it means the transfer of goods to the buyer who pays a

price that can be on the spot, delayed (in a credit sale) or in advance as (in salam). Here

the buyer is the one who bears the risk and reward of the sold goods and he must pay the

price irrespective of his loss or profit of his business.

2. Hiba (gift) it is the permanent transfer of ownership of assets. There will be no payment

for it, and cannot be taken back except by the consent of the person to whom the gift was

given.

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3. If there is a temporary transfer of ownership of goods/assets and there is no payment for

it, this is called "qard al Hassan" / Tabarru‟ and Islam encourages such activity.

4. Ijarah means the transfer of the usufruct of assets and hence there is payment of rent.

The lessor is the owner of the leased assets, therefore, he is the owner of the risk and

reward as related to the asset.

5. "Anything which cannot be used without consuming its corpus during the use" cannot be

leased, money, yarn, edibles fuels, such items can be sold, bought or loaned; and in latter

case the exact sum must be repaid. On the other hand, things, assets which cannot be

consumed during use can be leased against fixed rental such as ships, houses, motor

vehicles.

6. The above discussion shows that Islamic banks can charge a fixed profit when there are

a trading or leasing transactions. In the case of loan and debt the banks cannot charge

any amount of money over and above the exact sum when the debt or loan is created.

2.12.5 Variable Rates on Investment

1. (Musharakah / mudarabah, and their variants, are called shirakah) this kind of

partnership-based modes gives different returns to investors.

2. Mobilization of deposits and funds from investors / savers is an important mode used by

Islamic banks, and hence as a result of this business the banks gain variable return.

3. A quasi-fixed return is possible here in trade and ijarah because shirakah – based

investment is attached to fixed earning modes. An example of such modes is diminishing

musharakah on the basis of shirkatulmilk and securitization through shirkah.

4. A point to be noted that in shirakah based modes, the risk is higher than in trade or

ijarah-based modes, and hence normally the profit is also high.

2.12.6 What is the Criterion For Entitlement to Profit in Islamic

Transactions?

Business risk is a main element and a precondition to any profit over a capital

a. “Alghunm bil ghurm” as shari'ah states.

b. In debt creating modes Islamic banks should bear market risks, commodity risks, price

or rate of return risks, legal and documentation risks.

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2.12.7 Islamic Banks Dealing in Goods Not in Money!!

Islamic banks in contrast with conventional banks, deal in goods and documents and

not in money, while conventional banks dealings is shown by this famous quote.

"Conventional banks deal in documents not in goods". These banks don‟t bear any kind of

risks or responsibility concerning any contracts, counter payments or price. On the other

hand Islamic banks act as intermediator between savers/ investors and those who use the

funds. For example, in salam or murabaha, there are certain commodities that will be dealt

with by the banks. Goods will be purchased by the banks or by wakalah arrangement as

banks agent for maintaining inventory or upon an order by a client. The banks own the

goods and bear their risk, and then banks sell them at cost plus profit margin. After

executing the sale, the clients bear the risk and bound to pay the price at the specific time. In

istisna'a, the manufacturers manufacture the asset and send it to the banks. The banks bear

the market risk.

In the case of salam the banks receive goods after they have made a prepayments, at

this time the banks bear both the assets risk as well as the price risk and not the salam

sellers. Involvement in trading goods on the basis of salam and istisna'a gives a great

potential for the development of the agricultural and rural microfinance market as well as

making the future of the people in rural areas so secure. In case of ijarah, first the Islamic

banks deal with physical assets. They purchase the assets that can be leased by the clients,

while the assets remain on lease, its ownership and the related risks/expenses remain with

the bank. Also if any damages happen to the assets, and it is not the lessee fault, the bank

ceases to receive the rentals. In musharakah and mudarabah–based investment, any earnings

gained by the Islamic banks will be as a result of the economic activity executed by the

client; and the profit will be shared per agreed ratios. The banks will bear the loss per their

share in the capital of shirakah business.

2.12.8 Creation of Money From the Islamic Perspective

Financial system is affected greatly by the monetary and credit policies. This effect

is shown clearly in the quantity and value of money. In contrast with conventional system,

where billion money paper or fiduciary money can be created by ledger entries or issuing of

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paper securities irrespective of any increase in goods and services and with distortion of the

economy and exploitation of part of the society. Islamic financing system prohibits

exploitation and the supply or growth of money / credit should go in line with good and

services for the benefit of all the society.

Avery distinct feature in Islamic financing instruments is that these instruments must

be real asset based. Backing of real assets to Islamic banking is the core of their creating of

money. Islamic institutions with their risk and reward securitize that asset‟ operations, the

ownership of these assets are transferred to the security holders in order to get liquid funds.

Deficits in the government budget are financed by Islamic banks and financial institutions.

This takes place only when governments have enough real assets to raise funds according to

shariah compliant or to transfer the debt stock into securities in compliance with shariah.

2.12.9 Source for Monetary Expansion are Set by Regulators

Financing of government budget deficit is executed by borrowing from the central

bank. The central bank acts as a monitor to direct the monetary policy for the growth of the

money supply, which neither "more" or "less" but just enough for the exploitation of the

capacity of economy for the sake of offering goods and services to wide sectors of society.

Deposits of the commercial banks act as an essential factor for the money supply. There are

two kinds of deposits; first there is the "primary deposit" that provides the banking system

with the base money (cash-in-wallet deposits with the central bank).

Secondly there is "the derivative deposit", which acts in a proportional reserve

system as a source of money created by the commercial bank in the process of credit

extension. Mudarabah or shirakah system for mobilizing and using of funds represents the

core of the Islamic finance model that entails creation of money and credit. In shirakah–

based, interest-free system, overexpansion is so limited there is the liability to losses on the

part of the banking system, the creator of credit. The relationship between the Islamic banks

and clients is that of a partner, investor or trader and not a creditor or debtor as in

conventional bank. Islam assures the equitable sharing of profit and loss between capital and

enterprise by mutual consent. If people use to keep their income and saving as deposits in

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the bank and carry out most of their payments through cheques, then the banks will be able

to create and meet public element for cash, since there is a fractional reserve

2.12.10 What is Inflation?

1. It is generally a change in the value of money, specially the depreciation of currency.

2. What is the cause of inflation? [

3. The main cause of inflation is the unlimited creation of money and credit, which result in

debtor's liabilities that hit future generation.

4. Government and banks generally use various measures to combat inflation including

indexation of wages. [

5. There is an argument concerning using of indexation by Islamic finance to counter

inflationary pressures or that repayment may be made after the considerations of the

impact of inflation on the purchasing power of money. But the Nass (clear text) OF

HOLY Qur‟an permit only the principal of a loan and debt that any addition over it as

Riba.

2.13 Islamic Law of Contract and Business Transaction

Islam sees people property as sacred as their life and honour. So Islam forbids

usurpation of other people property by way of theft, embe33element, bribery, cheating and

all other unlawful means like riba, gharar and qimar.

On the other hand contracts and transactions have different features that must

conform to SHARIAH tenets; without any involvement with the above mentioned prohibited

elements. If there is any kind of involvement, the contract is regarded as invalid one.

Dealing in goods is part of Islamic banks and financial institutions. So, sale, leasing,

partnership, suretyship, agency, assignment of debt, mortgages contracts etc are parts of

these banks and institutions work.

2.14 MAL (Wealth), Usufruct and Ownership

The main function of contracts is dealing with goods, wealth (MAL), usufruct of

goods and transfer of ownership of the goods and usufruct from one party to another party.

Wealth or MAL should be something of value and can be possessed and have a legitimate

52

use. In addition to goods fiduciary money is also a kind of MAL that acts as a medium of

exchange but cannot be sold. MAL or property in Islamic commercial law is classified into

movable and immovable, fungible and non fungible and determinate (Ain) and

indeterminate (Dayn) categories.

Example of (Dayn) is gold, silver, currency, grain, oil etc.. Legally (Dayn) is the

responsibility or obligation of a person to another person, that has to be fulfilled and paid.

Here are three kinds of ownership of assets through contracts, succession or addition to

already existing assets of someone:-

1. Ownership of assets (milk UL'Ain).

2. Ownership of debt (milk Ud Dayn).

3. Ownership of usufruct (milk UL Manfa‟t).

I. Milkul'Ain is definite and not affected by time. Once one purchases an asset the

ownership is not ended by time unless the asset is transferred by the purchaser with his

free will through valid contract.

II. The transfer of ownership of an asset is different from the transfer of its usufruct this

point is crucial in Islamic Banks as it determines the liability right, risk, and reward in

their asset based operations.

III. Milk Ul Manf'at is affected by time. The usufruct of any rented assets will be given or

taken for a specified time through valid contract.

IV. Islamic financial institutions are keen about categorization of goods as such:

Fungible (Zwatul Amthal or Mithli) and non fungible (Zwatul Qiyam or Qimi)

goods.

- The fungible goods are those with similar units e.g. wheats or rice or vehicles of a

given trademarks.

- A commodity belongs to dissimilar types where their units have different value due to

different quality e.g. paintings, gems and buildings.

- Islamic financial institutions is so interested in such categorization e.g. Istisna‟a is

used for Qimi goods while Salam is for Mithli goods the first categories non fungible,

while the second is fungible.

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2.15 Interpreting and Translating Techniques

An important tip for the translator , in public service interpreting, you will often

come across the names of organizations, official bodies, acts, schemes etc that will not have

an equivalent in Arabic. The best way of tackling these names when they arise is the use of

the original English with a simple translation and explanation in Arabic. However, if they

are used in an extract for simultaneous interpreting, you will not have time to translate these

names and you must not attempt to do so (south Tynside college, England) so, again you

have to use the English version.

2.15.1 Law and Language

Unlike an engineer who deals with physical things such as iron etc, the lawyer deals

primarily with words. The term semantics denotes the study of meaning in language. So the

business of lawyer is to express precise legal meanings through the medium of language,

language is the tool of law and law to this extent is an exercise in semantics.

Historically, by the 16th

country French had become obsolete as a spoken language in

England and legal language had developed into mixture of French, English and Latin. An

act was passed by year 1650 saying that all law reports and acts of parliament must be in

English. Finally the English language becomes the official language of the courts and legal

documents. Modern legal language contains technical terms derived from French and Latin

e.g. Mensrea, Bailment, tortfeasor etc.

Using these foreign words or phrases is essential due to their precision in legal

dialogue. They have particular legal meaning and are rarely used outside legal context.

Often problems evolve when words are used in both everyday speech and the same words

used technically as legal vocabulary. Examples of such words are factory, premises,

trespass, consideration, land.

Take for instance the word "Land" this word means fields, meadows, the ground

where people walk upon and build on for a layman, but to a lawyer it means the buildings

on the ground and the fixture attached to the buildings such as light, kitchen units, also the

land beneath a lake or a river. On the other hand, the word consideration usually means not

to hurt the feeling of others ie to care, or to take things into account, to a lawyer it has a

54

precise meaning in the law of contract. It means money or money worth that seals the

contract and makes it binding. Vagueness of legal terms sometimes is done deliberately to

accommodate many different real-life situation, for example the law of negligence requires

people to take reasonable care in their dealings with others to avoid being liable to pay

damages, so such terms as "reasonable care" produces uncertainty, persons do not know

exactly what the law wish them to do to avoid legal problems.

On the other hand, there is a definite form of word used by the lawyer to achieve a

desired legal result such as "without prejudice" which heads solicitor's letters and the other

one is "subject to contract". Both forms of words have specific legal consequences required

by the talks of lawyer. The last analysis about abstracting the general from the particular for

formation of concepts. What is the concept? It is an idea abstracted from particular concrete

instances. These particular instances are the cases from which the law concepts are derived

to be applied. Also, acts of parliament consist of general statements of law applied to

concrete instances of human behavior and here what the law is all about. So to understand

law we have to understand concepts and rules in addition to language, so these

combinations constitute the game of legal reasoning. (faculty of humanities and arts, south

Tynside college).

In comparison with the Islamic economics, the researcher can say the language has

its own particularity, its own legal language and system. Here one deals with an economic

system based on an ideology in contrast with the economic system that concerns with

creating of wealth. Ethical and moral principles derived from the main source of the divine

law of the holy Quran and Sunnah of the holy prophet (PBUH), have its effect directly or

indirectly on business of Islamic financial institutions and markets. Human beings conduct

both their individual and collective lives is regulated with Shari'ah; and what is Shari'ah? It‟s

a code of law or divine injunctions that regulate all the above mentioned activities. At the

same time all business and financial contracts in Islamic finance frame work must go in line

with Shari'ah rules and its objectives.

So Islamic economics is governed and controlled with a specific Shari'ah code of law

or divine injunctions which is in contrast with the conventional economics system laws and

factors sometimes. Examples of such specific injunctions are:

55

a. "Aqaid" or matters of belief and worship

b. "Akhalq" or matters for disciplining one's self

c. "Ahkam" or socioeconomic and legal system

d. "Fraid" or obligations

e. "Nawahi" prohibition

So, these injunctions require an absolute belief of the revelation as the source of

tenets and a complete sub-mission to Shari'ah rules.

- On the other hand, Ijma'a, Ijtihad, Giyas (analogy) are sources of Sharia‟h tenets. An

important source for the derivation of law is Ijma'a of the companions of the holy

prophet. So, jurists, Shari'ah scholars, Shari'ah board of Islamic banks and their

institutions are in need to deal with solution and issues pertaining to various activities

and problem on the basis of the above Shari'ah sources or Shari'ah law, So, one

deduces that there are the above mentioned divine laws and injunctions, fundamental

principles, Shari'ah objectives or (Maqasid) to protect religion, life, progency,

property, intellect and Honour.

i. There are the secondary objectives of Shari'ah

ii. To establish justice and equity.

iii. To promote social security.

iv. To maintain peace and security.

v. To promote matter of goodness and prevent evil deeds and action

vi. To promote moral values and all actions to preserve the authority of nature

vii. On the other hand, a deduction from studying Quran and Sunnah are those right that

concern:

1. The right of safety

2. The right to be informed

3. The right to choose

4. The right to be heard

5. The right to satisfaction of basic needs

6. The right to redress

7. The right to education

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8. The right to healthy environment

Banks must faithfully comply with the conditions laid down by the Shari'ah, and such

compliance cannot be ensured unless the outstanding Figh issues related to finance shall be

resolved. A widely agreed legal framework is necessary. The absence of such legal

framework leads to the creation of obstacles for the development of standardized products

for Islamic banking. So the adoption of certain techniques carried out by conventional banks

internationally for certain purposes is so necessary e.g. the imposing of penalty on Loan

defaulters, compensating banks for the loss of income and managing of risks more

effectively. On the other hand, the Shari'ah board, the central bank and the chartered

auditing firm's roles must be specified and clear, so banks do not violate the teaching of

Shari'ah.

2.16 General Framework of Contracts

1. Islamic law is tied up with Shar'ah in dealing with Ibadat; ie (devotional acts) which is a

universal truth not affected by time and space.

2. And Mu'amalat which is matters concerning individuals interacting with each other,

Mu'amalat is affected with time and space.

3. Two types of activities such as social and economic and/or financial are part of

Mu'amalat.

4. Production of goods or providing of services through sale of goods, usufruct or

expertise, all these represent the way to acquire income.

5. On the other hand, businesses are carried out through the sole proprietorship, partnership

(Shirkah), agency (Wakalah) or labour (Ujrah) or sale and lease.

6. All these activities are governed by certain rules, to ensure their validity and legal

application. All these rules constitute the Islamic law of contracts.

7. The Islamic law basic rule in Muamalat or social and economic contracts is the wording

of any format or writing of the contracts.

8. On the other hand, in devotional act (Ibadat) only intent (Niyyah) is the factor that will

be considered.

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9. Underlying cause and motivation of a contract determine its validity. If those contracts

generate from Shari‟ah or on the contrary if they promote immorality and are harmful to

person and property they are considered void contracts.

2.16.1 Elements of Contract

Muslim jurists present three elements:-

The form offer and acceptance (Sighah);

The contracting parties;

The subject matter;

While Sanhuri added three elements:-

The unity of the Majlis (session/meeting) of the a contract;

Sanity or the power of distinction of the contracting parties;

The object (Mahall) defined.

The beneficial nature of the object, in that trade.

Offer and acceptance an offer (Ijab): it is the condition of a valid contract. “It is

defined as a declaration or a firm proposal made with view to create an obligation; while the

subsequent declaration is termed acceptance (Qabul).”

2.16.2 Elements of the Subject Matter

Generally the subject matter should be existing, existent, valuable, and useable and

can be owned, delivered and possessed; and it is specified and the seller must have its title

and risk. The commodity, service or performance must not relate to things prohibited by

Shariah e.g. wine, pork and intoxicants and must be legally and ritually permissible. The

subject matter must not be harmful to the contracting parties or the public. On the other

hand, seller of a debt or a receivables contract is not valid, if the seller of the debt does not

know when the debtor will pay the debt; while in Salam (the sale of goods with prepayment

and deferred delivery) this sale is valid because all the details about the commodity and

delivery are agreed upon and the elements of Gharar are removed.

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2.16.3 Broad Rule for the Validity of Mu'Amalat

Free mutual consent between the two contracting parties, without oppression or

fraud. Prohibition of Gharar: - excessive uncertainty must be removed from the subject

matter and the consideration (price) of exchange for the validity of all compensatory or

commutative contracts, Salam or Salaf and Istisna'a are the exception from Gharar due to the

existence of such conditions which are the precise determination of quality, quantity, price

and the time and place of delivery of the goods. The sale of debt Mu'Amalat in itself is not

permissible according to Shari'ah rules; but it can be validated through the rules of Hawalah

(assignment of debt) and here Gharar is removed. Another Gharar – based invalid

transaction are short-selling of shares, the sale of conventional derivatives and the insurance

business. Future sales of shares where the delivery of share is not given; trading in shares or

speculation in shares and (Forex) business where the delivery does not take place are

examples of Gharar- based invalid transaction.

2.17 Avoiding Riba

2.17.1 Avoiding Qimar and Maisir (games of chance)

1. Prohibition of two mutually contingent contracts.

2. Such contingent inconsistent contracts are prohibited by the holy prophet (PBUH);

such as:-

a. The sale of two articles where one who wants to purchase an article, he has to purchase

the other also at any given price.

b. The sale of one article for two prices where one of the two prices is not stipulated at

the time of the sale execution.

c. Contingent sale.

d. Combining sale and lending in contract.

So what is one needed is a separate transactions under separate contracts.

3. Some contracts can be combined under certain conditions for example:-

i. Bai' (sale) and Ijarah (leasing).

ii. Shirkah and Ijarah.

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iii. Musharakah and Mudarabah.

iv. Contracts of agency (Wakalah) and suretyship (Kafala).

2.17.2 Conformity of Contacts with Magasid of Shari'ah

So, any contract or transaction must be conformed with Shari'ah objectives which is

realized in the welfare of mankind

1. Profits with Liability:In business, a person gains a profit when he bears the risk of loss.

This is according to Islamic economics principle. Examples are such contract of sale,

hire and partnership. So, the parties have to bear the risk of the contracts requirements.

2. Permissibility as a General Rule The permissibility principle states that all agreements

and their condition must conform to Qu‟ran and Sunnah.

2.17.3 W'ADAH (Promise) and Related Matters

1. When someone binds himself to do something for another party, this called W'adah or

'Ahd. Generally 'Ahd has no legal obligation except in certain cases, it becomes legally

binding and enforceable when the promisee has some expenses on his part or has

liability due to the promise itself.

2. Contingent promises are binding.

3. So, promise is important in Islamic Shari'ah, traditional jurists like the Maliks,

Hanbalis and some Hanfi and Shafie and also contemporary jurist accepted the legal

effectiveness of promise under certain conditions such as: the understanding between

the promisor and the promisee concerning the commercial dealings and there must be

a mutual consent. In such case, fulfilling of a promise is mandatory and there is a legal

as well as moral obligation on the part of the promisor to fulfill his promise

4. Muwa'adah or Mu'ahidah (bilateral promise) is not permissible where 'Aqd is not

allowed.

5. 'Aqd does not refer only to the transfer of ownership but also to the rule of inheritance

apply when the two 'Aqd is executed.

6. A promise with its binding nature affects the Islamic banks operations in relation to

Murabaha to purchase orderer, Ijarah-wal-Iqtina'

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7. Diminishing Musharakah, is used by many Islamic banks for housing finance and for

the disposal of goods purchased by banks under Salam and Istisna'a.

2.17.4 Token Money (Hamish Jiddiah)and 'Arbun

In binding promises, usually Islamic banks take token money from the promise

client; this shows the client intention to purchase the commodity or the asset. Hamish

Jiddiyah is the name for such dealing. The banks take this money as a trust and adjust its

price to the time of the execution of sale. This shows the difference between token money

(Hamish-Jiddiah) which is taken before the execution of an agreement, and 'Arbon, which is

taken from the buyer after the execution of the agreement sale as part of the price. But when

the bank incurs many expenses in this business and the promisee fails to honour the

"promise to purchase" the bank recovers his money from the promise trust; the excess or

remaining amount of Hamish-Jiddiyah will be given back to the client.

2.18 Trading in Islamic Commercial Law

Shari'ah acknowledges and approves the growth of wealth. These activities take

place through production of goods and exchange of values among people in the market.

There are no limits for profit and there is no fixed price set by Islamic law; the law requires

only a just economic system with avoidance of Riba and Gharar; in addition to other

principles and rules that must be fulfilled.

Islamic banks earn profits through trading, leasing and PLS (profit lose sharing

contracts). This chapter contains various aspects and general rules concerning Bai'/trading

that is applied in trade based modes such as Bai' Murabaha, Mu'ajjal, Salam, Istisna'a etc…

banks / funds are invested through such activities which are regarded as debt-creating modes

of financing and so the finance user stands must repay the entire amount (or its equivalent,

like Bai' Salam). So it is very important to differentiate between any increase, addition or

growth which is termed Riba and the increase of wealth due to trading activity.

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2.18.1 Bai'- Exchange of Values

2.18.1.1 Definition of the Word Bai'

Literally it means, exchange of one thing (subject matter) (Mabi') with the other

which is the price (Thaman)

The Majallah which is (a code of Islamic commercial law defines a sale as( the

exchange of property for property). In its wider meaning the word Bai' can refer to bilateral

contract, in this, the word can simply means (exchange) and include all types of business

and exchange. On the other hand the word Bai' in verse 2.275 (of the holy Quran) involves

sale, business, trade, investment, bargaining etc …; but there are provisions of principles

that govern the involvement of Riba within these exchanges. Trade exchange, involves

exchange of properties and usufruct.

Ijara is called (sale of usufruct); a lessor gives usufruct and obtains rent but also he

has the ownership and liabilities. Loan exchange; in this dealing the borrower attains

temporary but complete ownership of the loaned item with usufruct; but he has to repay a

similar item, commodity or the money.

Shirkah; the parties in this dealing share ownership and benefit/loss. There are rules

in trade transactions where the ownership of the item is completely transferred, instantly and

irreversibly once the deal is executed. So if the items of exchange are different in genere e.g.

gold is exchanged for wheat, one item can be delayed in delivery, and hence as in a credit

sale, or in Salam when the payment for purchasing of wheat is in advance, but if the genere

of the items are the same e.g. wheat for barely; there will be Riba if one of the item is

delayed. "And Allah has permitted sale and prohibited Riba." This is how almighty

distinguishes between the two.

2.18.2 Trade (Profit) Versus Interest

Permissibility versus prohibition

The Holy Quran (verses 2.275, 276) states that "Riba on loans and debt must not be

equated with trade or profit from sale".

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An essential difference between trades profit and Riba is that the first one is the

consequence of a real investment activity with the existence of risk in obtaining the goods,

damages of storage and price risks. While in Riba- based transaction, the reward is

guaranteed for one party leaving the others at risk; such transaction far from Shari'ah

principle "Al-Kharaj bi-al Daman" which refer to earning a profit only when one ready to

bear liability and risk, and contributing to the development of resources and society.

The profit margin in business is justified by the trader provision of services for

client, in the form of seeking out, locating and purchasing goods, secondly, the trader in

addition to his liability, he takes risks of loss or damages during his activity. So, he has the

right to gain a margin profit which is more in cash market price than in the credit sale.

Shari'ah allows trader to sell for cash or on credit on condition that once the parties

agreed on certain price at the time of the bargain, it must not be changed if the payment is

not executed at the due date.

2.18.3 Types of Bai'

1. Bai' can be valid (Sahih)

2. Void (Batil)

3. Voidable (Fasid)

4. Suspended.

5. These classification (Mawquf) are done according to the legality of the types of Bai'

6. An important type is (Bai' al Mutlaq) ie the exchange of any commodity with money

on the spot or at credit.

7. (Bai' al Sarf) ie the exchange of different types of money or goods that represents

money e.g. gold, silver, Dollars, Rupees, etc…

8. (Bai' al Mugayaza) or barter ie the exchange of goods with goods.

9. (Bai' Mua‟jjal) ie deferred payment but to a definite time in the future.

10. (Bai' Salam) ie an immediate payment contract with future delivery of the

commodity.

11. So, different kinds of Bai' governed by different rules in order to comply with

Shari'ah.

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2.18.4 Requirements of A Valid Sale Contract

1. Islamic Shari'ah compliance is the essential rule pertaining to the requirements ofthe

trade transactions in Islamic banks.

2. Proper offer and acceptance by the parties.

3. Free consent of the seller and the buyer.

4. Legality of the ware or any medium of exchange.

5. The necessity of record – keeping of business security.

6. Fulfillment of promise.

7. A sale has to be prompt and absolute.

2.19 Prices and Profit Margin

1. Islamic principle does not have tendency to fix prices or profit margins, but leave them

to be arranged by the forces of supply and demand.

2. The Holy prophet (PBUH) permits the competitive price mechanism to create the

balance of supply and demand of goods for attainment of economic justice, absolute

benefit of society and for efficient allocation of resources. These market mechanisms

are restricted only by moral, religious and culture views and behavior.

2.19.1 Option in Sale (KHIYAR)

1. The Shari'ah declares that any article being sold with defects, the sale is not valid.

2. If a seller sold any asset with certain quality, and it turn out to be without that quality,

the buyer has an option to cancel the contract.

3. One has to note that the right to exercise an option is not automatic.

4. This brings us to a peculiarity of Islamic law which is "the doctrine of option or the right

of cancellation (Khiyar)”.

5. The following types of options are important they are discussed in Figh books:

6. Khiyar Al-Shart: a stipulation where either party has the option to cancel the sale within

(specified) days; it's also called Bai' al Khiyar.

7. Khiyar al Ro‟uat: if this option is written in the sale agreement, and if after inspecting

the goods, they turn out not to be according to the contract, the goods can be returned.

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8. Khiyar al 'Aib: this option refers to the defective goods, that can be returned even If

there is no conditions written in the contract; but, if the seller declares in the contract that

he is not responsible for any defect in the commodity, then for Hanafis the contract is

valid.

9. Khiyar al-Wasf. Here the option is for quality. If the article lacks quality, it can be

returned.

10. Khiyar –e- Ghaban: here the option is related to price. Goods are sold at higher price

than market price; but the client has the impression that he has been charged by the

market price.

11. In case of Murabaha to purchase order; here the client has the options of defect,

specification and quality. If the goods lack the stipulated specification, the client has the

right not to purchase the goods, and if Murabaha is executed, the client has to rescind the

sale unless the bank gets a certificate of fitness at the time of the sale, and after that the

client may examine the asset so closely.

2.20 Loan and Debt in Islamic Commercial Law

The superstructure of Islamic banks is based on profit loss sharing (PLS) that is to

say the utilization of deposits on the basis of the profit / loss sharing. There is a small

portion acting as current deposits and can be used as loan sometimes (wadi‟ah / Amanah

(trust). Profit / loss sharing (PLS) and debt – creating modes are the result of trading and

leasing activities, they are the basic activities of Islamic banks. Loaning in shari‟ah is a

virtuous act, so, the person who takes a loan, he has to pay only the principal without excess,

or it makes the loan usurious.

2.20.1 Illegality of Commercial Interest

a. A consensus have been reached by contemporary Shari‟ah scholars that recent

commercial interest is Riba , and any form of loan / debt with interest as precondition is

prohibited and illegal whether that condition includes quantity or quality.

b. All jurists agree that any contract between a lender and a buyer entails an increase or

includes a gift or a present above the principal is Riba.

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2.20.2 Loaning and the Banking System

1. Conventional banks and government securities, deposits and investments act as Gard

because their capital is bound to be repaid with return that is either fixed or not

related with their outcome of economic activities. [[

2. Banks current account is classified as loans because banks are liable to the current

account holders as to the fixed account holders. [[[

3. Concerning assets side , conventional banks financing takes the form of debts and

loans for consumption durable and business activities like capital finance, trade

finance, project finance, micro and sme finance and government finance etc, [[[

4. Concerning Islamic finance, many writers think that banks in Islamic structure will

act as intermediaries. [[[

5. On the other hand, some Islamic economists recommend that banks should remain as

intermediaries but also as traders or institutions that works in tangible goods.

6. They can act as universal banking and holding company models owning subsidiaries,

mutual funds for different kinds of financing operations. [

7. Whatever the activities of Islamic banks, they cannot earn money from money, and

their dealings should be in real goods for financing objectives, through such

activities, Islamic banks use trade and leased – based model and products to create

debt and so they comply with shari‟ah rules of Dayn.

8. The substance of Gard or Loan according to Maliki school is something „valuable‟

given only as favour but not as “Ariyah” or Hiba (gift). So Qard consist of anything

valuable such as merchandise, animals or similar of weight.

9. Loan must be paid, and debt is not forgiven even for martyrs.

10. So money can be lent without any hope for return over the principal or profit, this is an

illegal and a prohibited act.

[

2.20.3 Instructions for the Debtor

Instructions for the debtor include repayment of loans. According to a Hadith, willful

default or procrastination in payment of due debt is amount to arrest, since it is seen by holy

prophet as injustice, and greatest sin after kabai‟r. There are great numbers of

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nonperforming loans (NPL) of banks today. Usually they have not the intention and are not

serious to pay their debts, and they continue their lavish lifestyle. According to Islamic

teaching, the authorities have to set relevant laws accounting, auditing standards to lessen

the chances of not repaying loans and other moral hazard that threats present societies.

Instructions for the creditor include the holy Quran encouragement for creditor to allow

more time for payment or even to waive the Loan amount or part of it, when the debtor is

dire straits. But the creditor is compelled to give more time for the debtor; the debtor must

pay the debt amount.

2.20.4 Husnal Qadha Gracious Payment of Loan / Debt

An excess of the principal in repaying a loan and without a precondition is

commendable with the Sunnah. Jabir (ABPWH) states that the prophet (pbuh) owed to him a

debt (he paid to me and gave me more than the principal). Such gracious repayment of debt

must be a matter of one's discretion without any implicit or explicit precondition. It must not

be adopted by a system or government, because in such case, investors or others will expect

some return or profit from such loans. In Islamic banks, the current account deposits are

considered Loans and hence the bank must return their full amount of money. A current

account does not carry any weigtage.

The Islamic fiqh council of the OIC decided that the liability to repay Loan (current

deposit) must be executed irrespective of the banks‟ solvency, its profit or loss. The shariah

ruling is that in such accounts there is no share in profits, there is no exposure to risk and

therefore there is no return to pay for them. In such cases, the banks and depositors

relationship is that of a creditor and debtor. The banks will take services charges from the

current account holders. Away from this general view, some shari‟ah boards have rules that

allow gifts for the current accounts but not profits.

The Board of Faisal Islamic Bank of Sudan gives prizes to depositors. Such gifts

maybe given with prior knowledge and not regularly just to mobilize the funds and there

will be a just reward distribution between account holders and shareholders. Another point is

that there is a non–fund income. Such non–fund income gained from currency transfers or

other (customer services) so as deposits in the current accounts it represents a very essential

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source of financial strength for the banks, so gift from such source to depositors is allowed

without prior (inducement) and it must not be adopted as a system.

2.20.5 Insolvency of the Debtor

A debtor is termed insolvency, bankrupt or “Muflis” in Islamic commercial law if he

does not have enough money to pay his debt. In such case there must be a strict assurance,

that the debtor is not resorting to fraudulent bankrupcy, but if he is really in trouble and

cannot pay he can be declared insolvent , i.e. all his assets will be sold and on apro rata basis

, the proceeds will be distributed among creditors, and if there is a remaining debt, the

debtor will be given time to repay it.

2.20.6 The Two kinds of Hawalah

a. Restricted Hawalah: in restricted Hawalah the payment has to be executed from the

asset or property of the assignor in the hand of the assignee. The asset or property is

in the possession of the assignee.

b. Unrestricted Hawalah: in this case the payment is not restricted to the property or

asset of the assignor or the transferor in the hand of the transferee.

2.20.7 Security / Guarantee (Kafalah) in Loans

As mentioned before, Loan has to be paid. Lender needs to have a security in case

the borrower fails to fulfill his obligation. Tthe prophet (PBUH) himself borrowed against a

security from a Jew. In Islamic commercial law guarantee is part of the term kafalah.

Two forms of guarantee are mentioned: kafalah or suretyship and Rihn or pledge /

surety. Such application of this kind of dealing will lead to avoidance of inequities for both

parties in the loan contract especially the creditor. Literally “Kafalah means to take on the

responsibility for the payment of a debt or for a person‟s appearance in court”.

Understanding Islamic economics.

Legally in “kafalh, a third party becomes surety for the payment of a debt unpaid by

the person originally liable“. Understanding Islamic economics. So it is a guarantee taken by

the creditor that the debtor will pay the debt, fine or any other liability. Rihn or pledge acts

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as a security for the return of debt in case of the debtor failure to repay it. Kafalah and Rihn

have different functions.

In a contract kafalah, the surety is a third person who is responsible for the payment

of the debt. In Rihn something will be given by the debtor as a pledge to ensure the payment

of the debt. Both contracts will be valid when there is mutual consent or agreement between

the parties. Rihn is regarded as a trusteeship. The pledged property is seen as a trust for the

creditor. The following types of guarantees can be called by banks to ensure the payment of

their loans:

1. Letters of guarantee,

2. Use of cheques (post dated),

3. Promissory notes,

4. Freezing cash deposits

5. Third party guarantees,

6. Hamish jiddiyah (earnest money taken from a prospective client to ensure the

performance of any assignment or liability by him before execution of the formal

contract).

7. Arbun (down payment taken as part of the settled payment taken after execution of the

formal contract).

8. The pledger is the owner of the risk and reward of the commodity pledged.

2.20.8 Risk and Reward in Pledge

A pledger i.e a person owning a debt is the owner of the risk and reward of the

commodity pledged. “Understanding Islamic Economics”. A loss is on the part of the pledger

/ debtor if the pledged commodity is destroyed and without any negligence on the part of the

pledgee. According to Hadith of the holy prophet “pledge is to cover what it is for i.e. to

cover only the debt. If the due time of the pledge is expired and the debt has not been paid,

the pledgee ask the court to sell the pledge commodity, so that the debt will be recovered

from the proceeds of sale so, here the creditors may have a power of an attorney to sell the

security on behalf of the pledger to recover their dues and remit the extra amount. Mortgage

i.e. the transference of only the interest to the mortagee and not the property possession. Such

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dealing is not mentioned in traditional books of Islamic law, but contemporary scholars allow

it on the basis of analogy.

2.21 Islamic Finance Products and Procedures

Operations of Islamic finance can be better understood by referring to the financial

institutions, market and instruments in the conventional frame work as well as in the Islamic

one. Such overview will help in understanding how financial institutions and products affect

firms, individuals, societies, economies and states and reflect their mechanism in meeting

the needs of every sector in an economy. Mainly in this chapter we shall reflect the

alternatives in the Islamic finance to their counterpart in the conventional one. What is

banking or a bank?

The word "Bank" derived from the Italian word "banco". The word means shelf or

bench used by ancient money changers to show their coin.

1. A bank is an institution which takes deposits to extend long and short-term finance

facilities.

2. Modern banking is divided into commercial banking and investment banking.

3. Commercial banking acts as an intermediation between depositors and fund users and

makes payment on the behalf of their clients.

4. Investment banking contains capital market activities to facilitate the raising of fund by

the corporate sector directly or indirectly by investors. Later, investment banking has

become an important function of the commercial banks.

5. There are large numbers of banks that make operations in the capital market and

securities trading; a great number of them offer Muslim investors investment services.

6. A form of Islamic banking evolves within the banking industry in many countries.

2.21.1 The Strategic Position of Banks and Financial Institutions

Finance is the most essential part in modern economy. There are surplus and a deficit

household and institutions in every society. A large number of people have small services

while others as business lack funds for their expenses or production needs. So financial

institutions link between the deficit and the surplus unit, so in conventional system,

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individuals and households provide funds to business and industries through financial

institutions, where a fixed or floating risk – free return will be taken from fund users, part of

the return will be given to the fund owners (savers, investors) the remainder will be kept by

the financial institutions as spread.

The existence of funds for goods and services are governed by forces of supply and

demand and the risk profile of stakeholders. The supply of funds comes from individuals or

householders or corporate bodies while the demand comes from trade, business, industry,

agriculture, corporations and government sectors. The institutions which make the resources

transfer are commercial bank, investment banks, saving and loan institutions, specialized

institutions like micro credit, SMF credit, industry, agriculture, trade, export, housing,

leasing, venture capital, discount house, insurance companies. So these can be divided in

banks and non-bank companies institutions. On the other hand, there are the development

finance institutions (DFIS) that provide finance for developmental activities.

2.21.2 The Need for Islamic Banks and NB FIS

With the strict prohibition of interest in the Islamic framework, the existence of

banks and financial institutions as intermediaries is a necessity between savers and fund

users, also it is a necessity where business needs can be fulfilled with saver's pooled money

by which savers and investment, and business and industry can get the funds for acquiring a

sufficient supply and goods for the welfare of mankind.

Banks as intermediation strengthen the efficiency of the saving and investment

process by lessening the matches arise in the requirement and availability of financial

resources of savers and entrepreneurs in an economy. Banks as intermediaries resolve many

risks to both savers and entrepreneurs in spite of the fact that the prohibiting of interest

dealings limits their activities.

2.21.3 The Structure of Islamic Banks

1. As banks, an Islamic financial institution (IFIs) acts as intermediaries between the saving

surplus and the deficit units households.

2. Many instruments have to replace the absence of "Interest".

3. In conventional banks, they usually pay and charge interest in their operations.

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4. The great difference is that risks in Islamic banking remain with the ownership, so the

IFIs share profit or loss during investment process and earn return on their trade and

leasing operations with risk and liability and adding value in their business activity.

5. Banks usually mobilize their deposits with profit and loss sharing; and sometimes on the

basis of Wakalah with pre-agreed service charges or agency fees.

6. On the assets side, the ownership of these assets remain with the Islamic financial

institutions and hence they take the liability of loss e.g. in Musharkah, Mudarabah they

also bear the risk in trading process.

7. In leasing activities the IFIs purchase the assets and rent them; and since the IFIs are the

owners they bear the risk and the expenses.

8. So IFIs are intermediaries; they collect savings from savers and investors for financing

the requirements of business agriculture and industry; with a change in their modus

operandi. An important point is that there must be real goods and real business activities.

Approaches to replace the institutions of interest:-

a. There is profit and loss sharing through the advancing of funds modes; example of

such modes are Mudarabah and diminishing Musharakah with clients who participate

in the equity of companies.

b. This sector includes financing the purchase and hire of goods and (also assets) and

service with a fixed return basis example of this modes are Murabahah, Istinsa'a,Salam

and leasing.

9. The structure of the banking also includes three models of organizational structure, this

classifications are according to their span of activities:-

i. The "universal banking model"

ii. The "bonafide subsidiaries model" (with their own capital and separate operations).

iii. "Bank holding company model" a bank owned separate organizations, each with

different activities e.g. investment banking, Murbahah, trading transactions,

commercial banking etc.

2.22 The Deposits Side of Islamic Banking

There is a development on the side of deposits mobilization; there are the general

savings and investment deposits, but banks started offering commodity funds, leasing funds

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and Murabaha funds. So these funds are mobilized and used in lease or Murabaha

operations. This operations offer fees or fixed margin profit to the banks, so this means that

savers can get a quasi-fixed return. Concerning deposits side the Islamic banks provide the

products below.

2.22.1 Current Deposits

There is no return on current accounts on the basis that such deposits take the form

of loans and loans in Islamic banks have no returns, they are Amanah. In permissible

business the proceeds of such account can be used as loans and be paid back without any

increase or decrease. After an agreement between them, bank and depositors act as debtor

and creditor. Some writer prefers offering a gratis return to current account holders, but such

incentive should not be given regular, saving deposits are accepted in Islamic banks on the

basis of profit loss sharing (PLS). Investment\financing are made by the bank's capital and

form the monies raised from the profit and loss sharing (PLS) basis. This form "the earning

asset based" which represents returns from which an allocation is carried out between the

bank and their account holders with acceptable ratio between them.

2.22.2 Deposit Management in Islamic Banks on Mudarabah Basis

Musharakah, Mudarabah are used for short, medium and long-term project financing,

import financing, reshipment export financing, working capital financing. For purchasing

fixed assets such as houses, transport, machinery etc banks use diminishing Musharakah.

Purchasing and selling of automobiles, consumer durables and trade financing, acquisition

and holding of stock and inventory, spare and replacement and raw material, so Mudarabah

can be used for all these activities. Musawamah is used for financing of huge single

transactions.

In financing agriculturist and farmers, commodity, operations of public and private

sectors and purchasing of homogenous goods, Salam can finance all these activities. Banks

subsidiaries as trading and leasing companies can finance on Murabaha and leasing

activities. Ijarah or leasing can suit the financing of automobiles and machinery. For

financing of trade and industry there can be a combination of Istisnaa plus Murabaha, Salam

plus Murabaha or Salam plus Istisnaa, diminishing Musharakah can finance construction of

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houses as well as purchasing of houses. Salam, Istisnaa and Murabaha can provide the

working capital finance.

Big projects can be financed by syndicate Mudarabahs by using the Istisnaa and Murabaha

modes.

2.22.3 Experts on Islamic Banks Finance Recommend the Following

Financing Modes for Certain Areas and Transactions

2.22.3.1 Modes for Financing Trade, Agriculture and Industry

Murabaha, instalement sale, leasing and Salam are suitable for trade; while Istisnaa

is suitable for industry. So here financing is needed for the purchase of raw materials

inventory (goods in trade), fixed assets and some working capital for paying of salaries and

other expenses.

2.22.3.2 Household, Personal Finance, Consumer Banking

Personal finance for consumer durable can be got by Murabaha, leasing or by return-

free loans from current accounts or the bank funds "depositors; these loans should be used

only by explicit approval, they are a trust in the bank". Wakalah and Murabaha are used for

cash financing by charge and credit cards. Housing finance can be carried out through

Murabaha, diminishing Musharakah and rent-sharing.

2.22.3.3 Treasury Operations–Liquidity and Fund Management

Liquidity management means that the bank ensures sufficient liquid funds for a

smooth running of its operations in their due time. The bank must invest its surplus funds,

match maturity of assets and liabilities, accommodate the decrease in the deposits and

liabilities and increase in assets.

Fund management means the securing and managing funds for business

development. Sukuk are important for the management of liquidity an investor with Sukuk

can get returns on the basis of the ownership of Sukuk rather than interest. The selling and

purchasing of Sukuk in the secondary market can provide liquidity. Islamic bank can sell

Sukuk to the central bank if the regulatory structure allows.

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2.22.3.4 Foreign Exchange Operations

Exchange of currencies and monetary units can be done according to the rule of Bai'

al sarf. This means that it must be simultaneous. So spot purchase and also a currency

against another currency is allowed.

2.22.3.5 Government\ Public Sector Financing

Enterprise of government and public sector issue their Musharakah and Mudarabah

certificate to purchase equipment or utility-generating assets to lease them to public sector

corporations. The public sector can use Ijarah and Istisnaa for the infrastructure project.

Ijarah Sukuk becomes lately the important instrument for financing public sector; also

Islamic banks can offer goods and asset with great values to government entities or

corporations through syndication agreements on Murabaha basis. Returns from these funds

can be distributed among Sukuk, certificate holders on a pro rate basis.

2.22.3.6 The Issue of Mode Preference

Scholars tend to replace interest based system with profit loss sharing that includes

Musharakah Mudarabah and their various types.

Abdul Halim Ismail classified writers on Islamic finance into "Islamic economist"

who prefer replacing of interest with profit loss sharing system and "Islamic banks" who

prefer to give equal importance to debt-based modes including both trade and leasing.

2.23 Islamic Investment Banking

Islamic investment can be understood on the light of the conventional investment

with the difference of that Islamic investment product and services must be in compliant

with Shari'ah in meeting the clients' requirements.

1. Investment banks manage portfolio for institutions, corporate clients and highnet

worth individual and pooled investment modes as unit trust and mutual funds.

2. The main factors that differentiate Islamic corporate finance activities of investment

institutions and that of the conventional corporate finance are the services and

products offered are according to Shari'ah compliance e.g. the services:

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i. Equity issues such as, offer for sale, right issues.

ii. Private placements

iii. Strategic reviews

iv. Financial restructurings

v. Acquisition, divestment, mergers

vi. Joint ventures, alliance search and studies

3. Islamic investment bank: can execute syndicated finance with a large financing facility

offered to industrial or trading organization. These facilities offered by an Islamic

syndication are provided through Murabaha, Mudarabah, Musharakah, Ijara or leasing.

[

2.23.1 Islamic Funds

1. Fund management is executed by both commercial and investment banks.

2. Fund management means that investors pooling their resources to buy a large number

of shares through any manager as group; they cannot purchase them individually

3. Low risk, moderate return; balanced risk return, and high risk, high return are

Shariah Compliant which are provided to facilitate investment for about 150 mutual

funds through many parts of the world.

4. Equity funds is the main while others like hybrid funds are managing leasing, real

estate, Takaful and other funds.

5. Shaikh Tagi Usman has shown the following types of Islamic investment funds

i. Equity funds: - equity funds proceeds are invested in shares of joint stock companies, so

the return in the form of capital gains and dividends are distributed among investors.

ii. Ijarah funds: - such funds are used to purchase the assets in order to lease them; rentals

should be distributed among subscribers of the funds. Ijarah Sukuk can be traded

according to market forces in the secondary market.

iii. Commodity fund: - here, the subscription amount to equity (PL) ordinary stocks and

shares not bearing fixed interest are used to purchase various commodities to resale

them. The profits in this case are distributed among the subscribers.

iv. Murabaha funds: - fund created by Murabaha sale is a closed-end fund.

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v. Mixed funds: - the tangible assets should be more than 51% while the liquid assets and

debt less than 50% to be traded in mixed funds.

6. Assets management through equity fund: conventional equity funds has fixed return

related to its face value, while Islamic equity fund should have a pro rata profit earned by

the fund, so neither the principal nor its rate of profit can be guaranteed. On the basis of the

investor and investment risk profile, equity funds can be divided into four classifications:

i. Regular income funds: where investors receive a regular income by way of dividends

most of this investor is risk-averse such as old one retired people.

ii. Capital gain funds: in such funds, profit can be earned through capital gain through sale

and purchase of Shariah compliant stocks. Here, there is moderate-risk investor with a

better return.

iii. Aggressive funds: in such funds there is an investment with high risk securities to obtain

abnormal profits for investors.

iv. Balanced funds: the investment here is in a high quality security with less risk. It

provides a regular income through dividends and capital gain. "A capital provocative

approach is adopted by such funds".

In late 1990s Islamic equity funds made great growth. There were 29 Islamic equity

funds in the market with 800 million in assets. The number of funds had grown to 98 with

almost $5 billion in assets by early 2000, and today Islamic equity funds reached over 100

on the market giving investment solution to meet any investor taste.

2.23.2 Investment Sukuk As Islamic Instruments

1. Nowadays Sukuk in Islam are akin to the conventional concept of securitization

2. Suk is (the plural of the word Sake)

3. It is a process where the ownership of assets is transferred to a large number of investors

through papers known as certificates

4. Sukuk or other instruments represent proportionate value of the relevant assets

5. There are difference between Sukuk and common shares of joint stock companies.

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6. These shares are certificates of equal values stand for undivided shares that associated

with the ownership of tangible assets of certain projects or investment activity, usufruct

and services.

7. There are many types of Sukuk according to Shariah modes. The important ones are

Shirkah, Ijarah,Salam and Istisnaa; where sukuk act as a base for their contract.

8. According to Shariah basic rules, investment Sukuk can be structured on the Murabaha

principle; business can be conducted through participatory or fixed return modes

instrument.

9. So the rates of return on Sukuk can be variable if the mode is participatory or quasi-fixed

in modes with fixed return

10. Sukuk can be with fixed return if there is a guarantee of a third party.

11. There are the primary markets that work according to the basis of equity principles like

shares, redeemable equity capital, Mudarabah, Musharakah certificates (MCs) or Sukuk

representing ownership of leasing assets or debt instruments of investor or fund

providers' trade modes.

12. Islamic financial structure comprises such type of market ruled by relevant contracts or

modes: -

i. Equity or stock markets

ii. Securities markets such as nongovernment securities (banks, non-bank, corporate and

housing securities

iii. Government and municipal securities market

iv. Commodity futures market

v. Inter-bank money markets for placement of funds on Mudarabah basis

vi. Foreign exchange market (limited)

Trading in financial instruments: Instruments of real physical assets or real usufruct such

as certificates or Sukuk issued by Musharakah, Mudarabah and Ijarah are negotiable at

market prices. Instruments of debts and money are negotiated according to the Hawalah

rules (assignment of debt) and Bai' al Sarf (exchange of money units), a pool of different

categories instruments are governed by the dominant category rule.

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2.23.3 Tradability

1. Instruments of Islamic money market can be tradable or non-tradable in the secondary

market

2. Instruments representing ownership in business, real physical assets and usufructs can

be negotiated at market prices

3. Instruments representing ownership of debt cannot be trade in secondary market e.g.

sale of debt which is not permitted in Islamic law

4. Instruments representing a group of various categories are governed by rules relating to

the dominant category

2.23.4 Derivatives and Islamic Finance

What are derivatives "ie they are derived from the expected future performance of

the respective underlying assets" "understanding Islamic finance." There are considered

risky and complex contracts; but with trillions of dollar in the global financial markets. As

more derivatives and "hedging" increase, the global financial market becomes fragile.

Conventional options confer only rights and not liabilities. The option has an

underling assets which the option holder may wish to buy or sell at price which he may like,

according to him this buying and selling depend on whether the price moves favorably or

unfavorably to him; he can abandon simply the whole deal. Such dealing is against the

principle of Shariah. In contrast, the whole deal will be executed according to sale contract

without regard to the movement of the price in Islamic finance.

2.24 STIANA'A (Order to Manufacture)

Istisna'a is like Salam, it is a kind of Bai' where the transaction of the commodity

sale comes before the commodity existence.

Istisna'a is accepted by the Shari'ah. It is a common and natural business practice

throughout the world. Istisna'a is a legalized finance mode based on the principle of Istisna'a

(public interest). "Istisna'a is an agreement culminating in a sale at an agreed price where by

the purchase places an order to manufacture, assemble or construct (or cause so to do)

anything to deliver at a future date". The manufacturer or the builder is obliged to deliver

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the agreed asset with its certain specification at the agreed time. An Istisna'a contract is

binding for both the manufacturer and the orderer or buyer. The manufacturer is obliged to

supply the agreed subject matter with its specification and the orderer or buyer to is obliged

to accept the stipulated assets with its quality and quantity and gives the agreed payment.

2.24.1 Guarantees

Usually the bank may act as a manufacturer or as an ultimate purchaser, accordingly

it can give or demand a security, a collaterally or a performance bond to ascertain that the

work is done according to the agreed time and with the agreed specifications. The bank can

also have Arbun, which is part of the price in case the contract is fulfilled or forfeited if the

contract is rescinded.

2.24.2 The Potential of Istisna'a

Manufacturing of high technology goods like:

1. Financing the construction industry:- apartment buildings, hospitals, schools and

universities.

2. Development of residential, commercial areas.

3. Financing high technology industries as aircrafts industry, locomotives and ship-

building industries.

4. All these potential areas can be manufactured by the banks using Istisna'a mode.

2.24.3 Risk Management In Istisna'a

In Istisna'a based financing, there are many risks which the banks face, that would be

mitigated, e.g.

1. Settlement risk;

2. Price risk;

3. Delivery risk;

4. Possession risk;

5. Market risk;

Proper collateral, performance bonds, technical Experties for effective marketing and

for the emphasis of the effectiveness of cost by resorting to Takaful policies which is

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suitable, all these are achieved by selecting good client and adopting budget and liquidity

management policy; all these above mentioned policies would mitigate some of the risks.

2.25 The Role of Translation Theory in Translator Training

Translation is a subject by itself; unfortunately in our universities translation is part

of the languages courses in the English, French and Arabic department. On the other hand,

graduate students of the various languages departments even with master or PhDs are not

translators.

So the need for theoretical foundation is so great to teach and train students of

translation and translation trainees to be professional translators of high standard and this

can be approached from two angles “knowing what” and “mainly knowing how” Kinga

Kludy. This leads us to the interdependence of teaching translation (TT) and studying

translation (ST), a term which is created by James Holmes; besides the role of applied

linguistic, its usefulness and applicability in teaching translation and translation training. On

the other hand, there is the role of translation theory in:

1. Curriculum design (Kelly 2005)

2. Selection of teaching materials (Schmitt 1997, Mayoral 2003)

3. Finding the most powerful teaching methods (e.g. group translation, project work etc …

Kiraly 1996, 2000)

4. Assessment of quality translation (Klaudy 2006, Mossop 2001)

5. Development of translation tools (online dictionaries, translation memories, Autermith

2001).

Concerning the division of theoretical translation into general translation theory and

partial or concrete translation theories, James Holmes investigates various partial problems

of translation depending on who carries out the act of translation, what language they use

and what type of text is being translated. Besides he believes in the usefulness of the specific

description of different languages pairs in the development of transfer competence of

translators. Translational competence consists generally of the five elements:

1. Linguistic competence

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2. Subject related competence

3. Intercultural competence

4. Transfer competence

5. Communicative competence

Part of these elements such as “linguistic competence” does contribute to teaching

study not as traditional contrastive linguistics but as search for dynamic contrasts. Dynamic

contrasts are differences in encoding strategies characteristic of different languages shown

only when these languages clash in the process of translation.

The above mentioned elements of theory of translation, their approaches, usefulness

and applicability in western languages can be adopted and adapted by us in our universities,

for the sake of our students of translation and translation trainees. So, one can view and trace

the joint functioning, the contrast and the complexity of choice between the English, French

and Arabic languages during the process of translation; and certainly, this will be achieved

only through students of translation and translation trainees skill and experimentation with

different strategies, approaches and methodologies of the various theories of translation

being introduced to them; so they will be able to know exactly what is appropriate in any

given situation.

So theory of translations not regarded as a static body of knowledge to add academic

weight to training program of translation, but rather to enable students to develop personal

methods of theorizing about what they are doing and provide them with set of techniques to

enable them to produce translation connected with different disciplines and of high standard.

The interdependence of contemporary theories of translation and the process of translation

reflect a new image of the translator as visible, subjective and creative( Klaudy 2006 ).

2.26 Participatory Modes: Shirkah and its Variants

The Shirkah based participatory modes is a kind of business that involves the sharing

of profit and loss by the parties. Shirkah comprises Mudarbah and Musharkah contracts with

its loss and profit sharing. "shirkatulmik" which is kind of a partner-ship where there is an

ownership but the profit may not necessarily be found; and "Shirkatul aqd" where a contract

is signed by two partners to make a joint business with the aim of earning profit and share it

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with a pre-agreed ratio and bear the loss. In this chapter, many types of Shirkah such as,

Musharakah, Mudarabah, modern corporations and diminishing Musharakah as an Islamic

financial institution (IFIs) modes shall be discussed.

The main feature of Musharakah is represented in the fact that all parties contribute to

their joint business and work for it, while in Mudarabah mode, one party supplies funds and

the other parties work as entrepreneur and the distribution of the profit will be in

predetermined, a pre-agreed ratio by all partners. The financier in Mudarabah bears the loss

while the entrepreneur loses his Labour.

2.27 Legality, Forms and Definition of Partnership

Holly Qura'n, Sunnah and the consensus of the Islamic jurists have approved two

forms of Shirkah, Al Inan (general partnership) and Mudarabah. Shirkah is divided into

Shirkatumilk (partnership by ownership or right of ownership) and Shirkatul 'aqd

(partnership by contract). "understanding Islamic finance"

These two traditional forms of Skirkah are the source of the current rules of

Musharakah, Mudarabah and diminishing Musharakah in islamic financial institutions.

Shirkah definition can be shown as a business of the combination of capital or Labour or

credit worthiness, with similar rights and liabilities, sharing profits and loss if any, will be

according to their proportionate ownership.

2.27.1 Partnership by (Contract Shirkah Alul'aqd)

This form of Shirkah is divided into:

1. Shirkahatuamwal:- it is a collective ownership of partners who invest some capital into a

commercial enterprise according to the ratio of their capital.

2. Shirkatua'mal:- here the partners as a group undertake to give services to their clients;

each one can bring his own recourses for the business. They share the fee charged from

their customers according to the agreed ratio.

3. Shirkatul-wujouh:- it is defined as partnership in creditworthiness: by using their

credibility, partners get credit from the market.

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They share their profit earned according to an agreed ratio after selling the

commodity.Right and liabilities in Shirkah are similar to all partners but not equal. The main

principle of Shirkah, any partner shares profit must bear the risk as the prophet says

"earnings are concomitant with risks".

2.28 Mudarabah

Mudarabah is a partnership concerned with profit of capital and Labour. It is a

contract partnership where one party is entitled to profit due to his participation with Mal,

while the other is entitled to profit due his participation with Labour.

2.28.1 The Concept and Rules of Mudarabah

What is Mudarabah? It is kind of Musharakah where an investor or investors give an

agent or manager a capital to trade with it. According to pre-agreed proportions the profit is

shared, while the loss is ultimately borne by the investor. Mudarabah form an important

economic function to serve societies and concerned parties benefit. Mudarib can be a trustee,

agent, partner, indemnifier, liable or even wag-earner if the contract become void. There is

the Multilateral Mudarabah and can be of many forms:

i. A financier can contract Mudarabah with more than worker or many financers can

make a contract of Mudarabah with one person.

ii. Also, a number of workers can be as a group to work for one or more subscriber.

A sub-Mudarabah: where a Modrib can provide a third party with the Mudarabah

capital at the same terms of Mudarabah if the financier permits such action. Fidelity is the

essence of Mudarabah, where Mudarib is considered trustworthy of the capital entrusted to

him. He is not responsible of the loss that happens normally in the business course of action;

but he is responsible for the property if there is a breach of trust, miss-conduct or

negligence. A guarantee to give funds, happens into two cases: where the Mudarib is

negligence of the funds or if he breaches a Mudarabah terms.

2.28.2 Types of Mudarabah and Conditions Regarding Business

Mudarabah business is classified into two kinds

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Restricted mudarabah: when the financer gives certain specifications concerning the

business, the items, the conditions and the time set. So mudarib must obey Rubbal-mal

instructions. The unrestricted mudarabah: when Rubbal-mal gives the mudarib the liberty to

choose any business and authorized to invest the funds in any business he wishes; in both

cases the mudarib should conform with the mudarabah custom relating to the subject matter

of the contract. It is not necessary that the financier makes a direct contract with the

Mudarib.

2.28.3 Modern Corporations: Joint Stock Companies

1. Modern corporation are generally seen to be based on the idea of Shirkah al'anan or a

combination of musharakah and mudarabah, there are many form of modern

corporations such as joint stock companies

2. There are also joint liability companies limited by shares (they are a form of personal

partnership)

3. Here we will discuss the modern stock companies with limited liability of the

shareholders.

4. The modern corporate bodies have many constituents made of issuance of receipts.

These receipts are called shares or many types of certificates. These shares are given to a

large number of people who represent the provider of funds and are called the investor in

the joint business.

5. The shares or the certificate represent the proportionate ownership of the shareholders.

6. The AAOIFI standard on musharakah defined a stock company as an entity where a

capital is distributed into equal units of tradable shares with limited liability of the

shareholders to their pro-rata capital "understanding Islamic finance". Such definition

means that shareholders own the asset of the company to the extent of their shares only.

They can sell or transfers the shares to anybody but not the assets of the company.

2.29 Modern Application of the Concept of Shirkah

With the broad principles and the concept of Musharakah and Mudarabah, a new

system can be developed on both liabilities and assets sides of the financial system that

complies with shariah and conforms with the needs of trade and business. This new system

can be on the form of corporate firms, mudarabah companies, individual or multi-investment

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portfolios by funds managers, business participation certificates, project financing,

certificates of investment or diminishing musharakah for facilitating financing fixed assets,

trade and services. Services firms can be provided through combination of shirkatul-amwal

and shirkatula'mal in modern age, in medicine, law, architecture and other fields.

2.29.1 Securitization on a Shirkah Basis

1. As a financial term, the word security "defined as an asset in the form of paper whose

cash flow is backed by a pool of liquid and tangible assets, "understanding Islamic

finance".

2. What is the process of securitization? "It is where the tangible or non-liquid assets of

joint business are made negotiable through the sale of shares, certificates in the financial

market" "understanding Islamic finance"

3. Big projects that need huge amount of money can be dealt with by using musharakah

activity that can be adopted as a basis for securitization.

4. A certificate can be given to every subscriber, this certificate shows each subscriber

proportionate ownership in the assets of the joint business

5. When the business start, there is a huge amount of non-liquid assets, therefore these

musharakah certificates can be negotiable and be bought or sold in the secondary

market.

6. Musharakah and mudarabah sukuk can be issued by or to corporate sector of individuals

as redeemable certificate to buy automobiles for commercial use as well as for the

establishment of high standard clinics, hospitals, factories, trade centers etc…

2.29.2 Diminishing Musharakah

Diminishing musharakah (DM) is a new kind of contract for a financing technique.

This financing technique of (DM) involves "the concept of Musha'a" ie undivided ownership

of the assets by the partners. All co-owners are owners of each and every part of the joint

property on pro rata basis and one partner cannot claim a specific part of the property

leaving other part(s) for the partners, further it is allowed to lease Musha'a to another joint

owners" "understanding Islamic finance".

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2.29.3 Diminishing Musharakah in Trade

This is considered a simple partnership, where two partners start business. It can be

on the basis of 40-60. Both partners can agree that, the share unit of one partner will

periodically be sold to the other partner; the partner continues to purchase periodically the

share until the other partner is out of the business. In such contract, partners enter for the

sake of profit earning.

[

1. The diminishing musharakah facility can be used for buying a house, building a house

and renovation of house. Other fixed assets can also be financed by diminishing

musharkah.

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CHAPTR THREE

METHODOGLY

3.0 Introduction

This methodology shows the student how they will acquained with such interpreting

and translating techniques and then attempt applying them in the texts translation below, in

both chapters three and four.

3.1 From An Article of Translation

This article deals with the theoretical approaches to the translational process

concerning different procedures to cope with various texts.

There is the step-by-step methodology which either sequential or successive

procedure for workshops. This method is proved to be very successful where the educator

act as a facilitator of the translation task, and the lionshare of the translation process is done

by the students in group or individually. On the other hand, the article reflects the aim of the

translation which act as a cross – cultural bilingual communication vehicle among people.

Lately, this activity has developed due to the increase of trade, migration globalization and

the expansion of the mass media and technology. So the role of the translator is so essential

as bilingual or multi-lingual cross – cultural transferor of culture, truth, concepts and speech,

faithfully and accurately. This is what theorists agree, that there an increase in the market

requirements, so translators transfer texts to a target language which is a foreign language.

This is what Newmark calls “service translation”. “I shall assume that you, the

reader, are learning to translate into your language of habitual use, since that is the only way

to translate naturally, accurately, and with maximum effectiveness”.

- Newmark (1995b)

Such kind of translation is considered a hard task resulting in a mediocre out-put that

must be revised and post-edited before being sent to the client, because the

consequences of wrong translations can be disastrous.

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- Delisle (1980)

Translation is an arduous job that mortifies you, puts you in a state of despair at

times, but also an enriching and indispensible work, that demands honesty and

modesty.

So, according to Delisle there are many thorns and problems facing translators, they

have to be aware of them. First there are problems related to reading and comprehension

ability in the source language. Once the translator has cope with them, there are the

difficulties of semantic and cultural nature, (Tricas, 1995); “linguistic untranslatability”

(institutional and standardized terms, neologisms, aphorisms, etc.) and cultural un-

translability, (idioms, sayings, proverbs, jokes, puns, etc.).

There are what theorists call the painful “not found terms”. Where neither the best

dictionary nor an expert in the topic or a native speaker can provide us with the solution. But

we usually bear in mind that a good translator is what the author called “contextualized

intuition”, i.e the ability to give the nearest common sense interpretation of the “not found”

element within its context.

Nida and Talber (1974) reached the fact that a translator must reproduce in the target

language, the nearest equivalent to the message in the source language, in both the semantic

and the stylistic aspect. On the other hand, the quality of translation depends on the quality

of translator i.e. his knowledge, skills, training, cultural background, expertise, and even

mood. (New mark (1995b).

Mercedes Tricas refers to intuition. i.e common sense or it can also be using of the

sixth sense, which is the combination of intelligence, sensitivity and intuition. Translator

must be aware that meaning is not only transferred by words, but there are decoding and re-

coding of nomenclatures, figures, tables and charts, standardize terms, acronyms, metonyms,

toponyms etc.

A definition of essential starting points concerning the text to be translated is

important such as the author of the text, the aim of the text, the readership and the standard

to be used for. Another aspect is the pre-editing of the original text to detect if there are

source text defects; on the other hand, there must be a post editing of the translated text to

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check the use of the most suitable syntactic, semantic and graphemic levels. The translators

must be aware and control the sound effect and cadence of the translated text.

3.2 Evaluation Kussmaul (1995)

The kinds of errors and difficulties in translation texts for the sake of assessment as

follows:

Comprehension, sense and ideas

Lexico – semantic level

Morphosyntactic level

Writing style and register

Spelling and punctuation

Creative solutions to translation problems

Transfer and re-wording (use of translation procedures)

Cohesion and Coherence

Assessment of the result and post – edition

Format

So, using a clear criteria for showing the method o f penalization of error, is very

important for example, the lack of coherence, mainly concerning meaning and sense; such

lack of coherence may be due to faulty translation, missing items or the wrong application of

lexical, semantic, grammatical, graphemic and/or cultural transfer. (Kussmaul 1995).

Educator has to point out for the students the positive aspects of meaning of his or her

translation. From an article by professor Constanza Gerding Salas

[

3.3 Principles of Translation

These general principles are relevant to all translation:-

A- Meaning: the translation should reflect accurately the meaning of the original text.

Nothing should be arbitrarily added or removed, though occasionally part of the

meaning can be "transposed" e.g. he was limp with fatigue might become “ Il etait

tellement fatigue quit ne tenait plus debut”.

- Ask yourself

- Is the meaning of the original text clear? If not where does the uncertainty lie?

- Are any words "loaded" ie is there any underlying implications?

90

- Is the dictionary meaning of a particular word the most suitable one?

- Does anything, in the translation sound unnatural or forced?

B- Form – the ordering of words and ideas in the translation should match the original as

closely as possible (this particularly important in translating legal documents, grantees,

contracts etc …) but different in language structure often require changes in the form

and order of the words.

- Concerning this point of the ordering of words and ideas, The researcher think it's

very controversial.

- In the introductory lecture, the researcher tells the students that there is no two similar

or identical languages in the whole world due to the difference in cultural and

environmental dimensions, so logically there is a great difference in the construction

of sentences, images metaphors, similes and analogies such problems do not concern

only those literary works of arts. But also those technical translations associated with

economics, agriculture, political, science, medicine etc so literal translation in such

domain is not effective, because in many cases the meaning will be lost.

- In such cases the researcher tells the students to reword and mould the texts or version

to be translated, so that the constructions of the sentences sound proper Arabic, (as an

example in our lecture), students must try to avoid the English style in translating into

Arabic language so that the sense will be reflected and conveyed to the nearest level in

the target language.

- Abd El Khaznder commented in his book (creativity) that Krambo, a French writer

cries "ILfaut etre absolument moderne", abd alkhazndar confesses that he is incapable

of translating such French sentence, why? because such grammatical construction is

not found in Arabic language, so he is only able to give a general meaning to such

sentence. Another example of the languages differences is that, the English language is

so concise and precise in comparison with the Arabic language, as the researcher tells

the students in the first introductory lecture, example of such difference is what the

researcher noticed in her translation to such sentence in “Dr. Mohammed Abd Elhai

book" “and finally abu shabakah, in his Miltonic Dantesque career de – Byronized, de

– Satanized his poetry and discovered the bright vision of regained paradise”. This

sentence reflects how the English language can be so concise and loaded with

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intensive meaning. This meaning intensity led the researcher to translate one page of

the sources language into multi pages into the target language. She felt doubtful about

her command of the mother tongue language (Arabic). The supervisor commented that

there is nothing strange about such translation due to the languages differences.

C- Register: the language often differ greatly in their levels of formality in context (e.g.

business letters), so the translator has to differentiate between formal, informal, cold,

warm, personal, impersonal if translated literally.

- Another question is what the intention of the writer? (To

persuade/dissuade/apologies/criticize?) Can one reflect all these personal expressions

in translation?

D- Source language influence: Usually the researcher in the introductory lecture to the

student, she insists on emphasizing that the translated text must sound natural when

you read, it must be fluent and smooth, it doesn't relate to the source language word

order, it doesn't sound as if it was translated/ So students have to avoid all source

language constructions of sentence effects and shadows. Of course such effects take

place due to the translator‟s thoughts and choice of words which are molded with his

original text. To avoid such influence, one tries to translate few sentences from

memory and sets away the original text.

E- Style and clarity: The translator should not change the style of the original, but if the

text is loppily written or full of tedious repetitions, the translator may for reader's sake

correct the defects "(south tyneside college)

F- Idiom: Idiomatic expressions are untranslatable, similes, metaphors, proverbs and

sayings; (as good as gold), jargon, slang and colloquialism (the big apple, yuppie, etc).

So if these expressions are not directly translated, try to tackle them by the following:-

- Keep the original word, in inverted commas "Yuppie"

- Keep the original expression, with a literal explanation in brackets e.g. Indian summer

(dry, hazy, weather in late autumn)

- Use a close equivalent "talk of devil(literally)" the wolf at the door"

- Use a non-idiomatic or plain prose translation: abit over the top- UN peu exessir

(faculty of humanities and arts, south Tynside College).

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3.4 Procedure to Practice Assignment

The context should be studied carefully, try to predict the terminology. As an aid for

your memory, a notebook and a pen are needed write down names, numbers and facts to

help in interpreting process.

3.5 Consecutive Interpreting

Client A speaks, the interpreter interprets what has been said to client B; who replies.

The interpreter then interprets what client B response to client A.

a- Allowing the speaker to complete an idea before interpreting.

b- Good listening skills are important.

c- Use the pause button to allow interpreting what said.

d- Use always the first person (1) when you interpret.

e- Usually you use the formal style for addressing a second person (you) unless the

situation needs otherwise.

You are now ready to attempt your first practice interpreting assignment.

Study the following context . Where two IDB members talk in a meeting both of

them speak English. So you interpret to the members who only speak Arabic. Points to

remember when interpreting:

As an interpreter you interpret faithfully and impartially from one language to

another. When working lively, you can introduce yourself and explain your interpreting

method. In professional interpreting there is no place for summarizing or inventing. The

interpreter can ask only for clarification. Record your interpretation and listen critically to

your interpretation for the sakes of assessment.

3.5.1 Interpreting and Translation Techniques 1 The Use of Dictionaries

You need two tape recorders with play back and record facilities and a set of head

phones, practice interpreting skills at home. It is preferable if you recorded conference or

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meeting minutes where English speakers and Arabic speakers interacting. So you practice

your interpreting skills at home, you may be faced with such situation in your work.

It is important that you understand the precise definitions of the various types of

words in order to get the right translation equivalent. As an interpreter translator you need

selections of dictionaries. A general bilingual dictionary will not be enough by itself as well

as the specialist bilingual dictionaries. So a good collection of specialist monolingual

dictionaries, English versions as well as two good general monolingual dictionaries are

needed.

3.5.2 Interpreting and Translation Technique 2

One has to anticipate problems especially when you are interpreting. So consider

how one can overcome such problems:

Keeps communication going.

1. If you don‟t know the meaning of a word that is used, do you:-

a- Leave it out thinking it might not be important

b- Guess its meaning

c- Keep the word in English during your interpreting.

d- Ask English speaker for explanation

2. If more than one person speaks at the same time. Do you:-

a- Ask them politely but firmly that one person talks at a time

b- Take notes from both people at once even if they talk to each other

c- Ask the interviewer to see only one person at a time and send the other out.

3. If it becomes clear that either client has misunderstood a point do you:

a- Carry on regardless because it is none of your business

b- Stop and tell your client that he/she has misunderstood something without telling the

other person unless he ask

c- Tell both clients briefly that there may be some misunderstanding and for a repetition

to that point.

4. If you have some kind of mental block and you are not keeping up as well as usually

do; do you:-

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a- Try to save face by keeping going even things are going wrong.

b- A apologies briefly, and ask the people to speak slowly, using short sentences to

enable you to take more notes.

c- Give up and say you‟ve been caught on a bad day

Hoping your answer is as the suggested answer below (d) 2. a) 3. c) 4. b).

3.6 Types of Contracts

1. Contracts are classified according to different perspectives; mainly the contract

conformity with Shari'ah rules.

2. Jurists divide contracts into valid (Sahih) or invalid (Batil) contract.

3. A valid contract, that which satisfies all of its condition.

4. The invalid contract which does not satisfy one or more of its conditions.

5. Hanafie have three divisions, valid (Sahih), voidable, defective (Fasid) and void (Batil).

6. These Hanafis categories give more options to the application of the Islamic law of

contracts in modern day operations.

3.6.1 Valid Contract

A valid contract must go in line with Islamic law in relation to both its 'Asl

(fundamental components, nature and essence) and Wasf (accessory circumstances or

external attributes).

A gain a contract is valid when (form or offer and acceptance, the subject matter and

the contracting parties are properly found; the condition of each of the above factors are met,

with no existence of prohibited elements like Riba or Gharar. The sanity and maturity of the

two parties are essential. A valid contract must immediately conform to Shari'ah, it becomes

effective (Nafiz) after the execution of the contract unless it is suspended (Mawguf) or it

depends upon ratification.

3.6.2 Contracts Effective Instantly or From A Future Date

Jurists permit the contracts of Ijarah and Istisna'a (manufacturing due to an order) to

be effective in futures; another types of contracts are considered to be effective in future are

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Kafalah (suretyship), agency, divorce, Wagf and bequest. On the other hand, all jurists agree

to the immediate enforcement of the sale contract.

3.6.3 Mawaguf (Suspended) Contracts

Such factors may suspend the validity of a contract.

Defective capacity of any of the parties

Lack of proper authority.

The right of any third party.

3.6.4 Binding (Lazim) and Non Binding Contract

1. Sahih and Nafiz contracts are divided into Lazim (binding) and Ghair Lazim

(nonbinding) contracts

2. A Lazim contract is the one where none of the parties has the right to revoke the contract

without the permission of the other, unless there is the option of (Khair- al- Shart). This

option grants one of the parties to revoke the contract.

3. A Ghair Lazim contract is the one where one party has the right to revoke the contract

without any consent from the other party.

4. Such contracts as Wakalah (agency), Kfalah (suretyship), Shirkah (partnership), Wadi'ah

(deposits or Amanah), Ariyah (commodity given for use without any compensation or

rents are nonbinding by nature; unless the parties agree that neither party will terminate

the contract. This is why Islamic bank investment deposits based on Shirkah principle

restricts the depositors from withdrawl before the appointed date by putting a clause

concerning this issue.

5. On the other hand, (Khiyar- al- Shart) prevent the contract from becoming Lazim until

its time is over.

3.6.5 Voidable (Fasid) Contracts

1. A contract which is legal in its 'Asl ie it contains all its elements, but its Wasf ie all the

external or nonessential attributes of the contract is illegal; such contract is not necessary

void but it said to be voidable or (Fasid).

2. Major factors making contracts irregular or voidable:

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3. Defective consent e.g. contract under coercion.

4. Lack of information for any one of the parties. (Gharar or Jahl) or lack of information

about consideration (price)

5. Lack of information about the pledge, the guarantee, or surety.

6. Defect that happens due to invalid condition such as:

7. Defects that are against the contracts purpose.

8. When the defect is useful to one party at the cost of other party.

It is important to note that such irregular conditions affect only compensatory

contracts e.g. contracts of sale, hiring etc...

3.6.6 Hanafi jurists have Shown Some Forms of Fasid or Voidable

Contracts

1. Bai' al-Majhul (lacking any material information).

2. Contingent contract: This is a contract that is contingent upon uncertain event.

3. Bai' al-Ghaib

4. Sales contract effective in the future

5. Sale contract with unlawful consideration

6. Two sales in one contract

The legal status of the Fasid (voidable) contracts is that it must be revoked without

the permission of either party; but if the cause of defect or irregularity is removed then the

contract becomes valid.

3.6.7 Void (Batil) Contracts

Void or Batil contract is the one where major conditions associated with the form of

the contract is void e.g. (acceptance does not conform to the offer, or the absent of offer at

the time of acceptance etc…).

On the other hand, the parties are not sane and mature; and the possession and

deliverability of the subject matter are not executed. Also such examples as a sale dealing

with elements of uncertainty and speculation; like the sale of milk in the Udor of a cow

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which is not valid sale. A sale of a dirham for two dirham's. A contract executed by fraud

and deceit. All these are examples of invalid contracts.

3.6.8 Commutative and Non-Commutative Contracts

In relation to the consideration or counter value exchange, there are two types of

contracts.

1. Ugood- e- Mu'awadha which is compensatory, commutative contracts. Here, one party

can get remuneration or compensation, such as sale, purchase, lease and Wakalah contracts

2. Ugood Ghair Mu'awadha or non-commutative contracts. Here, one cannot get any return or

compensation, such as the contracts of loan (Gard), gift (Tabarru/Hiba), guarantee (Kafalah)

and assignment of debt (Hawalah). So any consideration in the contracts of loan, guarantee,

against guarantee per se and assignment of debt is illegal.

3. 6.8.1 Ugood - E- Mu'awadha (Commutative Contracts)

Classification according to object:-

1. Bai' Mugayadhaha (barter sale).

2. Bai' alHal (simultaneous exchange of goods for money, spot sale).

3. Bai' alSarf (exchange of money or monetary units)

4. Bai' Salam (Sale with immediate payment and deferred delivery).

5. Bai' Mu'ajal (deferred payment sale, commonly known as a credit sale).

6. Bai' Mutlaq (normal sale of goods for money, also called absolute sale)

Classification according to price:

i. Bai' Tawliyah (resale at cost price).

ii. Bai' Murabaha (resale at cost price plus profit – bargaining on profit margin).

iii. Bai' Wadhiah (resale with loss, the three above mentioned sales are called Buyu'al Amanat

or trust sales)

iv. Bai' Musawamah (sale without returning to the original cost price – bargaining.

There are two types of Ijara or the contract of hiring:

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i. Ijarat al-Shkhas (offering services).

ii. Ijarat al-Ashya (letting things).

Istisna'a (contract of manufactureing). Wakala contract can be commutative and non-

commute.

3.6.8.2 Ugood Ghair Mu'awadha (Tabarru') or Gratuitous Contracts

These types of contracts are distinguished by the donation of property, ie the transfer

of the property to another party without consideration or price. The following are examples

of such contracts:

1. Hiba (gift);

2. Wasiyyah (bequest);

3. Wagf (endowment);

4. Kafalah (guarantee);

5. Ariyah (loan of usable items free of any charge);

6. Loan (Qurd);

7. Hawalah (assignment of debt).

8. Kafala, Gard and Hawalah are part of Islamic banking operations, but with no profit only

a charge of fees for services provided by bank in these contracts.

3.6.9 Conditional or Contingent Contracts

Concerning the subject of conditions in contracts that a condition or stipulation that

does not contradict the purpose of the contract is a valid condition. On the other hand, a

condition that becomes, usually a kind of practice in the market is not considered void,

provided that the condition is not against injunctions of the Holy Quran or Sunna.

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CHAPTER FOUR

DISCUSSION

4.0 Introduction

The researcher is keen to select these various texts from different reputable "Islamic

Financial Institutions and Banks" for a thorough and deep understanding of the subject itself

(Islamic Economics) as well as for the sake of practicing the translation of such texts which

represent the core and essence of the subject, and that is the objective and goal of the

research to attain a professional cadre within this field.

)Text A(

4.1 Islamic Research and Training Institute (IRTI)

Islamic research and training institute (IRTI) member states:- "The institute has

organized 31 seminars and workshops on Islamic economics and relating subjects

benefiting a large number of scholars and participants from member countries"

Another member of the institute says "the IRTI is developing a Model Information

Center based on latest technologies to provide up-to-date information services to member

countries. Development of database relating to trade, industry, Islamic economics and other

area are in progress. Points to remember when interpreting: When working lively, you can

introduce yourself and explain your interpreting method.

4.2 Interpreting and Translation Techniques, Simultaneous Interpretation

Simultaneous interpretation is called sometimes "whispered" interpreting and it is

usually used when an individual is speaking to a group for example at conferences, public

meetings, also in courtrooms. "Many people find simultaneous interpreting is a daunting

one, but after practicing the mode, many find it easier than consecutive interpreting because

no memory or note-taking skills are needed. What are needed are fluency, acute hearing,

ability to process into language instantly andwith high degree of concentration.

Text (B)

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Written Translation From English to Arabic

In Makkah Al mukaramah declaration held in 1401 H "(1981) where the third Islamic

summit adopted a plan of action to strengthen economic, commercial, technical and

cooperation among OIC member states. So the IDB (Islamic development bank) cooperates

with the three standing committees founded by the third Islamic summit for carrying out the

plan of action . They are the standing committee on economic and commercial cooperation

(COMCES); the standing committee on cultural affairs and information, The standing

committee on scientific and technological cooperation (COM STECH).

The IDB works in close cooperation with the first two committees and as part of its

cooperation with (COMCEC), a longer term trade financing scheme has been developed in

favour of the OIC member countries, to promote imports of countries participating in the

scheme. it is operational since 1408H (1989) within the bank.

Translation of Text (B)

٤لاد٣ش ك٤غ طز٠ 1981( حـشس ححكن ػخ 1401حؼخغ رش حشش ك٢ حؼخ )ػوذ ئطش حوش حلاعلا٢

حئطش خطش ػ طظؼ ك٢ حظؼخ حلاهظقخد١ حظـخس١ حل٢ ر٤ د حلاػنخء ك٢ ظش حئطش حلاعلا٢

ز١ حؾخءخ ئطش حوش حلاعلا٢ حؼخغ رخظخ٢ كوذ هخ حزي حلاعلا٢ ظ٤ش رخظؼخ غ حـخ حؼلاع حذحثش ح

( حـش حذحثش COMCECحـش حذحثش ظؼخ حلاهظقخد١ حظـخس١) -ظل٤ز طي حخطش. حـخ حؼلاع :

(. ٣و حزي حلاعلا٢ ظ٤ش COMSTECHؾج حؼوخك٤ش حلاػلا حـش حذحثش ظؼخ حؼ٢ حظو٢ )

رخظؼخ حق٤ن غ حـظ٤ حلا٠ حؼخ٤ش , ـضء حظؼخ غ حـش حلاهظقخد٣ش حظـخس٣ش, كوذ طظطس

( حؿ طشه٤ 512ؾشع حظ٣ حظـخس١ ر حلاذ حط٣ قخق حذ حلاػنخء ك٢ ظش حئطش حلاعلا٢ )

ـش٣ش ححكن 1408 حؾخسش ك٢ حؾشع , هذ رذأ حزي حلاعلا٢ حؼ ك٢ زح حؾشع ز ػخ حسحدص حذ

٤لاد٣ش. 1989

So in such occasion when you want to relate all the details of the declaration of the "Third

Islamic Summit" in IDB meeting; it is easier to use the simultaneous interpretation; so you

do not need to constantly pause. There is less chance to lose the thread of the subject and of

making mistakes; and its easier to understand what is said without interruption. On the other

hand, simultaneous interpretation is used when there is a problem in time

factors.Consecutive interpreting is a more lengthy procedure.

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What is needed in simultaneous interpreting is fluency, a good hearing, the ability to

interpret instantly and a high concentration; if you happen to miss part of the speech try to

catch up with the speaker at the point where he is actually speaking or you will be

hopelessly lost.

Another way to practice interpreting is by listening to the radio and television, while doing

this; try simultaneous interpreting for one minute and consecutive interpreting for one

minute.

Interpreting and Translating Techniques - Sight Translation

This kind of translation is used to sight translate information sheets, leaflet, forms, letters

and other documents. Sight translation is a good practice in interpreter training.

Fluency, accuracy, speed and clarity are important to such kind of translation as well as to

both consecutive and simultaneous interpreting.

Approach to sight translation

1. Read all the information in the context

2. Pick out the important terminology

3. Identify difficult sentences and constructions

4. Attempt to speak slowly and clearly to gain more time to think during your translation

You are now going to sight translate declaration part of a document of Mekkah Al

Mukramah adopted by the third Islamic summit of the plan of action.

The Text (C)

The IDB operates a technical cooperation programme (TCP) established in 1411H (1983).

This programme is designed to mobilize the technical capabilities of IDB member countries

by promoting cooperation and exchange of expertise, experience and skills among them.

Under this programme, short-term technical assistance is provided through grants to member

countries to meet the cost of services of experts, and to organize seminars and training

courses on specific topics related to development in member countries. The programme is

regarded as a supplement to the IDB's regular technical assistance operation.

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Try to record your translation and listen to yourself to be sure that your translation is clear

and accurate, so you can monitor your progress.

In the early stage of your translation, where you try to acquire the terminology and the

techniques, you choose simple texts, and prepare for your translation by looking up words

and expressions to achieve fluency and accuracy. Later you can achieve such task without

preparation.

Find translation equivalents for the terms and phrases.

You may wish to discuss your translation with your tutor or in class.

Discuss your Translation with your Tutor or in Class

Interpreting and Translation Techniques (Written Translation)

Before you start your translation let your translation be in stages.

1. Scan the text.

2. Be aware of such factors as.

3. Who is the text written for.

4. Who wrote the text.

5. What is the aim of the text written.

6. Pick and identify the difficult, ambiguous and technical words.

7. Any grammatical difficulties such as (passive constructions, excessive long or

convoluted sentences) shall be picked and identified.

8. High light key words or phrases.

9. Each paragraph shall be read to "decode" the meaning.

10. Then the meaning shall be translated or encoded in the target language (TL).

Read the source text and the translated text side by side.

Check that meaning, style and register are transferred correctly and accurately.

Text (A)

You have been asked to make a written translation of this text for a non-Arabic speaking

seller.

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طظل ٤ش حغؼش ك٢ كخش حطخ ػ٤ش حز٤غ ح٢ حزخثغ ك٢ حظ حلظش أ ٣ زح حظل غؼ رؼذ اطخ

ا طل ٤ش ز حغؼ .ئؿلا دكغ حزؾ دكؼخ كس٣خ أػ٤ش حز٤غ كو٤و٤خ رقلش دحث رـل حظش ػخ حرح خ

٣ وخر ذكغ حزؾ كس٣خ أ وخر ذكغ حذ٣, ك٠ لا حلخظ٤ سرخ ٣ خي سرلخ خؾ٤خ قخق حزخثغ، أخ

خ ك٢ كخش ر٤غ حغ ع خخؿ حز٤غ ك٤غ ٣ دكغ حزؾ دكؼخ وذخ ، رخ أ ز حزنخػ ٣ظ طغ٤

غظوزلا ك٢ ص اطلن ػ٤ حطشكخ الا أ حطشكخ ضخ أكذحخ ربسعخ حزنخػ حؼخ٢ رل٤خص ٤ظخ ك٢

ص لذد ؽشه ظلن ػ٤خ رـل حظش ػ اسطلخع حلأعؼخس أ اخلخمخ ك٢ ص طغ٤ حزنخػ.

Finally, ask yourself, if you have achieved a semi ideal state where your translation is

independent in every aspect?

Text (A)

You have been asked to make a written translation of this text for a non–English speaking

seller

In bai‟, or sale, ownership of the commodity being sold is transferred to the buyer just at the

time the sale is executed; and this transfer is definite and permanent. It makes no difference

whether the payment of the price is on the spot or deferred. This owner transfer is against

on-the-spot or credit payment that may also involve a profit margin for the seller. In the case

of salam, a special kind of the forward sale, although goods have to be delivered at a future

stipulated time, both parties are obliged to give / take ownership at specified time on agreed

terms, irrespective of whether the price rises or falls at the time of delivery

Text (B)

Use the following text for written translation into English, you can use dictionaries for this

task, and time yourself for I hour in this kind translation.

You can follow the instructions in interpreting and translation techniques within the

different activities.

در الإدارة اىؤسسيت اىفؼبىت

ا حلإدحسس حئعغ٤ش حلؼخش ك٢ حقخسف ك٢ حؾؤص حظ٢ طغظخذ أح حقخسف ٢ حكذ أ دػخث -

ذ٣ش حظ٢ طؼذ هخثش حلأ . خ ٣ئعق أ حز٤جش حشحد ا٣ـخدخ ظل ل حز٤جش حلإؿظخػ٤ش حلإهظقخد٣ش حو

حلإدحسس حئعغ٤ش طظغ رقسس ػخ رخنؼق ك٢ ؼظ ئعغخص حلأػخ رخزذح حخ٤ش زح ؿ٤غ

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حئعغخص حظ٢ طو رذس ك٢ مزو حلأعحم حظؤذ حلخءس علاش حلأعحم طظطس ك٢ ز حزذح

خك٤ش.رخذسؿش ح

خى هنخ٣خ أخش طئػش عزخ ؼ طزخ٣ حؼخص, هش خزشس حظؼخ٤ ك٢ حغم ، حشهخرش ا ؿذص لا٣ظ -

ف حؾلخك٤ش ؿ٤ش ططز٤وخ رلؼخ٤ش رـ٤خد٣ش رغزذ حلغخد حغ٤خع٢ نؼق حظ حونخث٤ش ػخ ، زي كب حم

ظطس.، حظطز٤وخص حلخعز٤ش ؿ٤ش خك٤خ

ا ػذ كؼخ٤ش حلإدحسس حئعغ٤ش ط أؽذ خطسس ك٢ كخش حئعغخص حخ٤ش لأ ػذد حغخ٤ حدػ٤ ك٤خ -

أزش لأ خخهشخ حؼخش أؼش خخهش حؾؤص حلأخش .

Text ( B )

Now, use this same text (B) as written translation into Arabic.

The Role of Effective Corporate Governance

Effective corporate governance in banks as well as the firms that use bank funds is one of

the most important pillars of the new environment that needs to be created to replace the old

socio – economic environment that no longer exists. Unfortunately, however corporate

governance is considered to be generally weak in the corporations of most developing

countries. This is because all the institutions that play a crucial role in disciplining markets

and ensuring efficiency and integrity are not well–developed in these countries. Information

asymmetetries are more sever, market participants less experienced and regulators, even if

they exist, do not get enforced effectively and impartially because of political corruption and

the general weakness of judicial system. The adverse effects of the ineffective corporate

governance can be more serious in the case of financial institutions because the number of

their stakeholders is much larger and the systemic risks are much greater.

Text ( C )

Written at Translation

A written translation into Arabic for a text which is concerned with the factors of

production in Islamic economics.

Please refer back to the different activities. Read the notes on written translation.

The responsibility to get a job done is also a factor of production; it may be taken by a single

person or a group of people joining together as business partners. A number of financers

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may join Together to contract a partnership and pursue any business of their choice

themselves or through hired managers. They may also get the job done by signing sub-

partnerships with other contractors or companies. They would all share the profits of such

business. They may also assign the job to big business organizations and firms to complete

different jobs on an offered bid Price. The reward for taking the responsibility to coordinate

the services and supplies and get the work done according to the terms of the contract is also

profit.

Sight Translation

The first one is concerned with the social framework in Islamic economy, and the second

one is concerned with the concept of time value in Islamic economy. Use both texts for sight

translation practice and also to improve vocabulary. During this exercise record your sight

translation. This will accustom you to speaking into a machine as well as to listen to yourself

to identify your strengths and weaknesses.

Social Framework in Islamic Economics

The integrated model of the Islamic social framework is based, among other things, on the

following criteria, which provide a positive motivation for economic activities, steered by

the concept of a fair balance between material and spiritual needs and between the

individual‟s and social needs.

Time value in Islamic Economics

The contract of Salam also provides ample illustration of the concept of time value of money

through pricing of goods. Salam is a forward contract which enables a commodity to be

bought for immediate payment of the price and for future delivery. The basic element of this

contract is that the price paid in advance for future delivery of the goods is genuinely less

than the cash-n carry price at the time the salam contract is executed.

Interpreting and Translation Techniques (Written Translation)

Before you start your translation let your translation be in stages.

1. Scan the text.

2. Be aware of such factors as

106

a. Who is the text written for

b. Who wrote the text

c. What is the aim of the text written for.

3. Pick and identify the difficult, ambiguous and technical words.

4. Any grammatical difficulties such as (passive constructions, excessive long or

convoluted sentences) shall be picked and identified.

5. Highlight key words or phrases.

6. Each paragraph shall be read to "decode" the meaning.

7. Then the meaning shall be translated or encoded in the target language (TL).

Read the source text and the translated text side by side.

Check that meaning, style and register are transferred correctly and accurately.

Use the following text for written translation into English, you can use dictionaries for

this task, and time yourself for I hour in this kind translation.

You can follow the instructions in interpreting and translation techniques.

(Text a) اىتحذيبث الانبيبث ىصذق اىتضب الاسلا

لاعظشحط٤ـ٤ش فذم حظنخ حلاعلا٢ ظ٤ش حغز٤ حلاكن ظلؼ٤ طؼذ حؾشحش حكذس حلاذحف حشث٤غ٤ش

حسد حقذم مخ رشحـ رخظخ٢ كخ فذم حظنخ حلاعلا٢ ظ٤ش حطخز زح حلاطـخ ظ٣ ؽشحخص

شك٤ش رشحؾ حظ٣ غ ئعغخص حظ٤ش حظ٤٣ش حظخرؼش ذ حلاػنخء فلا ظل٤ز حلؼخ زشحؾ حؼشكش حل

حلافـش, كخذخؽ حلادحسس ح٤ش لاهظقخد غ حلادحسس حـضث٤ش زى طلض ظش حظ حلاؽشحف حغ٤ غ حلاكظ٤خه٢

حخك٢ ظؼ٣ل حخغخسس , ز حلاؿشحءحص طؼذ ح وخص حؾشحش ٣ دػ ز حلاؿشحءحص ػ٠ حلاه

ذ.رخظؤ٤ ػ٠ ح٣ذحػخص حط

٣ؤخز حقذم ك٢ حلاػظزخس حظؼخهذ٣ حغظؾخس٣ حؿ خن هذسحص ك٤ش و حخسحص حخزشس ك٢

حـخ حذع٢ ـخ حخذخص حل٤ش حذ حلاػنخء خخفش ذ حلاه ح.

IDB (Text b) اىظ الاشراف في اىبل الاسلاي ىيتيت

طظؼ ح ز حزي حلاعلا٢ ظ٤ش لاطخخر ػذس حؿشحءحص نخ علاش حطذ ح٣ذحػخص حلاعظؼخس.٣لظخؽ

حلاؿشحءحص ك٢ ح٣ـخد حدحسس ٤ش لاهظقخد ضؿش رخدحسس ؿضث٤ش كؼخش زى طلض ظش ظ حلاؽشحف حغ٤ ح

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س سرخ ٣ذػ زح حلاطـخ ػ٠ حلاه رظؤ٤ ح٣ذحػخص حرح خض خي مشس ٣ خي حكظ٤خه٢ طؼ٣ل خغخسس.

حطذ.

Interpreting And Translation Technique, Simultaneous Interpretation

Simultaneous interpretation is called sometime "whispered interpreting" and it is usually

used when an individual is speaking to a group for example at conferences, meetings, also

at courtroom.

Written Translation

Text- C

Expert Group Meeting (EGM) Recommendations

The expert group meeting of regional organization on inter-regional economic cooperation

was held at IDB headquarters on 25-26 September 2012 with the objectives to share the

experience and best practice of existing regional cooperation schemes to identify priority

areas for enhanced cooperation in trade across regions and to discuss ways and means for

strengthening cooperation between the OIC institutions

As a result of the deliberations, the meeting came up with a number of the ideas and

proposals; and here are some recommendations:

1. Establish a working group and nominate a focal point for each of the regional

organization and OIC institutions to follow-up the implementations of the

recommendations of this Expert Group Meeting Coordination of the communication

done by the IDB Group and then on a rotational basis.

- This working group will have the mandate of:

i. Implementing the recommendations of the current meeting.

ii. Deciding on priority sectors and themes for future meetings .

iii. Sharing information amongst the parties.

Text ( C )تصيبث اختبع دػت اىخبراء

د١ ر٤خ ري ك٢ حوش حشث٤غ٢ زي ط ػوذ حؿظخع ـػش حخزشحء ظش حلإه٤٤ش حخخؿ رخظؼخ حلاهظقخ

. طظؼ حذحف زح حوخء ك٢ طزخد 2012 عزظزش ػخ 26-25حلاعلا٢ ظ٤ش خلا حلظشس خ ر٤

108

حخزشحص حخسعخص حلاؼ ظ حظؼخ حلاه٢٤ حلخ٤ش طؼش٣ق حخهن حظ٢ خ حلا٣ش ظؼض٣ض حظؼخ

ر٤خ طذح حلاسحء ك حطشم حغز ظو٣ش حظؼخ ر٤ ئعغخص ظش حذ حلاعلا٤ش حظـخس١ حظزخد

(OIC.حـػخص حلاهظقخد٣ش )

ظ٤ـش زي حظذح حز١ ط ك٢ ري حلاؿظخع خض حلق٤ش حظ٢ طؼض ك٢ ػذس حكخس وظشكخص, سد خ رؼل

ز حظف٤خص:

( OICطؼ٤٤ وطش اسطخص حظخص حلاه٤٤ش ئعغخص ظش حذ حلاعلا٤ش )ط٣ ـػش ػ -

ظخرؼش طل٤ز طف٤خص حؿظخع ـػش حخزشحء.

رذح٣ش طو ـػش حزي حلاعلا٢ ظ٤ش رظغ٤ن حلاطقخ ر٤ حلاهشحف حخظلش رؼذخ ع٤ طغ٤ن ري -

حف.حلاطقخ ػ٠ حعظ دس٣ش ر٤ حلاهش

طوغ ػ٠ ػخطن ـػش حؼ ز طل٣ل رخلاط٢:: -

طل٤ز طف٤خص زح حلاؿظخع حلخ٢ .1

حطخخر حوشحس رخقؿ حوطخػخص حظ٢ خ حلا٣ش ح٣نخ رخحم٤غ حشث٤غ٤ش لاؿظخػخص حغظوز٤ش .2

حؾخسش ك٤خ ٣خظـ رخؼخص عو حلاهشحف .3

طزخد حؼخص ر٤ ز حلاهشحف .4

Interpreting and Translating Techniques - Sight Translation

This kind of translation is used to sight translate information sheets, leaflet, forms, letters

and other documents. Sight translation is a good practice in interpreter training. Fluency,

accuracy, speed and clarity are important to such kind of translation as well as to both

consecutive and simultaneous interpreting.


- Read all the information in the context

- Pick out the important terminology

- Identify difficult sentences and constructions

- Attempt to speak slowly and clearly to gain more time to think during your translation

You are now going to sight translate significant accounting policies.

Text ( D )

Significant accounting polices:

- Functional and presentation currency

109

a. Foreign currency transactions functional statements are presented in thousands of

united states dollars (USD) which is functional and presentation currency of the fund

b. Transaction and balances

Foreign currency transactions are translated into USD using the exchange rates

prevailing at the dates of the transactions. Foreign exchange gains and losses resulting

from the settlement of such transactions and from the transactions of monetary assets

and liabilities denominated in foreign currencies at the year-end exchange roles are

recognized in the statement of activities

Text (D )

اىسيبسبث اىحبسبيت الاسبسيت

تحيو اىؼلاث الاخبيت

ػيت اىؼرض اىشبط

حكذس حلغخر٤ش قذم، حؼخلاص طظش حوحث حخ٤ش رؤلاف حذلاسص حلاش٤٣ش حظ٢ طؼ ػش حؼشك

حلاسفذس .طل حؼخلاص حظ٢ طظ رخؼلاص حلاؿز٤ش ح٠ حذلاس حلاش٢٣ رؤعؼخس حظل٣ حغخثذس ك٢ طحس٣خ

طي حؼ٤خص. طل٤ذ حلاسرخف حخغخثش حخطـش ػ طغ٣ش ز حؼخلاص طشؿش حؿدحص حطرخص

ص حلاؿز٤ش رخعظخذح حعؼخس فشف خ٣ش حغش ك٢ هخثش حلاؾطشحخ٤ش رخؼلا

Text )E(

Commodity placements through banks

Commodity placements are made through banks and are utilized in the purchase and sale of

commodities at profit. The buying and selling of commodities are limited by the terms of

agreement between the fund and the banks.

(Text E (

ايذاػبث اىسيغ ف اىبك

ح ح٣ذحػخص حغغ حظؼوش رخؾشحء حز٤غ حؿ حشرق طوغ ػ٠ ػخطن حزى. طظ ػ٤خص ؽشحء ر٤غ ز حغغ

حقذم حزى.ػ٠ كغذ ؽشه حلاطلخم حز كذد هز

110

Commenting on text (e) and (f), translated by (IDB) unit of translation, this kind of

translation shows the importance of the thorough and deep understanding of the discipline

itself ie the economic subject itself, Islamic as well as conventional. Understanding the

traminotogies and the mechanism of the subject and the application of these various

branches on the reality is so essential for attaining semi-perfect translation and reflecting

every highly standard of sense which is the core and essence of translation. A vivid

illustration met the researcher when she read this phrase of text (e) bb the transactions of

monetary assets and liabilities “ the researcher translation goes as such”. حلاف حلاظضحخص

حخ٤

Compared with the (IDB) unit of translation " حؿدحص حطرخطخخ٤ "

If one looks deeply in both translations they are correct حلاف حخ٤ش حؿدحص "

ح٣نخحلاظضحخص رخؼ٠ حؾخ ٠ حطرخص حظ٢ ٣ـذ حلاظضح رخ٣لخثخ "

But the translator of the (IDB) unit uses the practical language of the world of finance. So a

detailed informations, constituents and practicing the mechanism of the discipline is so

essential for appropriate translation so, this why the searcher presents such detailed

informations about the discipline with its religious and archaic unfamiliar terms; and later in

section III, there multi text for sight translation which reflect both the definitions of many

Islamic Economic operations as well as the practicing of such translations to be acquainted

with their terms and the mechanism of those unique process .

Consecutive Interpreting

Client A speaks, the interpreter interprets what has been said to client B; who replies.

The interpreter then interprets what client B response to client A.

i. Allowing the speaker to complete an idea before interpreting.

ii. Good listening skills are important.

iii. Use the pause button to allow interpreting what is being said.

iv. Use always the first person (1) when you interpret.

v. Usually you use the formal style for addressing a second person (you) unless the

situation needs otherwise.

You are now ready to attempt your first practice interpreting assignment.

Study the following context. Where two IDB members talk in a meeting both of them

speak English. So you interpret to the members who only speak Arabic.

111

Record Your Interpretation and Listen Critically to Your Interpretation for the Sakes

of Assessment

An Islamic Research and Training Institute (IRTI)

Islamic research and training institute (IRTI) member states:- "The institute has organized

31 seminars and workshops on Islamic economics and relating subjects benefiting a large

number of scholars and participants from member countries". Another member of the

institute says "the IRTI is developing a Model Information Center based on latest

technologies to provide up-to-date information services to member countries. Development

of database relating to trade, industry, Islamic economics and other area are in progress.

Points to remember when interpreting: When working lively, you can introduce yourself and

explain your interpreting method.

Translate into Arabic

Text A

A text from Islamic solidarity fund for development (ISFD) expert groups meeting

"challenges and future prospects". Forming partnership is one of the key objectives of the

ISFD strategy and it is one of the best ways of leveraging the funds resources and scaling up

its programs. Therefore ISFD should take into this respect for forming partnership with

financial development inistitutions of member countries for effective implementation of its

vocational literacy and micro finance program.

The fund should take into Consideration contactors and consultant of the donor countries in

order to create technical capacities and transfer the knowhow and expertise in engineering

and technical services to all member countries especially in the least development

countries.

Text B

Regulation and supervision of Islamic banks (IDB)

112

A number of measures would be needed to ensure the safety of both demands and

investment deposits. Among the most important of these measure would have to be better

macro-management of the economy combined with efficient micro-management of banks

under the umbrella of proper regulation and supervision and the building of adequate loss-

offsetting reserves. These may have to be reinforced, if necessary by the insurance of at

least demand deposits. As an interpreter you interpret faithfully and impartially from one

language to another. In professional interpreting there is no place for summarizing or

inventing. The interpreter can ask only for clarification.

Interpreting and Translation Techniques

Creating your term bank

Definition of term bank

It is a glossary, dictionary that is created and developed by you. It reflects the meaning and

translation of specialist terms.

Information's sources for your dictionary:

For your quest to achieve such task, your experience, contacts with agent, language tutors,

specialist book-shops, libraries and the internet will be needed. Examination is very short to

look up a word term in a dictionary; so your term bank will be of great help to you; provided

that your method of classification is alphabetic or thematic. You must be absolutely sure of

the meanings and the information concerning choosen words, terms and phrases.

Translation It Can Be Useful to other Discipline

Translation is the transfer of written material from the (source) language into a second

(target) language.

1. The need

Much material is needed to be translated in legal system, from and into English. It includes

standard letters, official forms and notices. There are also information leaflets to be

distributed, witness statements; report from doctors, social workers may have to be

translated.

2. Training of translators as well as to the interpreters.

113

i. Knowledge of the context of the translation (e.g. the aims and procedures of the

texts).

ii. Strengthening of both languages to cover the formal and informal terminology.

iii. Translation theories and techniques.

iv. Professional good practice (e.g. ethics and conduct)

3. Assessing the text to be translated

The translator must assess the text and its context in terms of the following:-

a) The types of document (e.g. letter, information leaflet, professional report)

b) The languages used and whether translation is to be from or into English.

c) The purpose of the translation (e.g. is it for publication or other purpose; but in all

cases it must be accurate translation).

d) Whether the readership is precisely (e.g. a particular person or small group or an

unidentified group of unknown size).

e) The probable level of education and the background knowledge of those may read

the material translated .

f) The length of the material to be translated.

g) Its legibility (e.g. a policeman's hand – written notes a poor photo – copy)

h) In the case of a document in English, its complexity (e.g. the degree of specialized

vocabulary used) and how clearly its written .

i) The deadline of delivery of the complete translation.

You have been asked to make a written translation of this text for anon –English speaking

seller.

Text ( A )

Decide on Projects, Beneficiaries and Partners

The bank distinguishes several major types of poverty reduction projects which should be

eligible for its financing:-

i) Integrated sector projects aiming at boosting pro-poor growth and addressing the root

causes of poverty, education, health, water, microfinance etc.

ii) Projects which finance improvements in institutional infrastructure.

114

iii) Projects aiming at specific issues which cut across sectors and promote the role of

women.

iv) Investment by private sector arms of the IDB group in support of micro-credit, micro-

insurance and other direct poverty alleviate projects.

Text ( B )

Indentify Eligible Beneficiaries

The bank identifies ultimate beneficiaries and project sponsors (or initial beneficiaries) as

two distinct groups.

Group (1):- eligible ultimate beneficiaries comprise the poor and those needing emergency

relief.

- The poor are defined as those living on less than US $1 per day and seriously lacking

in any of life chances that are defined within the MDGs. Of the 400 million people

that are estimated to live in poverty in 31 IDB member countries it is estimated that

there are approximately 300 million in rural areas and 100 million in urban areas.

The bank will, wherever necessary develop poverty distribution maps to focus its

support on the pocket of poverty.

- The group needing emergency relief is those suffering from majeure circumstance

(e.g. drought, famine, flood, civil unrest and war etc) either in their homes or as

displaced refugees.

Group (2): eligible initial beneficiaries:-

As project sponsors – may receive funding from the IDB in order to implement project for

ultimate beneficiaries.

- These project sponsors- chosen for their skills in making projects happen – are potentially

abroad group, though they will require central government approval.

115

Text ( A )

اىستفيذي اىشرمبء تحذيذ اىشرػبث

حلذ حلوش حئ ظو٠ ط٣. حشث٤غ٤ش ؾشػخص٤ ػذد حلاحع ٤٣ض حزي ر

حوطخػ٤ش حظخش حخدك ح٠ طؼض٣ض ح قخق حلوشحء ؼخـش حلأعزخد حـزس٣ لوش، حؿ حؾشػخص - أ

ل حظؼ٤ حقل ح٤خ حظ٣ حلأفـش.

ئعغ.حظ٠ ط ػ٤خص طلغ٤ حز٤ حظلظ٤ ح شػخصحؾ - د

حظ٠ طغظذف هنخ٣خ ظؼذدس طؾظشى ك٤خ هطخػخص ظلذ طؾـغ دس حشأ. شػخصحؾ - ص

حلإعظؼخسحص حظ٠ طو رخ أهغخ حوطخع حخخؿ حظخرؼش ـػش حزي حلإعلا٠ ظ٤ش دػخ رخوشك - ع

س حلوش.رحص حظؤػ٤ش حزخؽش ػ٠ طخل٤ل كذ شػخصحظؤ٤خص حقـش ؿ٤شخ حؾ

Text ( B )

تحذيذ ستفيذي ؤيي

)أ حغظل٤ذ٣ حلأ٤( رؤخ ـػظخ لقظخ ػ٠ حل شػخص٣لذد حزي حغظل٤ذ٣ حلأخش٣ ، سػخس حؾ

-حظخ٠:

ـػش حغظل٤ذ٣ حلأخش٣ حئ٤ ، طؾ حلوشحء ٣لظخؿ ح٠ حلإؿخػ حطخسثش. اىدػت الاى:

٣ؼشف حلوشحء رؤ ٣ؼ٤ؾ رؤه دلاس ك٠ ح٤، ٣لظوش اكظوخسح ؽذ٣ذح ح٠ أ كشؿ ل٤خس طلذدخ حلأذحف

د حذ حلأػنخء ، 21 ٣ؼ٤ؾ حلوش ك٠ ٤ غ 400حلإخ٤ لأل٤، طزذ حظوذ٣شحص ح٠ أ خى

٤ غ ك٠ حخهن حلنش٣ش. ع٤شع حزي خشحثو لأخ ٤100 غ ك٠ حخهن حش٣ل٤ 300ل

٠ ٣شض دػ ػ٠ ؿ٤د حلوش. –ك٤ؼخ دػض حلخؿ –اظؾخس حلوش

( . ٣خ حلق ػ٠ حظ٣ حزي شػخص حئ٤ )شػخس حؾـػشحغظل٤ذ٣ حلأ٤اىدػت اىثبيت:

، هذ ٣ ـػش شػخص خسط ك٠ اهخش حؾشػخصظل٤ز ؾخس٣غ غظل٤ذ٣ آخش٣. ٣خظخس سػخس حؾ

حعؼش، ٣لظخؿ ح٠ حكوش حلش حشض٣.

)حزي حلإعلا٠ ظ٤ش(

خص خكلش حلوش()سهش ػ ع٤خع

Use the following text for written translation into English, you can use dictionaries for this

task, and time yourself for I hour in this kind of translation.

You can follow the instructions in interpreting and translation techniques within the

different activities.

116

Text ( C )

اىتي اىبشري

ط٤ش ححسد حزؾش٣ش ٠ حلـش حلأعخع٠ ك٠ ط٤ش حوطخع حلإؿظخػ٠ ك٠ أ دش، ٣طزن ري أؼش خ ٣طزن ػ٠

ك٠ رذح أخش حذ حلأه ، كز حظ٤ش غخ سث٤غ٠ ك٠ ح حلإهظقخد طلو٤ن حغؼذس خ أػزظض حظـخسد

ػذ٣ذس، حلو٤و أ ط٤ش حوطخع حلإؿظخػ٠ حلذ حلوش ٣زـ٠ ػذخ ذك٤ ظخط٤و ك٠ دش ٣ذػ خ

حلأخش، خ خ حؼظشف ر أ حخط لس حظ٤ش. كب حلذ حلوش ػ٠ ل غظذح ٣وظن٠ رز حـذ

٣ أ ٣زذ . أكن هش٣وش و٤خ رزي ٠ حشكغ ؿدس سأط حخ حزؾش.ظؼض٣ض هخهش حلوشحء حلإظخؿ٤ش

اعظـلا حظلخػ ر٤ خظق أرؼخد حظ٤ش حزؾش٣ش أعرخ ؿ٤ش ق ، كخلأخص حظؼخص ؼلا ، ٣كش لأهلخ حظـز٣ش

ز٤جش ك٠ ل٤ط، كظو ز حلإؿشحءحص حـ٤ذ حظلق٤ حلاشحك، خء حؾشد ح٥ ٣لشف ػ٠ ظخكش ح

ؼذلاص حلإفخر رؤلاشحك طكش ػ٤ لوخص مخ ع٤قشكخ ػ٠ حشػخ٣ش حقل٤ش لأعش ، خ طخلل

ؼذلاص حلإـخد ر٤ حغخء حلاط٠ كظخ حظؼ٤.

Text ( D )

شبنبث الأب ىيفقراء

، ، حـخػخصحلأعش حـظؼخص حخهن )خل٤نخخص ، حـلخف حضلاص طظؼذد حخخهش ٣ظلخص طؤػ٤شخ ك٠

اظؾخس حلأرج ، ؿ٤شخ......حخ( طؼد ح٥ػخس حغز٤ حظشطز ػ٠ ري رؤمشحس كخدك ػ٠ دخ حلوشحء

سحثذ ك٠ طوذ٣ غخػذ اكغخع رخغؼخدس، ػ٠ حظ٤ش حزؾش٣ش رقل ػخش. زي ٣ زي أ ٣نطغ رذس

طكش ؽزخص حلأخ حلإؿظخػ٠ حلخ٣ش رظوذ٣ حلإؿخػ خخف لخ٣ش حلوشحء ك٠ أهخص حلأص حعؼش حلإظؾخس.

حطخسث حلأؿز٣ش حلأعخع٤ش، ؿ٤شخ حغخػذحص خ طكش كشؿ حؼ خلا طل٤ز ؾخس٣غ طظطذ ؼخكش ك٠

خ طوذ حؼ خلا رشخؾ طشض ػ٠ حظ٤ش حزؾش٣ش ري أ٣نخ حزشحؾ حظ٠ حؼخش )حـزحء وخر حؼ(

، خذحسط )رشحؾ حؿزخص حذسع٤ش( حخذخص حقل٤ش شحء لق ػ٠ حخذخص حلأعخع٤شطلغق حـخ أخ حلو

)رخغظفلخص حؼ٤خدحص حظو(

Text ( C ).Human Development

Human resources development is the cornerstone of social sector development in any

country. This is particularly true for the least developed countries. It is a major contributor to

economic growth and well-being as experience elsewhere has shown. In fact, social sector

development and poverty reduction should be viewed as mutually supportive goals of

planning in any country. Since it is being recognized that people must be the focus of

development, efforts must be made to raise the productive capacity of the poor to reduce

poverty on a sustainable basis. The best way to do so is to raise the quality of the human

capital. The exploitation of synergies between different dimensions of human development

117

can prove to be cost-effective. For example, educated mothers provide better nutrition,

immunization, safe drinking water to their children and ensure sanitation in their vicinity.

These actions, in turn, reduce the incidence of diseases and save substantial healthcare costs

for their families; similarly, birth rates are lower among the women who have attended

school.

Text ( D )Safety Nets for the Poor

Risks can vary and affect households, communities and regions differently (food, drought,

earthquakes, famines, etc).

The adverse impact of these risks can be highly damaging for the incomes and wellbeing of

the poor and for human development generally. The IDB will, therefore play a protective

role in helping to extend special assistance to protect poor people during times of

widespread crisis.

Social safety nets offer protection by providing emergency relief aid, staple foods and other

items, employment through Labour-intensive projects (e.g. "food-for-work"), and aid

through targeted human development. Also included are programs that give the poor access

to essential services, such as schools (e.g. school feeding programs) and health services

(including mobile dispensaries clinics).

Study the Following Texts for Sight Translation

The first one is concerned with the social framework in Islamic economy, and the second

one is concerned with the concept of time value in Islamic economy. Use both texts for sight

translation practice and also to improve vocabulary. During this exercise record your sight

translation. This will accustom you to speaking into a machine as well as to listen to yourself

to identify your strengths and weaknesses

Text ( E)

Murabaha Financing

Murabaha financing is an agreement whereby the fund sells to a customer a commodity or

an asset, which the fund has purchased and acquired, based on a promise of the cost plus an

agreed profit margin.

118

Text (F)

Investment in Sukuk

Investment in sukuk are held to maturity and stated at cost, except if there is an impairment

of value other than temporary for such investments. In such situations, the investments in

sukuk at statement of financial position date are premeasured to their fair value and the loss

is recognized in the statement at activities.

Text ( G)

Ijarah Muntahia Biltamleek

Ijarah is agreement whereby the fund, acting as a lesser, based on his promise to lease the

asset for an agreed rent for a specific period. The fund transfers the title to the lessee without

consideration upon completion of all payments due.

Investment in Ijarah Muntahia Bitamleek consists of assets purchase by the fund either

individually or through a syndicate agreement and leased to beneficiaries for their use under

Ijarah Muntahia Bitamleek agreements.

Text (E)

اىتيو ببىرابحت

حظ٣ رخشحرلش ٢ حطلخه٤ش ٣و رؿزخ حقذم رز٤غ عؼش ح حف ح٠ حؼ٤ حظ٢ ٣ حزي هذ حؽظشحخ

٣ؾظ عؼش حز٤غ ػ٠ حظلش نخكخ ح٤خ خؼ سرق ظلن حؼ٤ حهظخخ رخءح ػ٠ ػذ رخؾشحء ري

ػ٤.ػذ حؾشحء.

Text (F)

صنكإستثبراث ف

طوخط حلإعظؼخسحص ك٠ حقى حلظلع رخ كظ٠ طخس٣خ حلإعظلوخم رخظل الا ارح خ خى اخلخك ؿ٤ش ئهض ك٠

ه٤ش ز حلإعظؼخسحص. ك٠ ؼ ز حلخلاص ٣ظ ك٠ طخس٣خ هخثش حشض حخ٠ اػخدس ه٤خط حلإعظؼخسحص ك٠ حقى

خطـش ك٠ هخثش حلإؾط.رو٤ظخ حؼخد ٣ظ حلإػظشحف رخخغخسس ح

119

Text (G)

إخبرة تيت ببىتييل

حلاؿخسس ٢ حطلخه٤ش ٣ خلاخ حقذم ئؿش لاف ؼ٤ , ط ؽشحإ رخء ػ٠ هذ حؼ٤ غ حػذ ري

حؼ٤ )حغظؤؿش( رخ ٣غظخؿش حلاف حقذم وخر ح٣ـخس ظلن ػ٤ ذس ؼ٤ش. ٣و حقذم رظل٣ ٤ش

٣ظ حلاعظؼخس رخلاؿخسس حظ٤ش رخظ٤ي ٣ـخس٣ش حغظلوش.حلاف غظخؿش د حػظزخس حدحث خكش حذكؼخص حلا

ؿدحص ؾظشحس هز حقذم اخ رقلش كشد٣ش ح رخطلخه٤ش ؾظشش , ٣ظ طؤؿ٤شخ ح٠ غظل٤ذ٣ لاعظخذحخ رؿذ

حطلخه٤خص ظ٤ش رخظ٤ي.

You are now ready to attempt your interpreting assignment:-

Study the following context where two members of the Islamic Solidarity Fund for

Development (ISFD) speak in a meeting to discuss the recommendation of experts group

meeting. Both members speak English.

So you have to interpret for the rest of the members who speak Arabic.Use consecutive

interpretation.

Text ( A )

A member commented that the fund was urged that similar to other institutions there has to

be standards and criteria for the member countries towards making contributions to the fund.

The same member added that, the ISFD has to immediately undertake a concerted media and

advocacy drive to document and showcase the ISFD, its areas of interventions and roadmap,

success stories, needs and future prospects(in the form of publications, information brief,

brochures, audio, video production and internet presence). The media and advocacy

campaign should not be restricted only to member countries

- The other member commented there should be communication with the other

international institutions and philanthropists who are involved in charity work so as to

benefit from their experience.

- The first member said that since the fund is under umbrella of IDB, it can easily get the

consent of competent bodies to conduct a campaign of collecting coupons and donations

for the fund.

- You are now ready to attempt your interpreting assignment.

- Study the following context where two ISFD members talk in a meeting. Both members

speak English, so you have to interpret for the rest of the members who speak Arabic.

120

Text ( A )

رش أكذ حلاػنخء رؤ ػ٠ حقذم ح٣نخ ا٣ـخد غظ ؼ٤خس ذ حلاػنخء ك٠ غخظخ قذم أعس رؼ٤لاطخ

حئعغخص حلأخش.

اؽخس ػن آخش رخظل حلس )فذم حظنخ حلإعلا٠ ظ٤( رعخث حلإػلا حظنخكش حذػ حو٣ش ، ظػ٤ن

نخ حلإعلا٠ ظ٤ش ، حغخكخص حظ٠ ٣ظذخ ك٤خ ، خخسهش هش٣و ، هقـ ـخكخط ػشك ون٤ش فذم حظ

اكظ٤خؿخط حكخه حغظوز٤ )ار خ ري ك٠ ؽ ظذ أ ـلاص ؾسس ؿضحص اػلا٤ ظ٤زخص دػخث٤ش حلاظخؽ

حشث٠ حغع ؿد حؾزخص حؼزط٤(.

طقخ رخئعغخص حذ٤ حخ٤ش٣ حز٣ رخع ك٠ حلاػخ حخ٤ش٣ لإعظلخد ػن حؼن حلأ رؿد حلإ

طـخسر أ خزشط ك٠ زح حـخ.

( ٣وغ طلض ظش حزي حلإعلا٠ ظ٤ش ك ISDFكشد حؼن حؼخ٠ رخ أ فذم حظنخ حلإعلا٠ ظ٤ش )

جخص حئ لإدحسس كش ـغ حزخص حق أؿ حقذم.حغ ا٣ـخد حكو هز حلأؿض ح ح٤

- Use the following text for written translation into Arabic, you can use dictionaries for

this task, and time yourself for 1 hour in this kind of translation.

- You can follow the instructions in interpreting and translation technique.

Text ( B)

Efforts to Enhance the Level of

Resource Mobilization

- Aware of the critical need for mobilizing the required capital resources for the fund to

implement its programs and therefore, fulfill its objectives.

- IDB has continued its efforts to sensitize member countries about the need to announce

and pay appropriate contributions to the fund and pay those contributions, these actions

included:-

Regular contributions with the ISFD governors particularly during the BOG annual

meetings in Azirbigan, as well as communications through the chair of the BOG, to

address the problem of low contributions to the fund.

Consultations about the need to adopt specific criteria to guide contributions by member

countries to the fund.

Preparing promotional material to highlight the funds programs and heighten the

awareness about the need to support those programs.

121

Commissioning a study about establishment of special trust funds in the IDB to augment

its resources.

Organizing an expert group meeting to discuss the reasons of the low level of resources

mobilization and make recommendations about the steps to be taken to enhance the

funds resources and its programs.

Text ( B )

اىدد اىرايت اى رفغ ست تؼبئت اىارد

لا٢ ظ٤ش حلخؿش حلش ظؼزجش ححسد حشأعخ٤ش حظ٢ ٣طزخ حقذم ظل٤ز رشحـ طلو٤ن حذحك ٣ذسى حزي حلاع

حـد لاؽؼخسحذ حلأػنخء رنشسس اػلاخ ػ غخظخ حخعز ، دكغ حغخخص ز, زي كخ حف ر

-:ح٠ حقذم ، ر٤ خ حطخز اؿشحءحص ك٠ خ ٠٣

اؿشحء حؾخسحص غ لخكظ٠ حقذم خقفخ ك٠ اؿظخع ـظ حلخكظ٤ ك٠ أرسر٤ـخ حلإطقخلاص خلا

اؿشحء ؾخسحص رؾؤ سث٤ظ ـظ حلخكظ٤ أؿ ؼخـش ؾش حغظ حخلل غخ ك٠ حقذم.

اػذحد خدس طش٣ـ٤ ظم٤ق رشحؾ حقذم.حلخؿ لإػظخد ؼخ٤٣ش لذد ظؿ٤ غخخص حذ حلأػنخء ك٠

حؾشع ك٠ اؿشحء دسحع خخف ربؾخء فخد٣ن خخف اعظجخ٤ دحػ قذم حقذم ص٣خدس حػ٠ غخذطخ.

طظ٤ اؿظخع ـػ حخزشحء خهؾش أعزخد اخلخك غظ طؼزجش ححسد طوذ٣ حظف٤خص أؿ طؼض٣ض حسد.

خطحص حشحد اطخخرخ ض٣خدس حسد حقذم رشحـ.رؾؤ ح

Study the text below for five minutes, then sight translate it lnto the tape. After the

interpretation exercise you may want to check back to the unit of (translation and

interpreting technique) for information on how to approach sight translation before you start.

You must not use dictionary or make notes.

Text (C )

Bai' Salam: a contract in advance payment is made for goods to be delivered later on. The

seller undertakes to supply some specific good to the buyer at a future date in exchange of

an advance price fully paid at the time of the contract. According to normal rules of the

Sharia'h, no sale can be executed unless the goods are in existence at the time of the bargain.

But Salam sale forms an exception given by the holy prophet himself to the general rule,

provided the goods and their prices are defined and the date of delivery is fixed. It is

122

necessary that the quality of the commodity intended to be purchased is fully specified

leaving no ambiguity leading to dispute.

Use the following text for written translation into Arabic, you can use dictionaries for this

task and time yourself for 1 hour in this kind of translation

You can follow the instructions in interpreting and translation technique

Text (D)

Integrated Sector Projects

First, the bank will finance integrated sector projects aimed at the causes of poverty. These

can comprise, in various combinations, the sectors where the bank already has experience,

education of all types (basic literacy as well as more advanced), vocational training, health

care (general maternity and pediatric and disease control, eradication), low-cost housing and

electrification, rural roads and urban infrastructure, water and sanitation, urban and slum

improvements, access to finance schemes including micro – credit and other sectors

activities where relevant. Many of these focus areas work best in pairs as there are synergies

between theme.g. Health and education, water and sanitation, low-cost housing and slum

improvement, and access to finance and new credit schemes.

Translate the Same Text into Arabic

Text (D)

اىقطبػي اىتنبي اىشرػبث

هطخػ٤ ظخ ، طش٠ ح٠ حونخء ػ٠ أعزخد حلوش، ٣ أ طؾ ؼ ز ألا, ع٤ حزي ؾشػخص

ك٠ أؽخخ حؾظشش حخظل، حوطخػخص حظ٠ ٣ي ك٤خ حزي خزش خخف ، ؼ حظؼ٤ رـ٤غ شحك شػخصحؾ

ل حلأ٤ ، حظؼ٤ حظوذ( حظذس٣ذ ح٠ حشػخ٣ش حقل٤ )حؼخ حظؼو رخلأخص حلأهلخ )حظؼ٤ حلأ٠

حغ٤طش ػ٠ حلأشحك أ حؿظؼخطخ( ، حغخ حلإهظقخد٣, حشر ، حطشم حش٣ل٤ ، حز٤ حظلظ٤ ك٠ حخهن

خهن حخخف رخلأك٤خء حلو٤ش، اطخكش رشحؾ حظ٣، رخ ك٠ حش٣ل٤ حذ، ح٤خ حقشف حقل٠ ، طلغ٤ ح

ري حوشك حقـش ، خ ح٠ ري حوطخػخص أ حؾخهخص حلأخش رحص حؼلاه ، ط حؼ٤ش ز حوطخػخص

، خشح اسطزخه حظ٠ عظلظ٠ رخظش٤ض أؼش ـخكخ ك٤ ٣ن رؼنخ ح٠ رؼل لأ ك٠ ري كشح ز٤شح ري ؼلا

123

ػ٤ن ر٤ حقل حظؼ٤، طحكش ح٤خ حقشف حقل٠ ، حغخ حلإهظقخد٣ حظخـ أك٤خء حلوشحء ، ر٤

حف ح٠ حظ٣ رشحؾ حلإهشحك حـذ٣ذ.

You have been asked to make a written translation of this economic text deduced from the

third annual report of ISFD. Use the guide lines concerning written translation technique.

Text (E )

a. Operations Financing

The ISFD approvals in 1431 H (2010 G) amounted to US$324.51 million, for all operations

in 10 IDB member countries. These operations were partly financed from IDB allocations

for concessionary financing under the umbrella of IDB.

The applied terms and conditions to the fund's operations were set in a manner that financing

is provided on concessional terms to the member countries while conserving the long-term

sustainability of the fund.

Text (F )

b. Income

The ISFD liquid funds are composed of paid-in contributions from member countries and

the IDB during 1431 H (2010 G), these funds were invested in Murabaha and short-term

Shariah compatible placements. All investments were made in US dollar and euro.

ISFD gross income in 1431 H (2010G) was US$ 13.202 million, composed of income from

commodity placement (US$ 727 million), Mudarabas (US$ 4.0175 million) and syndication

(US$ 0.30 million).

The low gross income was mainly due to the low rates on commodity placement and

Mudarabas during the year which mostly ranged between 0.6% and 0.9% net income for the

year was US$ 11.798 million and no accrued income was made on the funds operations

during the year. Regarding the impact of exchange rate movements, the net impact was

negative as the fund registered a net currency loss of US$ 0.078 million, compared to a

currency gain of US$ 0.835 million which was registered in the year before.

124

Text (G )

c. Management of Liquid Funds

ISFD is required to invest its resources which will not be immediately required for financing

its operations. As Awagf (le trust) paid-in capital would not be available for utilization in the

funds operation activities. Therefore, to maximize the income of the fund, liquidity would be

maintained only to the extent that can meet the funds current cash requirement and

undisbursed commitments.

The ISFD liquid assets are invested based on guidelines which are issued by the IDB risk

management department. In the meantime, the ISFD is in the process of developing an

investment policy to guide the short-and long-term investment of its capital resources.

Written translation from Arabic into English. Attempt to translate this same text from Arabic

into English in order to be well acquainted with these special economic terms.

Text (E )

تيو اىؼييبث

٤ دلاس حش٢٣ لاكذ 324.57( زؾ 2010ـ )1931رـض حكوخص فذم حظنخ حلاعلا٢ ظ٤ش ػخ

حلاعلا٢ ظ٤ش, ػ ط٣ ز حؼ٤خص ط٣لا ؿضث٤خ خققخص حزي ػؾشس ػ٤ش ك٢ ػؾش د حػنخء رخزي

حظ٣ ٤غش حؾشه طلض ظش فذم حظنخ حلإعلا٠ ظ٤ش, خ ط طلذ٣ذ ؽشه نحلاعلا٢ ظ٤ش رل

حش حقذم ػ٠ أمخع ػ٤خص حقذم رؾ ٣ن حظ٣ رؾشه ٤غش ذ حلأػنخء حلخكظ ػ٠ اعظذ

حذ حزؼ٤ذ.

Text (F)

اىذخو -ة

طظ حلاح حغخث قذم حظنخ حلإعلا٠ ظ٤ش حغخخص حذكػ حذ حلأػنخء حزي حلإعلا٠

ظلو (ط اعظؼخس ز حلأح ك٠ ػ٤خص شحرل طظ٤لخص هق٤ش حلأؿ2010ـ )1431ظ٤ش . ك٠ خلا حؼخ

رؾ دخ حلإؿخ٠ قذم حظنخ غ أكخ حؾش٣ؼ حلإعلا٤ش، حلإعظؼخسحص طظ رخذلاس حلأش٠٣ ح٤س.

٤ دلاس أش٠٣ ٣ظ اعظؼخسحص عؼ٤ 1302012( زؾ 2010ـ )1431حلإعلا٠ ظ٤ش ك٠ حؼخ

٤syndication (0,30 دلاس أش٠٣( ، طـغ ٤ ٤4,0175 دلاس أش٠٣( نخسرخص ) 8,727)

٤ دلاس أش٠٣( ٣ؼض اخلخك حذخ حلإؿخ٠ رقس سث٤غ٤ ح٠ حؼذلاص حخلن لإعظؼخسحص حغؼ٤

% .9% 1ػ٤خص حنخسر خلا حغ حظ٠ طشحكض ر٤

125

أش٠٣ لا ٣ؿذ دخ غظلن ؼ٤خص حقذم خلا حغ ، ك٤خ ٤ دلاس 11،798رؾ حذخ حقخك٠ غ

٤ ٣0,78ظؼن رؤػش كشش أعؼخس حقشف، خ حلأػش حقخك٠ عخزخ لأ حقذم عـ خغخس ػش فخك٤ رـض

٤ دلاس أش٠٣ ك٠ حؼخ حغخرن. 0,835دلاس أش٠٣ وخسش رشرق ػ هذس

Text (G )

إدارة الأاه اىسبئي -ث

حطد فذم حظنخ حلإعلا٠ ظ٤ش أ ٣غظؼش حسد حظ٠ لا ط طر كسح ظ٣ ػ٤خط,

ض٣خدس دخ حقذم ٣ظ ربػظزخس هلخ ٣ظخف سأط حخ حذكع لإعظخذح ك٠ أؾطش ػ٤خص حقذم زي كب

طز٤ش اكظ٤خؿخص حقذم حلخ٤ ح٠ حوذ٣ ك٠ كذد حلإظضحخص ؿ٤ش حذكػ. ه٠ كذد حلاكظلخظ رخغ٤ش كوو

طغظؼش حلاف حغخث قذم رخء ػ٠ حخطه حلإسؽخد٣ حقخدس ادحسس حخخهش رخزي حلإعلا٠ ظ٤ش

ؿ حسد حشأعخ٤.٣نغ حقذم ك٠ حهض حلخمش ع٤خع اعظؼخس هق٤ش حلأؿ ه٣ حلأ

Attempt simultaneous interpreting for this text concerning risk management to the IDB

group meeting.Simultaneous interpreting needs fluency, a good hearing and the ability to

interpret instantly and with high concentration. If you happen to miss part of the speech,

leave it and go ahead with your. Interpretation or you will be hopelessly lost.

Text (H )

بيئت بسبت سيبسبث إخراءاث سيي لإدارة اىخبطر تيئت

ادحسس حظؼو ربدحسطخ . ٣ؼظزشـظعظخ خ حلأذحف حؼخ لا قشف اعظشحط٤ـ٤ظ طـخ حخخهش حغ٤خعخص

ربدحسس حخخهش. حخخف حلإعظشحط٤ـ٤خص ح٤ش، حغ٤خعخص حلأذحف مغ ػ حغج خ٤ش حـ ح ئعغ

ز حلأذحف حؼخش ح٠ خ ك٠ حئعغخص حخ٤ش . امخكش ا٠ أ ٣ـ٤ضحغ٤خعخص حؼخ حظؼو طز٤ؾ ٣ـذ

هش، ك٤زـ٠ ػ٠ ـظ حلإدحسس أ ٣ظؤذ أ حلإدحس حظل٤ز٣ هذ اطخزص حلإؿشحءحص حلاص ظلذ٣ذ ز حخخهش رخخخ

ه٤خعخ شحهزظخ حغ٤طش ػ٤خ، خ٣ـذ اهلاع ـظ حلإدحسس رقس ظظ ػ حخخهش حخظل حظ٠ ٣حؿخ

حقشف شحؿؼش هلخ خلا حلاظوخس٣ش.

طوغ ػ٠ حلإدحس حؼ٤خ غج٤ش ز حزد حخخف حظ٢ أؿخصخ ـظ حلإدحس. لأؿ زح، كؼ٠ ادحسس حقشف أ

طنغ حغ٤خعخص حلإؿشحءحص حظ٠ طغظخذ ك٠ ادحسس حخخهش، حظ٠ طن ػ٤ش شحؿؼش ادحسس حخخهش، حلذد

خ، ح٤٥ حؾخش ظغـ٤خ أدحص حغ٤طشس حذحخ٤ حلخػ. ٣ـذ أ حخعز ذخ ك٤خ، حظ حخك٤ش و٤خع

طؾظ حلإؿشحءحص ػ٠ ٤ل٤ش اؿخصس خطو ادحسس حخخهش، كذد آ٤خص حظؤذ طل٤ز حلأذحف ح٤ لإدحسس حخخهش.

126

٤ظخ غج٤خطخ . خ ٣ـذ ػ٠ حقخسف أ طؼ٤٤ رمف حلأؽخخؿ حـخ حخظق ربدحسس حخخهش فلاك

خ حغ٤طش ػ٤خ ؿخذ آخش. ٣ـذ حلإظخ رخلق ر٤ حؿزخص ه٤خط حخخهش شحهزظخ ؿخذ,

ؿخذ ري، ٣ـذ طكش حوح٤ حؼخ٤٣ش ححمل حخخف رخؾخس ك٠ حخخهش، ري رخلأخز ك٠ ح٠

خخهشحلاهشحف حلاخش١, ح حخخهش حلاثظخ٤ش خخهش طش٤ض حلاف، حلإػظزخسكذد حخخهش، دسؿش حظؼشك

رزي. ػ٠ حخخهشحشطزط رخلاؾط حظؼذد ٣ـذ شحػخس د٤ حلإعظؼخس حخطو حخخف حغ٤طش

ف غ طؼط٠ ز حخطه حلإسؽخد٣ ٤ حلأف ك٤غ أؿخخ دسؿش طش٤ضخ، ػذ طحكن حلا حنشس أ

ربدحسس حخخهش. ٤ل٤ش طـط٤ظخ، طق٤خ خ ا٠ ري حظذحر٤شحخخف حخق،

[

Use these same texts as written translation from Arabic into English. Be aware of those

important translation texts as well as the interpreting texts. They are made of multi

economics as well as Islamic economics terms. Find translation equivalents for those term

and phrases.

Check your translation with the translated texts within this research as well as with your

tutor before transferring them to your term-bank.

Text (H )

Establishing Appropriate Risk Management Environment and Sound Policies and

Procedures

This stage deals with the overall objective and strategy of the bank towards risk

management policies. The board of directors is responsible for outlining the overall

objectives policies and strategies of risk management for any financial institutions, the

overall risk objectives should be communicated throughout the institution. Other than

approving the overall policies of the bank regarding risk, the board of directors should

ensure that the management takes the necessary actions to identify measure, monitor and

control these risks. The board should periodically be informed and review the status of the

different risks the bank is facing through reports.

Senior management is responsible to implement these broad specifications approved by the

broad. To do so, the management should establish policies and procedures that would be

127

used by the institution to manage risk. These include maintaining a risk management review

process, appropriate limits on risk taking, and adequate system of risk measurement.

A comprehensive reporting system and effective internal controls. Procedures should

include appropriate approval process, limits and mechanisms designed to assure the banks

risk management objective are achieved.

Banks should clearly identify the individuals and/or committees responsible for risk

management and define the line of authority and responsibility. Care should be taken that

there is adequate separation of duties of risk measurement, monitoring and control functions.

Furthermore, clear rules and standards of participation should be provided regarding

position limits, exposure to counterparties, credit and concentration. Investment guidelines

and strategies should be followed to limit the risks involved in different activities. These

guidelines should cover the structure of assets in terms of concentration and maturity, asset-

liability mismatching, hedging, securitization, etc…

Technique

Sight translation is a good practice in interpreting training. Fluency, accuracy, speed and

clarity are important to such kind of translation as well as for both consecutive and

simultaneous interpreting.


- Read all the information in context

- Pick out the important terminology

- Identify difficult sentences and constructions

- Attempt to speak slowly and clearly to gain more time to think during your translation

"south Tynside college- DPSI study guide)

You are now going to sight translate the definitions of some important terms associated

with Islamic economics.

128

Text (A )

Ijarah-Wal-Iqtina'

A mode of financing by way of hire-purchase, adopted by Islamic banks but different from

conventional hire-purchase. It is a contract under which an Islamic bank purchases

equipment, building etc…

Giving them on lease against agreed rentals together with a unilateral undertaking that at the

end of the lease period, the ownership of the asset will be transferred to the lessee. The

underlying contract is Ijarah and all rules applicable to Ijarah have to be observed to make

the deal Shariah-compliant. The undertaking or the promise does not become an integral part

of lease contract to make it conditional. Ownership is transferred through a separate contract

of sale or gift. Another term used for this is Ijarah Muntahia-bi-Tamleek.

Text (B )

Mudarabah: Forms of partnership where one party provide the funds while the other

provide

expertise and management. The latter is referred to as Mudarib. Any profits accrued are

shared between the two parties on a pre-agreed basis, while any loss is borne by the provider

of capital.

Mudarib: in a Mudarabah contract, the person or party who acts as entrepreneur.

Written Translation into Arabic

Text (A)

Overview of Financial Institution and Products Conventional and Islamic

Finance is the most strategic part of modern economics that functions like blood arteries in

the human body. In every society, there are surplus as well as deficit householders and

institutions. While a large number of people have relatively smaller savings, a number of

others, particularly business, are short funds for their business expenses or production needs.

Financial institutions provide a link between the deficit and the surplus units.

129

Like all other goods and services, the availability of the funds is governed by the forces of

demand and supply and the risk profiles of various stakeholders. While the supply of funds

comes from individuals or householders and corporate bodies, demand is generated in trade

business, industry, agriculture, corporate and government sector. The institutions involved in

this process of resources transfer are commercial banks, saving and loan institutions,

specialized institutions like micro credit, SME credit industry, agriculture, trade, export,

import, housing, leasing, venture capital discount houses, insurance companies, fund

management companies, asset management companies etc …

Written Translation into English

Text( A)

اىتيو

لاعظشحط٤ـ٤ش حلاهظقخد حلذ٣غ غش٣خ حذ ك٢ ؽشح٤٣ حلاغخ. كخي كخثل ػـض ك٤خ ٣ؼذ حظ٣ حـضء حلاػظ

٣خـ حـحذ حلاعش٣ش حئعغخص . ك٤خ ٣ظي ػذد ز٤ش حلاؽخخؿ حدخخسحص مؼ٤ل غز٤خ , خي ػذس حؽخخؿ

حلاظخؽ. رخظخ٢ كخ ئعغخص حظ٣ خخفش سؿخ حلاػخ ٣لظوذ حلاح ظـط٤ش حلوخص حخخفش رخؼ حكظ٤خؿخص

طؾ ضس ف ر٤ كذحص حؼـض كذحص حلخثل.

ح ؿد حلاح ؿخزخ خ ٣ شطزو رو حؼشك حطذ لش حخخهش ح٠ خظق ظغ٢ حشخ, زح

حلاعش حؾشخص رذ حلاح , كخ حلخ ٣طزن ػ٠ خ ٣ظؼن رؿد حزنخثغ حخذخص. كز٤خ ٣و حلاكشحد

حلاػخ حظـخس٣ش حقخػش حضسحػ هطخػخص ح٤جخص حوطخػخص حل٤ش طؾ حقذس حلاعخع٢ طذ . ح

حئعغخص طذس ك٢ لس كشش طل٣ ز ححسد.

حوشك حظعطش شػخصؾكـذ ح حقخسف حظـخس٣ش ئعغخص حلادخخس حوشك حئعغخص حظخققش ؼ

ventureحؾشع ) حقخػش حضسحػش حظـخسس حقخدسحص ححسدحص حلا٣ـخسحص سأط خ SMEحقـ٤شس

capital ر٤ص حخق )discount house ؽشخص حظؤ٤ ؽشخص حدحسس حخ ؽشخص حدحسس حلاف ...حخ

حسدص ز حئعغخص طذس ك٢ لس طلش٣ي ح

Text ( B )


What Is Sukuk?

The Sukuk structure presently found in Islamic finance are different from the Sukuk

originally used and are akin to the conventional concept of securitization; which is the

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process in which ownership of the underlying assets is transferred to a large number of

investor through papers commonly known as certificates, Sukuk or other instruments

representing proportionate value of the relevant assets

Text ( B )


بي اىصنك؟

( ٣ؼذ ن حقى حغظؼش كخ٤خ ك٢ حظ٣ حلاعلا٢ ؿ٤ش طي حقى حظ٢ حعظؼض ٢sak ؿغ لشدس )

ك٢ حضخ حخخ٢ , ك٢ حلا ؽز٤ ل حظق٤ي ك٢ حظ حظو٤ذ٣ش , ٢ حؼ٤ش حظ٢ ٣ظ ك٤خ و ٤ش حلاف

ري ػزش حسحم طؼشف رخؾخدحص ح حقى ح حظ٢ فذسص ػ٠ حعخعخ حقى ح٠ ػذد ز٤ش حغظؼش٣ ,

حدحص حخش طؼ ز حؾخدحص ح حقى حو٤ش حغز٤ش ز حلاف.


Text (C)

What is an Islamic Forward Market?

ب اىبيغ الآخو؟

ش رخظغ٤ ح٥ؿ ظؾ حضسحػ٢ ح حزنخػ ح ؿ٤ش ٣و حز٤غ ح٥ؿ ػ٠ ػلاػش ححع حؼود ظؼو

ن رخظـخص حزنخثغ حؿدس ك٢ حغم حؼخد١. عم حز٤غ ح٥ؿ )ع( حظؼ.1

حظ٤ش . ع حز٤غ ٣ حعخعخ ؾشػخص حز٤ش حظلظ٤ش ؾخسػخصعم حز٤غ ح٥ؿ )حلاعظقخع( زح ح.2

ح٣نخ عم حز٤غ ح٥ؿ )ؿؼخ( ٣ظؼن حعخعخ رخؾخهخص حخذ٤ش. .3

Text ( D )

بي اىشتقبث؟

٢ ػزخسس ػ ؾظوخص خ٤ش ظهؼ حدحء ظؼن رخلاف ك٢ حغظوز طؼذ ز حؼود ػود رحص خخهش ز٤ش

ك٢ حلاعحم حلخ٤شحؼخ٤ش. ح٣نخ ٢ ػود ؼوذس ك٤غ طؼ ز حؼود طش٤٣خص حذلاسحص

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Sight Translation into Arabic

Text (E )

What is Murabaha?

Literally it means a sale on mutually agreed profit. Technically, it is a contract of a sale in

which the seller declares his cost and the profit. This has been adopted by Islamic banks as a

mode of financing. As a financing technique, it can involve a request by the client to the

bank to purchase a certain item for him. The bank does that for a definite profit over the

cost.

Sight Translation into English

Text (E )

٣ؼ٢ قطق شحرل كشك٤خ , حز٤غ رشرق ظلن ػ٤ هز حطشك٤ . ك٤خ ٣ؼ٢ قطق ػوذ حز٤غ حز١ رؿز ٣ؼ

, ك٤غ ٣و حضر رظوذ٣ ٤ش زح حلاعد طش٣وش ظ٣طزض حزى حلاعلا .حزخثغ ك٤ طلظ سرل ك٢ ز حؼخ

شحء حخدس حؼ٤ , ٣و حزي رخطخ ز حؼخ رشرق لذد ص٣خدس ػ٠ عؼش حظلش.هذ زي حز١ رؿز ٣ظ ؽ


Text (F )

What is Musawamah?

Musawama or normal sale in which parties bargain on price, a sale is executed and goods

delivered while payment is deferred.

Sight Translation into Enhlish

Text (F )

ب اىسبت

ؾظش١ ك٤غ ٣ دكغ حزؾ ئؿلا طؼذ حغخ ػ٠ حغؼش ر٤ حلاهشحف ك٤غ طظ ػ٤ش حز٤غ طشع حزنخثغ ح٠ ح

, ز ىخؼ٤ش طغ٠ رخغخ ح حز٤غ حؤف.

132


Text (G )

اىؼاو اىتي سبػذث في ادبذ ظب اىتيو الاسلاي في اىبضي

٣كش حغلاش كوو لا خ حق٤خسكش ٣و رظل٣ حلاح خ لاخش د حلخؿ و حود لغخ , رزح

حفذحس حغذحص حلار٤ش, ز حلاح , حخ زي ظؾـ٤ ظخ حذكغ ح٣نخ. خح ٣و رقشف حؾ٤خص ,

ذخش٣ طك٤شخ عخع٤ش عخهش حخ٤ش , خلا حعظوطخد ححسد حخطخرخص حلاػظخد, زي حو٤خ رخظ٤لش حلا

, رؼ٠ حعخع٢ حنخسرش حؾخسش رقل حعخع٤ش. رز حطش٣وش كخ هذ هخح رظ٣ حضسحػش ظـ٤ حظـخس

عخػذح رؼن رؼنخ ك٢ حقخػش , حظـخسس ه٣ حلاؿ , حظ٤ش حلاهظقخد٣ش ػلا ػ٠ ري كخ حق٤خسكش

ؼخـش وـ حغ٤ش ػ٠ حعخط طشط٤زخص حظؼخ حؾظشى حز١ ػشف ك٢ حغخرن رخلارنخع ح حزنخػش.

Written Translation Into Arabic

Text (G )

Factors that Contribute to the Success of the Islamic

Financial System in the Past

The Sarrafs transferred funds from place to place without their physical transport and

thereby ensured not only their safety but also the successful functioning of the payment

system. They cashed checks and issued promissory notes and letter of credit. They also

performed the crucial task of financial intermediation by mobilizing funds from savers and

making them available to producers and traders primarily on the basis of Mudarabah and

Musharakah. They thereby finance agriculture, manufacturing and long-distance trade, and

promoted economic development. They also helped each other overcome liquidity

shortages on the basis of a mutual help arrangement which was then called Ibda' or bida'ah.


Text (H )

اىؤسسيت: فبي قضبيب اسبسيت ةالادار

ك٢ كخش حظ٣ حلاعلا٢, كخ حقلش حلا٠ حلاعلا لغ. كخ ٣ حدحء حقخسف حلاعلا٤ش كغخ,

كخ ٣ؼظوذ رخ حظخ حلاعلا٢ لا ٣غـ غ حؼخ حلذ٣غ , هذ ٣غؼ لادحش حلاعلا ػ٠ ح سحء حلادحء

غ قخسف حلاعلا٤ش سؿ ح حلاعلا رشحء ري . لا خلاف ك٢ ح خى حػظشحف رلوم حفلخد حظحم

133

حلاع حدػ٤ حز٣ طظؼشك قخل زي خطش لا ٣و حظخخ ز٤شح ك٢ حصؽ حلاـحش٢٣ ح

س٣ق حظو٤ذ٣ش ٣ؼد حغزذ ك٢ ري ح٠ ح حلشححخ٢ ػذ خهؾش ز حخصؽ لادحسس حئعغ٤ش ك٢ حقخ

دػ٤ مخ ػ دحثؼ حظ٢ ٣ظو ػ٤خ زي ػخثذح لذدح غزوخ . رخ ح حدػ٤ ك٢ كغخرخص حلاعظؼخس

٣ؾخس ك٢ حلاسرخف حخغخثش ك٢ حظخ حلاعلا٢ , كظـذ كخ٣ش قخل. سؿ ح حح حفلخد حدحثغ طلض

نش حلا ح قخل ك٢ خطش ح٣نخ لا حخغخثش حظ٢ طلذع دػ٤ ك٢ كغخرخص حلاعظؼخس هذ طظو حطذ

ح٤ ػ ؿ٤ش هقذ خ طو ححغ ر٤ حؼ٤خص حظ٢ طو ػ٠ حػ٤: دحثغ طلض حطذ دحثغ حلاعظؼخس

قشف ؿ٤ذح خ خض كحكض حظل٤ حكن. رخ ح حظل ح٣نخ قخق ح كوم : كخ خ حدحء ح

حظخ حخ٢ حلاخش ػ٠ خطش , لا طؼؼش حقخسف حز٤شس هذ ٣لذع حصش ٣نش رخلاهظقخد . رخظخ٢

ئعغخص )حقخسف( , خي دسحعخص طؼط٢ د٤لا سإ٣ش رق٤ش ك٢ حطشم حظؼذدس لخ٣ش حفلخد حلوم ك٢ ح

ز حطشم : آ٤ش حغم , حو٤ حلاؿظخػ٤ش حز٤ج٤ش , حلاؽشحف حشهخرش حلؼخ , طخعي لخءس حونخء ,

٤ ح٤ش حلاث , حغطش حغ٤خع٤ش حظطؼش لأدحء خخ رلؼخ٤ش.


Text (H )

Corporate Government: Basic Concepts and Issues

The most important stakeholders in the case of Islamic finance are Islam itself. If the banks

do not perform well, those who assume the Islamic system to be out of tune with the modern

world may try to blame Islam for the poor performance of these banks even though Islam

may itself have nothing to do with it. Shareholders stake is unquestionably recognized.

However depositors, whose interest is also at stake, do not generally get much attention in

the normal Anglo-American as well as France-German discussions of corporate governance

in conventional banks. This is because all deposits are insured and the rate of return is

known in advance. Since investment depositors share in the profit and loss in the Islamic

system, their interest needs to be protected. Demand depositors, even though their deposits

are guaranteed, have their interest at stake because of the fear that the loser suffered by

investment depositors may in adherently get shifted to demand depositors unless firewalls

are constructed between the operations based on these two sets of deposits. Employees also

have a stake. Their contribution to the efficient performance of the banks and their

remuneration are both determined by the banks incentive structure. The better the bank

134

performers, the better are their employments and the greater the incentive effect. The

financial system is at stake because the failure of major banks can create a crisis and hurt the

whole economy.

Studies provide evidence and insights and point to a number of ways of protecting

stakeholders, some of these ways are market mechanism, social value and environment,

effective regulation and supervision, integrity and efficiency of the judiciary, enabling

ownership structure and a political authority motivated to perform its function effectively.


Text ( I )

Islamic finance and instruments

1. What is Sukuk?

The Sukuk structures presently found in Islamic finance are different from the Sukuk

originally used. They are a kin to the conventional concept of securitization in which

ownership of the underlying assets is transferred to a large number of investors through

papers commonly known as certificates, Sukuk or other instruments representing

proportionate value of the relevant assets.

2. What is an Islamic forward market?

It is based on the three types of contracts relating to future delivery:

i. A salam- based forward market (for products and commodities for which a regular

market exists).

ii. An Istisna'a – based forward market, basically for infrastructural and developmental

projects.

iii. A Ju'alah – based forward market for service – based activities.

3. What are derivatives?

ie they are derived from the expected future performance of the respective underlying

assets; these are very complex and risky contracts with a present market value of

trillions of dollars around the world.

135


Text (J )

Murabahah Financing

Translation into Arabic

The main point in this regard stems from the fact that financial murabaha is a contemporary

contract. It has designed by combining a number of different contracts. There is a complete

consensus among all Figh scholars that this new contract has been approved as a form of

deferred trading. The condition of its validity is based on the fact that the bank must buy

(become owner) and after that transfer the ownership right to the client. The order placed by

the client is not a sale contract but it is merely a promise to buy. According to the OIC Figh

academy resolution, a promise can be binding on one party only. OIC Figh academy,

AAOIFI, and most Islamic banks treat the promise to buy as binding on the client. Some

other scholars, however, are of the opinion that the promise is not binding on the client, the

client even after putting an order and paying the commitment fee can rescind from the

contract. The most important counterparty risk specific to Mudarabah arises due to this

unsettled nature of the contract, which can pose litigation problems.

Another potential problem in a sale- contract like Murabaha is the payment by the

counterparty as Islamic banks cannot, in principle, charge anything in excess of the agreed

upon price. Nonpayment of dues in the stipulated time by the counterparty implies loss to

banks.


Text ( J )

اىتيو ببىرابح

حغخش حـش٣ش ك٢ زح حقذد طخط٢ كو٤وش ح حشحرلش حظ٤٣ش ػزخس ػ ػوذ غظلذع ؿخءص ف٤خؿظ رـغ

و٢ ػ٠ ح حؼوذ حـذ٣ذ هذ طض حؿخصط ؤكذ فس حز٤غ ح٥ؿ ؽشه فلش ػذد حؼود حخظلش. خى حؿخع ك

زح حؼوذ طو ػ٠ كو٤وش ح ٣ظؼ٤ ػ٠ حقشف ؽشحء)طي( حغؼش ػ طل٣ ٤ش ز حغؼش ضر .

حلو حلاعلا٢ حظخرغ حلاش حز١ ٣قذس ػ حضر لا٣ؼ ػوذ ر٤غ حخ كوو ػذ رخؾشحء كوخ وشحس ـغ

ظش حئطش حلاعلا٢ كخ حػذ هذ ٣ ضخ طشف حكذ ك٢ ػوذ حشحرلش. ػ٠ زح , كخ ـغ حلو

136

حلاعلا٢ ٤جش حلخعزش ؼظ حقخسف حلاعلا٤ش طؼظزش زح حػذ ضخ ضر. كوخء حخش٣ ٣ؼظزش

ذ ري, كخ رخخ حضر ح ٣ظشحؿغ ػ حطخ ػوذ حؾشحء كظ٠ رؼذ ح ٣قذس ػ حػذ ؿ٤ش ض ضر, رؿ

. زح كخ ح حخخهش حخخفش رزح حؼوذ هذ طؾؤ ػذ حلاطلخم ػ٠ هز٤ؼش حؼوذ غ حؼشرحػذ رؼذ ح ٣و رذك

خ هذ ٣طشأ غخث هنخث٤ش رغزذ ري.

طلذع ك٢ ػوذ ؼ ر٤غ حشحرلش ٢ طؤخش حضر ك٢ عذحد خ ػ٤, ك٤غ ح حقخسف ػش ؾش حخش لظش هذ

حلاعلا٤ش لاطو ك٢ حلاعخط رخخز خ ٣ض٣ذ ػ حغؼش حظلن ػ٤ غغ حزخػش . ٣ؼ٢ حظزخهئ ك٢ عذحد حلاظضحخص

ل حقشف حلاعلا٢ ح ٣حؿ خطش حخغخسس.


Text ( K )

ب بيغ اىسي؟

حز٤غ حز١ ٣ظ ك٤ حذكغ وذخ رحعطش حؾظش١ , طشع حزنخػ حآؿلا زخثغ. ٣ؾز ر٤غ حغ ر٤غ حلاعظقخع

ك٤غ ح زح حػخ حز٤غ ٣ؼلا حعظؼخء وخ حؾش٣ؼ حلاعلا٤ش ك٤غ لا ٣ ؾخـ ح ٣ز٤غ ؽت ٤ظ ك٢

ر.ك٤خصط ح

Text ( L )

ب الاستصبع؟

٣ؾ٤ش زح حؼوذ حز١ رؿز ٣وز حقخغ )حظؼخهذ( رخهخش )ز٠( طغ٤ رنخػش ح ؾؤس ك٢ هض لذد عؼش

لذد ك٢ حغظوز. طؼذ ز حؼخش حعظؼخثخ وخ حؾش٣ؼش حلاعلا٤ش حظ٢ لاطغق ؾخـ ٣ز٤غ ؽ٢ لا ٣.

ر٤ؼغ حغ ٤ظ خي حكظ٤خؽ ذكغ حغؼش وذخ , ٣ ح ٣ حذكغ غؼش رخلاهغخه ح ػ٠ كغذ خ ك٢ وخر

طلن حلاهشحف ح دكغ ؿضء ك٢ رذح٣ش حؼ٤ش حخ رخغزش ظزو٢ ك٤ دكؼخ ئخشح خ حطلن ػ٤ .


Text ( K )

What is Salam, bay'al: sale in which payment is made in a dvance by the buyer and the

delivery of goods is deferred by the seller. This is also like Istisna' an exception to the

general Shari'ah ruling that you cannot sell what you do not own and possess.

137

Text ( L )

What is Istisna' Bay'al?

Refers to a contract whereby a manufacturer (contractor) agrees to produce (build) and

deliver a certain good or premise at given price on a given date in the future.

This is an exception to general Shari'ah ruling which does not allow a person to sell what he

does own and possess. As against Salam, the price here need not be paid in advance. It may

be paid in installments, in steps with the preferences of the parties or a party at the front end

and the balance later on as agreed.


Text ( M )

Salam Financing

There are at least two important counterparty risks in Salam, a brief discussion of these risks

is provided here:

The counterparty risks can range from failure to supply the same quality of goods as

contractually agreed. Since Salam is an agriculture lease contract, the counterparty risks may

be due to factors beyond the normal credit quality of the client. For example, the credit

quality of the client may be very good but the supply may not come as contractually agreed

due to natural calamities. Since agriculture is exposed to catastrophist risks, the counterparty

risks are expected to be more than normal in Salam.

Salam contracts are not neither exchange-traded nor traded over the counter. These contracts

are written between two parties to a contract. Thus all the Salam contracts end up in physical

deliveries and ownership of commodities. These commodities require inventories exposing

the banks to storage costs and other related price risk. Such as costs and risks are unique to

Islamic banks.

138


Text ( M )

اىتيو ببىسي

خي ػ٠ حلاه ػخ حخخهش ك٢ ػوذ حغ قذسخ حطشف حلاخش ك٢ حؼوذ. ك٤خ ٢٣ طل٤ خظقش ز

.حخخهش

طظلخص خخهش حطشف حلاخش ػذ طغ٤ حغ ك٢ ك٤ ح ػذ طغ٤ طخخ, ح٠ طغ٤ ػ٤ش خظلش ػخ حطلن ػ٤

ك٢ ػوذ حغ , رخ ح ػوذ حغ ٣و ػ٠ ر٤غ حظـخص حضسحػ٤ش كخ خخهش حطشف حلاخش هذ ط رغزذ ػح

, كقخد حضسػخص حظ٢ ٣ظظغ حضر رظق٤ق حثظخ٢ ؿ٤ذلا , كوذ ٤ظ خ فش رخلاءس حخ٤ش ضر. كؼ

, رخ ح حؾخه حضسحػ٢ ٣حؿ رطز٤ؼش حلخ خ ٤لخ رغزذ حلحثؾ حطز٤ؼ٤شرخػخ عخ قشف هذ لا٣ خك٤خ

خخهش ححسع كخ خخهش حطشف حلاخش حؼش خ ط ك٢ حغ.

ػود حغ ك٢ حلاعحم حظش ح خخسؿخ ك٢ حطلخم هشك٤ ٣ظ٢ رظغ٤ عغ ػ٤٤ طل٣ ٤ظخ , لا ٣ظ طذح

ز حغغ طلظخؽ ح٠ طخض٣ رزي ط خي طلش حمخك٤ش خخهش حعؼخس طوغ ػ٠ حقشف حز١ ٣ي ز حغؼ

رخقخسف حلاعلا٤ش كوو. رؿذ ػوذ حغ. زح حع حظخ٤ق حخخهش خخؿ


Text ( N )

اىتيو استصبػب

ػذخ ٣وذ حقشف حظ٣ كن ػوذ حلاعظقخع, كخ ٣ؼشك سأط خ ؼذد حخخهش حخخفش رخطشف حلاخش

ز طؾ حلاط٢:

قخسف حخخفش رظغ٤ حغغ حزخػ حعظقخػخ طؾز خخهش حطشف ح٥خش ك٠ ػوذ حلاعظقخع حظ٢ طحؿخ ح

خخهش ػوذ حغ. ك٤غ ٣ ح ٣لؾ حطشف ك٢ طغ٤ حغؼش ك٢ ػذخ ح حخ عؼش سد٣جش . ؿ٤ش ح حغؼش مغ

غ حؼوذ ك٢ كخ حلاعظقخع ط طلض ع٤طشس حضر )حطشف حلاخش( حه طؼشمخ لحثؾ حطز٤ؼ٤ش وخسش رخغ

حزخػش عخ. لاؿ ري, حظهغ ح ٣ خخهش حطشف حلاخش )حوخ( ك٢ حلاعظقخع أه خطسس رؼ٤ش وخسخ

رخخهش حضر ك٢ ػوذ حغ.

خخهش حؼـض ػ حغذحد ؿخذ حؾظش١ رحص هز٤ؼش ػخ رؼ٢ كؾ ك٢ حغذحد رخخ ك٢ حػذ حظلن ػ٤ غ

حقشف.

كوذ ط خي خخهش حطشف حلاخش –كن رؼل حلاسحء حلو٤ش –حرح حػظزش ػوذ حلاعظقخع ػوذح ؿخثضح ؿ٤ش ض

حز١ هذ طؼظذ ػ٠ ػذ ض٤ش حؼوذ ك٤ظشحؿغ ػ.

139

ح طض ؼخش حضر ك٢ ػوذ حلاعظقخع ؼخظ ك٢ ػوذ حشحرلش , طظغ رخ٤خس حظشحؿغ ػ حؼوذ سكل طغ٤

حغؼش ك٢ ػذخ كخى خخهش حمخك٤ش ٣حؿخ حقشف حلاعلا٢ ػذ حظؼخ رؼوذ حلاعظقخع.

حلاعظقخع ٣ؤخز دس حقخغ حؾت حزخء هذ ط ز حخخهش لا حقشف حلاعلا٢ ػذخ ٣ذخ ك٢ ػوذ

حسد, رخ ح حقشف ٣ظخقـ ك٢ ز ح كخ ٣ؼظذ ػ٠ حوخ٤ حزخه.


Text ( N )

Istisna'a Financing

While extending Istisna'a financing, the bank exposes its capital to a number of specified

counterparty risks. These include for example:

The counterparty risks under Istisna'a faced by the bank from the supplier's side are similar

to the risks mentioned under Salam. There could be a contract failure regarding quality and

time of delivery. However, the object of Istisna'a is more in the control of the counterparty

and less exposed to natural calamities as compared to the object of Salam. Therefore, it can

be expected that the counterparty risk of the sub-contractor or Istisna'a although

substantially high, is less sever as compared to that of Salam.

The default risk on the buyers side is of the general nature, namely, failure in paying fully in

time.

If the Istisna'a contract is considered optional and not binding as the fulfillment of

conditions under certain Fiqhi jurisdictions may need, there is a counterparty risk as the

supplier maintains the option to rescind from the contract.

Considering that like the client in the mudarabah contract, if the client in the Istisna'a

contract is given the option to rescind from the contract and decline acceptance at the time

of delivery, the bank will be exposed to additional risks.

This risk exist because, an Islamic bank into an Istisna'a contract assumes the role of a

builder, a contractor, a manufacturer and supplier, since the bank does not specialize in

these traits, it relies on subcontractors.

140


Text ( O )

بي الإخبر؟

حخش )ؼ حلاؿخسحص( كن حلاظلخع رظخص ٣ ح ط ز حظخص ؾخـ ر٤غ حلاؿخس ػزخس ػ

Text ( P )

بي اىشبرمت؟

طؼذ حؾخسش حكذ طو٤خص حظ٣ حلاعلا٠٤ حز١ رؿزخ ط ؾخسش حلاهشحف ؿ٤ؼخ ك٢ غخش سحط حخ

حلادحسس. خ ٣ طص٣غ حلاسرخف رؼذد حلاهشحف ػ٠ كغذ حغذ حظلن ػ٤خ غ ري, كخ ؿد حؾخسش ك٢

خغخسس حلاهشحف ط ػ٠ كغذ حؾخسش ك٢ حغخ ك٢ سأط حخ.ح

Text ( Q )

بي اىضبربت ؟

حنخسرش ٢ حلاطلخم ر٤ ؽخـ ح ػذس حؽخخؿ حظ٢ رؿزخ ٣و ؽخـ ح حؼش ؽخـ رظك٤ش سأط حخ ر٤خ

ـخصكش رذف حلق ػ٠ حلاسرخف. طوغ حلاسرخف ٣كش حلاخش س٣خدس حلاػخ حدحسطخ ظل٤ز ح١ ػ ٣ط١ ػ٠ ح

لن ػ٤خ. ر٤خ ٣ظل ح كوو ػزت حخغخسس ػ٠ كغذ غذ ر٤ ئلاء حلاهشحف ػ٠ كغذ حغذ حظ

كقق ك٢ سأط حخ ح٢ .

ظ٤ـش لاػخ حظ٢ حخ رخغزش شحثذ١ حلاػخ, كخ خغخسط ط ك٢ كوذ خكؤس حظ٢ خح ٣لق ػ٤خ

٣وذخ.

Text ( O )

What is Ijarah?

Ijarah, bay'al

Sale of usufructs (operating lease).

141

Text ( P )

What is Musharakah?

It's an Islamic financing technique whereby all the partners share in equity as well as

management. The profits can be distributed among them in accordance with agreed ratios.

However, losses must be shared according to the share in equity.

Text ( Q )

What is Mudarabah?

It is an agreement between two or more person whereby one or more of them provide

finance, while the others provide entrepreneurship and management to carry on any business

venture, whether it is trade, industry or service with the objective of earning profits. The

profit is shared by them in an agreed proportion. The loss is borne only by the financiers in

proportion to their share in total capital. The entrepreneur's loss lies in not getting any

reward for his or her services.


Text ( R )

Musharakah – Mudarabah (M_M) Financing

Many academic and policy oriented writings consider that the allocation of funds by the

Islamic banks on the basis of the Musharakah and Mudarabah is preferable as compared to

the fixed return modes of Murabaha, leasing and Istisna'a. But in practice the Islamic banks

use of the M-M modes is minimal. This is considered to be due to the very high credit risk

involved.

The credit risk is expected to be high under the M-M modes due to the fact that there is no

collateral requirement; there is a high level of moral hazard and adverse selection and banks

existing competencies in project evaluation and related techniques are limited. Institutional

arrangements such as tax treatment, accounting and auditing system, regulatory framework

are all not in favour of a large use of these modes by banks.

One possible way to reduce the risks in profit sharing modes of financing is for Islamic

banks to function as universal banks. Universal banks can hold equity along with loans. In

case of Islamic banks this would imply financing using Musharakah mode. Before investing

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in projects in this basis, however, the bank needs to do a thorough feasibility study. By

holding equity positions, universal banks can essentially get involved in the decision making

and management of the firm. As a result, the bank will be able to monitor the use of funds

by the project more closely and reduce the moral hazard problem.

Some economists however, argue that banks by not opting for these modes are actually not

benefiting from portfolio diversification and hence taking more risks rather than avoiding

risks. Moreover, the use of M-M modes on both sides of the bank's balance sheets will

actually enhance systemic stability as any shocks on the assets side will be matched by

absorption of the shock on the deposit side. It also argued that incentive compatible

contracts can be formulated which can reduce the effect of moral hazard and adverse

selection. However, these arguments ignore the fact that banks basically specialized in

optimizing credit portfolios not optimizing in credit and equity portfolios. Furthermore,

since the Islamic banks use of current accounts on the liability side is very high, the shocks

on the assets side cannot be absorbed by these accounts on the liability side. Hence greater

use of M-M on the assets side could actually cause a systemic instability given the large

current accounts utilized by the Islamic banks.


Text ( R )

اىضبربت –اىتيو ببىشبرمت

ػ٠ح حؼذ٣ذ حذسحعخص حؼ٤ش حظخرخص ك حغ٤خعخص طزذ ح٠ ح ه٤خ حقخسف حلاعلا٤ش رظظ٤ق حلاح

حعخط حؾخسش حنخسرش حكن حعظخذحخ كن ف٤ؾ حؼخثذ حؼخرض ؼ حشحرلش, حلاؿخسس حلاعظقخع. ك٢

ذح حقخسف حلاعلا٤ش ق٤ؾ حؾخسش حنخسرش ك٢ حد٠ حلذد ٣ؼد ري خخهش حلاثظخ٤ش حهغ, كخ حعظخ

حؼخ٤ش حشطزطش رز حق٤ؾ.

أكذ حطشم ظخـ حخخهش حشطزطش رق٤ؾ حظ٣ رخؾخسش ك٢ حلاسرخف ٢ ح طؼ حقخسف حلاعلا٤ش

خص لخكظخ حلاعظؼخس٣ش , رخغزش قخسف حلاعلا٤ش كخ ري ٣ؼ٠ قخسف ؽخش طلظلع رخع م

حظ٣ رخعظخذح ف٤ـش حؾخسش. هز حذخ ك٢ ط٣ حؾشع رز حق٤ـش , ٣لظخؽ حقشف ح ٣و رذسحعش

حس ك٢ حدحسس حؾؤس حـذ حلش . رخكظلخظخ رخع , كخ حقخسف حؾخ طقزق هشكخ حف٤لا ك٢ حطخخر حوش

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حظ٢ طلظلع ز حقخسف رخعخ, ظ٤ـش زي رخعظطخػش حقشف ح ٣ظل ػ هشد ك٢ طظ٤ق حلاح ك٢

حؾشػخص حظ٢ طض دسحعش ؿذحخ ح ٣و ؾش حخطش حلاخلاه٢ .

ذخ حلاعظلخدس ٤ضس ط٣غ حللظش ٣و رؼل حلاهظقخد٣ ح ػذ حعظخذح حقخسف ق٤ؾ حؾخسش حنخسرش ٣لو

حلاعظخسػش رخظخ٢ ك٠ طظؼشك خخهش حؼش رذلا طلخد٣خ ز حخخهش . ػلا ػ٠ ري كخ حـء ق٤ؾ

حؾخسش حنخسرش ك٢ ؿخذ حلافح ؿخذ حخق ك٢ ٤ضح٤خص حقخسف ع٤ئد١ كو٤وش ح٠ طلغ٤ حلاعظوشحس

ش فذخص خ٤ش ك٢ ؿخذ حلاف ع٤وخرخ حخلخك ك٢ ؿخذ حخق )حدحثغ( . خى ٣و ح حؼخ ك٤غ ح ح٣

٣ ف٤خؿش ػود طؾظ ػ٠ كحكض , زح ع٤و حػخس حخطش حلاخلاه٢ حلاظوخء حخخهت. ز حلاسحء طظـخ

حلاثظخ٤ش ٤ظ ك٢ طي حظ٢ طـغ ر٤ حذ٣ كو٤وش ح حقخسف هذ طخققض حعخعخ ك٢ رلغ ػ حلخكع حؼ٠

حلاع. حمخكش زي رخ ح حقخسف حلاعلا٤ش طؼظذ رقسس حعخع٤ش ػ٠ ححسد حخ٤ش ك٢ حلغخرخص حـخس٣ش كخ

طؼشمخ قذخص خ٤ش ك٢ ؿخذ حلاف لا ٣ وخرظ رخخلخك حظضحخ حطـخ حفلخد ز حلغخرخص ك٢ ؿخذ

حخق . حؿ ري كخ حـء حؼش ح٠ حعظؼخ ف٤ؾ حؾخسش حنخسرش ك٢ ؿخذ حلاف هذ ٣ظغزذ كو٤وش ك٢

ػذ حعظوشحس ػخ خخفش غ خ صشخ عخروخ حػظخد حقخسف حلاعلا٤ش ػ٠ حلغخرخص حـخس٣ش ظ٣ حؾظطخ

حلاعظؼخس٣ش.


Text ( S )

اىؤسسبث اىبىيت الاسلايت

طبيؼتب خبطرب

( ػ٤ خرؽ حقخسف حلاعلا٤ش حػظخدح ػ٠ ٤ حؿدحص. حلا صؽ ٣1998زش حهزخ آخش )

حؾخسش حقخسف حلاعلا٤ش حظ٢ طؼ ػ٠ حعخط حنخسرش ك٢ ؿخذ حخق ك٢ ؿخذ حكدحص . ط ف٤ؾ

ك٢ حشرق ٢ حظ٢ طل ل حظ٣ حشر١ ػ٠ ؿ حظلذ٣ذ . كوخ زح حرؽ كخ ؿ٤غ حلاف ٣خط٢ ط٣خ

حنخسرش . زح حرؽ قخسف حلاعلا٤ش ٣و زي رذس -خلا حح حعظوطزض ػ٠ حعخط حؾخسش ك٢ حشرق

( . حخ حصؽ حلاخش قخسف 154ؿ 1985chaparaقشكخ طـخس٣خ كوو ) حعخثو حلاعظؼخس٣ش حؼش

حلاعلا٤ش ك صؽ حنخسرش هشف حكذ ك٢ ؿخذ حخق غ حعظخذح ف٤ؾ ط٣ ظؼذد ك٢ ؿخذ حلاف

خذح ف٤ؾ حؾخسش . هذ ططس زح حصؽ لا حقخسف حلاعلا٤ش هذ حؿض ػوزخص ػ٤ش طؾـ٤٤ش كخض د حعظ

ك٢ حشرق ك٢ ؿخذ حلاف. زح, كوذ حخظخسص حقخسف حلاعلا٤ش ح طغظخذ ف٤ؾ حذخ حؼخرض طن

حشحرلش)حظلش صحثذح خؼ حشرق( , حز٤غ رخظوغ٤و )حشحرلش حظعطش حط٣ش حلاؿ( , حلاعظقخع / حغ )ر٤غ

( , حلاؿخسس .طؤخ٤ش حغؼش ح حز٤غ رؼ وذ

ح حقشك٤ش حلاعلا٤ش طوذ خذخص خ٤ش كن حظضحخ رزذأ طلش٣ حشرخ ؽشػخ . كخشرخ ػخثذ )حلخثذس( حوشك . زح

حظلش٣ حؾشػ٢ رلشم ر٤ حلاح ك٢ حلغخرخص حـخس٣ش قخسف حلاعلا٤ش )ك٤غ ٣خخز حفلخد حقشف حلاعلا٢

وشك حلغ( ر٤ حح كغخرخص حلاعؼخس )كغخرخص حنخسرش (. كل٢ كخش حلغخرخص ز حلاح ػ٠ حعخط ح

144

حـخس٣ش , ٣ن حقشف حلاعلا٢ دػ٤ حعظشدحد حف حد٣ؼش ؿ٤ش ػحثذ, لا ٣ؾخسى حفلخد ز حدحثغ

لا حؼخثذ ػ٤خ. زح , حقشف ك٢ خخهش . حخ ك٢ كخش دحثغ حلاعظؼخس , كخ حقشف لا ٣ن حف حد٣ؼ

ط حدحثغ حلاعظؼخس٣ش حخ ك٢ كغخرخص حعظؼخس و٤ذس ح طوش , ك٤غ ح لغخرخص حو٤ذس ؽشهخ ػ٠ حلاف

حظ٢ ٣ظ ط٣خ حح ز حلغخرخص , ه٤دح ػ٠ حغلذ هز حونخء حؿ حد٣ؼش . ٣ؾخسى حفلخد كغخرخص

حخخهش ك٢ ػخثذ حلاعظؼخس ػ٠ هذس كقش ك٢ حلاح حـؼش ك٢ ز حلغخرخص . حلاعظؼخس حقخسف ك٢

ػ٠ زح كخخ و ح ػوذ حوشك ػوذ حنخسرش خ حذػخش حلاعخع٤ش قشك٤ش حلاعلا٤ش ح حلاكظلخظ

٤ش.رخقخثـ ز٣ حؼوذ٣ حؿ ح طزو٠ حلاق ح٤ضس قخسف حلاعلا

ح حقشف حلاعلا٢ حز١ ؿش فل عخروخ ٣ل خقخثـ حع٤و حلاعظؼخس١ حقشف حظـخس١. كو ح٤ش

قشف حلاعلا٢ ٣ؾز و ح٤ش قخسف حظـخس٣ش ك٤غ ح حدػ٤ لا٣ حقشف ٤ظ كن

٣و ؿخذ ح٤ش ػ٠ حعخط ػوذ حؾخسش, ٣و ؿخذ حظق٣ض. رـش حقخسف حلاعلا٤ش, كخ ري ٣ؼ٢ ح ر٤خ

حدحثغ ػ٠ حعخط ػود حنخسرش قشف حلاعلا٢ حؿ ؽز غ حع٤و حلاعؼخس١ لا ٣ؾخسى حفلخد

ثذ حلغخرخص حلاعظؼخس٣ش حسرخف ػ٤خط . رؼذ ح ٣ذكغ دػ٤ ق٤ز ك٢ ز حلاسرخف ٣ؼط٢ خ ٣وزل غخ٤ ؼخ

ػ٠ حلاع.

ح حعظخذح ف٤ؾ حؾخسش ك٢ حلاسرخف رحعطش حقخسف حلاعلا٤ش هذ ؿ٤ش هز٤ؼش حخخهش حظ٢ طحؿ ز

حئعغخص . كخؼحثذ ػ٠ دحثغ حلاعظؼخس ح حلادخخس طؼظذ ػ٠ ظخثؾ حػخ حقشف. رخ ح طظ ؼخش حدػ٤

خغخثش , كخ ٣ظل ؿضء خخهش ػ٤خص حقشف. حدػ٤ ػ٠ حعخط حؾخسش ك٢ حلاسرخف ح

٣ؾخس ك٢ حلاسرخف حخغخثش, حطض رؼل حخخهش حلاخش. ػلا ػ٠ ري كخ حعظخذح ف٤ؾ حظ٣ حلاعلا٤ش ك٢

ؿخذ حلاف هذ ؿ٤ش هز٤ؼش حخخهش حظو٤ذ٣ش.

Written translation into Arabic

Text ( S )

Islamic Financial Institutions: Nature and Risks

Iqbal et. al (1998) distinguishes two models of Islamic banks based on the structure of the

assets. The first is the two – tier Mudarabah model that replaces interest by profit sharing

(PS) modes on both liability and asset sides of the bank. In particular in this model all assets

are financed by (PS) modes of financing Mudarabah. This model of Islamic banking will

also take up the role of an investment intermediary, rather than being a commercial bank

only (chapara 1985, P 154). The second model of Islamic banking is the one-tier Mudarabah

with multiple investment tools. This model evolved because Islamic banks faced practical

and operational problem in using profit-sharing modes of financing on the assts side. As a

result, they opted for fixed income modes of financing. As mentioned earlier, fixed – income

145

instruments include Murabaha (cost-plus or mark–up Murabaha), Installment sale

(mrdium\lomg-term Murabaha), Istisna'a\ Salam (object deferred sale or pre-paid sale) and

Ijarah.

Islamic banking offers financial services by complying with religious prohibition of Riba.

Riba is a return (interest) charged in a loan (Qard Hasan) contract. This religious injunction

has sharpened the differences between current accounts (interest free loans taken by owners

of the Islamic bank) and investment deposits (Mudarabah funds). In the former case, the

repayment on demand of the principal amount is guaranteed without any return. The owners

of current accounts do not share with the bank in its risks. In case of investment deposits,

neither the principal nor a return is guaranteed. Investment accounts can be further classified

as restricted and unrestricted; the former having restrictions on assets that the funds can be

used for and on withdrawals before maturity date. The owners of investment accounts

participate in the risks and share in the banks profit on pro rata basis. The contract of Qard

hasan and Mudarabah are thus the fundamental pillars of Islamic banking and their

characteristics must fully be protected for the preservation of the unique of Islamic banks.

The Islamic bank described above appears to have characteristics of both an investment

intermediary and commercial bank. The ownership pattern of the Islamic bank resembles

that of a commercial bank as the depositors do not own the bank and do not have voting

rights. In Islamic finance parlance, this means while Musharakah contract characterizes the

equity owners, deposit take the form of Mudarabah contracts. An Islamic bank, however,

has similarities with an investment intermediary as it shares the profit generated from its

operations with those who hold investment accounts. After paying the depositors a share of

the profit, the residual net-income is given out to the shareholders as dividends.

Using profit –sharing modes in Islamic banks changes the nature of risks in these

institutions face. The returns on saving\investment deposit are contingent. As the depositors

are rewarded on a profit – loss sharing (PLS) method, they share the business risks of the

banking operations of the bank. The profit-loss sharing features of these depositors introduce

some other risks. Further the use of Islamic modes of financing on the asset sides changes

the nature of traditional risks.


146

Text ( T )

شبرمت تيت ببىتييل

مأداة اداث اىتيو الاسلاي

طظخؽ٠ ف٤ـش حؾخسش حظ٤ش رخظ٤ي غ طؼخ٤ حؾش٣ؼش حلاعلا٤ش, ك٤غ ٣ حذخ ك٢ حؼلاػش ػود حظؼوش رز

طخخ ػ رؼنخ حزؼل , ٣خط٢ طغغ ز حؼود خلاط٢:حق٤ـش حلاعلا٤ش لقش

٣ظ حؼوذ ر٤ حلاهشحف خن ؾخسش رخظ٤ي ك٤غ ٣و حؼ٤ حؾخسى رخػطخء حػذ رؾشحء حـضء حخخؿ .1

رخ حؾخسى هز رؼذ حطخ ػوذ حز٤غ.

٣و حؼ٤ حؾخسى رخعظجـخس كذس طظزغ حؾخسى. .2

ش حؼ٤ حؾخسى ك٢ ؽشحء حكذس حظ٢ ٣خ ح حؾخسى ػ٠ كغذ حػذ حز١ هطؼ , رؿذ ٣غظ .3

زح حػذ ٣ظنخث حلاؿش حز١ ٣ذكؼ حؼ٤ كظ٠ ٣ظي حؼ٤ حكذ.

Written translation into English

Text ( U )

اىتصنيل

حظ٣ ك٤غ طؼشف رخخ ػزخسس ػ حف حلاف ك٢ ٤جش سهش طؼذ ش مخ قطق قطلخص

رظذكوخص خ٤ش طغذخ ـػش حلاف حغخثش حلاف حعش ػزش ػ٤ش حظق٤ي ك٢ حلاػخ

حؾظشش ٣ظ طخ ز حلاف حؼ٤٤ش ح حـ٤ش عخثش ػزش ر٤غ حلاع حؾخدحص ك٢ حلاعحم حخ٤ش .


Text ( T )

Diminishing Musharakah As An Islamic Instrument of Finance

The modus operandi approved by Shariah scholars are that three contracts are entered into

separately, ensuring that each contract is independent of the other two contracts. The

sequencing of contracts should be:

1. A contract between partners to create a joint ownership. The client partner makes a

promise before or after the lease agreement is finalized to purchase the share of the

financier partner.

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2. The financing partner gives units of his share to the client on lease.

3. The client partner goes on purchasing the units of ownership of financing partner as

per his promise. Accordingly, the rent goes on decreasing.


Text ( U)

Securitization

A security, in financial terms, can be defined as an asset in the form of a paper whose cash

flow is backed by a pool of liquid and tangible assets. Through securitization, tangible or

non-liquid assets of joint business are made negotiable through the sale of share\certificates

in the financial market.

Sight Translation

Text ( V )

اىخراج ببىضب اىغ ببىغ

ح خط٤ حلو٤وظ٤ حزذ٤٣خص حلاعخع٤ش ك٢ حلاهظقخد حلاعلا٢ ك٤غ ٣ظنخ ح ح١ حعظلوخم ؼخثذ حلاف ٣ظزؼ

حظضح رخخغخس ز حلاف.

Text ( V )

Al Khairaju Bi Al-Daman and Al Ghunum Bi Al Ghunum

These are two fundamentals axioms of Islamic finance implying that entitlement to return

from an asset is intrinsically related to the liability of loss of that asset.

Text ( W )

بيغ اىؼرب

ر٤غ حؼشر ػزخس ػ ػوذ ر٤غ ٣ذكغ زؾ رغ٤و حغؼش حلذد ؾ٢ ذكغ ح٢ , ك٤غ ٣ظ طزخد حغؼ حخ

حظزو٢ ك٢ حغظوز. ػذ طخ٢ حؾظش١ ػ ػوذ حز٤غ ٣ هذ كوذ حزؾ حز١ دكؼ وذخ ظؼ٣ل حزخثغ ظغزز ك٢

طؤخ٤ش حز٤غ.

Text ( W )

Al - arboon , bay'

148

A sale contract in which a small part of the price is paid as an earnest money (down

payment), the object and its remaining price are exchanged is a future date. In case the payer

rescinds from the contract he has to forego the earnest money compensating the seller in

causing a delay in sale.

Text ( X )

اىقرض اىحس

.حوشك حلغ ػزخس ػ هشك ظذ رذ عؼش حلخثذس ح طوخع ك٢ حشرق

Text ( X )

Qared hasan

A loan extended without interest or profit sharing.

Text ( Y )

اىر

.ن رنخش حمخك٤شحش :

Rahn

Collateral

Text (Z )

ربــب

طؼ٢ حش كشك٤خ ص٣خدس ح حمخكش , ٣ؾ٤ش حقطق ح٠ حؼلاس حظ٢ ٣ظوخمخخ حغق ح حوشك هز حؾظش٣

ش ذ زح حع ح ذ ٤ؼخد حعظلوخه. ح حـخز٤ش حؼظ٠ غ٤ ٣ظوشك ص٣خدس ػ٠ حزؾ حشث٤غ٢ ؾشه

حظؼخلاص شرخ .

149

Text ( Z )

Riba

Literally means increase or addition and refers to the premium that must be paid by the

borrower to the lender a long with the principal amount as a condition for the loan or an

extension in its maturity, it is regarded by a predominant majority of Muslim to be

equivalent to interest.

Text ( A )

مبىت

٣ؼ٤ ح٤ لادحء حخذش ٤خرش ػ حشث٤ظ وخر حطؼخد طؼذ حخش غج٤ش , رخظخ٢ كخ حنشس١ -ح٤

.حلا٤ غج٤خط ل حخذش حظ٢ حض ح٤ ك٢ كخش حلاخشؿذح ح ٣ئد١ ح٤ خ خ ٣ئد١

Text ( A )

Wakalah

Agency - appointment of someone also to render a work on behalf of the principal for a fee.

Wakalah is also a responsibility. It is therefore necessary for a Wakil to discharge his

responsibility in the way a trustee discharges his responsibility in the case of Amanah.


Text ( B )

طرق

ش رذف حلق ػ٠ خ وذ١. ز حظؼخلاص طؼ٢ رزغخهش ؼرخذ٣ حز٤غ حلس١ غ٣ؼ٢ حقطق هسم حؾشحء

حلق ػ٠ حغ٤ش. ك٤ظ خي كؿش ؾشحء حؾظش١ ز حغؼ ر ط حلؿش ك٢ ؽشحء حغؼش رخذ٣ ر٤غ رحص

ػخغ كزي حز٤غ وز حخك٤ش حؾشػ٤ش, حغؼش كسح لق ػ٠ حغ٤ش. كخرح هخ حزخثغ رز٤غ ز حغؼش طشف

حرح رخع ز حغؼ لظ حؾخـ حز١ ط حؾشحء عخروخ, كزي لا ٣ظخؽ٠ غ حؾش٣ؼش حلاعلا٤ش ؿش ظش

حق٤ـش ؼظ ح حشأ١ رخظخ٢ كخ ف٤ـش حطخسم طوغ ك٢ حطوش حشخد٣ش ـذ ح ػذس رى حعلا٤ش طـؤ ز

حؿ حدحسس ح٣نخ ق٤ـش ظ٣ خخفش ظ٣ حؾخق٢ رطخهخص حلاثظخ.

150


Text ( B )

Tawarruq

What is tawarruq?

Tawarruq means to buy on credit and sell at spot value with the objective of getting cash,

meaning that the transaction is not the need of the buyer, he simply wants liquidity which he

gets by purchasing a commodity on credit and selling the same forthwith for cash. If he sells

to any third party, it is acceptable from the Shariah point of view but if he sells to the person

from whom he purchased on credit, it is not shariah compatible according to the majority

view. Despite being a grey area, tawarruq is being used by many Islamic banks for liquidity

management and as a mod of financing, especially for personal financing and credit cards.


Text ( C )

خؼبى

خرح ٣ؼ٢ حقطق ؿؼخ؟

ؿؼخ طؼ٢ حؼوذ حز١ رؿز ٣ظؼذ حكذ حلاهشحف )ؿخػ( رخػطخء خكخس )ؿؼ( لا١ ؽخـ سرخ ٣ظ طلو٤ن

طغظؼ حـؼخش لادحء ػذس خذخص رحعطش حظ٤ـش حطرش عحء خض ز حظ٤ـش حطرش لذد ح ؿ٤ش لذد.

حص٣ش. رخظخ٢, كخى رؼل ح٣شحدص حظ٣ حلاعلا٤ش حظ٢ ٣ حزى حلاعلا٤ش ػزش ػود حـؼخش حزخؽشس ح

طلق٤خ رخطشم حئعغش ػ٠ حـؼخ. ؼ طلق٤ حذ٣, ك٤غ ح حلاعظلوخم ر٤ حخكؤس شطزو حسطزخهخ ػ٤وخ

ظ٣ حغف ر رظلق٤ حذ٣ ح ؿضء خك٤ش حخش كخ رخلاخ٤ش حعظؼخ ػود حـؼخش نخ ح

ؽشػخ ؼخ زي, ػذخ ٣طذ حؼخ حو٤خ رخـخص رؼل حخذخص ؼ طلن٤ش ػ ػخ٢ حـذ حز١ رؿز

٣وز حزي رظك٤ش حظغ٤ وذ حؼشك.


Text ( C )

ju'alah

What is ju'alah?

151

Ju'alah is a contract in which one party the (Jail) undertakes to give a specific reward (the

Jua'l) to anyone who may be able to realize a specific or uncertain required result, for

example finding a stolen care.

Ju'alah can be used by Islamic banks for a number of services, directly or through a parallel

ju'alah contract with the following process:

Some Islamic financial products based on ju'alah like collection of debts. Ju'alah contracts

can be used for collecting due debts where the entitlement to the reward is related to

realization of all or part of the debt. On the other hand, ju'alah contract can be used to secure

permissible financing in which a worker is required to do some form of services, like

preparing of feasibility that will make the bank agree the facility to the offer.


Text ( D )

بيغ الاستدرار

ب بيغ الاستدرار؟

ز٤غ لا٣ؼذ ر٤غ حلاعظـشحس ق٤ـش لذدس ف٤ؾ حظ٣ حلاعلا٢ , ر ػزخسس ػ طظ٤ ؼ٤ش ؽشحء ر٤غ ظشسس

حؤف ك٤غ ٣وز حزخثغ رز٤غ ٤خص ح كذحص ظػش حغغ هض لاخش سرخ ٣و حزخثغ رخسعخ ػذس ؽلخص

ح ٣ كوخ رخسعخ ؽلش ح كظ٠ رؼذ ح ٣ظ حسعخ , حغغ حظلن ػ٤خ ك٤غ ٣ طلذ٣ذ حغؼش هذ ط وذخ

حؾلخص.

Written translation into Arabic

Text ( D )

Bai ' al istijrar (supply contract)

What is istijrar?

Istijrar is not a specific mode; it is rather a repeat sale\purchase arrangement of normal sale

in which a seller agrees to sell various amounts\units of a commodity from time to time. The

152

seller may also deliver the commodity agreed upon once in a number of consignments and

the price may be determined in advance, with every consignment or after the delivery.

Written translation into English

Text ( E )

اىتنبفو

خ ححظخك ؟

)ػ٠ حظؼخ حظزخد ( ٣ئعظ خك ػ٠ زذأ حظؼخ حز ٣ز٠ زح حظ .حظخك ح ٣ن هشف حطشف حلاخش

زذأ حظزشع )حز( ك٤غ ٣ظلن حهشحف حظخك حز٣ ٣ل حز٤قش ك٢ حؾخسش ك٢ طل حخطش حلذم رخ

خغخس عظلذع لا١ هشف خ ري رظؼ٣ل طي حخغخس رخـضء ح٢ ح حـضث٢ غخخظ حظخك٤ش )خكخس(.


Text ( E )

Takaful

What is takaful?

Takaful means "guaranteeing each other" and is based on the principles of Ta'awun (mutual

co-operation) and Tabarru (donation) where a group of takaful participants (policyholders)

agree between themselves to share the risk of a potential of all or part of their takaful

contribution (premium) to compensate for loss.

Takaful is a structure in which the risk is shared between all participants, removing the

elements of uncertainty and gambling from the contract.

153


Text ( F )

بي صيغت اىتؼب ؟

طظؼ ف٤ـش حظؼخ )حظخ٤ حظؼخ٢( ك٢ حظؼخلاص ح٤٤ش ك٢ كشس ف٤ـش حنخسرش حظ٢ طؾـغ حو٤ حلاعلا٤ش

حخخء كذس طنخ حظؼخ حظزخد. طظوخع ؽشش حظخك حؾخس حذخ حزخؽش حلاعظؼخسحص ك٢ ف٤ـش

حظص٣غ. هز حلخثل د خق %100حنخسرش ر٤ظخ ٣غظلن حؾخس غزش


Text ( F )

What is the Ta'awun Model?

The Ta'awun model (co-operative insurance) practices the concept of Mudarabah in daily

transactions, where it encourages the Islamic values of brotherhood, unity, solidarity and

mutual co-operation. In the Mudarabah model, the Takaful Company and the participant

share the direct investment income, while the participant is entitled to 100% of the

surplus, with no deduction mode prior to the distribution.


Text ( G )

اىقف

خ٢ ػ٤ش حظخك ػزش ف٤ـش حهق؟

ح حهق ٣خظق ػ ف٤ـش حنخسرش حخش ٣ؼ ؾشع رشحؾ حؿظخػ٤ش ك٤ش لاطئعظ ػ٠ حشرق .

خ ٤ظ خي آ٤ش ظص٣غ ح١ كخثل لا٣ظي حئ لا حؾخس ح١ كخثل ح سرق زخؽش ف٤ـش حهق

.حلاح ظ٤ـش زي كخ حئ ٣لظلع رلخثل حلاح ذػ ـظغ حؾخس٤


Text ( G )

How Does the Waqf Takaful Model Work?

154

Unlike the Mudaraba and Wakala model Waqf operates as a social government enterprise

and programmers are operated on a non-profit basis. Under the Waqf model any surplus or

profit is not owned directly by either the insurer or the participants and there is no

mechanism to distribute any surplus funds. In effect, the insurer retains the surplus funds to

support the participant community.


Text ( H )

اىتنبفو ببىمبىت

٤ق طؼ ف٤ـش حظخك رخخش ؟

طئعظ ز حق٤ـش ظخك رخخش ػزش زذأ حلاؿش ك٤غ طلذع ر٤ حؾخس٤ ؾخسش طؼخ٤ش مذ حخخهش حظ٢

طق٤ز , ك٤غ ٣غذ رزغخهش حئ ك٢ حظخك حؿش خذخط )٤( ػذ ؾخسظ ك٢ ح١ خطؾ ئ ػ٤ .

لاح ػ٠ حلاؿش حز١ ٣خ لخكض ػ٠ حدحث. سرخ ٣ظن حلاؿش حز١ ٣ظوخمخ حئ ػ٠ حؿش حدحسط


Text ( H )

How does the Wakalah Takaful model work?

This is a fee-based model co-operative risk-sharing occurs among participants where a

Takaful insurer simply earns a fee for services (as Wakeel or an agent) and does not

participate or share in any underwriting outcomes. The insurer's fee may include a fund

management fee and a performance incentive fee.

155

CHAPTER FIVE

CONCLUSIONS, FINDINGS AND RECOMMENDATION

5.0 Conclusions

“The researcher attempts an adaptation of this diploma mode and procedure to suit

the Islamic economic translation, hoping to get the expected output; and be able to have

professional cadre of Islamic economic translators”. “This should be the main assumption of

your thesis.” Dr. Hassan Ali Eissa. So, I agree entirely with Dr. Eissa, and this is what I tried

hardly to achieve in my thesis.

First, I have the ideal model as I mentioned before in my introduction i.e “the British

Law option diploma” which I have studied; and without this diploma of legal translation,

one cannot work as translator in this field in England. Here, I want to give my advisors some

of the main features of the law option diploma.

Concerning this thesis, the researcher has exerted a hard effort for the adoption and

adaptation of the core, the structure and the procedure of the Law option system to suit the

translation of Islamic Economic whenever and wherever possible.

Islamic Economic has its own entity has its own religious and cultural aspects and

traits. So, one hasn‟t got the freedom to translate such Islamic economic texts according to

point of views. There are many prohibitions within this field in contrast with the

conventional economie.

In the first part of the thesis, there are definitions of what is translation also there are

some theories of translation written by famous writers as Nida Delicle and Mercedes and

others. On the other hand, there are many techniques concerning interpreting as well as

translation are presented to help in achieving this task. As an interpreter or translator you

need to have access to a general bilingual dictionary, a specialist bilingual dictionaries as

well as specialist monolingual dictionaries. On the other hand, there is a very important

reference supplied by DR. Eissa by the title Islamic Translation that reflects a very essential

points concerning this task of Islamic translation.

156

So, in this thesis, the researcher has selected a wide range of topics that personified the

essence of the Islamic economic and Islamic finance. So, as we have seen in the law option

system model with its numerous deteals Islamic Economies subject is loaded with the

essential details concerning the various types of topics and the researcher presented them in

a simple clear language for a thorough and deep understanding and hence the process of

translation will be easier, accurate and precise. So this is our target and goal from the

academic program of the Islamic economic translation in order to have professional

translator cadre within this domain.

- To enhance such profession, each chapter consists of various types of related subjects.

- Each chapter embodies interpreting and translation techniques or a reference to them.

- Each chapter with it‟s various types of related economic subjects in English language

and then the extraction of the economical terminologies in English with the search for

their equivalents in Arabic.

- Then each chapter has its translation practices and activities: The researcher is keen

about the selection of all texts from the Islamic Development Bank (Jeddah), and the

Islamic Financial Institutions.

- There are the written translation practices from English into Arabic and from Arabic into

English.

- There are texts for sight translation from English into Arabic and vice versa.

- Concerning interpretation from English into Arabic and vice versa, the researcher

suggests either the hearing of a C.D and translating instantly or students can perform a

play and the interpreter can interpret what one hears from their performance.

- Concerning the number of special Islamic economic terms, as an example, Murabaha,

Musawama, Salam, Istisna‟a. Although these terms are written as they are in both

languages in Arabic and English, but their definitions, applications within the texts and

their mechanism within the Islamic financial system is critically needed to be known and

thoroughly to be under stood in order to be translated.

So, eventually, the researcher concludes that a detailed study for the Islamic

economic subject with its various types of the multi terminologies that are really rooted in

culture and religion is crucially needed for the deep understanding and clarification of the

157

various texts to be translated easily and naturally and hence we acquire professional

translators within this field.

5.1 Findings

The curriculum for this kind of translation embodies what they call “Law study

Guides” they are about twenty three in numbers and comprise some of the following.

a. Fields: criminal sentences, the probation service, legal personnel, tribunals. With each

field, there are the translation activities, e.g articles on victim support for sight and

written translation from English into Arabic and from Arabic into English

b. patients involved in criminal proceedings. Hospital order (section 37) (discharge by any

of the following … (Flowchart on sentencing).

c. Another example of Law study Guide units from (17 – 21). This contains the following

fields: Traffic offences, Immigration and Asylum, Civil procedure, the Law of contract

and Consumer rights, the Law of Torts. Then there are the following activities, text for

telephone tutorial, I try to achieve this activity with certain procedure that I have already

explained in my thesis. There are texts for sight translation and written translation from

Arabic to English and vice versa.

d. Another example of this diploma study guide units are (1 – 4): English Law with its

details; interpretating and translating techniques; legal English and second language

(Arabic) equivalent practical activities.

e. Interpreters and investigations and proceedings in the criminal justice system.

f. English Courts Structure (court structure in England and Wales). (Court of appeal) –

criminal court, civil court, with all the details. The European court.

g. Find the equivalent for all these types of court – highlight all the specific legal words

and their equivalent in Arabic). So there are hundreds of terms to be translated; we even

have almost a book of terms to find their equivalent or sometimes they give us the

equivalents to be memorized. On the other hand, they explain to us how to make our

term bank, almost like a dictionary to help us during the examination. At the end of the

course they gave us what they call “the additional legal words and phrases. Found in a

booklet.

158

h. Another content of the diploma are the guide units from (9,10,11,12) with the titles,

Assault, sexual offences, Drugs and public order offences; with written translation for

tutor assessment – text for sight translation. Text for role play practice – annex: Body

Language and Cross Cultural Communication (Judicial Studies Board, Third Annual

Report of the Ethnic Minorities. Advisory Committee – February 1995, Pages 16-28).

- South Tyneside College (vocabulary Record Booklet).

- Northumbria Police (Notes of Guidance for interpreters and police officers).

- So, these few samples reflect the researcher model of the law option diploma that

embodies an overwhelming details of the subject (Law) itself and its dimentions and all

parts related to this field for the sake of thorough acquaintance and understanding of the

various law structure and its mechanism.

5.2 Recommendation

1- The researcher hopes that this academic programme will be inserted within the

curriculums of the units of translation and Arabicization as well as in other institutes of

translation in Sudan so that we acquire proffessional cadre within this domaine (Islamic

economic translation).

2- The professional translators within this domain can be absorbed in various Islamic

Financial Institutions.

159

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September.

Ahmad, Alyas (1961) “The Taymiyah on Islamic Economics.” The voice of Islam, Karachi,

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Ahmad Ziaudin (1993) “ Prohibition of Interest in Islam”. In Banking and finance, Islamic

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Ali, Yusuf (1989) English Translation (With Commentary) Of the Holy Qur‟an, revised

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(Received 9/11/1417 A. H; Accepted For Publication 1/1/1418 A.H)

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proceedings of the international LSP Conference “State of the Art and

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Cronin, M. (2003). Translation and global ization. London : Routledge.

Chabas, J, Gaser, R.a Ray, J. 9EDS.0 920020. Proceeding of the Second International

Conference on Speclized Translation. Barelona

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Klaudy, Kinga, The Role of Translation Theory in Translator Training

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second language acquisition.

Nida, E.A., Taber, Ch.R. 1069. The Theory and Practice of Translation. Leden: Brill.

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translational process and the various

Reprinted December (2007) Umar Chapra, Habib Ahmed0Jeddah, 2002Corporate

Governance in Islamic Financial Institutions Occasional Paper No.6

Islamic Development Bank Islamic

ؾش حظص٣غ حطزؼش حؼخؼش خ زخدة هحػذ ػخش، دحس حلش طزخػش ح حزخسى، لذ، ظخ حلإعلا، حلاهظقخد

حخؽش: ظزش حخخـ٢ رقش أر حخس كغ، ص٣ذح، ػخء حلاصشلإهظقخد حلإعلا٢، حؾ حظطز٤ن

South Tyneside College Faculty of Humanities and Arts 9-12 2002

1990 طخرغ حكخء، حقسس هز٤ؼظ ـخ حذظس كغ٤ ؿخ، حلاهظقخد حلإعلا٢

د.. لذ ػش ؽزشح، حشإ٣ش حلإعلا٤ش ظ٤ش ك٢ مء وخفذ حؾش٣ؼش حؼذ حلإعلا٢ زلع حظذس٣ذ ػن

ـػش حزي حلإعلا٢ ظ٤ش

Chapra, M-Umer The Islamic vision of Development In the light of Magasid Al-Shariah

Islamic Research and Training Institute

حكخء طزخػش حؾش حؾش حلاهظقخد٣ش حذظس كغ٤ ؿخ، حلاهظقخد حلإعلا٢

Islamic Development Bank Seventeen Years In the service of Development (1976)

approaches to very on texts to be translated.

161

Appendix (1)

اىض ببىبحث اىؼيي خبطبت الآخر أ الأدار

ضررة تفؼيو حرمت اىترخت ى شر

صيبغت اىصرفيت الإسلايت

أ ػن 15/10/2010أذ حؾ٤خ ػزذ الله ر ٤غ ك٢ حذس حظ٢ ػوذص ك٢ حؾشش حغؼد٣ش لأرلخع حؾش ك٢

ؼشكش حـ٤ذس رخـخص حل٤ش خخفش حلاـ٤ض٣ش , حظؼخلاص حز٤ش رخلاـ٤ض٣ش أ٣نخ ح٤جش حؾشػ٤ش ٣لظخؽ ح٤

حؼشكش ك٢ حلاهظقخد, ٢ ٣ظ طلو٤ن أذحف حؾش٣ؼش ططز٤وخ ك٢ حظؼخلاص حز٤ش د أ ط ز حقسس

٤ش رخطض ػلا ك٤ حلاء حؼ٤ش, كش أ حظشؿش ك٢ ػخ حقشك٤ش حلإعلا وفش أ ٣ـش١ اخلخء رؼنخ.

حظشؿش لا طؼذ ش ر ٢ سعخش ن٤جش ػ ظش٣ش حهظقخد٣ش ٣شطزو حعخ ك٢ حـخص رخلإعلا , ظشص دسحعش

ش ػ دس حظشؿش ك٢ ؾش حقخػش رؼح "دس حظشؿش ك٢ طط٣ش حزلغ حؼ٢ ك٢ حلاهظقخد حلإعلا٢

ظخ ك٢ طوخسد ؿخص حظش طلذ٣ذ طقل٤ق غخس غظو ذسحعخص حلاهظقخد حلإعلا٢ حؼخ٤ش " ذظس غخ

حزخكغ ك٢ حـخؼش حؼخ٤ش حخ٤ش حلإعلا٤ش, طؼذ ز حذسحعش دسحعش خدسس ك٤خ ahcene lahsasnaكغ لغخعخ

٤ظخ ك٢ اسعخ سعخش حملش ك٤خ ٣خظـ رخلاهظقخد ٣خظـ طلذ٣ذح رخظشؿش ك٢ ـخ حلاهظقخد حلإعلا٢ أ

حلإعلا٢ ـش ؿ٤ش زظ ح وـ ك٢ زخدثخ حلأعخع٤ش. ٣و لغخعخ أ حظشؿش طؼذ حظلذ١ حلأزش حز١ ٣وق كـش

ؼش طظؼ ػؼشس أخ حذ حلإعلا٤ش ؿ٤ش حخهوش رخؼشر٤ش ك٢ اهخش ظخخ حلاهظقخد١ حخ٢ رخ ٣ظلن اكخ حؾش٣

حؾش ك٢ ك حظطزخص حؾشػ٤ش ك٢ كو حؼخلاص حلاكظوخد خزشس حؾشػ٤ش ك٢ زح حـخ. غزش ظزخهئ كشش

حظشؿش حؼشر٤ش ح٤خ طنطش ز حذ ـء ظ حخ٤ش حـشر٤ش غش حظحف ؼخ قؼرش حـش حؼشر٤ش .

-٢ ـخ طط٣ش حزلغ حؼ٢ ك٢ حلاهظقخد حلإعلا٢ ك٢ ز حوخه :مق حزخكغ أ٤ش حظشؿش ك

% وخس 20ح حظغخسع حز١ طؾذ فخػش حظ٣ حلإعلا٢ ك٤غ ٣وذس حزى حلإعلا٤ش رغزش .1

خلا % . و لخ٤ حلاهظقخد حلإعلا٢ ـ٤ش حخهو٤ رخؼشر٤ش لا ٣ظلون ري الا12رخزى حظو٤ذ٣ش

حظشؿش

طزشص أ٤ش حظشؿش أ٣نخ ك٢ دػ ح حقشك٢ طؼض٣ض خلا حزلغ حؼ٢ غ ح حقشك٢ ؿذ .2

ؿد حدس رؾش٣ش حزلغ حؼ٢ كظ٠ لا طلذع كـ ر٤ حظش٣ش حظطز٤ن دحثشس حظؾخس حقشك٤ش حلإعلا٤ش

حلإعلا٢ حصدحد رخظخ٢ حظلذ١ حز١ طحؿ حظشؿش ك٢ حغخكش رخظخ٢ حصدحد حطذ ػ٠ ؼشكش حلاهظقخد

حؼ٤ش حؼ٤ش. لا ٣لص ػ٠ حظخرغ قخػش حظ٣ حلإعلا٢ كخؿش حظخ حخ٢ حلاهظقخد١ ا٠ ض٣ذ

حـش حزلغ حظط٣ش ك٢ حظـخص حقشك٤ش , لا ٣ظؤط٠ ري ك٢ ؽق ححد حؼ٤ش حؾشػ٤ش حظشؿش

-حؼشر٤ش . ػش ـخ طزشص ك٤ أ٤ش دس حظشؿش :

حظعغ ك٢ اؾخء حشحض حؼ٤ش حظخققش ك٢ طؼ٤ حقشك٤ش حلإعلا٢ ػ٠ حغظ حؼخ٢ طؤط٢ ز حزخدسحص

ش ؼ حزى حشض٣ش خ ؿخص خظلش خ خ ٣و ر حعخطز ظخقق رؼنخ طو رخ ئعغخص خ٤ش ك٤

ك٢ حزلش٣ خ٤ض٣خ , خ طو أ٣نخ رؼل حـخؼخص ؼ ؿخؼش حلأصش حـخؼش حلإعلا٤ش حؼخ٤ش رخ٤ض٣خ . خ أ

خى ؿخؼخص ك٢ د ؿ٤ش حذ حلإعلا٤ش كظلض شحض ظؼ٤ أف حقشك٤ش حلإعلا٤ش ك٢ ٤خطخ حظخققش ك٢

خعزش, رخ ح ز حلضش ؾطض طؼذص كذد حذ حلإعلا٤ش لاعظشحس٣ش ز حزشحؾ حظؼ٤٤ش حلاهظقخد حل

خ كبخ شش رلشش حظشؿش هذسطخ ػ٠ طز٤ش حطذ حظخذ ػ٤خ رخظخ٢ حطش٣وش حك٤ذس و لخ٤ طي

طحكشص حخدس حؾشػ٤ش حلاهظقخد٣ش ر٤ حذحسع٤ ؿ٤ش حؼشد حقخػش حـش حؼشر٤ش ا٠ حـخص حلأخش , كخ

162

صحدص كشؿ ططس كشش حزلغ حؼ٢ ك٢ حلاهظقخد حلإعلا٢ أ حؼظ . رزي كخ ططس كشش حظشؿش

ـ٤ض٣ش خ خ طع٤ؼخ هذسطخ ػ٠ طك٤ش حخدس حؼ٤ش حؾشػ٤ش حلاهظقخد٣ش حخ٤ش ا٠ حـخص حلأخش خخفش حلا

دس ؿش١ ك٢ طط٣ش كضش حزلغ حؼ٢ ك٢ حلاهظقخد حلإعلا٢.

حوخه حش ٢ حؼ ػ٠ حصد٣خد ط٤شس حزلغ حؾش ػ٠ اػشحء ػ٤ش حظظ٤ش حظط٣ش حظطز٤ن

طعغ دحثشس حزلغ حؼ٢.

ر٤ حزخكؼ٤ عحء خ ػ هش٣وش طشؿش حلإػخ حؼ٤ش خ طؼ حظشؿش ػ٠ طك٤ش حلحس حؼ٢ حلش١

أ رخظشؿش حل٤ش ك٢ حذحص ح حئطشحص حذ٤ش , خي دس ظشؿش ٣ـذ أ لا ـل ػ طلخد١

حظطز٤وخص حخخهجش رلخ٤ حلاهظقخد حلإعلا٢ حظ٢ ؽؤخ أ١ حظشؿش طقذ٣ش ظش٣ش حهظقخد٣ش حملش

و٤ش ع٤ش ؽز ئػشس ػ٠ قؿ طؾش٣ؼ٤ش حملش رخظخ٢ ٣ظ ؿ٤ش حخهو٤ رخؼشر٤ش طز٢ حؼخ

حظش٣ش حلاهظقخد٣ش حلإعلا٤ش خ ٢ ظذحش ك٢ ـظخ حلأ رذ دػ كشش حظشؿش طذ لخ٤ خخهجش

ططز٤وخص ؿ٤ش فل٤لش طؾ ظش٣ش حلاهظقخد حلإعلا٢.

ك٢ حللخظ ػ٠ أفخش حظشحع حلإعلا٢ و أفخش حلش حلاهظقخد١ ا٠ حـشد ك٢ زح حظشؿش طغخ

لخكظش ػ٠ ح٣ش حلإعلا٤ش ظي حقخػش ك٤غ ٣شؿغ حزخكؼ ا٠ حقخدس حلإعلا٤ش حلأف٤ش حشحؿغ

أسم٤ش ؾظشش ر٤ حزخكؼ٤ حؼشر٤ش ك٢ حلاهظقخد حلإعلا٢ ػ٠ أعخعخ ٣ز رلػ حؼ٤ش ػ٤خ ك٤غ طؿذ

ؽظ٠ حـغ٤خص حؼوخكخص.

خ أ ظشؿش دس ز٤ش ك٢ طط٣ش ـش حزلغ حؼ٢ ارح خض حـش حؼشر٤ش أ حلأؿز٤ش, خ طضدحد ـش حلاهظقخد

حظشؿش .حلإعلا٢ هس ػشحء طؤػ٤ش ك٢ حـ٤ش , رزي ٣غظذف حؼخ رؤ لا ٣ظ ري الا رؼ٤ش

طوش٣ذ ؿخص ظش حزخكؼ٤ ك٢ ـخ حلاهظقخد حلإعلا٢ لا ٣ظ ري الا ػزش حظشؿش ري ٣غ ك٢ طقل٤ق

غخس غظوز حزلغ ك٢ زح حـخ .

كخظشؿش طو رؼ٤ش ضدؿش ك٢ و حلخ٤ حؼشكش حظؼوش رخلاهظقخد حلإعلا٢ كز حؼ٤ش طوشد ؿخص

طزخد ؿخص حظش حلحس حزلع ح٥سحء حلأكخس ك٤غ ٣ئد١ ري ا٠ طقل٤ق غخس حلاهظقخد حظش ك٤غ

حلإعلا٢ غظوز حزلغ ك٢ زح حـخ ح٥خز ك٢ حلاظؾخس ح روس ػ٠ حغظ حؼخ٢ .

علا٢ حغ٤ ؿ٤ش خ ٣زشص دس حظشؿش ك٢ أ خى حؼذ٣ذ حزخكؼ٤ حزخسص٣ ك٢ ـخ حلاهظقخد حلإ

حخهو٤ رخؼشر٤ش كلا ٣ حلاعظلخدس خ ٣وذ أكخس ٤ضس زذػش الا خلا حظشؿش لاعظلخدس رخ

ذ٣ خزشحص ػ٤ش ػ٤ش .

,ططشف حذسحعش فس غخخص حظشؿش ك٢ طك٤ذ حظقسحص ر٤ حظلذػ٤ رخؼشر٤ش ؿ٤ش حظلذػ٤ رخ

خخفش أجي حز٣ ٣ظلذػ حلاـ٤ض٣ش ري ظك٤ذ ـش حلحس طك٤ذ حؼخ٤٣ش حخ٤ش حؼود حظـخس٣ش

حقطلخص حؼ٤ش حظذحش ك٢ زح حـخ.

163

أ اعخخص حظشؿش طن٤ن زح حخلاف حلو٢ ك٢ ـخ حلاهظقخد حلإعلا٢ ح٠ كذ ز٤٤ش ك دش طظز٢

ؼ حخلاف ك٢ ف٤ؾ حؼ٤ش ر٤غ حذ٣ ؿ٤شخ ك٤غ طمق حظشؿش ح٥سحء حظ٢ ٣ظلن ػ٤خ أؿز٤ش ززخ ؼ٤خ

حؼخء حذ حلإعلا٤ش.

, حقس حش حـغ ر٤ حؼو٤ش حؼشر٤ش حؼو٤ش حـشر٤ش ك٢ فخػش ذعش غظوز حلاهظقخد حلإعلا٢

–حلإعلا٢ حلإهخس حؾشػ٢ حوخ٢ ظكش ظطس ك٢ حظخرخص حؼشر٤ش خى حخدس حؼ٤ش ك٢ حلاهظقخد

أخ حعخث حخ٤ش حظـخص حقشك٤ش حذعش حخ٤ش ظطسس ك٢ حـشد ػ ٣ حـغ ر٤ حؼو٤ظ٤

ذعش حلاهظقخد٣ش.ل٤ذح لاهظقخد حلإعلا٢ خ ٣ـؼ ٣خكظ ٣لم خ طف ا٤ حـشد ك٢ حلاهظقخد ح

, خ أ طك٤ذ حقطلخص حخطخد خلا حظشؿش ٣وذ ـشد فسس فل٤لش ػ حلاهظقخد حلإعلا٢

ػ٠ و٤ل خخهزش ح٥خش رقطلخص ظش٣خص خظلش ظخهنش ك٤غ ط حشإ٣ش ؾؽش.

علا٢, كوش ححسد حزؾش٣ش ك٢ أ حػؤس مؼق كشش حظشؿش ك٢ حلاهظقخد حلإعلا٢ أ خ ٣ذد حلاهظقخد حلإ

زح حوطخع ذسس حظذ رخـخص حلأؿز٤ش ط ذس ك٢ حشحؿغ حؼ٤ش ٣نطش حزخكؼ ا٠ حـء ا٠ ظذ

أؿز٤ش طوذخ ئعغخص ؿ٤ش اعلا٤ش لإطشحػ٢ حزخدة حلأعخع٤ش ك٢ كو حؼخلاص طظؾ ظـخص قشك٤ش رخع

حلأخطش طز٠ حظش٣ش حلاهظقخد٣ش حـشر٤ش حؼ ػ٠ أعظخ ٣ظؾ طؾ٣ حلإعلا خ رشة.

-ظش٣ش حلاهظقخد٣ش حلإعلا٤ش حظلشدس. طقس حعظشحط٤ـ٢ غظوز حظشؿش:

دػ طلؼ٤ شحض حظشؿش

حـخغ حـ٣ش حؼ٤ش اؾخء شحض طغ٤ن ؽشحش ر٤ حخهو٤ رخـخص حخظلش ٣ حظغ٤ن حؾشحش ر٤

حشحض حخ٤ش حلاهظقخد٣ش ػ٠ غظ حؼخ

اؾخء شحض طذس٣ذ طؤ٤، طظ حشحض رظذس٣ذ طؤ٤ ظخقق٤ ك٢ كشش حظشؿش ٣ ٤ رزخدة

حلاهظقخد حلإعلا٢ ٢ ط حظشؿش ده٤وش ؿ٤ش ؾش .

كشش حظشؿش حلجخص طـط٢ حطزوخص خخهزش حزش ؽش٣لش ؽ٤ش كشش حظشؿش. ٣ـذ أ طشحػ٢

حخط

مغ محرو لشش حظشؿش

ا طؼظزش حظشؿش ك٢ ـخ حلاهظقخد حلإعلا٢ سعخش ش ك٢ حزخء حلنخس١ لأش ح طؼظزش حخدس حظشؿش

ػ٢ طخقـ خكآص خد٣ش لخكض حظشؿ طغ ك٤خ اظخؿخ ػ٤خ ٤ضح حظشؿ٤ ؽشخء ك٢ زح حؼ حلإرذح

حئعغخص حلإعلا٤ش خ طؿ أهغخ حظشؿش ك٢ حـخؼخص ك٤غ ط خى حسد رؾش٣ش رحص لخءس ك٢ زح

حـخ طؾـ٤غ افذحس حـلاص حؼ٤ش حذسحعخص حلاهظقخد٣ش رـخص ظؼذدس ك٢ حـخؼخص حشحض ك٢ حزذح

حؼشر٤ش .

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Appendix (2)

Find translation equivalents for the following vocabulary and phrases check your

translation with your tutor or in class room before transferring it to your term bank. Add

any appropriate words to the list.

No Word or phrase Meaning

1 A bill of exchange عذ

2 A contract of bequeath ش٤رسص رف

3 A contract of bequeath ػوذ طس٣غ

4 A destitute debtor ؼر, لش

5 A promissory notes or a bill of exchange عذ د٣, ز٤خ , عذ علذ

6 A property of value ي ر حو٤ش

7 A sale and a loan (Bai wal salaf) ر٤غ عق

8 A willful defaulter usurper (Ghasib) حظخق حظؼذ ػ ح٣لخء حذ٣ ؿخفذ

9 Agd ػوذ

10 Agency خش

11 'Ahd or Wadah ػذ –ػذ

12 Al inah sale ر٤غ حؼ٤ش

13 AL kali bil Kale termed Bai Al dayn ر٤غ حذ٣

14 Al kharij bi al daman in transit and market حخشؽ رخنخ ك٢ حؼزس أ حو

15 Alms-giving حػطخء حقذهش

16 An encumbrance ػخثن , س ح د٣ ػ٠ ػوخس

17 An installment sale ٣ز٤غ رخلاهغخه

18 An irrevocable power of attorney لا ٣ـ٢ ح ٣غخ

19 Annulled ٣ـ٢ , ٣زط , ٣لغخ

20 Aqd Mudhaf (effective from) ػوذ نخف

21 Arbitration حظل٤

22 Arbitrator ل

23 Arbun Sale ر٤غ رخؼشر

24 Ariyah ػخس٣

25 Ariyah (commonly given for use ػخس٣ش

26 Asl (fundamental, component natural or essence ) حلأف

27 Assignee / transferee لخ ح٤

28 Assignment of debt طخص ػ حذ٣

29 Assignor / transferor ل٤ , ظخص ـ٤ش خ ح لؼش

30 Avoid condition ٣خشم أ ٣خخق ػوذ أ ؼخذس

31 Aya‟n (commodities of material value in ػ٤خ

165

themselves)

32 Bai „ Muqayadhah ر٤غ وخ٣ن

33 Bai al – ghaib ر٤غ حـخثذ

34 Bai' al Inah ر٤غ حؼ٤

35 Bai al Ma dum ر٤غ حؼذ

36 Bai al munabadhah ر٤غ حزن

37 Bai aldayn ر٤غ حذ٣

38 Bai' wafa ر٤غ رخكخء ك٢ كو حلل٤ش

39 Baiwal shart ر٤غ ؽشه

40 Bai‟ al Hal ر٤غ حلخ

41 Bai‟ al Hasat ر٤غ حغذ

42 Bai‟ al Majhul ر٤غ حـ

43 Bai‟ al Mulamasah ر٤غ حلاغش

44 Bai‟ al muqayaza is barter طزخد رنخثغ رزنخثغ

45 Bai‟ al sarf ر٤غ حقشف

46 Bai‟ is exchange of values is طزخد حخكغ –ر٤غ حلؼ

47 Bai‟ Mu‟ajjal ر٤غ ئؿ أ ر٤غ حذ٣

48 Bai‟ Murabaha شحرلشر٤غ

49 Bai‟ Musawamah ر٤غ غخش

50 Bai‟ Mutlq or (alesolute sale) ر٤غ طن

51 Bai‟ salam ر٤غ حغ

52 Bai‟ Tawliyah ر٤غ ط٤ش

53 Bai‟ Wadhi‟ah (resallwith loss) ر٤غ د٣ؼش

54 Bai‟ Wadhi‟ah (resallwith loss) ر٤غ م٤غ

55 Bales رنخػش مل –سص –رخ

56 Barnamaj (alist of contents) رشخؾ

57 Best example of such in Murabaha

58 Bid – Dayn وز –قشف ر

59 Bidders حظوذ ؼطخء –حضح٣ذ

60 Bidders حظوذ رؼشك ح –حضح٣ذ

61 Binding promises ػد ضش

62 Blocking the means ( in an illicit end)

(sad al – zar'i)

عذ حضسحثغ

63 Borrowers حذ٤٣

64 Breach of contract حخلا رخؼوذ

65 Breach of contract خشم ؼوذ

66 Bribery سؽس

166

67 Buy- back ٣ؾظش١ ؽ٤جخ خ هذ رخػ

68 Canonical authority عطخص غ٤ش

69 Capital finance ط٣ سحط حخ

70 Cash price عؼش حذكغ حخػ

71 Casuistry practices حلإكظخء ك٢ هنخ٣خ

72 Charitable activities حؾطش خ٤ش٣ش

73 Charity كؼ حخ٤ش

74 Cheques ؽ٤خص

75 Circumvent the prohibition of Riba ٣شحؽ حشرخ –٣ذس ك

76 Coercion, pledge, surety, guarantee حش

77 Cognizance ؽخس ٤ضس, ػ , ؼشكش ,حدسحى ,حع ك٢

حذػ

78 Collateral لاص ,قخكذ , حمخك٢

79 Commendable and compatible ؿذ٣ش رخؼخء ح حلاهشحء

80 Commutative contract ػوذ طزخد٢

81 Commutative contracts ػود ؿ٤ش ؼمش

82 Commutative contracts ػود طزخد٤ش

83 Compatible غـ ظخؿ

84 Compensatory contracts ػود طؼ٣ن٤ش

85 Compensatory contracts (e.g. contract of sale ,

hiring)

ػود طؼ٣ن٤ش

86 Concealment ظخ

87 Concedes ٣وذ طخصلاص –٣ل –٣ق

88 Concessions حظ٤خصحص

89 Conditional or Contingent contracts ػود ؾشهش أ ػود رؾشه

90 Conditional sale ر٤غ ؾشه

91 Conducive means عز طلن٢ ح٢

92 Confiscation ؿشح -كوذح –قخدس

93 Consensus اؿخع

94 Consideration حعؼخس

95 Constructive possession ك٤خصس رخءس

96 Consumption durables

97 Contention نخ -لخف

98 Contingent ؾشه , ؿ٤ش ظهغ , , لظ

99 Contract of agency (Wakalah) ػوذ رخخش

100 Contracting parties حلأهشحف حظؼخهذس

101 Corporeal property ظخص خد٣ش

167

102 Corporeal property for a corresponding liability ظخص خد٣ش وخر حظضح

103 Counterpart to sharia'h غخش طخروش حظ٤ش

104 Credit price عؼش حذ٣

105 Current account حلغخد حـخس١

106 Current account deposits دحثغ حلغخرخص حـخس٣ش

107 Current account holders خي ح حفلخد حلغخرخص حـخس٣ش

108 Customary down payment حذكغ حلا٠ حؼظخد

109 Debt – based securities د٣ حقى

110 Debt certificates ؽخدس د٣

111 Debt instruments ع٤ش -حدحس –ػش٣نش –غظذ

112 Default in payment ح٣لخء حذ٣طخق ػ

113 Defective capacity اخخص أ وذحسص خهقش أ رحص خ

114 Defective consent حر ح حكوش رخ خ

115 Depositors حدػ٤

116 Depreciated coins ٣خلل حغؼش ح حو٤ش

117 Derogate ٣وـ أ ٣لو هذس

118 Determinate („Ain) ؽ٢ لذد –ؽ٢ وشس

119 Detrimental مخس –ئر

120 Devaluation appreciation

Depreciation

حخلخك ك٢ حؼ ح ه٤ش حؾت

121 Devour ٣ظ –٣زذد

122 Dicing ٣سه لغ, ٣وخش

123 Dilatory tactics طظ٤ي ح ظخ ؼم

124 Discount طخل٤ل

125 Dividends كقش ح ح٣شحد , حع خ٤ش

126 Document د٣ؼ

127 Document ػ٤وش

128 Donation, gift طزشع

129 Drafts كح خ٤ش

130 Due - date طخس٣خ حلاعظلوخم –ػذ حلأعظلوخم

131 Duyun Halal (loan that have become due) د٣)هشك( كلا

132 Duyun Mu'ajjalah (the debt is not yet due) د٣ ئؿش

133 Easement حؼوخسك٠ حعظؼخ ػوخس حـ٤ش حسطلخم ,كن خي

134 Elucidating types of hiyal ٣ؾشف –٣مق

135 Embezzlement حخظلاط

136 Endorsement طظ٤ش ح طـ٤ش عذح ح ؿ٤ش

168

137 Enhanced ٣ض٣ذ ه٤ش حؾ٢ –٣ؼضص

138 Enunciated حػلا , ر٤خ , طن , لع

139 Enunciated by ٣لع –أ ٣طن -٣ؼ

140 Excessive profiteering (Ghaban – e – fahish) ؿز حلخكؼ

141 Exorbitant price لشه –رخع

142 Expenditure حلخم

143 Extrinsic causes ر فش رخفق ؼ حشرخ ح حـشس ك٠ حؼوذ

144 Face value حو٤ش حلو٤و٤ش

145 Fatwa Alamgiri (Hanafi Figh) كو ح٤ـش١

146 Fiat money ػش سه٤ش هخ٤ش لا طوز حظل٣ زذ

147 Fixed account holders حفلذ حلغخرخص حؼخرظش

148 Force majeure حلامشحرخص حوذس –هس هخشس

149 Foreclosed ٣قذ , ٣غ , ٣ؼم

150 Foreclosed encumbrance ٣لزظ حش

151 Foreign exchange market حلاؿز٤شعم حؼلاص

152 Forfeit قخدس, س

153 Forgery طض٤٣ش أ طض٤٣ق

154 Form or offer and acceptance ػشك حوز

155 Forward currency contract طؼخهذ حذكغ حوذ

156 Fraudulent bankruptcy حكظ٤خ ك٠ فلش حلاكلاط

157 Fraudulent bankruptcy حكلاط رخظذ٤ظ

158 Fuduli (a person who is neither guardian nor agent,

or if he is anagent, he transgresses the limits

prescribed by the principal).

كن٢

159 Fulus كط

160 Fungible goods (Zwatul, Amthal or Mithli)

Non fungible goods (Zwatul, Qimi, Qiyam)

رحص حو٤ش -رحص حؼ

161 Genus ؿظ ح ع

162 Ghaban –e-Fahish – charging exorbitant prices

while giving the impression that the normal market

price has been charged

كشك ػ رخع ػ٠ حعخط ح زح عؼش

حغم

163 Ghaban –e-Fahish –c charging exorbitant prices

while giving the impression that the normal market

price has been charged

رخع كخدف دكغ ػ رخع ػ٠ حعخط ح زح

عؼش حغم

164 Ghair lazim ( non binding) ؿ٤ش ض

165 Gharar )excessive uncertainty) ؿشس

166 Gift طزشع أ ز

167 Government finance ط٣ ك٠

169

168 Gracious repayment كخء ش٣ ذ٣

169 Gratuitous ػ٠ عز٤ حزش

170 Gratuitous contracts e.g. loan, gift, and donation. ,ػوذ قلش أكذ حلش٣و٤ كلغذ ؼ هشك

ذ٣ش, طزشع

171 Guarantee لخش

172 Guarantee / security (Kafalah) in loan

Kafalah or surety ship

لخش مخ

173 Guarantor remitted حنخ حل٤

174 Hadith )كذ٣غ حشع ) ؿ

175 Halal غف

176 Hawalah كح

177 Hawalah (assignment of debt) كحش

178 Heterogonous ظـخ٣ش حخحؿ أ حؼخفش

179 joint ventures نخسرش ؾظشش

180 Holding company models خرؽ ؾشخص حوزنش

181 Homogeneous عؼش ظـخغش

182 Husnal Qardh (gracious payment of loan/debt) حوشك حلغ

183 Ibadat ػزخدحص

184 Ibahatul Asliyah ارخكش أف٤ش

185 Idafa حمخكش

186 Idols كشس خخهجش

187 Ignorance ؿ

188 Ijab حؿخر

189 Ijarah ح٣ـخسس

190 Ijarah muntahia – bi tamleek حؿخس ظ٤ش رخظ٤ي

191 Ijarat al Ashkhas حؿخسس حؽخخؿ

192 Ijarat al Ashya (letting things) حؿخسس حؽ٤خء

193 Illah (effective cause عزذ –ػش

194 Illegality ؿ٤ش هخ٢

195 Illicit acts حكؼخ لظسس

196 Impose fine دكغ ؿشح

197 In dire straits م٤ن س٤ذ

198 Incurve ٣ظؼشك , ٣غظذف ٢ , ٣ـذ ػ٠ لغ زح

199 Indeterminate (Dayn) ؽ٢ ؿ٤ش لذد

200 Indexing loan and debt with any basket of

currencies

حزذسرو حذ٣ حوشك رلش حؼلاص ح

201 Inducement هق

170

202 Indulgency ش طغق رذكغ حذ٣ –طغخ

203 Infringe ٣خشم أ ٣خخق ػوذ أ ؼخذس

204 Iniquities ٣لون, حعظؼلا, رلغ

205 Insolvency حلاكلاط , حؼـض ػ ح٣لخء حذ٣

206 Insotuent/bankrupt (Muflis) لظ

207 Interest - based – Loan رخلخثذسهشك

208 Interest - based – Loan هشك ئعظ

209 Interest – based finance ط٣ ئعغ٢ ػ٠ حلخ٣ذ

210 Intricacies طؼو٤ذحص

211 Intrinsic cause ر فش رؼخفش حؼوذ حلاعخع٠

212 Invalid (Batil) رخه

213 Iqtiran حهظشح

214 Islamic financial institutions حخ٤ش حلاعلا٤شحئعغغخص

215 Joint stock companies ؽشخص حلاع حؾظشش

216 Joint ventures نخسرش ؾظشش

217 Jurisdiction حغطخص حونخث٤ش كن أ عطش حظش ك٢ حوخ

218 Kafil ل٤

219 Khiyar – al – shart خ٤خس حؾشه

220 Khiyar – al Ru‟yah inspection option حشإ٣خخ٤خس

221 Khiyar al Aib خ٤خس حؼ٤ذ

222 Khiyar al Majlis خ٤خس حـظ

223 Khiyar al Ro'yat خ٤خس حشإ٣ش

224 Khiyar al Shart خ٤خس حؾشه

225 Khiyar al Wasf خ٤خس حفق

226 Khiyar e- Ghaban خ٤خس حـز

227 Khiyar e- Nagad خ٤خس حوذ

228 Lavish consumption كغخد٣غظي رـ٤ش

229 Lawful (Mubah) زخف

230 Lazim Binding ض

231 Legal fictions خ٤خ٢ -أدر٢ –هقق٢

232 Legal tender طوذ٣ عؼش لص رخهقش –ػطخء هخ٢

طشكش

233 Legal tender ػطخء هخ٢

234 Legal tender طوذ٣ عؼش لص رخهقش –ػطخء هخ٢

طشكش

235 Legality هخ٢

236 Legality فل٤ق

171

237 Lend ٣غق

238 Leniency طغخ -٤

239 Liability حظضح , د٣ , كخثذط ؿش٣خ

240 Lien ie the right to retain the property belonging to

another until a debt due from the latter is paid and

it's called a possessory lien : Bai' al Dayn

ر٤غ حذ٣

241 Liquidated damages طقل٤ش حلامشحس

242 Loan هشك

243 Mabi' (subject of sale) حؾت حؼشك ز٤غ

244 Mabi' (subject of sale) ز٤ؾ

245 Mal – e mutaqawam (wealth having a commercial

value)

ػشس رحص ه٤ش طـخس٣ش

246 Mal (wealth) ػشس

247 Mandatory حضح٠

248 Mandatory أضح٠ ح أؿزخس

249 Maqasid of shari‟ah وخفذ حؾش٣ؼ

250 Marketable سحثؾ –فخق ؼشك حغم

251 Martyrs حؾذحء

252 Milk ul manfa‟t ي حلؼش

253 Minute specifications حظلخف٤ حذه٤وش

254 Mithag ٤ؼخم

255 Mitigated ٣طق –٣خلق –٣غ

256 Mobilized ٣لؾذ

257 Moderation ؼظذ

258 Modus operandi هش٣وش حؼ

259 Monopoly حلظش –عؼش لظشس –حلاكظخس

260 Muamalat ؼخلاص

261 Mutation ٣ل , طـ٤٤ش خ حعخع٢

262 Najash (false bidding to prices) طض٣ش حعؼخس حؼطخء

263 Najash (false bidding to prices) طوذ٣ ػشك ـؾػ

264 Nominal value ه٤ش حع٤ش ح ؽ٤ش

265 Non commutative contract ػوذ ؿ٤ش طزخد٢

266 Non restricted كحش طوش

267 Nonperforming loan حز٣ لا٣غذد هشم

268 Of effective (Nnafiz) خكز

269 On a pro rate basis رغزش خ

270 Onerous ؽخم –شن

172

271 Option Khiyar خ٤خس

272 Ordained translucency ٣ون٢ –٣وذس

273 Originator ٣زذأ

274 Ownership of assets (milk Ul'Ain) ي حؼ٤

275 Ownership of debt (milk Ul'dayn) ي حذ٣

276 Ownership of usufruct (milk Ul'Mnafah) ي حوؼش

277 Par value رخو٤ش

278 Partnership ؽشحش

279 Penalty clauses كوش حخدس هخ حؼورخص

280 Penalty on default حؼورش غزش ظخق ػ ح٣لخء حذ٣ ك٢

حػ٤ذخ.

281 Perse a rebate حخق ك٠ كذ رحط

282 Personal surety حنخ حخخؿحل٤ ح

283 Perspective حوذسس ػ٠ حػخدس حلأؽ٤خء كوخ –ؿش ظش

ؼلاهظخ حقل٤لش

284 Pledgee حشط ٣خخز حش

285 Pledger حشح , ٣دع ؽت ػ٠ عز٤ حش

286 PLS profit – lose ؾخسش ك٢ حشرق أ حخغخسس

287 Pooled and allocated طخق٤قخ ـشكطـ٤غ حح

288 Precautionary عخث هخث٤ش

289 Precautionary عخث هخث٤ش

290 Preconditions ؽشه غزوش

291 Premium زش -حطؼخد –ػلاس

292 Prepayment rebate خق ح طض٣ ك٠ كخش حذكغ حوذ

293 Price ػ

294 Prior inducement حهخع , حؿشحء , حهغ غزن

295 Procedural devices ع٤ش اؿشحث٤ش

296 Proceeds سرق , ػخثذحص , دخ

297 Procrastination ٣ئؿ , ٣شؿ٠

298 Prohibited كشح

299 Project finance شػخصط٣ ؾ

300 Proper coins ػش فل٤لش

301 Proscribed ٣ل٢ ٣لش ؽخقخ كخ٣ش حوخ

302 Proscribed حوخ, ٣ل٠ حزلاد ٣لش ؽخقخ كخ٣ش

طقخدس ظخط

303 Prosperous borrowers (Murabaha)(enough pay and

deliberately) Tard (in paying the debt)

ؾخـ حخ٤ش دكغ د٣ حشحرلش ٣ظؼذ

طخخ٤ش حذكغ

304 Puberty حزؽ أ ع حزؽ

173

305 Qabul هز

306 Qabza in the possession of ٤ش حؾت

307 Qard al Hassan حوشك حلغ

308 Ratification ٣قذم ػ٠ ، ٣وشر٢

309 Ratification حهشحس -طقذ٣ن

310 Ratify ٣قخدم ػ٢ حطلخه٤ش

311 Rebate Alms-giving ٣لغ , ٣ـش١ كغ , طض٣

312 Reconciliation committee ـش حظغ٣ش حلافلاف

313 Recourse ٣شؿغ خ

314 Remittance طل٣ خ٠

315 Remitted ٣ل ح ٣شع خلا

316 Remitting a part of loan ٣ـ٢ , ٣ولش, ٣ل

317 Restricted Hawalah كحش و٤ذس

318 Riba – based transactions حظؼخلاص حشر٣ش

319 Riba al mithl سرخ حؼ

320 Riba based activities حؾطش سر٣ش

321 Riba based activities حؾطش ئعغش ػ٠ حشرخ

322 Rihn or pledge / surety to purchase ordered مخ ؾشحء خ هذ \س

323 Ritual slaughter رر٤ق كلا

324 Ruses (Hiyal) ك٤

325 Ruses or subterfuge ك٤

326 Sale and buy back (Bai al'Inah) ر٤غ حؼ٤ش

327 Sale with a stipulation ر٤غ ؾشه

328 Sanctioned حكوش –طقذ٣ن

329 Secondary market trading of debt طـخسس حذ٣ ك٠ حغم حؼخ٣ش

330 Security )مخش , لخش , )حدحء د٣

331 Share holders حفلخد حلاع حخ٤ش

332 Short selling حز٤غ ػ٠ حؾف

333 Short selling of shares طؼخهذ ػ٠ ر٤غ حع لا ٣خ حزخثغ

334 Short selling of shares ر٤غ ػ٠ حؾف

335 Sol proprietorship ػش كشغ٤ش هذ٣ش

336 Speculation per se ie sale purchase keeping in mind

possible change price in the future ( is not

prohibited)

ػ٤ش ؽشحء ر٤غ حمؼخ قذ ػ٤ طـ٤٤ش ك٢

حغظوز

337 Speculation per se le sale purchase keeping in mind

possible change price in the future ( is not

prohibited)

ػ٤ش ؽشحء ر٤غ حمؼخ قذ ػ٤ طـ٤٤ش ك٢

حغظوز )غف ر(

338 Stipulated specification ؾشهشطلخف٤

174

339 Stipulatin طؼخهذ رؾشه

340 Subsidiaries / mutual funds ؽشخص كشػ٤ش

341 Sunnah حغش

342 Suretyship (Kafalah) لخش

343 Suspended (mawquf) هف

344 Taliq (conditions that suspend the contract) ؽشه رؿزخ ٣ؼن حؼوذ

345 Tawarruq ( a form of , inah) is Makrooh

(reprehensible)

هشم )ؽ حؽخ حؼ٤ش( ش

346 Tawarruq contract ػوذ هسم

347 Tawrruq sale ر٤غ هشم

348 Tenders طوذ٣ أعؼخس لص رخهقش –ػطخءحص

349 Tenure كل , ـض

350 Thaman (price) عؼش

351 The actual loss حخغخسس حلو٤وش

352 The bid ػطخء ضح٣ذ أ خهقش

353 The companions حقلخرش

354 The contracting parties (Aqidain) )حلاهشحف حظؼخهذس )ػوذ٣

355 The cost of living -

Interest rate - GNP growth rate

ؼذ حذخ –ؼذ حلخثذس -طخ٤ق حؼ٤ؾش

حو٠

356 The doctrine of option زذأ حخ٤خس

357 The exchange of two liabilities طزخد حغج٤خص ر٤ هشك٤

358 The fore of demand and supply هس حؼشك حطذ

359 The form le offer and acceptance (sighah) ػوش

360 The invent buyer ؾظش خخدع

361 The note are unlimited زشس أ سهش وذ٣ش ز٤خش

362 The right of cancellation خ٤خس

363 The right of cancellation كن حـخء حؾت

364 The sale of debt ر٤غ حذ٣

365 The subject matter هذ( –مع )ضحع

366 The subject matter (Ma‟qud „layh) ؼخهذ ػ٤

367 The time of maturity حلاعظلوخمػذ

368 Time value of money ه٤ش حض ك٤خ ٣ظؼن رخود

369 To purchase order حلاش رخؾشحء

370 To refund اػخدس حخ أ حزؾ حؼخد

371 To rescind ٣ـ٢, ٣زط , ٣لغخ

372 Token money (Hamish Jiddiyah) خؼ ؿذ٣ش

373 Trade finance ط٣ طـخس

175

374 Trademarks حخسش

375 Transmutation(taking its possession ) حظلاى حؾ٢

376 Trust, Wadi'ah / Amanah د٣ؼ, حخش

377 Trusteeship حخش

378 Two bargains in one sale ؽشهخ ك٢ حز٤غ

379 Unauthenticated ؿ٤ش ػم

380 Underlying assets حلاف حلاعخع٤ش

381 Uqood – e- Mu‟awadha or compensatory /

commutative contracts e.g. in which one get

remuneration or compensation.

ػود ؼم

382 Uqood ghair Muawadha e or gratuitous (ontrad) طزشع –ػود ؿ٤ش ؼم

383 Usurious خخؿ رخشرخ –شحر٢

384 Valid (Sahih) فل٤ق

385 Virtuous acts حخلاه٢(ػ كخف(

386 Void رخه

387 Voidable / defective (fasid) كخعذ

388 W‟ ADAH (Promise) OR Ahd ػذ أ ػذ

389 Wadi‟ah (deposits or amanah) د٣ؼش

390 Wagering سخ , ٣شح ػ٤

391 Waqf هق

392 Wares زخؾ رنخػش

393 Wasf ( external attribute) فق

394 Wasiyah ف٤ش

395 Wasiyah ز

396 Weightages حصح

176

Appendix (3)

Find translation equivlents for the following vocabulary and phrases check your translation

with you tutor or in class room before transferring it to your term bank

Add any appropriate words to the list .

No Word Meaning

1 A balanced sustainable and equitable

economics

حلاهظقخد حظحص١ حغظوش حؼخد

2 A timely help for the needy ػ هظ٢ لظخؿ٤

3 Accountability حلخعزش

4 An interaction طلخػ

5 An interest – based system حظخ حشر١

6 Benevolent act حػخ خ٤ش٣ش , ػ حخ٤ش

7 Bid ػطخء

8 Commercial interest ؼذ حلخثذ حظـخس١

9 Commodities عغ

10 Competition حظخكظ

11 Competitive price حعؼخس حظخكظ

12 Consumption حلاعظلاى

13 Contracts ػود

14 Corporations ٤جخص ؽشخص ,

15 Creditor حذحث

177

16 Debtor حذ٣

17 Declare insolvency حػلا حلاكلاط ح حؼـض ػ ح٣لخء حذ٣

18 Disposal ownership حظخـ ح٤ش

19 Enterprise ئعغش طـخس٣ش , ؾشع , ػ

20 Ethical limit حنحرو حلاخلاه٤ش

21 Ethical value حو٤ حلاخلاه٤ش

22 Fair play ػذ حقخف

23 Feature لاق,ؼخ

24 Financial instruments عخث حظ٣

25 Foundation حعخط

26 free market حغم حلش

27 Fundamentals حلاعظ

28 Gain and loss حغذ حخغخسس

29 Guarantees مخخص

30 Income distribution طص٣غ حذخ

31 Investment حلاعظؼخس

32 Islamic economic system حظخ حلاهظقخد١ حلاعلا٢

33 Islamic jurisprudence حلو حلاعلا٢ , كغلش حظؾش٣غ

178

34 Leasing حلا٣ـخس

35 Liability طؼشك خطش, غج٤ش , حظضح , ـخصكش

36 Loans هشك

37 Mal practice عء حظقشف , حلاهذح ػ٠ ػ لظس خخفش

هز ظق

38 Manipulated خسس ح نخسرش ك٢ حغم حظـخس٣ش ظخػ٤ش

ػ٠ حلاعؼخس

39 Market forces ه ح ح٤ش حغم

40 Market mechanism ح٤ش حغم

41 Mechanism ح٤ش ح ٤خ٤ش

42 Partnership firms ؽشخص طو ػ٠ حؾشحش

43 Per se ك٢ رحط , ؿش٣خ

44 Policy maker حز٣ ٣شع ح ٣نؼ حغ٤خعخص

45 Poverty alleviation طخل٤ق كذس حلوش

46 Principles زخدة

47 Private property ح٤ش حخخفش

48 Profits حشرق

49 Prohibited كظش ح غ

50 Proper and smooth function of market

forces

حغم حؼ حغ٤ حغظ و١

51 Property ح٤ش

179

52 Purchase حؾشحء

53 Real genuine assets حف كو٤و٤ش

54 Religious obligation حظضح د٢٣

55 Return حؼخثذ

56 Rules هخ , حثق , هخػذس , حش هنخث٢

57 Sale حز٤غ

58 Self interest حقلش حزحط٤ش

59 Social welfare سكخ٤ش حـظغ

60 Sub-contracts ػود كشػ٤ش

61 The rule and norms حوح٤ حؼخ٤٣ش

62 Transactions طؼخ , ؼخلاص طـخس٣ش

63 Transparency and disclosure حؾلخك٤ش حمف

64 Waive ٣ظخ٠ ػ

65 Wealth ػشس

180

Appendix (4)

No Word Meaning

1 Business حؼ

2 Charged رطذ٣ق ر ، ٣ؼذ ر ، رـشك ح

3 Currencies market حعحم حؼلاص

4 Demand حطذ

5 Derivatives حؾظوخص ح١ طزخد حخخهش حخ٤ش

6 Determinants Fiscal monetary

polices

لذدحص حغ٤خ٣خص حخ٤ش حوذ٣ش

7 Entitlement to profit ئ ح ٣ئ ح٠

8 Financial contracts ػود خ٤ش

9 Funds owners حفلخد سحط حخ

10 Inventory خض

11 Legitimized ؾشػش

12 Management of savings ادحسس حذخشحص

13 Reward خكؤس ح ٣خكت

14 Risk خخهشس أ ـخصكخس

15 Stock market حعحم حلاع

16 Supply حؼشك

17 Sustainable equitable Growth حغظوش حؼخد ح

181

Appendix (5)

An important point to be aware of in Islamic economics translation are those terms with

mainly cultural but deeply religious connotations, it is almost impossible to translate such

terms into the target language. The only solution to such terms is by writing them as in their

source language but in phonetics with brief description to clarify the exact meaning to a non-

Arabic people as well as to the Arabic people due to their absolute importance and specific

sense.

No Word Meaning

"Ahkam" or socioeconomic and legal

system

حكخ

"Akhlaq" or matter of disciplining one's

self

حخلام )حش ٣ظؼن رخنزخه حلظ , حس طظؼن

رخنزخه حزحص(

"Aqaid" or matter of belief or worship حؼزخدس ( ػوخثذ )حس طظؼن رخلا٣خ ح حؼو٤ذس ح

"Fraidh" obligations كشحثل

"Nawahi" or prohibition ح٢

(Qiyas)(analogy) حو٤خط

Ijma'a (consensus) اؿخع

Ijma'a of the companions of the holy

prophet and are important source for the

derivation of laws

سع الله قذس غ حلاؿخع : حؿخع فلخرش

حوح٤

Ijtihad (the mental effort of juristic

expertise to find solutions to emerging

problems)

اؿظخد

Le commutative and non-commutative

(Ugood - e - Mu'awadah and Ugood ghair

Mu'awadah)

ػود ؼمش ػود ؿ٤ش ؼمش

Life (the sanctity of life protected by the

law of Qias

حل٤خس )هذحعش حل٤خس حل٤ش روخ حو٤خط(

Maqasid (Shariah objectives) )حوخفذ )حذحف حؾش٣ؼش

182

Other sources of Shariah قخدس حخش ؾش٣ؼش

Progeny (family unit) protection of family

and married institution

حلالاد ح حزس٣ش) حلاعشس كذس طل٤خ ئعغش

حضحؽ(

Property (the sanctity of wealth) )ح٤ش )هذحعش حؼشس

Religion (the worship of ALLAH (SWT)) )حذ٣ ) ػزخدس الله عزلخ طؼخ٠

Riba )حشرخ)حلخثذس

Shariah (a code of law or divine

injunctions that regulates human beings

conduct in both their individual and

collective lives)

حؾش٣ؼش) ػزخسس ػ ـػش هح٤ ح ححش ح٤

حزؾش ك٢ ك٤خط خكشحد ح ؿخػخص.ظش ظقشكخص

Shariah board of Islamic bank ـظ حؾش٣ؼش زي حلاعلا٢

Shariah scholars ػخء حظؾش٣غ

Shariah Tenets حكخ حؾش٣ؼش حلاعلا٤ش

Standing committees ـخ ػخرظش

Transactions contracts ػود حظؼخلاص

Urf (prevalent practice) is one of the tools

in the hand of Islamic jurists to deal with

Shariah position of the different contract

activities

حؼشف )حخسعخص حغخثذس( طؼذ حكذس حلادحص

وخ٤ حلاعلا٤ ظؼخ غ هق حؾش٣ؼش

لش حظؼوش رخؼوذحؾخهخص حخظ

Zakat حضخس

183

Appendix (6)

ACTIVITY 12

Table (4) fom activity 12

No Word Meaning

1 A profit margin خؼ حشرق

2 Aggregate variables حظـ٤شحص حظشح٤ش

3 Al hisba (the initiation of ombudsman) حلغز ئعغش

4 Allocation of funds طخق٤ـ سحط حخ

5 An optimum حلأؼ ، حلأكن

6 Bai salam a forward Sale )ر٤غ حغ )دكغ وذ

7 Basic needs حلخؿخص حلأعخع٤ش

8 Benchmark ........... حوطش حشؿؼ٤ش ، ؼ٤خس

9 Bills ز٤لاص

10 Bonds ؽ٤ي طؤ٤ –عذ

11 Cheating ؿؼ

12 Commodities حغغ

13 Consumption and investment حلإعظلاى حلإعظؼخس

14 Credit card رطخهش اثظخ

15 Credit payment دكغ حذ٣

16 Currency note أسحم خ٤ ، هشػ

17 Deceit خذحع

18 Deferred payment حذكغ حئؿ

19 Deployment ٣لؾذ –٣ؾش

20 Deposit دحثغ

21 Derivatives حؾظوخص

22 Determinants لذدحص أ وشس

23 Discount طخل٤ل ه٤ حؾشحء

24 Earnings حغذ

25 Economic welfare سكخ٤ش اهظقخد٣

26 Entrepreneur (ship) حؾخـ حز١ ٣ذ٣ش ٣ظ طل٤ز ش طـخس٣ش أ

ؾشع

27 Equal for equal حذكغ رخظغخ١

28 Evil حؾش

29 Expenditure حلإلخم

184

30 Expertise خزشس أ ؼشكش حعؼش

31 Fiduciary money ػش سه٤ش رـ٤ش ؿطخء

32 Fiscal and money policies حغ٤خعخص حخ٤ش حوذ٣ش

33 Forgery طض٤٣ق –طض٣ش

34 Fraud اكظ٤خ خذحع

35 Fungible حؼ٤ حظزخد٢

36 Gambling ـخش

37 Game of chance ؼز حلشؿ

38 Gharar حـشحس

39 Gimar حوخس

40 Goodness حخ٤ش

41 Hand to hand حذكغ رخظغ٤ رخ٤ذ

42 Income حذخ

43 Indexation سرو حلاعؼخس رخذ٣

44 Instrument حعخث

45 Interest – free banking رى لاطؼ رظخ ؼذ حلخثذ

46 Interest -based system ظخ حلخثذ

47 Istisnaa حعظقخع

48 Iuicit acts أػخ أ أكؼخ لظسس

49 Labour force حو حؼخ

50 Lessor حئؿش

51 Liquidity حغ٤ش

52 Lotteries حطش١

53 Macroeconomics دسحعش ؽخش لإهظقخد ح٢

54 Maisir ح٤غش

55 Money laundering ؿغ٤ حلاح

56 Mua‟jjal ئؿ

57 Mudarabaha نخسرش

58 Murabaha شحرل

59 Murabaha – muajjala شحرل ئؿش

60 Musharakah ؾخسش

61 Mutual solidarity حظنخ حظزخد حظخك حظزخد

62 National income accounting كغخرخص حذخ حو٢

63 On the spot payment حذكغ حلس١

64 Overdraft علذ هشػ أؼش سف٤ذى

65 Paper securities حسحم مخ٤ش

66 Paraphernalia ظخص ، أدحص أ ؼذحص

185

67 Public exchequer ر٤ض حخ حؼذ حلإعلا٢

68 Receivables حغظلوخص

69 Remuneration خكخء ، طؼ٣ل

70 Salam حغ ر٤غ

71 Salaries حشحطذ

72 Sale حز٤غ

73 Savings حذخشحص

74 Security holders كخ٢ حقى

75 Security stock or bonds for payment مخ ؼخ ؿد أع أ فى نخ ذكغ

76 Sell their debt investment ٣زخع حذ٣ حعظؼخس ـش خ ٣غؼش أه لأ حذحث

طقزش حـش حظ٢ أؽظشص حذ٣ ----حلاظظخس

ػ٠ حذ٣ ٢ طظ أخز حذ٣ .

77 Social justice حؼذح حلإؿظخػ٤ش

78 Social security حنخ حلإؿظخػ٢

79 Swearing ٣لق –٣وغ –حوغ

80 The potential level of output حؼذ حظهغ لإظخؽ

81 The principal of the debt حزؾ حلأعخع٢ حز١ حعظذظ

82 Transfer of ownership و ح٤ش

83 Usufruct حلؼ

84 Vendor حزخثغ

85 Wagering سخ

86 Wages حلأؿس

87 Wealth حؼش

186

Appendix (7)


No Word Meaning

1 (israf) control of waste حعشحف

2 A capital provider حز١ ٣ـذ سحط حخ

3 A charge ق ر

4 A debt creating mode عخث خن حذ٣

5 A profit margin خؼ حشرق

6 Accounting practices حظطز٤وخص حلخعز٤ش

7 Agood observing role حو٤خ رذس حشحهزش أ حلإؽشحف حـ٤ذ

8 Al hisba (the institution of ombudsman) )حلغز )ئعغش حشهخرش

9 Allocation of funds طخق٤ـ سحط حخ

10 An adequate allocation of resources طخق٤ـ خك٢ حسد

11 An entrepreneur ـخش

12 An optimum حلأؼ ، حلأكن

13 Bai salam a forward Sale ر٤غ حغ

14 Banks fund أح حقخسف

15 Basic needs حلخؿخص حلأعخع٤ش

16 Benchmark ........... حوطش حشؿؼ٤ش ، ؼ٤خس

17 Bills ز٤لاص

18 Bond عذ

19 Bonds ؽ٤ي طؤ٤ –عذ

20 Capital سحط حخ

21 Cheating ؿؼ

22 Commodities حغغ

23 Consumption and investment حلإعظلاى حلإعظؼخس

24 Corporate governance ادحسس حئعغ٤ش

25 Credit card رطخهش اثظخ

26 Credit payment دكغ حذ٣

27 Currency note أسحم خ٤ ، هشػ -ػلاص وذ٣ش

28 Debit حذ٣

29 Deceit خذحع

187

30 Deferred payment حذكغ حئؿ

31 Deployment طؼزجش

32 Diminishing Musharakah حؾخس حظخهق

33 Discipline markets مزو حلاعحم

34 Disclosure حلإكقخف حمف

35 Discount طخل٤ل ه٤ حؾشحء

36 Earnings حغذ

37 Economic welfare سكخ٤ش اهظقخد٣

38 Entitlement ٣ئ -٣خ

39 Equal for equal حذكغ رخظغخ١

40 Equity حؾخس رشحط حخ

41 Evil حؾش

42 Expenditure حلإلخم

43 Expertise خزشس أ ؼشكش حعؼش

44 Firms حؾؤص

45 Fiscal and money policies حغ٤خعخص حخ٤ش حوذ٣ش

46 Forgery طض٤٣ق –طض٣ش

47 Fraud اكظ٤خ خذحع

48 Fungible حؼ٤ حظزخد٢

49 Gambling ـخش

50 Game of chance ؼز حلشؿ

51 Gard al Hassan حوشك حلغ

52 Genereosity فى

53 Goodness حخ٤ش

54 Granting of property Or anything ق أ ز ٤ش أ أ١ ؽ٢ آخش

55 Grants زخص

56 Indexation(a system of economic control) سرو حلاعؼخس رخؽ٤خء حخش١ ؼ مزو

حلاهظقخد

57 Information asymmetries طزخ٣ حؼخص

58 Inheritance سحػ , اسع ، ٤شحع

59 Instrument حعخث

60 Interest – free banking ظخ ؿ٤ش \رى لاطؼ رؼذ حلخثذس

سر

61 Interest -based system ظخ سر حلخثذ

188

62 Istisnaa حعظقخع

63 Joint venture .......... ، ؾشع طـخس١

64 Labour ػ

65 Labour force حو حؼخ

66 Lessor حئؿش

67 Liabilities اظضحخص \طؼشك، غج٤ش \خخهش

68 Liquidity حغ٤ش

69 Lotteries حطش١

70 Macroeconomics دسحعش ؽخش لإهظقخد ر٤خط

71 Maisir ح٤غش

72 Mobilization حظؼزجش

73 Money laundering ؿغ٤ حلاح

74 Mortgage حش

75 Mudarabaha نخسرش

76 Murabaha شحرل

77 Murabaha – muajjala شحرل ئؿش

78 Musharakah ؾخسش

79 Mutual solidarity حظخك حظزخد \حظنخ حظزخد

80 National income accounting كغخرخص حذخ حو٢

81 On the spot payment حذكغ حلشس١

82 Paper securities حلاسحم حخ٤ش

83 Partaership-based mode عخث حؾشحش

84 Peragreed ratio كغذ حغزش حظلن ػ٤خ

85 Principal حخ حز١ ٣زذح ر حؼ \حخ سأط

86 Prize bonds scheme خكؤس ، ػلاس \ؿخثضس حغذحص

87 Public exchequer ر٤ض حخ ك٠ حؼذ حلإعلا٢

88 Qura‟nic injunctions .ححش أ هح٤ حلا٤ش

89 Rate حؼذ

90 Ratio حغزش

91 Receivables حطرخص حغظلوخص

92 Remuneration خكخء ، طؼ٣ل

93 Rent ا٣ـخس

94 Reward of a capital in Islam is the profit ٣ؼظزش حشرق خكؤ سحط حخ ك٢

حلإعلا

189

95 Salam ر٤غ حغ

96 Salaries حشحطذ

97 Savers حذخش

98 Savings حئخشحص

99 Securitization حنخ -حلخ


101 Security market عم حسحم خ٤ش

102 Security stock or bonds for payment مخ ؼخ ؿد أع أ فى

نخ ذكغ

103 Sell their debt investment ٣ز٤غ حذحث حذ٣ حغظؼش ـش خ

104 Social justice حؼذح حلإؿظخػ٤ش

105 Social security حنخ حلإؿظخػ٢

106 Stakeholders and Depositors حغخ حدػ

107 Stock market عم حلاسحم حخ٤

108 Surplus حلخثل

109 Swearing ٣لق –٣وغ –حوغ

110 Tangable real assets أف كو٤و٤ش عش

111 The banking and finance Sectors حقشك٤ش حظ٤٣شحوطخػخص

112 The creator حخخن

113 The potential level of output حؼذ حظهغ لإظخؽ

114 The principal of the debt حزؾ حلأعخع٢ حز١ حعظذح

115 The residual revenue حؼخثذ حظزو٠

116 Transfer of ownership و ح٤ش

117 Usufruct حلؼ

118 Vendor حزخثغ

119 Vice gerent of God خ٤لش الله ػ٠ حلأسك

120 Wagering سخ

121 Wages حلأؿس

122 Wakalotul istesmar خش حلإعظؼخس

123 Wealth حؼش

190

Appendix (8)

ACTIVITY 18


No Word Meaning

1 A fractional reserve ؿضث٢حكظ٤خه٢

2 A proportional reserve حكظ٤خه٢ غز٢

3 Against their deposits وخر حدػخص

4 Credit extension طذ٣ذ حلاثظخ

5 Debt – based financing حظ٣ رخذ٣

6 Debt – creating mode حذ٣ , عخث خن حذ٣ طك٤شعخث

7 Debt stock د٣ -أع حذ٣

8 Equity – based financing حظ٣ حوخث ػ٠ كوم حغخ٤

9 Equity – based modes عخث غظذس ػ٠ كوم حغخ٤

10 Indexation of wages وخ٣غش حلاؿس

11 Market – based pricing حعؼخس حغم

12 Paper securities أسحم خ٤ش

13 Partnership – based modes عخث حؾشح

14 Securitize their assets طس٣ن ح طق٤ي حلاف


16 The risk – averse investors حغظؼش ؿ٤ش حـخصك٤

17 Trade and leasing based mode عخث حظـخس حلإ٣ـخسحص

191

Appendix (9)

Table (2)terminology

No Word Meaning

1 (L/C) letter of credit خطخد حػظخد

2 A hypothecation charge on asset ع حشخص ح حنخخص ػ٠ ؿ٤ش حؼوخس

3 Actual or constructive liquidation طقل٤ش ك٤ش , ح١ طقل٤ش ٤ظ طقل٤ش

كو٤و٤ش ٣ طؾـ٤ حلاح حعظؼخسخ

4 Companies limited ؽشش لذدس حغج٤ش رخلاع

5 Compulsive ش , ض

6 Constructive collateral against murabaha مخخص ح ع حشخص ؾت ؼ ػخسس

ح مخ ػ٢٤

7 Constructive possession ك٤خصس ك٤ش ؼ حطغ٤ لظخف ٣زو٠ رل٤خصس

ك٤ش حؾل ح رق٤ش حؾل ٣ؼ٠ ح

حزنخػ ؽلض

8 Corporate firms Murabaha companies ؽشخص نخسرش

9 DM diminishing Musharkah حؾخسش حظخهقش

10 Forward market ( Istisna'a – Salam) حز٤غ حلاؿ

11 High net worth individual ٤٤شؽخـ

12 Individual or multi – investment port –foilo

by fund manager

كو٤زش حعظؼخسحص ؼ ح طؾظش١ حع خ خ

حق ع ػذد حلاع ح١ طل١ ٣20ؼخد

حلوظش حعظؼخسحص ظؼذدس

13 Inhibit ٣زق , ٣غ

14 Joint liability غج٤ش ؾظشش

15 Joint venture risk ػ٤ش ؾظشش ؼ ؽ٢ , حؼ حلاهظقخد١ ؼ

ػ كذحثن سد ز٤ؼخ ك٢ ذح )ح١ ؾشع

حهظقخد ر ؽ٢ حـخصكش(

16 Legal tender , حرشحء طن حذ٣ وذ هخ٢ , وذ حعخع٢

17 Master Murabaha شحرلش سث٤غ٤ش

18 Perpetual musharkah غخش دحثش

19 Promise stage شكش حػذ لا حز٤غ ٤ظ خ زخثغ

Offerػذخ طي حؾ٢ ٣ حؾشحء رخوز

acceptance

192

20 Redeem ٣ؾـ , ٣غظشؿغ

21 Redeemable حز١ ٣ حعظشؿخػ

22 Redeemable partnership غخ ؿ٤ش دحث

23 Rollover in Murabaha حدخخ حزؾ حذ٣ ك٢ حشحرلش ك٢ ػ٤ش ؿذ٣ذس

clientخؼ سرق ؿذ٣ذ رؼ٠ ح ٣ذكغ حضر

حؼش هز رؼذ ذ حه

24 Syndication agreement حطلخه٤خص ط٣ ـػش حطلخه٤خص طذ٣شخ ؿش

حكذس

25 Tenor ذس

26 The mabi' alienable ح ٣ حؾت لق حـػ

27 Treasury operation ػ٤خص حعؼخسحص حغ٤ش

28 Treasury operation (to maintain liquidity) حعظؼخس حلاح ػزش طؾـ٤ حغ٤ش ك٢ ؽ

ح٣ذحػخص , ؽشحء حع ....

كخرح طشض خح ع طخشؽ خحضخس

عظئد ح٠ حلاكلاط

29 Underwriter ٣ن طـط٤ش حفذحس حكذ حؾشخص حع

ح عذحص ؾشحء خ لا ٣ؾظش٣ حـس

193

Appendix (10)

Murabaha Musawama

No Word Meaning

1 A hypothecation س ؿ٤ش ك٤خص١ , لا ٣و ؼ حش ذحث حشط لؼ سد حظقشف ك٢

خ حـ٤ش

2 A mortgage charge ػ ش , لوخص , قخس٣ق

3 Bai' al 'anan A buy back is double sale

4 Bunched ٣خو , ٣ضؽ

5 Collateral ؿ٤ش زخؽش , كشػ٢

6 Collateral security مخ حكظ٤خه٢

7 Credit حػظخد , طغ٤ق

8 Debt حذ٣ ك٢ حلاعلا ٣ذكغ ؿ٤ش ص٣خدس ح وقخ

9 joint stock companies ؽشش غخ

10 Kaphala ل٤ ؾخـ حعظذح رن ٣ذكغ ػذ ػذ وذسط ذكغ

11 Marketable هخر ز٤غ

12 Mortgage حش حشع٢ ؼخ : طخخز ض حزي طذكغ زؾ شك ٣ظخعذ غ

دخي رل٤غ لا طظنخ٣ن ك٢ ك٤خطي

13 Pledge س ك٤خص١ ؼخ : طزذ حشأ طنغ رزخ ش ػذ حذكغ رخ٣لخء د٣خ

ك٢ كخش ؿد ػوذ طؼ٢ ٣pledgeشؿغ خ حش ح حزؾ. ٣ؼ٢ حطق

ػذ ؿد ػوذ طؼ٢ ػذ س ك٢ كخش

14 Rebate حذكغ ك٢ حػذ حلذد ؼلا زي , ٣ ح ٣ خي كخكض رخ ٣وـ

حزؾ ك٤ حذكغ ك٢ حػذ حلذد لخكض

15 Remitting طخص ػ ؿضء حزؾ ح٢

16 Restricted Hawala كحش و٤ذس

17 Security حنخ: ؼخ حخز د٣ حزي س حز٤ض نخ زي

18 Unrestricted Hawala كحش طوش

194

Appendix (11)

No Word Meaning

1 Alienable هخر ظقشف ح حلاظوخ خي ح٠ حـ٤ش

2 Proceeds ػحثذ , خطؾ , كق٤ش

3 Tenor ذ

4 Weight age ص ؼ٤

5 Rollover in Murabaha حدخخ حزؾ حذ٣ ك٢ ػ٤ش شحرلش ؿذ٣ذس لق ػ٠ خؼ سرق ػخ٢

6 Syndicate حطلخد –حطلخد ز٤ش ٣ن ػذد حلاكشحد ح حؾشخص ؼ ؾشع هظ٢

سؿخ حلاػخ ؾشحء حع حكذ حؾشخص كزغخ ؼشمخ رغؼش حزش ك٤خ

رؼذ

7 Syndicated agreement حطلخه٤ش ط٣ ـػش ك٤غ طذ٣ش ز حـػش ححخ

8 High net worth

individual

كشد ٣ظي ٤خسص حود

9 Joint venture and

allocation in the

venture

ػ٤ اهظقخد٣ش ؾظشش ؼ ؽت , نخسر ـخش

10 Individual or multi-

investment portfolio by

fund manager

كو٤زش حعظؼخسحص ظؼذدس ٣ذ٣شخ ذ٣ش حقذم

11 Adverse selection حلاظوخء حخخهت

12 Balance sheet ؾق سف٤ذ

13 Deposits دحثغ ح خق

14 Optimizing طؼظ٤ حؾت

15 Optimizing credit

portfolio

حلخكظش حلاثظخ٤ش حؼ٠

alia ahmed abdallah ibrahim - repo.uofg.edu.sd

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