Murabaḥah is a term for a sales contract where the buyer and seller agree on the markup, the ratio between the cost of a good or service and what?
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Murabaha Murabaḥah, murabaḥa or murâbaḥah (Arabic: مرابحة‎ ‎ , derived from "ribh" Arabic: ربح‎ ‎ , meaning profit) is a term of "fiqh" (Islamic jurisprudence) for a sales contract where the buyer and seller agree on the markup (profit) or "cost-plus" price for the item(s) being sold. In recent decades it has become a term for a very common form of Islamic (i.e. "shariah compliant") financing, where the price is marked-up in exchange for allowing the buyer to defer payment (a contract with deferred payment being known as "bai-muajjal"). "Murabaha" financing is similar to a rent-to-own arrangement in the non-Muslim world, with the intermediary (i.e. the lending bank) retaining ownership of the item being sold until the loan is paid in full. There are also Islamic investment funds and sukuk (Islamic bonds) that use "murabahah" contracts.
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Markup (business) Markup is the ratio between the cost of a good or service and its selling price. It is expressed as a percentage over the cost. A markup is added onto the total cost incurred by the producer of a good or service in order to cover the costs of doing business and create a profit. The total cost reflects the total amount of both fixed and variable expenses to produce and distribute a product. Markup can be expressed as a fixed amount or as a percentage of the total cost or selling price. Retail markup is commonly calculated as the difference between wholesale price and retail price, as a percentage of wholesale. Other methods are also used.
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Sabr Sabr (Arabic: صَبْرٌ‎ , "ṣabr " ‎ ) is the Islamic virtue of "patience" or "endurance" or more accurately "perseverance" and "persistence". "Ṣabr" is characterized as being one of the two parts of faith (the other being "shukr"). It teaches to remain spiritually steadfast, and to keep doing good actions in the personal and collective domain, specifically when facing opposition or encountering problems, setbacks, or unexpected and unwanted results.It is patience in face of all unexpected and unwanted outcome.
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Price In ordinary usage, price is the quantity of payment or compensation given by one party to another in return for goods or services.
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Mujeer Du'a The Mujeer supplication (Arabic: "Mujeer Du'a"‎ ‎ ) is an Islamic prayer or "Dua" said on the 13th, 14th, and 15th days of the month of Ramadan. Jibra'il (Gabriel) is said to have taught the prayer to Muhammad when he was praying at Maqam Ibrahim.
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McNamara–O'Hara Service Contract Act The McNamara–O'Hara Service Contract Act of 1965 (SCA), codified at  /351 §§ 351 –/358 358  , requires general contractors and subcontractors performing services on prime contracts in excess of $2,500 to pay service employees in various classes no less than the wage rates and fringe benefits found prevailing in the locality as determined by the United States Department of Labor, or the rates contained in a predecessor contractor's collective bargaining agreement. This is also known as the prevailing wage.
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Contract curve In microeconomics, the contract curve is the set of points representing final allocations of two goods between two people that could occur as a result of mutually beneficial trading between those people given their initial allocations of the goods. All the points on this locus are Pareto efficient allocations, meaning that from any one of these points there is no reallocation that could make one of the people more satisfied with his or her allocation without making the other person less satisfied. The contract curve is the subset of the Pareto efficient points that could be reached by trading from the people's initial holdings of the two goods. It is drawn in the Edgeworth box diagram shown here, in which each person's allocation is measured vertically for one good and horizontally for the other good from that person's origin (point of zero allocation of both goods); one person's origin is the lower left corner of the Edgeworth box, and the other person's origin is the upper right corner of the box. The people's initial endowments (starting allocations of the two goods) are represented by a point in the diagram; the two people will trade goods with each other until no further mutually beneficial trades are possible. (Contrary to this claim neither the point of initial endowments, nor the contract curve is displayed in the actual diagram shown here.) The set of points that it is conceptually possible for them to stop at are the points on the contract curve.
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Formula pricing In commodities transactions, formula pricing is an arrangement where a buyer and seller agree in advance on the price to be paid for a product delivered in the future, based upon a pre-determined calculation. For example, a packer might agree to pay a hog producer the average cash market price on the day the hogs will be delivered, plus a 2-cent per-pound premium.
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Saudi riyal The Saudi riyal (Arabic: ريال‎ ‎ "riyāl "); is the currency of Saudi Arabia. It is abbreviated as
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Mut'ah of Hajj The "mut'ah of Hajj" ("hajj al-tamattu", meaning "joy of Hajj") is the relaxation of the ihram ("sacred state") between the Umrah and Hajj, including its dress code and various prohibitions.
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Grand Mufti The Grand Mufti (Arabic: مفتي عام‎ ‎ "muftī ʿām  ", "general expounder" or كبير المفتين "kabīr al-muftīn  ", "the great of expounders") is the highest official of religious law in a Sunni or Ibadi Muslim country. The Grand Mufti issues legal opinions and edicts, fatwas, and interpretations of Islamic jurisprudence for private clients or to assist judges in deciding cases. The collected opinions of the Grand Mufti serve as a valuable source of information on the practical application of Islamic law as opposed to its abstract formulation. The Grand Mufti's fatāwā (plural of "fatwā") are not binding precedents in areas of civil laws regulating marriage, divorce, and inheritance. In criminal courts, the Grand Mufti's recommendations are generally not binding either.
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Relative price A relative price forsay, is the price of a commodity such as a good or service in terms of another; i.e., the ratio of two prices. A relative price may be expressed in terms of a ratio between any two prices or the ratio between the price of one particular good and a weighted average of all other goods available in the market. A relative price is an opportunity cost. Microeconomics can be seen as the study of how economic agents react to changes in relative prices.
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Majlis-ash-Shura In Arabic culture, a Majlis-ash-Shura (Arabic: مجلس الشورى‎ ‎ ) is an "advisory council" or "consultative council". In Islamic context, the Majlis-ash-Shura is one of two ways that a Khalifa (Islamic leader) may be selected, the other way being by nomination.
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Capital Markets and Services Act 2007 The Capital Markets and Services Act 2007 (Malay: "Akta Pasaran Modal Dan Perkhidmatan 2007" ), is a Malaysian laws which enacted to consolidate the Securities Industry Act 1983 [Act 280] and Futures Industry Act 1993 [Act 499], to regulate and to provide for matters relating to the activities, markets and intermediaries in the capital markets, and for matters consequential and incidental thereto.
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Dawah Da‘wah (also "daawa" or "daawah"; Arabic: دعوة‎ ‎ "invitation") is the proselytizing or preaching of Islam.
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Dhimmi A dhimmī (Arabic: ذمي‎ ‎ "ḏimmī ", ] , collectively أهل الذمة "ahl ul-ḏimmah /dhimmah " "the people of the "dhimma"") is a historical term referring to non-Muslim citizens of an Islamic state. The word literally means "protected person." According to scholars, dhimmis had their rights fully protected in their communities, but as citizens in the Islamic state, had certain restrictions, and it was obligatory for them to pay the jizya tax, which complemented the zakat, or alms, paid by the Muslim subjects. Dhimmis were exempt from certain duties assigned specifically to Muslims, and did not enjoy certain political rights reserved for Muslims, but were otherwise equal under the laws of property, contract, and obligation.
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Fidyah and Kaffara Fidyah (Arabic: الفدية‎ ‎ ) and Kaffara (Arabic: كفارة‎ ‎ ) are religious donations made in Islam when a fast (notably in Ramadan) is broken. The donations can be of food, or money, and it is used to feed those in need. They are mentioned in the Qur'an which distinguishes the two, but unifies them into one idea. Some organizations have online Fidyah and Kaffara options.
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Makingup price MAKING-UP PRICE: A term used in the London and other British Stock Exchanges, to denote the price at which speculative bargains are carried over from one account to the next. The carrying over of a "bull" position in Eries, for example, implies a sale for cash and a simultaneous repurchase for the new account, both bargains being done at the making-up price. This is fixed at noon on carry-over day, in accordance with the market price then current. The term is also used in New York City, where the making-up prices are fixed at the end of a day's business, in accordance with the American system of daily settlements.
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Sürsat Sürsat was a form of food requisitioning with price controls, used by the Ottoman Empire to provide consumables for its armed forces. It was related to nüzül; sürsat was initially an obligation for the public to provide food and other supplies at a pre-fixed price which was unlikely to be favourable, or might even be merely symbolic. Istira was basically the same obligation, but supposedly at "market" price. Over time, nüzül, sürsat, and istira were all transformed into extraordinary cash taxes on people living near the route travelled by the army.
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Muraqaba Muraqaba (مراقبة , an Arabic word meaning "to watch over", "to take care of", or "to keep an eye"), is the Sufi word for meditation. It implies that with meditation, a person watches over or takes care of his spiritual heart (or soul), and acquires knowledge about it, its surroundings, and its creator. This form of meditation is common amongst most Sufi orders and is a core concept for many tariqas.
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Muktzeh Muktzeh (Hebrew: מוקצה; also transliterated as muktzah, and either spelling without the ending -h) is a Hebrew word that means "separated", or "set aside". The generally accepted view regarding these items is that they may be touched though not moved during Shabbat (the Jewish Sabbath) or Yom Tov (Jewish holiday). Some extend this prohibition to the actual handling of these items. Halakha defines various categories of objects or substances which are "set aside" on the Jewish Sabbath, as well as various permissible instances of moving these various "muktzeh" items. For example, one may not handle money, rocks, twigs, etc. on Shabbat, as these items are "muktzeh".
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Sunnah prayer Sunnah prayer (Arabic: صلاة السنة‎ ‎ ) is an optional salah that can be performed by Muslims at almost any time of the day. These prayers are performed in addition to the five daily prayers, which are compulsory for all Muslims. There are a range of prayers available: some are done at the same time as the compulsory prayers, some are done only at certain times, e.g. late at night, and some are only done for specific occasions such as during a drought. All of these optional prayers were originally performed by Muhammad.