The Islamic legal system derived from the religious precepts of Islam, particularly the Koran and the Hadith. It is an Arabic language term meaning a body of moral and religious law derived from religious prophecy.

Also referred to as a mortgage loan, is used by purchasers of real property to raise capital for the purchase, or by existing owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is secured on the borrower’s property, putting in place a legal mechanism which will enable the lender to take possession and sell the secured property to pay off the loan in the event that the borrower defaults on the loan or otherwise fails to abide by its terms.

The term that describes a duty that is enforced by a court and where non-fulfilment may incur a penalty.