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A - Z of Islamic finance

Learn more about Islamic finance terminology with our A to Z of Islamic finance.

V to Z

  • Wa'ad
  • A promise or undertaking
  • Wadiah
  • The acceptance of sums of money for safe-keeping in a Sharia compliant framework
  • Wakala
  • An agency contract, which usually includes in its terms a fee for the expertise of the agent. Used in some Al Rayan Bank savings accounts
  • Zakat
  • The third pillar of Islam. An obligatory contribution or tax which is prescribed by Islam on all Muslim adults having wealth above an exemption limit at a rate fixed by the Sharia.
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Glossary of terms

Learn more about Islamic finance with our glossary of terms.


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How is Islamic finance different?

Islamic finance works differently to conventional banking and is regarded as ethical by those who use it. But how is it different and why is it considered ethical?

More information about Islamic finance

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    Sharia compliance certificates

    Each of Al Rayan Bank's accounts is fully approved by the Sharia Supervisory Committee.

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  • Preview Collection of Islamic finance words and phrases

    A - Z of Islamic finance

    From 'Ajr' to 'Zalat', read our A - Z glossary of Islamic finance terms.

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    Sharia compliance FAQ

    We are regularly asked questions about Islamic finance. 

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Frequently asked questions about Islamic finance

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