Glossary
Takyif fiqhi
Working out which classical contract a modern product actually matches.
تكييف فقهيtakyīf fiqhī
Takyif fiqhi is the exercise of characterising a new transaction in terms of the established categories of Islamic law: is this a sale, a lease, an agency, a guarantee, a loan? It is where most card disputes are really settled, because the label determines the rules. Bank Negara's SAC used the term directly when it rejected a card design in July 2008: 'the fiqh adaptation (takyif fiqhi) of ujrah on wakalah in the proposed credit card structure is not accurate', since the bank's role as agent was described too narrowly to justify the fee it wanted.
Related terms
WakalahAgency: appointing someone to act on your behalf, and paying them for it if you agree to.UjrahA fee or wage paid for a service done for you.FatwaA scholar's or council's formal answer to a religious question.Shariah boardThe panel of scholars inside a bank that decides whether its products are religiously acceptable.
Sources
- Bank Negara Malaysia, Shariah Resolutions in Islamic Finance, 2nd edition, item 93