Lecture 1 · Block 1–3
01 The three roots of the term
Notes first — from the instructor
"Girls I uploaded the slides but don’t depend on themThe questions will be worded just like the notes not the slides"
Boxes marked From the slides add detail from the instructor's slides. Where the slides and the notes differ, answer with the notes.
TransactionsThe lawful rules regulating financial dealings carried out between
people.
FinanceFrom "money" — anything with material value among people, whose use
is permitted, given ease and free choice.
ContemporaryThe recent, modern age. A one-line definition — do not overthink
it.
Mnemonic — T.F.C.
"Trading Follows Custom." Transactions (the rules) + Finance (the
value) + Contemporary (the era). If you can say what each word
contributes alone, you can rebuild the full definition from scratch.
Transactions split into four categories
B
Bargains
Sale and leasing.
D
Donations
Grants, will, and endowment (waqf).
D
Dropping
Ending an obligation — e.g. abolishing a debt.
D
Documentation
Mortgage, bail (warranty), draft (transfer of debt).
Mnemonic — B.D.D.D.
Buy it, Donate it, Drop it, Document it.
Common mistake
Dropping ends a right (nothing is exchanged). Documentation
protects a right (the obligation still stands). Waqf is a
gift with no return, so it is a Donation, never a Bargain.
From the slides
The slides give the Arabic names: Dropping =
Isqatat (إسقاطات), Documentation =
Toutheeqat (توثيقات).
Lecture 1 · Block 4–5
02 The full definition and its four cases
"They are financial cases which emerged in the contemporary age —
cases that changed in their rules because of progress or changed
circumstances, and cases that bear new names, or consist of many old
forms."Definition of Current Financial Transactions
Mnemonic
NEW · CHANGED · RENAMED · COMBINED — four words,
and you have the definition without memorising it verbatim.
| # | Case | What changed | Textbook example |
|---|---|---|---|
| 1 | Cases unknown in earlier ages | The transaction itself is new | Corporate companies, banknotes |
| 2 | Rules updated due to progress | The procedure | Handing over the key to transfer property is no longer required now that Property Registry Offices exist |
| 3 | New names, same old ruling | Only the label | Bank "interest" is still riba |
| 4 | Formulated from several old forms | Classical contracts combined | Murabaha; leasing contracts merging selling and renting |
Mnemonic — N.U.R.C.
New → Updated procedure → Renamed → Combined.
Common mistake
Cases 2 and 3 get swapped constantly. Ask one question: did the
process change (case 2, key → registry), or just
the name (case 3, interest → riba)?
"People among my Ummah will drink Khamr, calling it by another
name."The Prophet ﷺ
Lecture 1 · Block 6
03 Relevant terms
Four near-synonyms jurisprudents use for "a newly emerged issue that needs a ruling." Recognise them as one set; you are not asked to split hairs between them.
Emerged cases
Occurrences
Incidences
Fatwa
Mnemonic — E.O.I.F.
Emerged, Occurrences, Incidences, Fatwa.
From the slides — answer with the notes
The slides list only three terms — emerged cases, incidences
(Waqeaat, وقائع), and fatwa — and leave out "occurrences".
Exam questions follow the notes, so keep all four.
Lecture 1 · Block 7–11
04 Four characteristics of transactions in Islamic jurisprudence
Mnemonic — "Please Permit Reasonable Flexibility"
Principles (general, not detailed) →
Permissibility (the default ruling) →
Reasoning (benefit-driven) →
Flexible-yet-fixed.
1 — Based on general bases and principles
Same divine source as worship (Qur'an + Sunnah), but legislated as broad principles and integrity rules rather than exhaustive detail — deliberately leaving room for ijtihad on newly introduced forms.
Evidence
a. An-Nisaa 4:29 — do not consume one another's
wealth unjustly, but only in lawful business
by mutual consent.b. Al-Baqarah 2:275 — "Allah has permitted trade and has forbidden interest (riba)."
c. Hadith (Ibn Omar) — the Prophet ﷺ prohibited the gharar sale: no guarantee the seller can deliver (a runaway slave, fish still in the sea, an unborn camel).
Mnemonic
"Mutual Consent, No Riba, No Gharar" — the three evidences map to
three red flags.
2 — The original rule is permissibility (al-ibāḥah)
| Acts of worship | Transactions / contracts | |
|---|---|---|
| Default | Restricted | Permitted |
| Rule | Nothing added unless a text permits it | Nothing forbidden unless a truthful, clear text prohibits it |
| Reason | Avoids inventing new religious practice (bid'ah) | No evidence of prohibition = permissible |
Evidence
"If anyone introduces in our matter something which does not belong to
it, it will be rejected." (restriction principle, for worship) —
and the Qur'anic subjection of the sea, heavens, and earth to people,
so they may seek His bounty.
3 — Based on reasons and benefits (ta'līl / maṣlaḥah)
Rulings on transactions are caused and benefit-bearing, which is exactly why they can be extended by analogy to cases the texts never named.
4 — Both flexible and constant
Constant in its fixed principles and prohibitions; flexible in the forms and procedures those principles are applied to.
From the slides
The slides word characteristic 3 as "based on
logical reasoning and
what benefits the people" — a plain way to remember
ta'līl and maṣlaḥah. For characteristic 4 the slide
only asks "how so?" — the answer is the line above.
Lecture 2 · Block 1
05 The nine qualifications of a researcher
Resolving an emerging financial issue depends on ijtihad — the total effort of a qualified jurist (mujtahid) to deduce a ruling from detailed scriptural evidence. Nine requirements gate that.
Q
Qur'an
Comprehensive understanding of it.
H
Hadith
Comprehensive understanding of the Sunnah.
I
Ijma'
Knowledge of legal consensus, so no ruling contradicts a settled
one.
A
Arabic
Grammar, rhetoric, vocabulary, linguistic nuance.
S
Skill of ijtihad
A jurisprudence talent for understanding fiqh issues.
H
Honesty
In word and action — avoiding major sins, not persisting in minor
ones.
M
Maqasid awareness
Preserving faith, life, intellect, lineage, and wealth.
R
Research ability
Eliciting rulings from contemporary scholars' books.
U
Understanding reality
Lived circumstances, so rulings apply effectively.
Mnemonic — two groups
Knowledge base QHIA (Qur'an, Hadith, Ijma', Arabic),
then practical qualities SHMRU (Skill, Honesty,
Maqasid, Research, Understanding reality).
Common mistake
Listing only the book knowledge and dropping the character items.
Honesty, maqasid awareness, and lived reality are graded just as
often.
From the slides — answer with the notes
The slides pack the same content into six conditions:
(1) knowledge of the Qur'an, the Sunnah, the issues
of consensus and controversy in jurisprudence, the
fundamentals of jurisprudence, and Arabic; (2) being self-jurisprudent
— a jurisprudence talent; (3) honest in speech and
just in his religion, avoiding major sins and leaving minor
ones; (4) aware of the Shari'a's purposes; (5) able to elicit rules
from established rulings; (6) familiar with reality. Two small extras:
knowing where scholars disagreed, and the
fundamentals of jurisprudence. Exam questions follow the
notes, so list the nine.
Lecture 2 · Block 2
06 The eight steps to a ruling
Sequence matters — questions ask what comes right after a given step.
- Pray to Allah for inspiration and right foresight on the case.
- Understand the subject deeply — what allows a confident judgment.
- Search the legal texts: the Qur'an and the Sunnah.
- Examine the case against the Companions' sayings and arguments.
- Search the jurisprudence of the four imams / schools.
- Search new sources — recent scholars' articles.
- Use his own opinion, if steps 1–6 have not settled it.
- If no legitimate rule can be reached at all: refrain from ruling — no fatwa.
Mnemonic
"Pious Understanding Searches Companions, Imams, Sources, forms an
Opinion, or else Refrains."
Common mistake
Personal opinion is the second-to-last resort, not an early
step. And if opinion cannot produce a legitimate rule, the correct
move is to refrain — not to guess.
From the slides — answer with the notes
The slides show seven steps: they skip "use his own
opinion" and go straight from new sources to refraining, and word step
3 as "collating the case to the legitimate texts." Exam questions
follow the notes, so give all eight in order.
Lecture 2 · Block 3–6
07 The rights hierarchy
"An exclusive entitlement by which the Law (Sharī'ah) establishes
an authority or an obligation."Definition of Rights
Two possible shapes: an authority (you are empowered) or an obligation (someone else is bound toward you). Everything below is just: which kind of authority, over what.
- Political rightsOrganise governance and its authorities — the right of election and nomination.
-
Civil rightsEstablish the individual's interests directly.
- General rightsInherent personality rights — bodily safety, inviolability of one's residence. Denying them degrades human dignity.
-
Private rightsArise from bonds between individuals, under private
law.
- Family rightsGoverned by personal-affairs rules — custody, divorce.
- Financial rightsRights that could be evaluated with money.
Mnemonics down the chain
Political = you and the state; Civil = you and your
own interests. General = rights you hold just by being human;
Private = rights that need a second party. Family = cannot be priced;
Financial = can be priced.
From the slides
Who assigns rights? Rights in Islam are divine grants
drawn from the sources of Shari'a rulings. There is no legitimate
right without evidence, so the origin of every right is Allah — there
is no ruler but Him and no legislation but His.Authority can be over a person (child custody — ḥaḍānah — guardianship, a ruler's authority to govern) or over a specific object (ownership).
Obligation can be financial (repaying a debt) or a performance (an employee doing contracted work, a parent raising their children).
Lecture 2 · Block 7
08 The three financial rights
P — People
Personal rights
A law relation between two people, like creditor and debtor. Also
called "commitments."
M — Matter
Material rights
A direct authority given by law over a material thing. Also called
"property rights."
I — Ideas
Incorporeal rights
The "rights of innovation" — authority over something non-physical,
like intellectual creations.
Common mistake
Personal and Material get confused because both seem to involve
another person. The test: does the right point at a person's
obligation (Personal — someone owes you money) or at
a thing (Material — you own the land)? If neither a
physical thing nor another's debt is involved, it is Incorporeal.
From the slides
The slides' rights diagram calls material rights "material /
corporeal" and hangs the three incorporeal rights off that
branch: copyrights, patents, trademarks — Lecture 3
in one picture.
Lecture 3 · Block 1–2
09 Incorporeal rights and the fiqh idea of māl
An incorporeal right is the authority of a person over something non-physical. In fiqh, ownership is not restricted to a tangible object: property (māl) is anything that possesses recognised value among people and may be lawfully utilised.
Mnemonic
"Value + permitted use = property." Nowhere does that formula say
physical — which is exactly why copyright can be owned
property in fiqh.
Because incorporeal rights meet that standard they count as māl: their owners may sell, buy, or lease them, and they are financial rights safeguarded by Shariah.
C — 1886
Copyright
Protects a creative work.
P — 1791
Patent
Protects an invention.
T — 1909
Trade name
Protects a business identity.
Common mistake
The years are not in chronological order as listed. Patent (1791) is
oldest, then Copyright (1886), then Trade name (1909). Know both the
list order and the real timeline.
From the slides
The slides also call incorporeal rights
intellectual rights, and tie the copyright date to
the
Berne Convention for the Protection of Literary and Artistic Works
(1886).
Lecture 3 · Block 3–6
10 Copyright
Falls under intellectual property. It gives the author the right to use their work and to prevent others using or benefiting from it without consent; literary and material rights are fully reserved for the creator.
Common mistake — what does not qualify
Merely abstracting or collecting existing information with no creative
contribution is not innovation and is not protected the same way.
Interpreting, adding detail, correcting mistakes, or summarising for
students does count as creating.
Who counts as the author
- The person who created the work.
- Whoever has their name published on it — unless proven otherwise.
- If no name is given, or a pseudonym is used, the publisher acts as the author's representative.
- Also includes anyone contributing to the creation of visual and audio work.
The two rights
| Literary right | Financial right | |
|---|---|---|
| Duration | Permanent | Temporary — a limited period |
| Transferable? | No — may not be permanently assigned to another | Yes — inheritors may publish after the author's death for financial benefit |
Mnemonic — "L stays, F pays (for a while)"
Literary = permanent, non-transferable. Financial = temporary,
inheritable.
Why it is legally recognised — four reasons
- Benefits are compensable in Islam; intellectual property benefits society, so it earns compensation like any other benefit.
- General custom ('urf) already admits the author's right and that it can be compensated.
- Plagiarism is prohibited — misattributing statements is strictly forbidden.
- Rights correspond to responsibilities — "the benefit runs with the burden."
Evidence
"Whoever lies upon me deliberately, let him take his seat in the
Fire." Accurate attribution lets an author take credit for good, or
bear responsibility for harm.
Mnemonic — B.C.P.R.
Benefit → Custom → Plagiarism → Responsibility.
From the slides
Copyright lets the author use and exploit the work. "Author"
also covers the writers of texts, scenarios, and dialogue in visual
and audio works. The slides name one condition for protection: the
work must be creative to any extent — composing
something new, or interpreting, adding detail to, correcting, or
summarising an existing work. Reason 4 appears as "the entitlement to
gain is accompanied by the burden of loss."
Lecture 3 · Block 7–10
11 Patent (invention certificate)
Intellectual property giving its owner the legal right to exclude others from making, using, or selling an invention for a limited period — in exchange for publishing an enabling disclosure of it. In most countries patent rights fall under private law: the holder can sue an infringer.
Mnemonic
"Exclusivity in exchange for disclosure."
The inventor's rights — only two
- The right to use the invention for a limited period.
- The invention should be registered under the inventor's name.
Four kinds of certificate
| Certificate | Conditions | Protection |
|---|---|---|
| Full-Rights | Strict qualifying conditions | Complete, comprehensive legal protection |
| Limited | More lenient criteria | Restricted compared to Full-Rights |
| Additive | For improvements or modifications to an already-certified invention | Covers the improvement |
| Importation | Introducing a foreign-developed invention for the first time | An exclusive commercial enterprise right — not protection for original inventorship |
Common mistake
The Importation Certificate is the odd one out: it does not protect an
invention at all.
Shariah ruling — three reasons
Recognised, because: benefits are compensable; plagiarism / false attribution is forbidden; rights correspond to responsibilities.
The sharpest trap in the lecture
In the notes, patent has three reasons — it drops the
"general custom ('urf)" reason that Copyright and Trade name both
carry. If a question lists four reasons for patent legitimacy, 'urf is
the intruder.
From the slides — answer with the notes
The slides show four reasons for the patent right,
including general custom ('urf) — the same four as copyright. The
instructor said the questions follow the notes, so answer with three.
From the slides
A second definition: a patent is
a document issued by an official office, working in
the name of different countries, on request. It gives the owner the
right to use the invention named in it and to benefit by selling or
distributing it. The slides also set a class activity on the
SAIP (Saudi Authority for Intellectual Property)
website: what does intellectual property mean, what is a patent, and
what are the conditions for obtaining one?
Lecture 3 · Block 11–13
12 Trade name
The official name under which an individual or company conducts business. A trademark gives legal protection for a particular brand, which may be associated with a trade name.
M
The Trademark
Distinctiveness (tells your goods from
competitors'), Consumer attraction (goodwill and
loyalty), Market surveillance (monitor competitors,
catch imitation).
S
Commercial / shop sign
Designates the premises and gains reputational value over time;
usually incorporates the trader's civil name, legal title, or
another distinctive designation.
L
Location
The commercial store's place and position.
Mnemonic — M.S.L., then D.C.M.
Trade name = Mark, Sign, Location. The trademark's own three functions
= Distinctiveness, Consumer attraction, Market surveillance.
Rights and ruling
- Exclusive right — exclusive use, distinguishing the business and preventing imitation.
- Transferable asset — measurable financial value; the owner may sell, gift, or transfer it.
Legally recognised, on condition it is not based on cheating or gharar. The reasoning mirrors Copyright's — all four reasons apply.
Common mistake
Trade name is the only one of the three with an explicit conditional
caveat. Do not drop it when answering a trade-name ruling question.
From the slides
Names used on the slides: the three parts of a trade
name are the slogan / trademark, the
commercial address, and the location. The trademark
functions appear as "functions of the trade name": attracting clients,
differentiating the goods from similar goods, and restricting
competition to protect the product.Trademark definition: names, words, signatures, letters, symbols, numbers, titles, seals, designs, graphics, images, distinctive engravings, packaging, shapes, colours or colour combinations — any sign used to distinguish a business's goods or services.
Saudi law: Saudi Arabia adopted the unified GCC Trademark Law (effective September 2016) and is a member of the GCC Patent Law and GCC Customs Law, which align IP practice across Saudi Arabia, Kuwait, Qatar, Oman, Bahrain, and the UAE. Patents and trademarks are both granted on a first-to-file basis, so protect them before launching a product.
| Feature | Copyright | Patent | Trade name |
|---|---|---|---|
| Year mentioned | 1886 | 1791 | 1909 |
| Protects | A creative work | An invention | A business identity |
| Owner's rights | Literary (permanent) + Financial (temporary) | Use it for a limited time + name on it | Exclusive use + transferable asset |
| Shariah reasons | 4 | 3 (no 'urf) — the slides show 4 | 4, plus the "no cheating / gharar" condition |
Mnemonic
Only Patent drops to three reasons. Only Trade name adds a condition.
Copyright is the default four-reason case.
Lecture 4 · Block 1–3
13 Insurance — definition and the two systems
LinguisticallyFrom security against fear — stillness of heart, confidence,
trust.
Technically"A contractual system based on the principles of compensation or
donation, or a mixture of both. One party commits to provide
monetary compensation to another party in the event of an incident
or similar occurrence."
The philosophy
Insurance rests on collective risk-sharing: one person could be crushed by a disaster's full cost, but pooling relief expenses across a large group makes the burden manageable. That cooperative ideal was compromised when insurance shifted from mutual aid to a profit-driven commercial enterprise.
Mnemonic
"Started as sharing the burden. Became selling the promise." That
sentence is the hinge the whole lecture swings on.
From the slides
The slides draw the philosophy as a crowd: everyone pays in, only the
few marked in red are hit by a disaster, and the pooled money covers
them. Everyone carries a small, certain cost so no one carries a
large, sudden one.
Halal
Collaborative / social
Donation-based, mutual solidarity, no profit motive.
Fully lawful
Haram
Commercial / profitable
Compensation-based contract sold by profit-making companies.
Prohibited with three narrow
exceptions.
Mnemonic — C²
Collaborative = Cooperation. Commercial = Cash-for-risk. Same first
letter, opposite rulings.
Lecture 4 · Block 4–7
14 Collaborative insurance
Evidence
وَتَعَاوَنُوا
عَلَى
الْبِرِّ
وَالتَّقْوَى"And cooperate in righteousness and piety, but do not cooperate in sin and aggression." One verse, one word to hold onto: cooperate.
Three historical forms in Islam
Z
People of Zakat
Those hit by major unavoidable harm — in debt and unable to pay, or
extremely poor — helped through the alms of the wealthy. (At-Tawbah
9:60 lists the eight categories.)
K
Kinship system (Aqilah)
Blood money (diyah) for accidental homicide is distributed among the
killer's paternal male relatives, who pay the victim's family.
S
Social solidarity
The Ash'arites pooled all their food when supplies ran low and
redistributed it equally. The Prophet ﷺ praised them.
Three modern systems
| System | How it works | Funded by |
|---|---|---|
| Retirement | Monthly pension at a set age (e.g. 55) or tenure (e.g. 20 years). No gharar — it is a donation contract, and labour are both insured and insurer. | Deducting part of the employee's monthly salary |
| Social Security | Government-run cover for laborers who live by handcraft or manual work — illness, disability, old age. | Salary deductions, collected Zakat, and direct government treasury support |
| Reciprocal | Non-profit solidarity run by charitable / mutual associations; members support any member in distress. E.g. a staff or village emergency fund. | Regular member donations into a pooled fund |
Legal ruling
Scholars agree social / cooperative insurance is fully lawful in all its forms, because it fulfils the Islamic objective of mutual solidarity rather than commercial profit.
Mnemonic
"Donation contract → no riba → fully lawful." The entire
ruling in nine words.
How a collaborative contract actually works
Collaborative associations collect donated subscriptions, invest them, and use the pool plus investment profits to cover subscriber risks. Any surplus after settling claims belongs entirely to the participants — they can take it back or roll it into future payments.
Common mistake
The managing company may administer the surplus and its investment
interest, but may not keep any of it. Ownership stays
with the participants.
From the slides
The slides list the contract in four points: collect subscriptions
from members; manage and invest the money for the members' benefit;
the managing body may deduct a sum
for the effort of management only; and the surplus is
reinvested in the fund, never paid to the managing
company.
Lecture 4 · Block 8–10
15 Commercial insurance — mechanics
A contract between an insurance company and an insured person: the company is legally bound to pay the insurance amount covering risk or damage; in return the insured pays regular installments (premiums). The company profits from the gap between premiums collected and claims paid.
Emergence: began as marine insurance in northern Italy in the 15th century, then transferred to Islamic countries in the 19th century AD under the name "Saukarah."
Five elements of the contract
- The insurer
- The insured
- The specific risk
- The insurance installment — paid by the insured to the company
- The insurance amount — paid by the company
Mnemonic
"Two people, a risk, two payments."
Five conditions of the risk
- Uncertain — its happening must not be certain.
- Not intentional.
- Not prohibited by law.
- A future event.
- A regular / ordinary danger.
Mnemonic — U.N.P.F.R.
Uncertain, Not intentional, not Prohibited, Future, Regular.
Three types
P
Insuring people
Life — a monetary benefit to the decedent's family
(income, burial, funeral; lump sum or annuity).
Casualty — accidents not tied to specific property:
auto, workers' compensation, some liability.
P
Property insurance
Physical assets against damage or loss — fire, water damage to
goods, theft of cash, livestock death, crop spoilage.
L
Liability insurance
Against the financial or legal consequences of harming a third party
— e.g. a car owner insuring against damage their vehicle causes
others.
Mnemonic — P.P.L.
People, Property, Liability. Notice the direction shifts: People and
Property protect you; Liability protects
others from you.
Lecture 4 · Block 11–12
16 Why commercial insurance is prohibited — and the three exceptions
| Reason | The argument |
|---|---|
| Gharar | A deceptive contract with heavy uncertainty. Every compensation contract containing deception is corrupted — the Prophet ﷺ forbade the deceptive sale. |
| Gambling | Mirrors wagering: one party gains at the other's unearned expense, on pure chance. An insured may pay one premium and collect a huge payout, or pay indefinitely and get nothing. The insurer assumes liability without having caused the damage. |
| Riba | Both forms. Pays the beneficiary more than was paid in → ribā al-faḍl. Pays back exactly what was paid → ribā al-nasī'ah. Pays nothing because no risk occurred → the company took the money illegitimately. |
Common mistake
Naming only gharar. It is a three-part combination — and you must know
which riba maps to which payout: more-than-paid = faḍl;
equal-to-paid = nasī'ah; nothing-paid = plain illegitimate
taking.
Three exceptions
D
Dependent, not original
Offered as a bundled service rather than for cash — a plane ticket
that includes insurance, a rental car that comes with it.
N
Necessity
Living where the health system relies on commercial health
insurance, or where car insurance is legally mandatory and only
commercial cover exists.
F
Free
Given to employees as a company concession or benefit.
Mnemonic — D.N.F.
Dependent → Necessity → Free. Each exception removes one of
the three prohibition reasons: bundling stops it being a standalone
compensation-for-cash contract, necessity is a classic fiqh override,
and "free" removes the premium-for-payout exchange entirely.
Lecture 4 · Block 14
17 Commercial vs. collaborative — full comparison
| Dimension | Commercial insurance | Collaborative insurance |
|---|---|---|
| Ruling | Prohibited | Encouraged |
| Contract type | Compensative | Donation |
| Target | Profit | Collaboration and solidarity |
| Surplus | Not recalled to participants | Recalled — belongs to participants |
| Structure | Personal — an individual contract with a company | Common — a shared pool for the group |
Mnemonic
Five contrasts, one pattern: everything about Commercial is
individual and profit-facing; everything about Collaborative
is shared and solidarity-facing.
Exam radar
18 Highest-yield items for the midterm
| Item | Say it in one line |
|---|---|
| The four cases (N.U.R.C.) | New → Updated procedure → Renamed → Combined, each with its example. |
| Worship vs. transactions | Worship: restricted by default. Transactions: permitted by default. |
| The four categories (B.D.D.D.) | Bargains, Donations, Dropping, Documentation. |
| Step 7 vs. step 8 | Own opinion comes second-to-last; refraining is the true last resort. |
| P.M.I. | Personal = people, Material = matter, Incorporeal = ideas. |
| Gharar examples | Runaway slave, fish in the sea, an unborn camel's fetus. |
| Notes vs. slides | Answer in the notes' wording: 4 relevant terms, 9 qualifications, 8 steps — the slides show 3, 6, and 7. |
| Reason counts | Copyright 4, Patent 3 (no 'urf), Trade name 4 + condition. The slides show patent with 4 — answer with the notes. |
| F.L.A.I. | Full, Limited, Additive, Importation — and Importation protects no invention. |
| Riba mapping | More = faḍl, equal = nasī'ah, nothing = illegitimate taking. |
| G.G.R. | Gharar + Gambling + Riba — all three, never just one. |
| D.N.F. | Dependent, Necessity, Free. |
| Surplus rule | Belongs to participants; the managing company administers but keeps none. |
| Management fee (slides) | The managing body may deduct a sum for management effort only; the surplus is reinvested in the fund. |
| Dates | Marine insurance: 15th-century northern Italy. Reached Islamic countries: 19th century, as "Saukarah." |
| L stays, F pays | Literary right permanent and non-transferable; financial right temporary and inheritable. |
Final check
19 Flashcard glossary
Click or press Enter on a card to flip it. If you hesitate on one, go back to the block above it.