Bai Inah: Double sale by which the borrower and the lender sell and then resell an object between them, once for cash and once for a higher price on credit.

Gharar: It means any element of uncertainty in any business or contract.

Hibah: it means Gift.

Ijarah: Sale of a definite usufruct of any fixed asset in exchange of definite reward.

Istisna: It is a contractual agreement for manufacturing goods wherein payment is made in advance and delivery in future

Maisir: it mean gambling.

Mudarabah: A form of partnership where one party provides the funds while the other provides expertise and management. The former is called Rabul Maal and the latter is referred to as the Mudarib. Any profits accrued are shared between the two parties on a pre-agreed basis, while loss is borne by the provider of the capital.

Murabaha: It means a sale on mutually agreed profit. Technically, it is a contract of sale in which the seller declares his cost and profit.

Musawamah: Its is a general kind of sale in which price of the commodity to be traded is bargained between seller and the purchaser without any reference to the price paid or cost incurred by the former.

Musharakah: It means a relationship established under a contract by the mutual consent of the parties for sharing of profits and losses in the joint business.

Qimar: It means gambling.

Riba: An excess or increase.

Shirkah: A contract between two or more persons who launch a business or financial enterprise to make profits.

Salam: It means a contract in which advance payment is made for goods to be delivered later on.

Sukuk: Plural of 'Sakk', which refers to a financial paper showing entitlement of the holder to the amount of money shown on it.

Takaful: An equivalent to the contemporary insurance contract whereby a group of persons agree to share a certain risk (for example, damage by fire) by collecting a specified sum from each. In case of loss to any one of the group, the loss is met from the collected funds.

Tabarru: Any benefit that is given by a person to other without getting anything in exchange is called Tabarru'.

Wakalah: A contract of agency.