K

A B C D E F G H I J K L M N O P Q R S T U W Y Z

Word	Meanings
Kafala	(1) Contract of guarantee or taking of responsibility for a liability provided by a guarantor, kafeel.
	(2) Guarantee; lit. Kafalah means responsibility, amenability or suretyship, legally, in Kafalah, a third party becomes surety for the payment of debt. It is a covenant/pledge given to a creditor that the debtor will pay the debt or any other liability.
	(3) Surety, An obligation in addition to an existing obligation in respect of a demand for something. Lit: responsibility or suretyship. It is a covenant or pledge given.Legally, a third party becomes surety for the payment of a debt of another. Suretyship inShari’ah is the creation of an additional liability with regard to a claim, not to the debt or the assumption only of a liability and not of the debt. A person providing surety or a guarantor is known as Kafil. Islamic banks use Kafalah to issue guarantees for their business customers, for example, the bank  may  guarantee the customer’s   standing to facilitate any business endeavours that may require such guarantees, or the bank may give a surety to the owner of a ship or the shipping agent, to discharge goods imported by a customer  on arrival of the carrying ship, pending receipt of the original shipping documents before the customer can take delivery of the imported goods.
Kafalah Contract	Guaranteed contract
Kafil	Guarantor.
Kast al Takaful	Takaful contribution (premium).
Khalabah	Misleading marketing – pursuing unaware and simple clients by overprojecting the quality of a commodity.
Kharaj	A levy on land use.
Kharaj bi al Daman	Gain accompanies liability for loss; a Hadith forming a legal maxim and a basic principle of Islamic finance (see Al-Ghunm bil Ghurm).
Khatar	A kind of Gharar – Khatar will be involved if liability of any of the parties to a contract is uncertain or contingent, delivery of one of the exchange items is not in the control of any party or the payment from one side is uncertain.
Khayr	Good, beneficial or well-being.
Khianat	Betrayal
Khilafah	Trusteeship
Khiyar	(1) Option or a power to annul or cancel a contract.
	(2) Lit: option, choice. The option to rescind or cancel a sales contract in certain conditions, for example a defect in the goods. The jurists have traditionally recognised different types of khiyar, including Khiyar alru-yah/roy'at, khiyar al-aib/ayb, khiyar al-shart,khiyar al-majlis.
Khiyar al Aib	(1) An option of dissolving the contract on discovery of defect.
	(2) Option of defect – goods can be returned if found defective – option automatically available to the buyer.
Khiyar al Ghabn	(1) An option of the buyer to cancel the contract on knowing that the seller has sold the goods at price far higher than the market price.
	(2) Option relating to price – where goods are sold at a price far higher than the market price, and the client is told or given the impression that he has been charged the market price.
Khiyar al Majlis	(1) An option whereby the parties have right to withdraw from a contract so long as the parties do not leave the place of contract.
	(2) Option for the contracting session; the power to annul a contract possessed by both contracting parties as long as they do not separate.
Khiyar an Naqad	(1) Option of payment – to agree that if payment is not made within (three) days, the contract will be annulled.
	(2) An option where the seller has the right to cancel the contract if the buyer does not make payment by a certain agreed date.
Khiyar al Royat	(1) Option to revoke a sale contract to be exercised on seeing the goods.
	(2) Option to rescind a sale contract after physical inspection of the object of sale.
Khiyar ash Shart	(1) An option to cancel a previous agreed sale within a specific number of days.
	(2) Khiyar al-Shart: A right, stipulated by one or both of the parties to a contract, to cancel the contract for any reason within a fixed period of time.
Khiyar at Tayin	An option of determination, where a person having purchased two or three things of the same kind, stipulates a period to make selection out of the purchased stock.
Khiyar al Wasf	(1) An option to be exercised due to the absence of a desired quality in the goods.
	(2) Option of quality – where goods are sold by specified quality, if that quality is absent, the goods can be returned.
Koran	(1) Islam’s holy book.
	(2) (See Qur'an.)

A B C D E F G H I J K L M N O P Q R S T U W Y Z