Mutawalli?Trustee/ Manager or custodian of waqf (charitable endowment). The mutawalli is
chosen by the founder of the waqf and is responsible for the administration of
waqf property in the best interest of beneficiaries. The mutawalli’s first duty
is preservation of property, then maximisation of revenues for beneficiaries.
The waqf document usually mentions how the mutawalli is to be compensated for
this work, but if the document does not specify it, the mutawalli either works
on a voluntary basis or seeks assignment of compensation by the court, which is
the authority of reference with regard to all matters and disputes related to
waqf. The mutawalli is often a member of the founder’s family, typically a descendant,
enabling the family to maintain some benefit from the waqf.
Mu’tazili, Mu’tazilah?A school of Muslim thought best
known for its suggestion that the Qur’an
was at some point in history created, as opposed to the orthodox opinion that
it is timeless and was therefore never in a state of non-existence. Although
the school peaked over a thousand years ago and was almost completely
superseded by the four main madh’habs
(schools of thought), it has never completely died out, and still counts some
present-day Islamic scholars among its adherents, although it is all but
obsolete in mainstream Islam.
mutual fund?A collection
of investors who pool their money to collectively buy securities, which are held by the fund
on behalf of the investors. The investors trust the fund manager to make
profitable decisions, so do not necessarily need to have expertise in the
market. Indeed the investors might not even know which securities are being
held on their behalf, which could be unsafe from a Shariah point of view if an investor is
a Muslim and the
fund is not Shariah-compliant. The fund manager makes money by charging a fee
for the service, which is often tied directly to the success of the fund.
started in the 16th century ce with the aim of returning Islam to
its roots. The modern-day Saudi
can trace its origins back to this movement.
transaction specifically prohibited by the Prophet Muhammad, used today as an example in
study of Shariah
transactions. The basic concept of the deal was that an orchard owner would
sell an amount of his yield in return for an equivalent amount of dried fruit,
for example prunes or raisins. Its prohibitive element is gharar, or risk, as the exact weights or
volumes are not specified, just estimated equivalents.
muzara’ah, muzara’a?An agreement whereby an
agricultural landowner allows an area of his land to be used by a farmer who
pays him in a share of the yield rather than in rent. It is similar to a
sharecropping arrangement. The payment must be in terms of a percentage of the
crop, not a fixed amount, so the farmer cannot lose anything but time and
effort, but is incentivised to produce a higher yield.
MSEs Micro and Medium Enterprise
mystic?A religious person
who aims to reach a heightened state of knowledge or understanding through
various disciplines, such as meditation.