istisna’a, istisna A contract whereby something is bought before it has actually been produced or brought into existence. A typical example would be placing an order with a manufacturer to make an item or a number of items, or a government paying a contractor to build a new road or bridge. The contract can be cancelled with notice before work has started on its realisation, but once the work is under way, both parties are contractually obliged to finish it by the date agreed in the contract.
ITC International Trade Centre.
ITFC The International Islamic Trade Finance Corporation.
ITFO Import Trade Financing Operations, a financing scheme.
ithar Self sacrifice and selflessness.
Ithna ‘Ashari The Twelvers, the largest branch of Shi’a Islam, named after their belief in the twelve divinely ordained leaders, the twelve imams.
ittifaq dhimni A pre-agreed contract, or the sale and repurchase of an underlying asset. With prices agreed in advance, of the contract being drawn up, the start of the bidding process can take place.
IUT Islamic University of Technology.
Jacob An early prophet and patriarch in Islam (where is name is Yakoub, Yaq’ub or Ya’qub), Jacob also is a key figure in Christianity and Judaism. Although all three traditions agree that Jacob is the father of Joseph, they disagree on other points, most notably the part in Christian and Jewish tradition where Jacob deceives Isaac, which Muslims reject as in Islam, prophets are perfect humans.
jadid Literally, new, modern.
Ja’fari The Shi’a school of jurisprudence. Ja’fari fiqh relies heavily on ijtihad, or the arrival at conclusions through argument and reason. Although there is broad agreement across the whole of Islam, there are several areas of difference between the Ja’fari school and the four main Sunni schools of fiqh (Hanafi, Hanbali, Maliki and Shafi’i), for example, taxation, inheritance, commerce and marriage.