Bai’ Al-Sarf (Currency Trading) Contract of exchange of currency for another currency. Ijarah (Lease) A rental agreement between the lessor and lessee whereby the lessee obtained the right to the usufruct on the asset owned by the lessor in consideration of rental payment. Istisna’ (Manufacture) Istisna` refers to a contract which a seller sells to a purchaser an asset which is yet to be constructed, built or manufactured according to agreed specifications and delivered on an agreed specified future date at an agreed pre-determined price. Kafalah (Guarantee) Kafalah refers to a contract where the guarantor conjoins the guaranteed party in assuming the latter’s specified liability. Mudarabah (Profit Sharing) A profit sharing agreement between two parties, an investor and the entrepreneur. The investor will supply the entrepreneur with funds for his business venture and gets a return on the funds he puts into the business based on a profit sharing ratio that has been agreed earlier. Murabahah (Mark-Up) A trust sale in which the seller sells the goods to the buyer at cost plus markup payable on spot or deferred term. Detail of cost and profit shall be disclosed to the buyer. Musharakah (Profit and Loss Sharing) A partnership contract between two or more parties, whereby all parties will share the profit and bear the loss from the partnership. Wakalah (Agency) Wakalah refers to a contract where a party, as principal (muwakkil) authorizes another party as his agent (wakil) to perform a particular task on matters that may be delegated, with or without imposition of a fee. Tabarru' (Donation) Tabarru’ refers to donation and charity. In a Takaful contract, a specified amount of the participant's contribution is treated as Tabarru' and pooled into a Tabarru' fund to pay claim for fellow participants who suffer misfortunes. Tawarruq (Commodity Murabahah) Tawarruq refers to the purchase and sale with two stages of transaction. The first involves the sale of an asset by a seller to a purchaser on a deferred basis. Subsequently, the purchaser of the first sale will sell the same asset to a third party on a cash and spot basis.