qabd Although the word literally means seizing, there is nothing forced or adversarial about the process in the Islamic finance context. However, the immediacy of the word is the sense to take as it represents the instantaneousness of the exchange of commodities such that no party is in possession of both traded commodities for longer than is practicable.
qabul, qabool Acceptance, especially a formal acceptance speech performed at a wedding.
qada Performing an action after a deadline, or not on the agreed date, which had been prevented for reasons out of the control of the party involved (see also umrah al-qada).
qadar Predestination. In Islam it is the concept that all man’s actions have been pre-planned and are therefore pre-known by Allah. With an all-seeing and all-knowing God, there is no alternative to this concept for the believer, although Sunni Islamic scholars insist that there is free will in humans, and the decisions we make in life will determine our destination in the afterlife. Shi’a Muslims believe much more in the free will of humans, and that their eternal reward or punishment will be of their own making.
qadee, qadi A judge.
qadr al-talaq A number of talaqs, or divorces.
qanun Laws passed by political leaders (especially with reference to Ottoman sultans) rather than directly from the Shariah.
qard A loan given for zero interest; a shortened, implied version of qard hasan.
qard hasan, qard hassan, qard al-hasan An interest-free loan, the basis for Islamic finance. The phrase literally means ‘a kind cut’, qard meaning cut and hasan meaning kind or generous. The cut refers to the temporary reduction in the lender’s assets and the generosity refers to the absence of reward for the action. It is a gift or a helping hand. The loan must be repaid, but it is a humanitarian gesture to allow a person to have some capital when required. Since interest (riba) is forbidden in Islam, a commercial banking industry has to use other means of making a profit and paying its staff, so the qard hasan contract must be used in conjunction with other contractual agreements, for example, charges for services rendered. However some financial institutions do offer pure qard hasan loans, particularly to the needy, to students, to farmers, for public works, to help social mobility or to do Islamic work, for example.