Gharar: This means the uncertainty and ambiguity in transactions which comes from events whose happening or not happening is subject to chance and as a result is unknown to the parties of a transaction at the time of the contract. Ijarah: This is a contract involving hiring or leasing through which the services of a person or a legal entity or organization is rented out or leased against a mutually agreed-upon fee (the rent or leasing fee). This contract is somewhat like a leasing and installment loan, or a hire-purchase agreement. It can eventually lead to the ownership of buildings. Mudarabah (also called Qirad): This is a profit and loss sharing contract. In it, one party provides capital and the other manages the enterprise. If there is loss, the provider of capital bears the financial loss while the worker loses his labor. If there is profit, both parties share it in proportions agreed upon at the time of the contract. Musharakah: This simply refers to a partnership. This is like a joint-venture agreement which stipulates the conditions of a partnership. For this joint-venture to be in line with Islamic law, both parties must participate in profits and losses, not just in profits. This technique can be used for short-term financing. Riba: This means interest. More specifically, it refers to any pre-agreed excess paid or received over and above the principal in a loan contract. Takaful: This is a scheme of mutual support which offers insurance to people against the dangers of falling into unexpected and dire need. http://www.soundvision.com/article/a-short-dictionary-of-islamic-economic-terms