Dictionary term

Definition of "Al-Daman"

Lit: Responsibility, guarantee, warranty, surety. Tech: Surety against and responsibility for all insurable risks as well as uncertainty. The shari‘ah has made the responsibility of the entrepreneur to cover all these risks since he is the one who is entitled to the profit. There cannot accrue any lawful profit to someone who refuses to accept these risks.

Create Your FREE Account…

IslamicBanker helps professionals navigate Islamic markets by providing powerful insights, analytics and collaboration tools.