Torah?The five
books of Moses,
the foundation of the Jewish
faith. Muslims
believe in the Torah as sent from God
by the prophet Moses and it forms part of the Qu’ran but it takes a slightly different
form to counteract the supposed corruption of the Jewish and Christian rewritings.

transaction?Any agreed
supply of goods, services, money and so on, from one party to another.

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Treasury bill rate?The rate of interest paid
on a Treasury bill, a risk-free, short-term (maximum one year) bond offered by the US

Treasury bond rate?The rate of interest paid
on a Treasury bond, a long-term (10 to 30 years) bond issued by the US
government. Its rate depends on the maturity of the bond.

Treaty of Hudaybiyyah?An important
treaty in Islamic history between the Prophet Muhammad and his army and the
Quraish tribe who controlled Mecca.
Muhammad’s army wanted to visit Mecca to perform a pilgrimage, but they were prevented from
entering by the ruling tribe. With Muhammad’s Muslim army camped outside the city and
a battle looming that would have benefited neither party, the treaty was made
to allow the Muslims to visit Mecca on their pilgrimage, the spirit of which
had been an Arab
tradition since before the emergence of Muhammad.

trend?The net movement
of the value of a security
over the medium term, to overcome the often misleading daily fluctuations.

triple talaq?A means of
getting a divorce in Sunni Islam.
It involves the husband saying ‘I divorce you’ (‘talaq’) to the wife three
times. Shi’a Muslims
consider this means of getting a divorce illegitimate, a throwback to
pre-Islamic Arabia and expressly forbidden by the Prophet Muhammad but
reinstated after his death. This type of divorce is indeed banned in many
Muslim-dominated nations.

trust fund?A portfolio
of assets run by a fund
manager on behalf of an investor. Trust funds are often set up by
parents to ensure the future wealth and stability of their children, to pay for
their higher education or as a kind of insurance policy to care for them in the
event of the parents’ death.

turban?An item of
headwear consisting of wrapped cloth and worn by men and women around much of
the Middle East, Africa and India,
especially by Muslims
and Sikhs.

Two Parts of Faith, the?The
collective name for sabr
(observance of patience and endurance) and shukr (gratitude,
thankfulness or acknowledgement).

two-step murabaha financing?A means of
financing whereby one bank finances another, giving the less powerful bank
financing options larger than it would otherwise be granted, or in
jurisdictions previously closed to it.

typical APR?For any kind
of credit, be it a loan, in-store credit option or credit card, the typical APR
is the annual percentage rate
of interest that
would apply to a borrower
with an excellent credit
rating. It is therefore the minimum interest that can be expected
in a financial product and is therefore the rate which is often used in
marketing the product. Potential borrowers with negative marks in their credit histories will probably not be able
to qualify for this rate, which makes the phrase controversial among consumer
protection pressure groups.