Financial Terms Starting With T

A contribution made on a donation basis into a takaful risk fund to support eligible claims and benefits among participants, in accordance with the product's approved Shari'ah structure.

A Shari'ah-compliant cooperative risk-protection arrangement in which participants contribute to a fund used to pay eligible claims and benefits. The takaful operator manages the arrangement under UAE regulatory and Shari'ah-governance requirements.

A Shari'ah-compliant financing structure involving a series of commodity sale transactions used to create liquidity for the customer. The institution's approved documentation explains the purchase, sale and profit arrangements.

A short-term increase in a cardholder's credit limit approved by the issuer for a specified period or purpose. It is subject to the issuer's credit assessment and can return to the original limit automatically.

The agreed duration of a loan, deposit, financing plan or other financial product. In lending, tenor affects the scheduled instalment and total financing cost.

Money deposited for a specified period, usually for an agreed interest or profit return. Early withdrawal can result in a reduced return or other adjustment.

Life insurance that provides protection for a specified period and pays the stated death benefit if a covered death occurs during that term. It normally does not build the same cash value as savings-oriented life products.

Insurance covering legal liability for eligible injury or damage caused to third parties. For motor insurance in the UAE, third-party liability is the core mandatory protection, while comprehensive policies can add cover for the insured vehicle.

Also known as

TPL

An official record evidencing ownership of real property issued or recognised by the relevant land authority. Mortgage registration places the lender's security interest against the property records.

A security process that replaces sensitive card or account details with a substitute digital token for certain transactions. Mobile wallets commonly use tokenisation to reduce exposure of the original card number.

Additional borrowing provided to an eligible existing customer, often by refinancing or increasing the current facility. It can extend the tenor or increase total repayment, so the revised APR and total cost should be reviewed.

The cumulative amount expected to be paid over the agreed credit term based on the stated assumptions, including principal and applicable interest or profit and, where included, relevant fees. It is useful for comparing offers with different rates or tenors.

A licence issued by the relevant UAE authority permitting a business to carry out specified activities. Banks use trade-licence details as part of business-account opening, KYC and financing assessment.

The date on which a purchase, payment, transfer or withdrawal is initiated. It can differ from the posting or settlement date used on the account statement.

A fee charged for sending money between accounts or institutions. International transfers can also involve exchange-rate margins, correspondent-bank charges or beneficiary-bank fees.

A credit card designed around travel-related rewards or benefits such as miles, lounge access, hotel offers or travel insurance. The value depends on the customer's spending pattern, fees and benefit usage rather than the label alone.

Insurance for specified travel risks such as emergency medical expenses, trip cancellation, baggage issues or travel delays. Coverage depends on destination, trip duration, age, pre-existing conditions and the policy wording.

Travel-insurance cover for non-refundable eligible trip costs when a trip is cancelled for a reason listed in the policy. Changing plans voluntarily is not normally enough unless specifically covered.