Arabic (إيجاب وقبول) for offer (ijab or ‘ardh) and acceptance (qabul); the two essential elements of a contract (aqd) in Islamic financial and trading transactions. Ijab signifies the willingness of a party to enter into a binding contract (contractual agreement) with another. It is a declaration that is addressed to the other party regarding a specific mode of transacting (sale, lease, exchange, etc.). At the contracting session (majlis al-aqd), the parties to a contract exchange ijab and a counter-declaration, i.e., acceptance (qabul). The session commences when an offer is made or announced and concludes when the parties separate, whether with an acceptance or unacceptance having been expressed.
Ijab wa qabul are commonplace in all Islamic contracts involving the exchange of money (mal) or other forms of wealth and commitments such as buying and selling, financial transactions, lending (iqradh), etc.
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