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Islamic Finance

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  • April 29, 2021
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Itihad Majlis al-Aqd

Arabic (اتحاد مجلس العقد) for unity of time and place of a contracting session (majlis al-aqd). That implies that both contracting parties (parties to a contract or aqd) must be in the same place at the same time to negotiate or finalize the transaction and agree its the terms and conditions. As such, offer (ijab) and acceptance (qubul), i.e., ijab wa qubul must be then exchanged and communicated between the parties. However, if they are in different places, the transaction (safqah) can be done through different communication means (e-mail, video conferencing, etc) then a reasonably sufficient time can be allowed to lapse between offer and acceptance.


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