Arabic (مجلس العقد) for contracting session or contract assembly or meeting or place. It is anywhere two parties or more can sit together in order to negotiate and agree on the terms and conditions of a would-be contract (aqd) or transaction. Majlis al-aqd is usually the marketplace (shops, business premises, offices, etc.). However, it may be anywhere, physical or virtual, where the parties can discuss and agree on how to draft a contract or finalize a transaction. At majlis-al-aqd parties exchange ijab (offer) and acceptance (qubul/ qubool/ qabul).
For example, Islamic muamalat law stipulates that in a deferred payment sale (bai’ muajjal), the object of sale should be delivered to the purchase instantly in majlis al-aqd, and that the price (thaman) should be paid to the seller on some specific date (s) as agreed by the two parties.
Majlis al-aqd constitutes both the time and place of entering into the contract.
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