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Islamic Finance

  Islamic Finance   |   Terms
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  • October 10, 2021
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Nominate Contract

A class of contracts to which shari’ah has assigned specific names and handled in details their respective rules and stipulations. These contracts could belong to the class of commutative contracts (uqud mua’wadhah) or non-commutative contracts (uqud tabarru’). Examples include sale (ba’i), partnership (musharakah), guarantee/ suretyship (kafalah), agency (wakalah), gift (hibah), debt transfer (hawalah), loan (qardh), etc.

Nominate contracts (in Arabic spelling uqud musammat; عقود مسماة) are also referred to as named contracts.


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