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Islamic Finance

  Islamic Finance   |   Terms
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  • July 27, 2021
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Uqud al-Itlaqat

Arabic (عقود الإطلاقات) for contracts (uqud– plural of aqd) that involves removal of restrictions to disposal or conduct. These contracts give unfettered permission to a natural or legal person to act and take responsibility for his/her/its action. Examples include situations where a minor is given permission to be in charge of his/her financial affairs, and where a person, who is dispossessed of the power of administration, is given permission to administer his property, and so on. Uqud al-itlaqat are wakalah (agency), ijarah (leasing), isaa’ (appointment of a guardian to take care of ones children after death) and qadhaa’ (dispensing justice).


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