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Rukn

Arabic (ركن) for one of the pillars/ elements/ cornerstones of a contract (aqd- عقد). The primary arkan (pl. of rukn)...

    Promise To Sell

    English for al-wa’ad bil ba’i/ bai’/ bay’ (الوعد بالبيع). It is usually embedded in exchange-based contracts (uqud al-mua’wadhah) such as…

      Exchange-Based Contract

      A contract (aqd) that involves the exchange of one counter-value for another. For example, exchanging a commodity for an amount...