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objectives
1
• DEFINITION
2 • PILLARS
– IJAB & QABUL
– PARTIES
– SUBJECT MATTER
– CONSIDERATION
– INTENTION & CONSENT
3 • TERMINATION &
DISCHARGE
Definition
AL-AQD - CONTRACT
- to conjunct, to tie, to knot, to contract
- A contract between two parties on a particular subject matter,
which is concluded upon ijab & qabul of the parties.
Offer : Ijab
Statement of the second party: Qabul
Ijab + Qabul = Contract
3 ATTRIBUTES OF MAL:
i. must have commercial value
ii. must be a thing of benefit permitted under
Islamic law
iii. must be capable of possession
CONDITIONS
Subject matter : FOR VALID MAL
• Should exist at the time of contract.
• Must be legally owned.
• Should bring benefit or significant
result for the contracting parties.
• Should have commercial value in the
light of Shariah principles.
Pillars / Rukn
(IV) CONSIDERATION / Al-‘wad / al-sabab
1 2
By express agreement
By performance (Ada’)
(Iqalah: to annul & put an end)
5:1 and 17:34 and 2:177
Article 163 of the
Contract
Majallah
Maybe
Terminated
In the 3 4
Following
situations By impossibility of
Performance By breach (Naqd al- ‘Aqd)
(Istihalah at-Tanfidh)
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