Tag: shariah

Jun 08

Aqad in Islamic Finance

One of the Islamic scholar – Al-Barbati defines ‘aqd or contract in his book, Al-Inayah ‘ala Fath al-Qadri, as : “Legal relationship created by the conjunction of two declarations, from which flow legal consequences with regard to the subject matter”. The literal meaning of ‘aqd is ‘join’ or ‘tie’. The English word for ‘aqd is …

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