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Legal capacity refers to whether the person is of sound mind and old enough (puberty) to enter into a legal financial contract. [18] Mal (Property) concerns the nature and types of property that the contract deal with. [18] Property must exist at the time of transaction; seller must be owner of the merchandise; merchandise must be Islamically ...
Term: A term is similar to a representation, but the truth of the statement is guaranteed by the person who made the statement therefore giving rise to a contractual obligation. For the purposes of Breach of Contract, a term may further be categorized as a condition, warranty or innominate term.
Sources disagree over the definition of these two contracts. "Often the same words are used by different banks and have different meanings," [185] and sometimes wadiah and amanah are used interchangeably. [186] Regarding Wadiah, there is a difference over whether these deposits must be kept unused with 100 percent reserve or simply guaranteed ...
Murabaḥah, murabaḥa, or murâbaḥah (Arabic: مرابحة, derived from ribh Arabic: ربح, meaning profit) was originally a term of fiqh (Islamic jurisprudence) for a sales contract where the buyer and seller agree on the markup (profit) or "cost-plus" price [1] for the item(s) being sold. [2]
This involves two contracts: An Ijarah that outlines the terms for leasing or renting over a fixed period; A Bai that triggers a sale to be completed by the end of the term of the Ijarah. One Islamic Bank (Devon Bank) describes the process as follows An ijarah transaction involves two components: a purchase agreement and a lease.
A bride signing the nikah nama (marriage contract). An Islamic marriage contract is considered an integral part of an Islamic marriage, and outlines the rights and responsibilities of the husband and wife or other parties involved in marriage proceedings under Sharia. Whether it is considered a formal, binding contract depends on the jurisdiction.
The Sheikh of al-Azhar mosque, Muhammad Sayyid Tantawi and theologian Yusuf Al-Qaradawi note in their writings and in their lectures that a major proportion of the few men who take a spouse in the framework of the misyar marriage are men who are married or women who are either divorced, widowed or beyond the customary marriage age. [2]
The word Mahr is related to the Hebrew word “Mohar” and the Syriac word "Mahrā", meaning “bridal gift”, which originally meant “purchase-money”. The word implies a gift given voluntarily and not as a result of a contract, but in Muslim religious law it was declared a gift which the bridegroom has to give the bride when the contract of marriage is made and which becomes the ...