Islamic Contract According to Islamic Jurisprudence the three terminologies related to Islamic Contract are Unilateral Promise Wada Bilateral Promis Muwaadah or Muahaidah ID: 811499
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Slide1
Islamic Contract & Elements of Valid Sale
Slide2Islamic Contract
According to Islamic Jurisprudence, the three terminologies related to Islamic Contract are:
Unilateral Promise (
Wa’da
)
Bilateral
Promis
(
Muwa’adah
or
Muahaidah
)
Contract (
Aqd
)
Slide3Islamic Contract
Unilateral Promise (
Wa’da
)
It refers to a unilateral undertaking or promise extended by on person to another in which he promises to execute a contract in future
E.g.: To sell or buy something in future
‘A’ promises to sell his car to ‘B’ within the next three months for Rupees Two Hundred & Fifty Thousand (
Rs
. 250,000/-)
No question of future sales arises, since it is unilateral promise [As future sale is not allowed in Islam]