Al-‘aqid


Dictionary term

Definition of "Al-‘aqid"

Lit: One who contracts. Tech: In the law of ‘inan partnership, the partner who enters into a transaction with a third party. The other partners are known as mu’wakkal. The jurisdiction of al-‘aqid has been defined specifically for different types of transactions. The ‘aqid acts as agent (wakil) of the remaining partners but not as surety (kafil) for them.


Create Your FREE Account…

IslamicBanker helps professionals navigate Islamic markets by providing powerful insights, analytics and collaboration tools.