Flashcards
Wk 8-Islamic Finance Contracts - FM
Flashcards do conjunto (7)
- 1THE DIFFERENCES BETWEEN WAAD AND AQADTHE DIFFERENCES BETWEEN
WAAD AND AQAD - 2WAAD It is a promise between one party to another. It is a unilateral contract.AQAD
It is a contract between two parties. It is a bilateral contract. - 3WAAD The offer and acceptance of the offerer is known as a promise which connotes an expression of willingness of a person on a particular subject matter.AQAD
The application of promise can be seen in several Islamic transactions contracts such as sale and purchase, murabaha, musyarakah, ijarah, takaful, etc. - 4WAAD The party who received the promised will bear the responsibility whatever promised given by the person who give the promise.AQAD
Binding the 2 parties which have
agreed, that is each party is bound to fulfil the responsibility which they have agreed earlier. - 5WAAD *Terms & Conditions are not well defined.AQAD
Terms & conditions are fixed in details and specific (is well-defined) - 6WAAD The promise has no specific definition of its own however it can be explained as a commitment made by one person to another to undertake a verbal proposition made by someone.AQAD
It is included when there is a contract upon both parties. The contract is legally binding upon the contracting parties once it fulfills all the requirements needed. - 7WAAD When the promised was not being fulfilled then penalty received is just a moral penalty.AQAD
When the liability was not
fulfilled, therefore the penalty
received is suitable with the earlier
contract agreed by both parties.
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- The differences between waad and aqad
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- Fauziah Mahat
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