Filter by Categories
Accounting
Banking

Islamic Finance




Innominate Contract


A class of contracts to which shari’a neither assigned specific names nor handled in details their respective rules and stipulations. Such contracts were formulated in response to new needs and requirements over time. Therefore, the number of these contracts cannot be counted for sure because there are plenty of them and new ones arise due to evolving needs of people and societies over time and across countries and geographical areas. Examples of these contracts include commissioned manufacturing (istisna’a), redemption sale (ba’i al-wafa), supply sale (ba’i al-istijrar), construction contracts, etc.

Innominate contracts (in Arabic uqud ghair musammat; عقود غير مسماة) are also referred to as unnamed contracts.



ABC
The last three decades have witnessed the modern rebirth of Islamic finance both in terms of literature and practice. Islamic banks and ...
Watch on Youtube
Remember to read our privacy policy before submission of your comments or any suggestions. Please keep comments relevant, respectful, and as much concise as possible. By commenting you are required to follow our community guidelines.

Comments


    Leave Your Comment

    Your email address will not be published.*