Author(s): ALIYU ALIYU IMAM

In 2021 Journal VoL. 6

By UNIMAID JICOL

ABSTRACTThe prophetic tradition that states that: “the contracting parties have theright to repudiate or affirm the contract as far as they have notseparated” has been the basis for the concept of majlis al-aqd (contractual meeting place) applicable to Islamic commercialtransactions. The concept has survived since the prophet lifetime andup till today. Modern Technology on the other hand has advanced themode of communication, to wit, concluding contracts nowadays. Thesetechnological inventions have obviated the need to be physicallypresent whether by oneself or through another human messenger beforea contract could be negotiated and concluded. However, with therequirement of majlis al-aqd which offer and acceptance must bow toand abide, it becomes pertinent to examine the concept in the light ofthe recent models of concluding contract in Islamic Law. Inundertaking this task, using doctrinal methodology, the traditionaldoctrine of majlis al-aqd is briefly brought forward as a parameter toweigh and measure its application on the modern methods of what canbe termed as majlis al-aqd. For easy dissection of the discourse, themodern technological means of communication are categorisedaccording to their forms of usage. Hence, instantaneous and noninstantaneous means of communication and pre-programmed websitecontract are considered in the light of the rules and principles of majlisal-aqd.This paper found that, where the technology used in concludingcontract is one that can be categorized as instantaneous, the classicalrule of majlis al-aqd applies. Where the contract is concluded interabsentees, the rule of majlis al-aqd does not apply. It is howeveradvisable that parties make adequate stipulations to obviateunnecessary uncertainty. 

Author(s): ALIYU ALIYU IMAM

In 2024 Journal 9:2

By UNIMAID JICOL

This study redefines the features and classifications of cooperatives using Islamic cooperative principles, examining their structure, ethical foundations, and role in fostering economic justice and financial sustainability.