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.

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