Thoughts from Iraj Toutounchian’s Islamic Money & Banking, Integrating Money in Capital Theory
This is a contract under which one party, the Jaa’el or bank, undertakes to pay a specified amount of money, the Jo’ol, to the other party, the Amel or contractor, for rendering a service specified in the terms of the contract. Either party may opt to rescind the contract so long as the stipulated action under it has not been taken. A bank may enter a Jo’aalah agreement either as an Amel or as a Jaa’el, as necessary. In general, the right of the Amel to transfer part of the known activity to a third party under a secondary Jo’aalah, with the agreement of the other party, is reserved.
Responsibility for the preparations and purchase of materials, tools, equipment, performing a service and other essentials for carrying out the Jo’aalah
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