Majlis al-aqd (contract session)
The session in which a contract is concluded; some exchanges, such as currency trades and salam payments, must complete within it.
Majlis al-aqd is the session in which the parties conclude a contract, whether they meet in person or communicate by other means. Several rules depend on it: AAOIFI's currency trading standard requires both counter-values in a currency exchange to be received before the parties separate, and its salam standard requires the price to be paid at the session where the contract is made, with only a very short delay tolerated. For digital channels, the question becomes what counts as the same session and when it ends.
Sources
This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.