---
title: "What is Majlis al-aqd (contract session)? | IslamicOpenFinance™"
description: "The session in which a contract is concluded; some exchanges, such as currency trades and salam payments, must complete within it."
url: https://islamicopenfinance.com/glossary/majlis-al-aqd/
lang: en-GB
source: "IslamicOpenFinance"
---

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Shariah fundamentals

# 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

- [AAOIFI Shari'ah Standards, English edition (full text, PDF): Shari'ah Standard No. 1, Trading in Currencies, and No. 10, Salam, item 3/1/3](https://aaoifi.com/wp-content/uploads/2017/12/Shariaa-Standards-ENG.pdf)

This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.

## Related terms

[**Bay al-sarf (currency exchange)** An exchange of money for money, of the same or a different currency, which must be settled on the spot.](https://islamicopenfinance.com/glossary/bay-al-sarf/) [**Salam** A forward sale: the full price is paid at signing for precisely specified goods to be delivered later.](https://islamicopenfinance.com/glossary/salam/) [**Qabd (possession)** Taking possession of an asset, actually or constructively, which many contracts require before the asset can be sold on.](https://islamicopenfinance.com/glossary/qabd/) [**Qabd hukmi (constructive possession)** Possession recognised in law without physical delivery, for example through documents, registration or an account entry.](https://islamicopenfinance.com/glossary/qabd-hukmi/)

**Shariah fundamentals**

1. [Riba](https://islamicopenfinance.com/glossary/riba/)
2. [Gharar](https://islamicopenfinance.com/glossary/gharar/)
3. [Maysir](https://islamicopenfinance.com/glossary/maysir/)
4. [Shariah](https://islamicopenfinance.com/glossary/shariah/)
5. [Fiqh al-muamalat](https://islamicopenfinance.com/glossary/fiqh-al-muamalat/)
6. [Maqasid al-Shariah](https://islamicopenfinance.com/glossary/maqasid-al-shariah/)
7. [Riba al-nasiah](https://islamicopenfinance.com/glossary/riba-al-nasiah/)
8. [Riba al-fadl](https://islamicopenfinance.com/glossary/riba-al-fadl/)

[All 221 terms](https://islamicopenfinance.com/glossary/)