Copy URL

Dictionary term

Definition of "Al-ji'alah"

Lit: Stipulated price for performing any service. Tech: Undertaking to pay specified fee or compensation for getting a specified service. It involves ja‘il or employer who pays the fee or wage and an ‘amil who performs the service according to the contract. Islamic banks in Iran have started transactions in ji alah either as ‘amilun or as ja‘ilun. In the former case, the banks stipulate that they can get a job done from others under a secondary ji'alah, but the ultimate responsibility remains that of the bank. There are provisions for advance receipt of fee or commission.

Get access to 300+ modules today and learn from expert trainers...