الجعالة المتوازيةوتطبيقاتها في التمويل الإسلامي المعاصر Parallel Ju'alah and Its Applications in Contemporary Islamic Financing

Abstract

Ju'alah is as a contract in which a reward is paid to a nonspecific party who accomplishes a determined task designated by the first party in some period. It is a legal transaction according to Shariah. Unlike Ijarah (Lease contract) Ju'alahis not affected by the uncertainty about subject matter of the contract and itdoes not need acceptance.Furthermore, the worker (Aamil) in Ju'alah entitles to reward or compensation after he successfully carried out the designated task. Islamic financial institutions use an updated formation of Ju'alah that is called Parallel Ju'alah. A bank or institution, after entering in the contract as worker(Aamil), may accomplish the given task itself or through entering in another contract, that is executed parallel, with a third party, in which its status will rotate to offeror (Ja'il) and the third party will be the worker (Aamil). Bank may also play the role of the offeror (Ja'il) for some known or unknown task, irrespective of whether it offers for its own interest or for the fulfilment of its commitment in a Parallel Ju'alah contract. AAOIFI allowed this formation of contractwith condition that both contracts will be independent of each other and it is permitted unless it is stipulated that the institution will carry out the work itself. Parallel Ju'alah may be applied in various commercial transactions. It can be used for the exploration of minerals, extraction of water, collection of debts, discoveries, inventions and designs and brokerage etc.