Al Wadi’ah – Part III

Al-Wadi’ah Pillars:

1.       Contracting Parites:

a.       Muwaddi’ – Depositor

b.      Wadii’ – Custodian

2.       Wadi’ah – The deposited item or asset

a.       Must be valuable – able to be used for commerce.

b.      Must be physically able to possess.

3.       Sighoh – Ijab and Qabul (Contract - Offer & Acceptance)

Wadi’ah is not valid until there is mutual consent expressed through offer and acceptance (Ijab and Qabul). Offer is revocable unless declare irrevocable or until it is accepted or after a stated or reasonable time. Majority say it is not obligatory. Minority say obligatory only if the depositor cannot find anybody else to protect his property.