Islamic law would primarily sanction a contract if it does not violate any of the rules of the Quran and the Sunnah. However, since the jurists have extrapolated upon these primary sources of law, the secondary sources would have an influencing authority in regard to the interpretation of the primary sources and any inferences thereon.
In Islamic Law, an offer is referred to as the Ijāb, while the acceptance of an offer or an agreement is termed as Qabūl. The reciprocal nature of many contracts would in some sense also imply that each person is making an offer of a specific consideration, and simultaneously accepting the reciprocal offer. An agreement is termed as Ittifāq.
An agreement on any specific issue may not necessarily involve a contract between persons. Also, contract to execute a specific performance may not necessarily involve a demand for a specific consideration e.g. a builder accepts to construct a specific building at not financial cost to the juristic or private person. However, this may be subject to specific performances of that person.
Without mutual fulfillment of rights & obligations, society would be at chaos, and injustices would destroy the fabric of peaceful human co-existence.
It is thus that Allah swt says:
1. O you who believe! Fully discharge (the obligations arising through) contracts (Surah Mā’idah 5:1).
2. …and those who truly care for their trusts (left by others in their care) and their covenants. (Surah Mu’minun 23:8).
More specifically, in terms of commercial contracts, Allah swt says
1. Fully discharge the volume (to be provided to the client) when you measure in volume, and weigh (the commodities sold by weight) by an accurate scale. That is goodness and better (as a material and practical) interpretation (of the contract of sale you have concluded). (Surah Isra 17:34)
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