ينعقد بالإيجاب والقبول
Translation: A pledge contract is formed by offer and acceptance.
The offer expresses one party's consent, such as “I pledge this watch against the debt”; the acceptance is the other party's agreement. These establish the contract, but its completion and binding effect depend on possession.
Even when both parties identify the loan and the asset, a verbal contract must not be confused with physically or legally delivering the pledged item.
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Offer and acceptance form the contract
Kitab al-Rahn: Pledge Formation, Possession, Liability and Eligible Collateral
ينعقد بالإيجاب والقبول
Translation: A pledge contract is formed by offer and acceptance.
The offer expresses one party's consent, such as “I pledge this watch against the debt”; the acceptance is the other party's agreement. These establish the contract, but its completion and binding effect depend on possession.
Even when both parties identify the loan and the asset, a verbal contract must not be confused with physically or legally delivering the pledged item.