International Conference on Social Sciences and Humanities Research · Vol. 2 No. October Issue (2026)

The Legal Nature of the Contract of Pledge (Rahn) in the Hanafi School and the Conditions of Its Entry into Force

Authors

  • Olloyor Yusupov Researcher

Keywords

rahn pledge Hanafi school qabd contract of security musha‘ Majalla Islamic finance collateral

Abstract

The article analyses the legal nature of the contract of pledge (rahn) in the Hanafi school of Islamic law and the conditions under which it enters into force. On the basis of the Qur’anic and Prophetic foundations of rahn, the classical Hanafi sources and the Ottoman Majalla al-Ahkam al-‘Adliyya, it shows that the Hanafi school treats rahn as an accessory contract of security (tawthiq) which is concluded by offer and acceptance but becomes complete and binding only upon delivery of the pledged property (qabd). The article examines the asymmetric binding force of the contract, the requirements concerning the parties, the pledged property and the secured claim, including the distinctive Hanafi position on the pledge of an undivided share (musha‘), and the status of the pledged property as a trust in its substance but a guarantee in its value. The practical significance of these rules for contemporary Islamic finance and for the law of pledge in Uzbekistan is discussed.

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