Iranian-American businessman Albert A. Hakim is a target of the Iran- contra grand jury's investigation and would incriminate himself if compelled to produce records of alleged covert arms deals, his attorney told an appeals court. Hakim, 50, is appealing a contempt of court citation for his refusal to give independent counsel Lawrence E. Walsh records of Swiss-based corporations he operated with retired Maj. Gen. Richard V. Secord. Hakim furnished some financial records to the Iran-contra committees, but only under a grant of limited immunity. Hakim's attorney, N. Richard Janis, told the U.S. Circuit Court of Appeals in Washington that providing the grand jury with the records would violate Hakim's Fifth Amendment protection against self-incrimination.