Features of independent (banking) guarantees as one of the islamic banking products
https://doi.org/10.17803/2311-5998.2020.72.8.170-188
Abstract
Several principles of financial institutions used in Islamic banks have recently been approved by the Sharia Supervisory Board. One of these tools is an independent bank guarantee. An analysis of sureties in Muslim law is given in this article. The conditions of the Sharia law on guarantees are defined. The article considers the grounds that prohibit an Islamic Bank from becoming a guarantor and taking a Commission for providing this service. It is claimed that kafala (as an Islamic contract) is a guarantee of the safety of funds or property, which is given by the Bank to the owner when transferring or depositing his property from a third party. If the client has any property claims, and the third party does not fulfill its obligations, then the guarantor, i.e. the Bank, assumes all responsibility for resolving the problem.
About the Author
J. Kanhoush
Kutafin Moscow State Law University (MSAL)
Russian Federation
teaching assistant for the Department of commercial law Damascus university, postgraduate student of the Department of banking law
125993, Russia, Moscow, ul. Sadovaya-Kudrinskaya, 9
Russian Federation
teaching assistant for the Department of commercial law Damascus university, postgraduate student of the Department of banking law
125993, Russia, Moscow, ul. Sadovaya-Kudrinskaya, 9
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Review
For citations:
Kanhoush J. Features of independent (banking) guarantees as one of the islamic banking products. Courier of Kutafin Moscow State Law University (MSAL)). 2020;1(8):170-188. (In Russ.) https://doi.org/10.17803/2311-5998.2020.72.8.170-188
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