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Obtaining Guarantee From the Purchase Pledger
It is permissible from a Shariah perspective to obtain a guarantee from the purchase pledger in a Murabaha sale to ensure the arrival of...
It is permissible from a Shariah perspective to obtain a guarantee from the purchase pledger in a Murabaha sale to ensure the arrival of...
Demanding Guarantee
It is permissible for the bank to seek a check of guarantee from the surety upon the receipt of which a letter will be issued to him explaining...
It is permissible for the bank to seek a check of guarantee from the surety upon the receipt of which a letter will be issued to him explaining...
Guaranteeing Client’s Payments
It is lawful for the bank to issue letters of guarantee on behalf of its clients, however, it is not lawful to take a fee in return for the...
It is lawful for the bank to issue letters of guarantee on behalf of its clients, however, it is not lawful to take a fee in return for the...
A Surety’s Sharing In Profits
The client’s suretyship for the institution is lawful. The bank freezes the client’s account for the amount owed to it by the institution on the...
The client’s suretyship for the institution is lawful. The bank freezes the client’s account for the amount owed to it by the institution on the...
Approximation Of Value
The bank should calculate its fees on the basis of the agreement between the two parties and in return for a banking service. It is of no...
The bank should calculate its fees on the basis of the agreement between the two parties and in return for a banking service. It is of no...
It is impermissible for any party to guarantee the principal or profit of another party in a contract. A third party may, however, serve as guarantor.
Guaranteeing For Conventional Bank
It is not permissible for an Islamic bank to guarantee equipment, buildings or contracts for any form of work a client intends to do for a...
It is not permissible for an Islamic bank to guarantee equipment, buildings or contracts for any form of work a client intends to do for a...
Guarantees From Conventional Banks
It is not permissible for an Islamic bank to request its client to present a guarantee from a conventional bank.
It is not permissible for an Islamic bank to request its client to present a guarantee from a conventional bank.
Charging For Guarantee
It is unlawful to charge a fee for providing a guarantee. If providing the guarantee actually incurs cost, such as for services, it is lawful to...
It is unlawful to charge a fee for providing a guarantee. If providing the guarantee actually incurs cost, such as for services, it is lawful to...
Fees In Proportion To Value
It is not lawful to charge a fee for issuing a letter of guarantee since it is a contract for which compensation is not taken. It is permissible...
It is not lawful to charge a fee for issuing a letter of guarantee since it is a contract for which compensation is not taken. It is permissible...
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