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The Shariah view on letter of credit in contemporary banking transactions

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dc.contributor.authorAhcene Lahsasna
dc.contributor.authorNu'man Jaghim
dc.date.accessioned2016-05-30
dc.date.accessioned2016-07-25T20:14:04Z
dc.date.available2016-05-30
dc.date.available2016-07-25T20:14:04Z
dc.date.disclosure2016-06-10
dc.date.issued2009
dc.description.abstractThis article deals with the definition, types, benefits in international trade, legality, and steps of initiating and executing Letter of Credit (LC). It discusses the questions raised about the conformity of some types of LC with the principles and criteria of Islamic law and the way to address issues related to its illegality. The article surveys the applications of LC in Islamic banks, which are based on the contracts of murabahah, mudarabah, musharakah and wakalah. It was concluded that LC can be legal in Islamic law as long as it does not involve both form and spirit credit based on usury/interest, but a financing based on real murabahah, mudarabah, musharakah and wakalah.
dc.identifier.citationJaghim, N. & Lahsasna, A. (2009). The Shariah view on letter credit in contemporary banking transactions. At-Tajdid, 13(25), pp. 157-180.
dc.identifier.issn1823-1926
dc.identifier.urihttps://ikr.inceif.org/handle/INCEIF/1506
dc.languageArabic
dc.language.isoara
dc.publisherIIUM
dc.rights2009. IIUM
dc.sourceCRP
dc.subjectLetter of credit
dc.subjectMurabahah
dc.subjectMudarabah
dc.subjectMusharakah
dc.subjectWakalah
dc.titleThe Shariah view on letter of credit in contemporary banking transactions
dc.typeJournal Article
dlc.maintopicMuamalat contracts
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicMuamalat contracts
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