Guarantees in Early Islamic Financial System

Rahman, Sukaimi Ab,(2015), Guarantees in Early Islamic Financial System. , Arab Law Quarterly, UNSPECIFIED

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Guarantees are considered to be the most common form of credit security used for lending transactions in modern banking. In Islam, guarantees are not peculiar since this practice has been known since the time of Prophet Muhammad (saw). However, to date, no literature has discussed this concept or its historical development in detail. This article is an attempt to fill this gap through a discussion on this issue with special reference to the practice of the Prophet, his Companions and Followers. Reference has also been made to the Holy Qur'än and prophetic Sunnah, as well as to books on tafslr (exegesis), classical manuals, journal articles and legal historical bibliographies. This article concludes that financial guarantees were recognized as important in the devel opment of the nation and that they were based upon good ethical values as well as the principle of ta'äwun (cooperation).
Keywords : credit - guarantees - gratuitous contract - Islamic banking and finance - ta'äwun, UNSPECIFIED
Journal or Publication Title: Arab Law Quarterly
Volume: 29
Number: 3
Item Type: Article
Subjects: Ekonomi Islam
Depositing User: Heru Prastyo
Date Deposited: 27 Dec 2019 07:59
Last Modified: 27 Dec 2019 07:59

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