Seriousness Guarantee for Banking Murābahah
This is a study of a type of guarantee adopted by some banks to protect their rights in certain transactions; a sum of money is required to be deposited by the customer in the bank, covering the murābahah contract period. The sum is defined as a seriousness guarantee, indicating the customer’s seri...
| Main Author: | |
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| Format: | Article |
| Language: | Arabic |
| Published: |
King Saud University
2013-05-01
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| Series: | Journal of Islamic Studies |
| Subjects: | |
| Online Access: | https://jis.ksu.edu.sa/sites/jis.ksu.edu.sa/files/0025-02-07.pdf |
| _version_ | 1818824569439387648 |
|---|---|
| author | Khalid Zaid Al-Jabaly |
| author_facet | Khalid Zaid Al-Jabaly |
| author_sort | Khalid Zaid Al-Jabaly |
| collection | DOAJ |
| description | This is a study of a type of guarantee adopted by some banks to protect their rights in certain transactions; a sum of money is
required to be deposited by the customer in the bank, covering the murābahah contract period. The sum is defined as a seriousness guarantee, indicating the customer’s serious promise to purchase from the bank once it possesses the commodity in question. If the customer breaks his promise, the deposited sum will be confiscated as a compensation for the possible loss suffered by the bank due to possessing the commodity at the customer’s request. This research aims at defining the nature of the guarantee, studying related rulings and identifying the contemporaries’ positions in that regard. The deductive and inductive methods have been used in the research. Some conclusions have been reached. The bank’s demand for a seriousness guarantee is related to obligatory commitment to banking murābahah. On the one hand, those concerned with obligatory commitment advocate the bank’s right to demand the seriousness guarantee. On the other hand, those not concerned with obligatory commitment do not recognize such a right. Also, commitment must not be obligatory. Therefore, the bank has no right to demand such a guarantee from the customer. The most important recommendation is that banks abandon the seriousness guarantee in favor of well established jurisprudence guarantees, thus avoiding any suspicious transactions |
| first_indexed | 2024-12-18T23:57:57Z |
| format | Article |
| id | doaj.art-dfa51c9a5b83493c862faba9bb5fb569 |
| institution | Directory Open Access Journal |
| issn | 1658-6301 1658-6301 |
| language | Arabic |
| last_indexed | 2024-12-18T23:57:57Z |
| publishDate | 2013-05-01 |
| publisher | King Saud University |
| record_format | Article |
| series | Journal of Islamic Studies |
| spelling | doaj.art-dfa51c9a5b83493c862faba9bb5fb5692022-12-21T20:46:36ZaraKing Saud UniversityJournal of Islamic Studies1658-63011658-63012013-05-01252201227Seriousness Guarantee for Banking MurābahahKhalid Zaid Al-JabalyThis is a study of a type of guarantee adopted by some banks to protect their rights in certain transactions; a sum of money is required to be deposited by the customer in the bank, covering the murābahah contract period. The sum is defined as a seriousness guarantee, indicating the customer’s serious promise to purchase from the bank once it possesses the commodity in question. If the customer breaks his promise, the deposited sum will be confiscated as a compensation for the possible loss suffered by the bank due to possessing the commodity at the customer’s request. This research aims at defining the nature of the guarantee, studying related rulings and identifying the contemporaries’ positions in that regard. The deductive and inductive methods have been used in the research. Some conclusions have been reached. The bank’s demand for a seriousness guarantee is related to obligatory commitment to banking murābahah. On the one hand, those concerned with obligatory commitment advocate the bank’s right to demand the seriousness guarantee. On the other hand, those not concerned with obligatory commitment do not recognize such a right. Also, commitment must not be obligatory. Therefore, the bank has no right to demand such a guarantee from the customer. The most important recommendation is that banks abandon the seriousness guarantee in favor of well established jurisprudence guarantees, thus avoiding any suspicious transactionshttps://jis.ksu.edu.sa/sites/jis.ksu.edu.sa/files/0025-02-07.pdfguaranteedepositbanksmurābahahtransactionscrises. |
| spellingShingle | Khalid Zaid Al-Jabaly Seriousness Guarantee for Banking Murābahah Journal of Islamic Studies guarantee deposit banks murābahah transactions crises. |
| title | Seriousness Guarantee for Banking Murābahah |
| title_full | Seriousness Guarantee for Banking Murābahah |
| title_fullStr | Seriousness Guarantee for Banking Murābahah |
| title_full_unstemmed | Seriousness Guarantee for Banking Murābahah |
| title_short | Seriousness Guarantee for Banking Murābahah |
| title_sort | seriousness guarantee for banking murabahah |
| topic | guarantee deposit banks murābahah transactions crises. |
| url | https://jis.ksu.edu.sa/sites/jis.ksu.edu.sa/files/0025-02-07.pdf |
| work_keys_str_mv | AT khalidzaidaljabaly seriousnessguaranteeforbankingmurabahah |