A service agreement is to be signed between an Islamic bank and a service provider company
Fatawa Question
A service agreement is to be signed between an Islamic bank and a service provider company. The service to be rendered is the collection and deposit of cash on a daily basis from and to different branch locations, as per the Islamic bank’s requirements. In order to mitigate the risk of the loss of the collected cash in transit, the Islamic bank wants to make the service provider fully responsible for any event of loss, besides binding the service provider to obtain an insurance policy and identifying therein the Islamic bank as the first beneficiary of the insurance compensation to the extent of loss. This provision is to be clearly reflected in the service agreement signed by both parties. Shariah guidance has been sought in respect of incorporating such provision in the agreement.
Fatwa
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Publisher
Publication Date
2014-12-16
Country of Publication
Malaysia
Main Subjects
Economics & Business Administration
Islamic Studies
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-783158
American Psychological Association (APA)
Hassan, Husayn Hamid. 2014-12-16. A service agreement is to be signed between an Islamic bank and a service provider company. . Kuala Lumpur Malaysia : Islamic Finance News.
https://search.emarefa.net/detail/BIM-783158
Modern Language Association (MLA)
Hassan, Husayn Hamid. A service agreement is to be signed between an Islamic bank and a service provider company. Kuala Lumpur Malaysia : Islamic Finance News. 2014-12-16.
https://search.emarefa.net/detail/BIM-783158
American Medical Association (AMA)
Hassan, Husayn Hamid. 2014-12-16. A service agreement is to be signed between an Islamic bank and a service provider company. Kuala Lumpur Malaysia : Islamic Finance News.
https://search.emarefa.net/detail/BIM-783158
