A customer was granted a Salam finance facility by an Islamic bank. In order to guarantee the obligations under the Salam facility, the customer provided post-dated Cheques as security in favor of the Islamic bank
Fatawa Question
A customer was granted a Salam finance facility by an Islamic bank. In order to guarantee the obligations under the Salam facility, the customer provided post-dated cheques as security in favor of the Islamic bank. Shariah guidance is sought as to whether it is permissible for the Islamic bank to cash the cheques in case of default by the customer to deliver the goods under the Salam facility.
Fatwa
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Publisher
Publication Date
2014-03-12
Country of Publication
Malaysia
Main Subjects
Economics & Business Administration
Islamic Studies
Data Type
Fatawa
Language
English
Record ID
BIM-783577
American Psychological Association (APA)
Hassan, Husayn Hamid. 2014-03-12. A customer was granted a Salam finance facility by an Islamic bank. In order to guarantee the obligations under the Salam facility, the customer provided post-dated Cheques as security in favor of the Islamic bank. . Kuala Lumpur Malaysia : Islamic Finance News.
https://search.emarefa.net/detail/BIM-783577
Modern Language Association (MLA)
Hassan, Husayn Hamid. A customer was granted a Salam finance facility by an Islamic bank. In order to guarantee the obligations under the Salam facility, the customer provided post-dated Cheques as security in favor of the Islamic bank. Kuala Lumpur Malaysia : Islamic Finance News. 2014-03-12.
https://search.emarefa.net/detail/BIM-783577
American Medical Association (AMA)
Hassan, Husayn Hamid. 2014-03-12. A customer was granted a Salam finance facility by an Islamic bank. In order to guarantee the obligations under the Salam facility, the customer provided post-dated Cheques as security in favor of the Islamic bank. Kuala Lumpur Malaysia : Islamic Finance News.
https://search.emarefa.net/detail/BIM-783577
