الغش في الاعتمادات المستندية و أساليب الحماية منه: دراسة مقارنة

Abstract EN

The present research paper addresses the phenomenon of letter of credit frauds.

Letters of credit (LCs) are bank transactions created to guarantee international sales via bank-issued independent and cause-irrelevant undertakings.

Accordingly, extraordinary potential incidents of international sales do not affect the independence of the bank-based obligations.

International rules as well as juristic and judicial opinions and practices agree that fraud serve as the only exception to LC-related principle of independent obligations.

This paper defines LC fraud, the prerequisites to hold any such fraud as a ground/cause of non-payment, as well as the means of LC fraud prevention; key among which are well-drafted LC terms and judicial proceedings in terms of summary legal actions and seizure of the bank-based LC amount.

This paper addresses its topic through a comparative study of the Egyptian Law, UAE Law and Islamic Jurisprudence (Fiqh).

Key words: Letter of credit (LC), fraud, Islamic Jurisprudence (Fiqh), UNCITRAL Model Law, universally LC applicable rules and norms.