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kafalah

Islamic FinanceK

Kafalah

by economypedia
written by economypedia

Kafalah is a guarantee or suretyship agreement that serves as assurance regarding obligations or performance. In other words, kafalah is useful to stop any unfavorable alteration that can result in ambiguous or unforeseen outcomes with regard to the purpose or foundation of a transaction.

 In order to safeguard the import of products, guarantees are frequently employed. In this situation, a bank will offer a guarantee once the exporter releases the third party from responsibility for the items. 

Both the exporter and the importer may be sure that they will receive their agreed-upon payments in the end—the price for the exporter and the goods for the importer, respectively.

Kafalah is also spelled “kifalah“.

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Islamic FinanceK

Kafil

by economypedia
written by economypedia

Kafil is the party that guarantees an initial party’s performance under a commutative contract or agrees to stand surety is the party that enters into a contract of kafalah (also spelled kifalah). To put it another way, a kafil is someone who combines his obligation to the principal’s (makful or makful anhu) culpability in claims involving debts, bodily harm, or material possessions.

Kafil can alternatively be spelt as “kafeel“.

 

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Islamic FinanceK

kafeel

by economypedia
written by economypedia

kafeel is the party that guarantees an initial party’s performance under a commutative contract or agrees to stand surety is the party that enters into a contract of kafalah (also spelled kifalah). To put it another way, a kafil is someone who combines his obligation to the principal’s (makful or makful anhu) culpability in claims involving debts, bodily harm, or material possessions.

kafeel can alternatively be spelt as “kafil“.

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Islamic FinanceK

kifalah

by economypedia
written by economypedia

kifalah a guarantee or suretyship agreement that serves as assurance regarding obligations or performance.

In other words, kifalah is useful to stop any unfavorable alteration that can result in ambiguous or unforeseen outcomes with regard to the purpose or foundation of a transaction.

In order to safeguard the import of products, guarantees are frequently employed. In this situation, a bank will offer a guarantee once the exporter releases the third party from responsibility for the items. Both the exporter and the importer may be sure that they will receive their agreed-upon payments in the end—the price for the exporter and the goods for the importer, respectively.

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