The characteristics of letters of credit are similar in mostcharacteristics of a bond is known in Islamic jurisprudence as thedefinitions of scholars to hold the bail in accordance with the definition of the letter of guarantee in essence, is that person'smoney and commitment to a duty on others to a third person.Therefore, the various provisions that we find in many letters of guarantee, including the following:
* The purpose of the letter of guarantee is to strengthen the client's credit center.
* Guaranteed amount may be generally known unknown.
* Beneficiary Bank calls for only the source of the letter of guarantee.
* Pay the bank sometimes not unconditional fulfillment of clientobligations.
* Back on the client ordering the bank issuing the letter of guarantee.
التسميات
Letters of Guarantee