ISSN: 2222-6990
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This research aims at clarifying and explaining what Islamic banks are applying in terms of selling and liquidating debt. Selling debt is the exchange of deferred funds in people’s commitments for other funds which may be urgent. In such a case the sale is the sale of debt for an actual price. In case the other funds may be deferred, the sale is a deferred sale for a deferred amount, which is the sale of debt for debt. Debt is the money owed to a third party as a result of a compensation contract or a loan. This is when a man owes another man, so the cr(Verified) sells the debt to a company or a person for less than the value of the original debt which can be collected later. Then the company or person who bought the debt demands payment of this debt. Some Islamic banks have regarded that a necessity to solve the problems of individuals and companies’ default, in order to meet their personal or commercial committments, as is the case with Islamic institutions that are forced to sell their debt certificates to pay their financial obligations or finance their new investment projects. This study will provide clarification on the forms of selling debt and its rulings, and the legal controls that it must meet so that it does not deviate from its shariah-based purpose. This study is based on the inductive methodology to collecting scientific material, the critical analytical methodology and the comparative jurisprudence methodology. It contains two sections, each of which includes several topics, and the conclusion of the research, which contained the most important results the study found.
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