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Guarantee has been an essential element among the parties of commercial transactions among people. Islamic jurisprudence pays a special attention to these transactions as they are basic in human life and development. Islam has organized these commercial relationships in a way that guarantees the right of both parties in this process. The researcher found out that it is permissible to take the fee on the letter of guarantee if it is covered by the customer. The bank, in the case where the letter of guarantee is covered, will pay the customer’s dues from the customer’s money in the bank, not from the bank’s money. The guarantee in this case does not turn into a loan with an increase, so there is no good reason left to say that it is forbidden. Moreover, people’s persistent need for this guarantee calls for implementing it in our lives.
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In-Text Citation: (Alotaibi & Bayoumi, 2023)
To Cite this Article: Alotaibi, S. A. A., & Bayoumi, K. A. (2023). Guarantee Obligations in Commercial Transactions in Islamic Jurisprudence. International Journal of Academic Research in Business and Social Sciences, 13(4), 1741 – 1749.
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