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Islamic Finance

  Islamic Finance   |   Terms
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  • March 27, 2023
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Kafalat-ul Souq

A type of guaranty (guarantee, or kafalah in Arabic) in which a third-party guarantees all of a trader’s debts, as well as all non-fungibles in a possession of guaranty. This includes guaranties of debts prior to maturity as well as guaranties of unknown objects. Though it is used to facilitate commercial transactions, Kafalat-ul souq is a form of noncommercial (personal) guarantees that are mentioned in Islamic fiqh sources, with all of which constituting charitable contracts, where guarantors collect no fees in return for their services.

Kafalat-ul souq is an Arabic term that translates as market guaranty/ guarantee.


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