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Islamic Finance

  Islamic Finance   |   Terms
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  • May 16, 2023
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Restricted Guaranty

A guaranty that is restricted by al-wasf or description. As such, guaranty is classified as current guaranty and deferred guaranty. In the case of a deferred debt, shari’a permits restricting a guaranty through deferment to some future date. As such, the term of deferment of guaranty is not necessarily the same as that of the guaranteed debt. The creditor is legally entitled to demand repayment, and it is up to the creditor to either or accept or decline any conditions imposed on the guaranty. If a current debt is involved, shari’a also permits a deferred guaranty since such deferment may still be in the interest of the debtor.


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