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Islamic Finance

  Islamic Finance   |   Terms
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  • November 1, 2020
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Uqud al-Tawthiq

Arabic (عقود التوثيق) for documentation contracts (contracts of security/ guarantee). Under shari’ah (Islamic law), accessory/ subordinate contracts are contracts (uqud/ pl. of aqd) which do not exist by their own and are not independent of other contracts. These contracts do require the existence of another contract (other contracts) as a perquisite for them to come into existence. The essential purpose of such contracts is documentation and safeguarding of contractual rights.

Examples of uqud al-tawthiq include rahn (collateralization), kafalah (suretyship), hawalah (assignment/ transfer of debt), and wakalah (agency or proxy).


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