Warranty is the warranty that reassures creditor to satisfy the right ofthe debtor, which guarantee either personally or in kind. Andpersonal insurance are pending annexation to the person of the debtor to meet the debt.
Correspond to these insurance personalinsurance in-kind is an allocation of money or a group of funds toensure the fulfillment of the right of the creditor, so make it ahead ofother creditors, ordinary as it can track this money in any hand be implemented by the seizure and sale to satisfy debt of price priority over other creditors, and the most important in-kind mortgage insurance.
Waked spread personal insurance, especially after the expansion oftransactions between people and doing more and more on speed, confidence and personal relationships. Has contributed to the development of banking in the spread of this type of insurance, I knew the banks first sponsorship in its traditional form so that the bank asked the client to provide guarantees to ensure the debt he owes, and may be the bank guarantor guarantees client in grew up in the discharged of debts with third parties Kaltjar, suppliers andothers. Then the evolution of the system guarantees in the banking, making the guarantees bank dimensions and new formulas created by the law and order and custom banking and agreement of the parties, and these formulas innovative distinct from the concept ofbail traditional, and we find among them the so-called letters of guarantee bank that Islamic banks presenting to its customers.
Known as letters of guarantee is a written undertaking, in which thebank undertakes to ensure that a customer (student version) withina certain amount to a third party, in order to ensure that customerguaranteed to meet its commitment to the third party during a certain period.
And this must include a letter of guarantee determine the value,validity, and the beneficiary, as well as to determine the issue ofsecurity or purpose of any occasion of its issuance, such as ensuring access in a tender, or ensure the implementation of a business premises, or guarantee by the Customs for the release ofa temporary or otherwise, as it not properly use the letter oncontracts or other transactions, even if the link Pim partiesthemselves.
On the other hand includes a letter of guarantee in terms of effect, itprovided herein that the bank pay the guaranteed amount at the firstclaim from a third party during the period of validity of securitywithout taking notice of what the client may express opposition. Thepayment limit such a reasoned request of a default in the originalimplementation of the commitment between the client and the beneficiary, under a notice of benefit and the beneficiary at its sole discretion that there are shortcomings in implementation.
And letters of its terms, subject issued for actions that may be shortor slow and long according to the Center client, and dealing past oremerging with him, and the nature of draft submitted to him security, study, gathering information, and the extent of confidence and an abundance of credit, and estimate the economic conditions andinternal conditions and external, and all this needs to be studiedbefore issuance of the letter convinced the extent and composition ofclient solvency and its ability to fulfill his commitment.
And letters of guarantee is one of the credit operations of banksarising from the mere signing of the Bank since the signing of the bank arranges for the beneficiary the same advantages achieved bya cash payment in advance, and the signature here serves asadvance payment to the advantage of the Bank of the financial center's reputation is good and convincing.
التسميات
Letters of Guarantee