Islamic finance, is growing fast all over. The spread of Islamic banking is reaching high percentage, as revealed in studies. This march is due, to the nature of Islamic banking, far from greediness, speculation, uncertainty, ambiguity and others. To support this march, there is a need for new products to
A charge, simply, is one of the types of security by which a person who borrows money give the lender certain right over his asset to support the duty of the borrower to repay what is owed under the contract of loan. Based on this, the lender thus has two
Where a clause is duly incorporated into a contract, in conflicts, Courts will examine the words used to see if the clause covers the breach and loss which has actually occurred. The main rules used by Courts, include “strict interpretation” where, an exemption clause will be effective only if it
It is not necessary to observe complex formalities to create a contract for sale of goods. This contract, may be in writing or by word of mouth or even implied form the conduct of the parties. The capacity to enter into contracts is generally governed by the law of contract.
In business transactions, it is quite common for the parties to agree in advance for damages that will be payable in the event of a breach of contract. This case is known as “liquidated damages”. If there is no prior agreement as to the sum to be paid, the amount
A contract of bailment arises when the owner of goods “the bailor” entrusts and keeps their possession into the care of another “the bailee”. Examples of bailment contracts include placing your documents in safe custody at a bank, rent a flat or a bike, taking some clothes to dry cleaner,
Law plays great role to help commerce and there are steps to make commercial documents negotiable. Negotiability enhances commerce and in addition to bills of exchange, promissory notes and cheques, there are other documents deemed negotiable instruments. As, “Treasury Bills”, issued by Governments to raise money on short term loans
Your property could either be real or personal property. There are legal points, to understand and how to use your property. Negotiable instruments are among the most important types of personal property. Negotiable instruments, are three kinds, bills of exchange, promissory notes and cheques. The convenience of the use and
Property can be divided into certain categories including, “tangible real property” as in land and anything attached to it, or “tangible personal property” as in any moveable items that can be bought and owned, or “intangible personal property” that cannot be seen but exists by virtue of written documentation as
The “Nemo dat rule” means, no one gives what they do not own. In other words, the purchase from someone who has no right, also denies the purchaser any title. This ancient Latin rule stays valid in all transactions. However, an important exception comes from negotiable instruments. Legally, negotiable instrument