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All Journal Shirkah: Journal of Economics and Business
Butt, Mubeen
Minhaj University Lahore
Economics, Econometrics & Finance

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Laws of Collateral in Today's World in Islamic Perspective Akhtar, Aqeel; Qureshi, Fahad Ahmed; Butt, Mubeen
Shirkah: Journal of Economics and Business Vol 3, No 1 (2018)
Publisher : Faculty of Islamic Economics and Business, Institut Agama Islam Negeri (IAIN) Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (238.525 KB) | DOI: 10.22515/shirkah.v3i1.178

Abstract

Taking from Pakistan State Bank case, this article initially elaborates and critically discusses collateral (in conventional term) and Islamic collateral (rahn). In conventional banking, collateral traditionally refers to secured lending (also known as asset-based lending). Since possession is pre-requisite for binding of the contract, the charge can be registered in this regard to the regulating authority. Third party charge registration in this regard will not be entertained until the debtor scrutinizes it with registration. We argue that it is allowed for a creditor to take one asset as collateral from two debtors and this asset will be considered from both debtors as rahn. Since one single asset is considered from both debtors, the creditor may hold the asset until his whole debt would be paid off. Although this research happens in Pakistan, the case of collateral and rahn can be academic precedence in Islamic global world.  Keywords: collateral, rahn, Pakistan state-banking
Co-Authors Akhtar, Aqeel Qureshi, Fahad Ahmed