The current study aims to determine the concept of 'Bank Guarantee'; to define the similarities with the concept of 'Guarantee' according to the majority of Muslim Jurists; and to reveal its adaptation in Islamic jurisprudence.
The study reviewed the attitude of different Muslim scholars about the permissibilityof accepting compensations for the mere service of 'Bank Guarantee'offered to customers, regardless if the bank paid the bail or not, through analysing their evidence and arguments.
The study reached a conclusion that it is permissible to accept compensations (charges) for this kind of 'Bank Guarantee', and that is necessary for Islamic Banks to implement this finding due to the strength of evidence and proofs used in this context and the lack of disagreement with this evidence.
Al-Omary, Mohammad Ali
"The Judgment of Taking Fees on Bank Guarantees - A Comparative Jurisprudential Study,"
Jordan Journal of Islamic Studies: Vol. 16
, Article 9.
Available at: https://digitalcommons.aaru.edu.jo/jois/vol16/iss1/9