Guarantees - Appendix C Definitions

Transcription

1. Shari ’ah Standard No. (5): Guarantees Appendix (C) Definitions Payables: Debts that are absolutely payable and liabilities held on trust basis, either because of being contractually created, or because unjust enrichment has given rise to a liability for restitution. Liabilities: Liabilities held on trust basis, i.e., obligations that are not subject to compensation for any loss suffered except in circumstances of misconduct, negligence or violation of the conditions agreed upon. 146