Hawalah - Appendix C (Definitions)

Transcription

1. Shari ’ah Standard No. (7): Hawalah Appendix (C) Definitions Hawalah Hawalah is the transfer of a debt liability from the transferor to the payer (i.e. it is a process of changing debtors and creditors) Muheel (the transferor) The transferor is the principal debtor and who usually refers his creditor to a third party for the collection of the debt. In some forms of Hawalah, he may be a creditor. Muhal Muhal or the transferee is the creditor or the party who accepts the offer to collect his due from the transferor’s debtor. He is also known as Muhal Lahu or Muhtal Lahu. Muhal Alaihi Muhal Alaihi is the party accepting the debt liability that will be collected from him by the transferee. He is also called Muhtal Alaihi. Hawalat al-Haqq The transfer of a right from one creditor to another 193