AAOIFI Shariah Standards

Commercial Papers: Scope & Shariah Ruling

This standard covers commercial papers to which the Geneva Uniform Convention on the Law of Commercial Papers, confined itself. These are bill of exchange, promissory note and cheque. This standard covers dealings in such commercial papers insofar as they conform to the rules and principles of the Shariah. The standard does not cover anything that may possess the attributes of commercial paper other than the three types named above. 


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