ResearchBib Share Your Research, Maximize Your Social Impacts
Sign for Notice Everyday Sign up >> Login

The Effect of Liquidation of a Bankrupt Islamic Bank on the Rights of Credit Account Depositors

Journal: Zarqa Journal for Research and Studies in Humanities (Vol.18, No. 3)

Publication Date:

Authors : ; ;

Page : 456-467

Keywords : liquidation of a bankrupt Islamic Bank; rights of depositors in credit accounts.;

Source : Downloadexternal Find it from : Google Scholarexternal

Abstract

The study aims at determining the effect of liquidation of a bankrupt Islamic bank on the rights of credit account depositors according to the Companies law and Shari'ah conditions. The researchers concluded that the full rights of the depositors in credit accounts must be guaranteed in all cases including the bankrupt Islamic bank liquidation, even if the assets of the Islamic bank are not enough to pay these rights; because of the characterization of credit accounts contracts as loans. Shari'ah principles reflect the responsibility of the debtor in bearing losses as well as deserving profits resulting from exploitation of the loan. Finally, the researchers made several recommendations; the most important one is a proposal for Islamic banks to cooperate with legally approved insurance entities or with the Deposit Guarantee Institution to guarantee payment of all credit depositors' rights

Last modified: 2019-01-31 19:01:07