Jurisprudential arguments for the legitimacy of electronic documentary credits

Subject Areas : فقه و مبانی حقوق

younes Kazerani ¹ , SeyedAskari Hoseini moghadam ²

1 - PhD student, Islamic jurisprudence and law, Sari branch, Islamic Azad University, Sari, Iran.
2 - Assistant Professor, Department of Islamic Jurisprudence and Law, Sari Branch, Islamic Azad University, Sari, Iran

Received: 2022-01-08 Accepted : 2023-08-08 Published : 2023-06-22

Keywords: global trade, E-Commerce, Sale, guarantee contract, documentary credit,

Abstract :

Issue: In order to build trust in international trade, a mechanism called letter of credit has been used in which the bank, as an intermediary, is responsible for guaranteeing the payment of one of the parties. Recently, the electronic type of documentary credit has been introduced to facilitate global trade.Purpose: The purpose is to examine the reasons for the legitimacy of electronic letters of credit.Methodology: In this research, the jurisprudential arguments for the legitimacy of electronic documentary credits have been studied in an analytical-descriptive manner with the help of receipt tools.Findings: According to the contract of sale and the contract of guarantee, the principle of documentary credit is a legitimate mechanism for the development of world trade and as one of the provisions of the contract between the two parties, it has sharia validity. Therefore, according to the legitimacy of this mechanism, its electronic type has the same nature and effects of electronic type according to the jurisprudential principles such as verses and hadiths, the principle of immorality, the rule of compromise, the rule of no harm, the rule of necessity and some other jurisprudential arguments.