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HIWALAH - Coggle Diagram
HIWALAH
Definition
Literally :point_right: The word Hiwalah is derived from the word tahwil which means shifting from one place to another (intiqal). Also correct to pronounce the word hiwalah as hawalah
Technically :point_right: Comprises two kind namely hiwalah al-haqq (transfer of right) and hiwalah al-dayn (transfer of debt from the transferor (muhil) to the prayer (muhal'alayh)
Legality of Hiwalah
Prophet (SAW) who said ;
Delinquency of rich debtors is a form of transgression, so if one of you has his debt transferred to a rich person, let him accept the transfer of debt ( Muslim hadith no. 1564).
In addition to above evidence from the Sunnah, there is consensus among Muslim scholars on its legitimacy (Ibn Qudamah, 1968, 4:394)
Type of Hiwalah
:one: Hiwalah Muqayyadah (restricted hiwalah)
It is a transaction where the payer is restricted to settling the amount of the transferred debt from the amount of a financial or tangible asset that belongs to the transferor and is in possession of the payer
:two: Hiwalah Mutlaqah (unrestricted hiwalah)
It is a kind of transfer of debt in which the transferor is not the creditor to the payer. The payer undertakes to pay the amount of the debt owed by the transferor from his own funds and to have recourse afterwards to the transferor for settlement provided that the transfer for payment was made on the order of the transferor
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