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HIWALAH - Coggle Diagram
HIWALAH
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TYPE OF HIWALAH
- Hiwalah Muqayyadah (restricted hiwalah)
transaction where the payer is restricted to settling the amount of the transferred debt from the amount of financial or tangible asset.
- Hiwalah Mutlaqah (unrestricted hiwalah)
It is kind of transfer of debt in which the transferor is not the creditor to the payer.
LEGALTY OF HIWALAH
Base on the tradition of the Prophet(SAW)
who said:-
Delinquency of rich debtor is a form of transgression, so if one of you has his debt transferred to rich person, let him accept the transfer of debt.
TERMINATION OF HIWALAH
- The contracting parties mutually agree
- The payer settles the debt to the transferre.
- The payer passes away and the transferee inherits his property.
- The debt has been written off by transferee
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