Contemporary Primary Sources :: Fatwās - Contemporary :: 9 Rajab 1423 / 14 September 2002
National Shari'a Board - Indonesian Council of Ulama Fatwa No. 34 of 2002 on Shari'a Import Letters of Credit
Dewan Syari'ah Nasional MUI, Posted by Daniel Peterson, 04 March 2016
This fatwa defines a shari'a import letter of credit as a declaration, issued by a bank, that an importer will pay an exporter, in accordance with shari'a principles. Shari'a import letters of credit may be implemented pursuant to the following agreements:
- Wakalah bil Ujrah;
- Qardh;
- Murabahah;
- Salam/Istishna';
- Mudharabah;
- Musyarakah; and
- Hawalah.