National Shari'a Board - Indonesian Council of Ulama Fatwa No. 35 of 2002 on Shari'a Export Letters of Credit

This fatwa acknowledges that a conventional export letter of credit does not accord with shari'a principles. It defines a shari'a export letter of credit as a declaration, issued by a bank, to pay an exporter, in accordance with shari'a principles. Shari'a export letters of credit may be implemented pursuant to the following agreements:

  1. Wakalah bil Ujrah;
  2. Qardh;
  3. Murabahah;
  4. Musyarakah; and
  5. Al-Bai'.
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