BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following letter of credit that need to deposit 100% money for the process.
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Al musharakah
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Al wakalah
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Al dayn
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Al mudharabah
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Explanation:
Detailed explanation-1: -Wakalah literally means protection, delegation, or authorization. Legally, wakalah refers to a contract in which a person who has complete legal capacity authorizes another to conclude a certain well-defined permissible contract on behalf of that person.
Detailed explanation-2: -A letter of credit, also known as a credit letter, is a document from a bank or other financial institution guaranteeing that a specific payment will be made in a business transaction. Importantly, the process involves an impartial third party in the transaction.
There is 1 question to complete.