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Reciprocal Loans --

Author

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  • Rafiq Yunus Al-Masri

    (Islamic Economics Research Centre King Abdulaziz University, Jedda)

Abstract

The reciprocal loan simply means that in return for a loan for a specific period, the lender receives an equivalent amount of loan for a similar period of time. Some contemporary scholars believe that reciprocal loans are legitimate, if they are not tied , that is if the lending of one loan does not depend on the lending of the other. But they stipulated that tying could take place through a promise or a memorandom of understanding . The loan is granted without the above stipulation , but an understanding may take place apart from the contract . This constitutes an illegitimate manouver around proper contracting , since what is unlawful in contract is also unlawful in promise or collusion , even if not binding , let alone when binding. --

Suggested Citation

  • Rafiq Yunus Al-Masri, 2002. "Reciprocal Loans --," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 14(1), pages 33-38, January.
    • Handle: RePEc:abd:kauiea:v:14:y:2002:i:1:no:2:p:33-38
    DOI: 10.4197/islec.14-1.2
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