Suppose Mr. Ahmad and Mr. Akram are the current and saving account holders in an Islamic bank, respectively. Mr. Ahmad and Mr. Akram have made payments to their vendors against credit sale through checks and they also made a gratuitous payment to their relatives through checks separately. Please answer following considering scenario: II. Explain whether the transactions made by Mr. Ahmad and Mr. Akram are based on Hawalah. Please also specify the form of Hawalah in each situation, if any.

Suppose Mr. Ahmad and Mr. Akram are the current and saving account holders in an Islamic bank, respectively. Mr. Ahmad and Mr. Akram have made payments to their vendors against credit sale through checks and they also made a gratuitous payment to their relatives through checks separately. Please answer following considering scenario: II. Explain whether the transactions made by Mr. Ahmad and Mr. Akram are based on Hawalah. Please also specify the form of Hawalah in each situation, if any.

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter5: Managing Checking And Savings Accounts

Section5.2: Open Checking And Money Market

Problem 1CC

See similar textbooks

Similar questions

Peter uses a savings account with a bank. The contract between Peter and the bank is one of: D. Mutuum B. Commodatum C. Deposit A. Agency
A friend owns a business that extends credit to its customers. The friend has asked you to helps with estimating uncollectible accounts and wants you to make a recommendation. Specifically, your friend is asking: Which of the two methods of estimating uncollectible provides for the most accurate estimate of the current net realizable value of the receivables?
Kofi Ansah, who maintains an account with KYZ bank ltd has presented a cheque he received from one of his business partners, Kwaku Abban, who saves with DDK bank for payment.i. ii.Identify the various parties to the cheque presented by Kofi Ansah. Which of the banks is the paying bank? Justify your answer. iii.(b) The major duties of a banker are to honour the repayment obligation of his customer. Critically analysethis statement.
The bill of exchange written by W states that BPI Family Savings Bank will get the reimbursement of the payment from W’s savings account. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the above The bill of exchange written by X indicates that for the payee to receive the money from the drawee bank, the payee must first sell his house and car and give the proceeds to charity. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the above
Identify which one of the following is the definition of banker given by Dr. H.L. Hart defined in his book Banking Law? a. A banker is one who in the additional course of his business, discounts bill drawn upon him by persons from and for whom he pays on accounts b. A banker is one who in the ordinary course of his business, honors cheques drawn upon him by persons from and for whom he receives on accounts c. A banker is one who in the future course of his business, provides loans to persons from and for whom he receives on accounts d. A banker is one who in the special course of his business, honors demand drafts dawn upon him by persons from and for whom he pays on accounts
Suppose that Lena, who has an account at SunTrust Bank, writes a check for $140 to Jose, who has an account at National City Bank. Use following the T-account for SunTrust Bank to show how it is affected after the check clears. Assets Liabilities
Your friend Binna has a money market mutual fund account, automatic deposit of her paycheck into an interest-bearing checking account at the company credit union, and a CD from the local branch of a bank that advertises "coast-to-coast" banking. What is the benefit of "mixing and matching" financial institutions and their services?
Suppose a cheque was drawn payable to ‘Badar or order’. it was lost subsequently. Eman found the cheque and presented it to the cashier on the bank counter. Keeping this situation in mind, comment on the following: Will she get the cash? If no, justifyWould your answer be the same, if the cheque was bearer.
What are the different types of deposit accounts and loans offered to customers Bank Nizwa in Oman? How will it benefit the account holders and borrowers?
1. What are the different types of deposit accounts and loans offered to customers by any one commercial Bank in Oman? How will it benefit the account holders and borrowers?
a.How an investment or saving account can be opened in an Islamic Bank? Under what contract these accounts are opened? What will be the role of an Islamic Bank and customer in this contract?
A Letter of Credit (LC) is a document that guarantees the buyer's payment to the sellers. It is issued by a bank and ensures timely and full payment to the seller. If the buyer is unable to make such a payment, the bank covers the full or the remaining amount on behalf of the buyer. Why would the bank pay the remaining amount on behalf of the buyer, and what would be the risk exposed to the bank? Please explain thoroughly.