An Importance of Gurantee in Islamic System of Economy
اسلام کے معاشی نظام میں گارنٹی کی اہمیت
Guarantee plays an important role in any system of Economy. It has many implications from business and trade point of view. Most of the systems of the Economy have their own terms and conditions about guarantee Like-wise in Islamic Economic System of guarantee are also very important. Although much have been written about the guarantee but this is not comprehensive. The major objective of present paper is to describe the importance of guarantee in Islarnic System of Economy.
There are many kinds of sources of guarantee like personal guarantee, guarantee through evidence as well as documents and guarantee with mortgage. The purpose of all these guarantees is to secure the right. It saves us from fear of refusal. Islam gives us law of 'Shahadah' (evidence). 'Shahadat' (oral testimony), 'Kitabat' (wittiness) 'Iqrar' (acknowledgement) and 'Qas'm' (take oath) are very important for proving anv 'da'wa' (claim).
'Shahadah' (evidence of witness) is the foremost source of proof of a claim or right. 'Shahadah' literally meams importance of what one has witnessed or seen or beheld with one's eyes, declaration of what one knows, decisive information. It also means to be present. The word 'Bayya'nah' (evidence) is also used in place of 'Shahadah' (witness) 'Shahadah' is the witness that is given after seeing while 'Bayya'nah' is oral witness. If one explains any matter through knowledge experience and through argumentation or reasoning it is 'Baya'nah'. It is graded lower than 'Shahadah'. So the argument that is based on knowledge, experience and reasoning is not graded as 'Hujjat-e-Sharie' or 'Shahdah-e-Urfi'. Jurisprudents preferred 'kitabat' (written witness) to 'Shahadah' (oral witness).
They hold that writing can be similar so this will not be trusted nor implemented.
But in new era many instruments have been invented due to which important of 'writing' has been increased. But the matter of machine is considerable.
If 'Khat'(writing), stamp are saved from any kind of doubt, then governmental permission or license, bonds, coat registers, stamp paper, traders register, receipts all these things came under the kind of writing witness. All these documents through writing will be considerable 'Iqrar' (acceptance).
'Nisab-e-Shahadat' (qurum of evidence) in financial matter consists of two men or one man and two women. For 'Shahadah' witness word 'Ash'ha'du' will be used which means that I bear testimony by the name of Allah. In Islam evidence is upon 'mudda'ee' (claimant) and 'Qas'm' (oath) is upon 'mudda' a' alaih ' (defendant) who refuse.
'ik'rar' is another source of evidence. To confess the right of someone is 'Ik'rar'. For the justification of claim, the most strong argument is the 'Ik'rar' of a Mudda' a' alaih ' (defendant).
Regarding the source of justification 'Dha'man' (guarantee) is the main source. There are many types of 'Dha'man'. One is 'Kafalah' (guarantee or responsiblitv) and other is 'Rehn' (mortgage).
The 'Dha'man' (guarantee) is for claim of right after bankruptcy while an individual guarantee is very important in debut or loan. In this kind of guarantee all the responsibility goes to guarantor.
"Rehn" (the Mortagage) is very important source of guarantee in these days. Its importance is also admittable from ancient Greek civilization to date Mortagage has new shape and kind in modern banking system.
'Rehn-al-sail' (floating mortgage) has been introduced in Islamic banking system. All type of goods are being taken against the loan. The documents of the property are being given in the possession of Morgagee. The, 'Rehn' is now being used in 'Mu'ra'be'ha', sale on installment and other type of loan are given on guarantee.