The Ruling on Banks Securing Debts from Murabaha Sales to the Purchase Orderer: An Application of the Principle of Securing One’s Right

Abstract

The principle in financial rights is that they should be fulfilled, and if disputes arise, the right-holder's resort to the judiciary by filing a claim is a legitimate means to resolve the dispute and compel the debtor to fulfill their obligation. This process requires specific conditions in the judicial council, including evidence and witnesses. If these conditions are not met and the debtor denies the debt or delays payment unjustly or refuses to pay, the right-holder may take it upon themselves to secure their right directly—effectively "securing it by their own means." Islamic legislation guarantees individuals their rights, ensuring the preservation of their wealth through legal provisions that facilitate access to their rights without neglecting them. The principle of securing one’s right is a recognized juristic rule that protects rights, encompassing various financial transactions, including those prevalent in banking such as the Murabaha sale to the purchase orderer. In such transactions, there is a form of debt between the client and the banks. If collection becomes difficult due to unforeseen circumstances, it is justifiable for banks as creditors to "secure their rights" from debts according to the established principle.