Abstract:
Usage of high capacities of canonical contracts by designing and creation of modern
financial tools on the basis of holy Sharia of Islam is one of the fundamental measures and
solutions in realizing economic and commercial development and dynamicity, especially in
Islamic countries. Span, progress and complexity of economic relations and modern
commercial trades have resulted in various emerging issues which reveal the necessity of
research in raised jurisprudential and legal problems about these new topics. In this paper
we are intending to explain reasons for inefficiency of debt buying contract in Iran and to
find its canonical and legal barriers. Especially that investigations reveal that this legal
entity is interested by businessmen and banking system of Iran in order to provide shortterm
liquidity. So there is no doubt that any measure in order to clarify its vague angels and
its drawback and defects can be useful. In this way, removing these barriers and problems
will cause that businessmen, banks, and financial and credit institutions can exploit this
financial tool without worrying.
Machine summary:
Debt buying In this section, before addressing present definitions, it’s necessary to mention that debt buying has the same meaning and nature as debt selling, discounting or demand selling, but since debt buying is being used instead of debt selling or commercial papers’ discounting in the current banking system of country, we will represent definitions only for debt buying: Debt buying definition and function Debt buying or as French people say, a’Forfait (a trade), is buying a debt which is specified in a commercial paper, like a bill or a promissory note, from the creditor based on a non-refundable foundation, meaning that the buyer which is known as debt buyer, guaranties that if he can’t take the claimed money from the debtor, disclaim his referral right and retire it.
There were various types of usurious trades in early Islam and the time of inspiration of the holy Quran, which Arab people called it "Reba", as follows: a) Someone, sells a certain object, with the condition that the buyer pays the cost on due date.
Its concept is that, if there were no condition or term about excess receiving, in other word, if debtor pays an extra amount more than main debt, with consent and out of contract’s contents, it’s a good act in legal view and the extra money is not usury.