Accessoriness and Security over Land

Steven, Alan

doi:10.3366/e1364980909000560

Cited by 2 publications

(1 citation statement)

References 7 publications

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“…Thus, this guarantee that is provided will be accessed by, for example, the creditors to repay the debtors had they been unable to repay otherwise (Al-Dardir, n.d.;Al-Du'ailaj, 1985;Al-Samarqandī, 1984;Al-Syarbini, 1997;Al-Zuhaili, 1985;Qudāmah, 1997). Similarly, in guarantee law, this scheme is an accessoir contract related to the legal maxim of accessorius sequitur principalem (Pegues, 1939;Steven, 2009). Islamic jurisprudence refers to this accessoir contract as al-'uqūd al-tab'iyyah, hence al-rahn becomes a contract that follows the main contract (Al-Shalahin, Zanyimawi, & Al-Buraisyi, 2021).…”

Section: Collateral Object (Marhūn) In Islamic Lawmentioning

confidence: 99%

Meta-Mortgaging: Islamic Law Review on Marhūn Issues

Muhammadi

Putranti

Praja

et al. 2022

JMH

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To this date, technology has seen massive development and, it influences the economic field. The emergence of the metaverse has become an inevitable part of this progress. It serves as a digital world, wherein everyone is able carry out a vast array of activities, including economic transactions. The emergence of digital assets, that has encouraged serious discussion, is inseparable from Islamic law. One of these digital assets is the Non-Fungible Token (NFT). This digital asset is the focus of this study, specifically on for its posibility to become material guarantees. This article employs a qualitative study and presented descriptively through the perspective of Islamic law. The result of this study is that the pledged-object (marhūn) has certain primary conditions for it to be functional, namely: it is a property, it has value, it can be traded, its asset value is clearly known, and it is actually owned by the guarantor (rāhin). The concept of marhūn as a valuable object ultimately answers that NFT is included in the marhūn category. However, since NFTs do not stand alone if the transaction currency used in the metaverse is cryptocurrencies, al-rahn transactions using NFTs become less favourable considering Cyrptocurrency is deemed to be haram.

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Section: Collateral Object (Marhūn) In Islamic Lawmentioning

confidence: 99%

Meta-Mortgaging: Islamic Law Review on Marhūn Issues

Muhammadi

Putranti

Praja

et al. 2022

JMH

View full text Add to dashboard Cite

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Consumer Protection in EU Residential Mortgage Markets: Common EU Rules on Mortgage Credit in the Mortgage Credit Directive

Josipović¹

2014

Cambridge Yearbook of European Legal Studies

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For many years now, there has been an attempt in the European Union to create a common legal framework for mortgage credit contracts and cross-border activities in the mortgage financial sector. One of the greatest challenges has been the establishment of a corresponding level of consumer protection in EU residential mortgage markets. This issue has become particularly important at the time of financial crisis. Consumers are increasingly exposed to the risk of losing their homes because of failing to fulfil, in due time, their obligations arising from mortgage loans, and thus losing confidence in the EU financial sector. Therefore, the European Union has intensified its efforts to improve consumers’ ability to inform themselves of the potential risks when entering into mortgage loans and mortgaging their real property. On 4 February 2014 the EU adopted the new rules on mortgage credits in the Mortgage Credit Directive. The main objective of the Directive is to increase the protection of consumers in EU mortgage markets from the risks of defaults and foreclosures. A higher level of protection must be ensured by consumers’ increased information capacity related to mortgage credits, as well as by developing a responsible mortgage lending practice across the EU. The Mortgage Credit Directive is also aimed at contributing to the gradual establishment of a single internal market for mortgage credits. In this chapter, the author analyses previous and current attempts by the EU to establish a uniform market of mortgage loans, and assesses the possible impact of the Mortgage Credit Directive on the protection of consumers in the market of mortgage credits and on the development of cross-border activities in the mortgage financial sector. Special emphasis is placed on the possible impact of the new EU rules on mortgages on national protection measures aimed at consumer protection at the time of financial crisis. The transposition of the Mortgage Credit Directive will undoubtedly contribute to a higher level of consumer protection when consumers enter into home loan contracts. However, the question arises whether, because of different levels of harmonisation of some rules laid down in the Directive, its implementation will actually contribute to an increase in cross-border home loans. The possibility for Member States to opt for increased consumer protection in some aspects of credit agreements when implementing the Directive, or the existence of different options for the exercise of individual rights that they may use cannot bring about an integration of mortgage credit markets.

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Accessoriness and Security over Land

Cited by 2 publications

References 7 publications

Meta-Mortgaging: Islamic Law Review on Marhūn Issues

Meta-Mortgaging: Islamic Law Review on Marhūn Issues

Consumer Protection in EU Residential Mortgage Markets: Common EU Rules on Mortgage Credit in the Mortgage Credit Directive

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