SS 37 – Credit Agreement

This Standard aims to indicate the various types of credit facilities and their most important applications as well as the returns and commissions which result from them. The Standard also covers the Shari’ah rulings pertaining to credit facilities so as to be observed by Islamic financial institutions (Institution/Institutions).

The word (Institution/Institutions) is used here to refer, in short, to Islamic financial institutions including Islamic Banks.

Scope of the Standard

This standard covers credit facilities and the returns and commissions arising from them, whether such facilities are practiced between the Institution and its clients or between the institution and other institutions. 2. Definition of Credit Facilities