СС 53 – Арбон (Задаток)

This Standard aims to explain the Shari’ah rules relating to the payment of ’Arboun (Earnest Money) in sale contracts and its application in the activities of 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 the definition of ’Arboun (Earnest Money), the rules applicable to it and its applications in the activities of institutions in commutative financial transactions that do not require spot delivery of countervalues. It does not cover payments made prior to contract such as refundable security deposits, commissions or advance payments made subsequent to contracts that are not subject to options. 2. Definition of ’Arboun (Earnest Money)