Kafalah Contract

• Literally, Kafalah means Guarantee, bail, surety, responsibility, suretyship
• An agreement between a customer and his financial institution in which
  the financial institution guarantees a third party that the customer will fulfill the financial obligation towards the third party.
• A guaranteed contract on a certain asset, usufruct and/or service provided by a guarantor to the parties involved.
• A third party taking responsibility for another’s repayment of debt; a pledge given to the creditor that a debtor will repay his debt.

• Research