Principle of autonomy in letter of credit (LC) - An overview from legal and Shariah perspective

The issuance of letter of credit (LC) as a method of payment in international trade carried by itself its distinctive feature that is independent from the underlying sales contract entered into between seller and buyer. Evidently, payment for the goods will be made upon compliance of documents ins...

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Main Authors:	Othman, Ahmad Azam, Che Hashim , Rosmawani
Format:	Conference or Workshop Item
Language:	English English
Published:	2013
Subjects:	K Law (General)
Online Access:	http://irep.iium.edu.my/38354/ http://irep.iium.edu.my/38354/ http://irep.iium.edu.my/38354/1/4thICBER_2013_Proceeding_Autonomy_of_LC.pdf http://irep.iium.edu.my/38354/4/000_000_4thICBER2013_Proceeding_Content.pdf

id	iium-38354
recordtype	eprints
spelling	iium-383542015-01-08T09:34:51Z http://irep.iium.edu.my/38354/ Principle of autonomy in letter of credit (LC) - An overview from legal and Shariah perspective Othman, Ahmad Azam Che Hashim , Rosmawani K Law (General) The issuance of letter of credit (LC) as a method of payment in international trade carried by itself its distinctive feature that is independent from the underlying sales contract entered into between seller and buyer. Evidently, payment for the goods will be made upon compliance of documents instead of compliance of the goods traded. Disputes between trading parties concerning the goods in the underlying contracts are to be addressed using a different cause of action which should not compromise the LC operations and undertaking of the bank to honour payment. Based on this unique characteristic, this paper aims to explain the meaning of principle of autonomy, its nature and background. It highlights the significance of principle of autonomy in LC transaction. Furthermore, it discusses the legal framework of principle of autonomy where to a certain extent, comparisons between relevant articles in the UCP 500 and 600 are highlighted. Next, discussion focuses on relevant case-law where the principle of autonomy was significantly prevailed in LC transaction. Last but not least, it addresses the issue of Shariah compliance in the application of this principle in LC. 2013 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/38354/1/4thICBER_2013_Proceeding_Autonomy_of_LC.pdf application/pdf en http://irep.iium.edu.my/38354/4/000_000_4thICBER2013_Proceeding_Content.pdf Othman, Ahmad Azam and Che Hashim , Rosmawani (2013) Principle of autonomy in letter of credit (LC) - An overview from legal and Shariah perspective. In: 4th International Conference on Business and Economic Research (4th ICBER 2013), 4th-5th Mar 2013, Bandung, Indonesia. http://www.internationalconference.com.my/proceeding/icber2013_proceeding/icber2013_proceeding.html
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	K Law (General)
spellingShingle	K Law (General) Othman, Ahmad Azam Che Hashim , Rosmawani Principle of autonomy in letter of credit (LC) - An overview from legal and Shariah perspective
description	The issuance of letter of credit (LC) as a method of payment in international trade carried by itself its distinctive feature that is independent from the underlying sales contract entered into between seller and buyer. Evidently, payment for the goods will be made upon compliance of documents instead of compliance of the goods traded. Disputes between trading parties concerning the goods in the underlying contracts are to be addressed using a different cause of action which should not compromise the LC operations and undertaking of the bank to honour payment. Based on this unique characteristic, this paper aims to explain the meaning of principle of autonomy, its nature and background. It highlights the significance of principle of autonomy in LC transaction. Furthermore, it discusses the legal framework of principle of autonomy where to a certain extent, comparisons between relevant articles in the UCP 500 and 600 are highlighted. Next, discussion focuses on relevant case-law where the principle of autonomy was significantly prevailed in LC transaction. Last but not least, it addresses the issue of Shariah compliance in the application of this principle in LC.
format	Conference or Workshop Item
author	Othman, Ahmad Azam Che Hashim , Rosmawani
author_facet	Othman, Ahmad Azam Che Hashim , Rosmawani
author_sort	Othman, Ahmad Azam
title	Principle of autonomy in letter of credit (LC) - An overview from legal and Shariah perspective
title_short	Principle of autonomy in letter of credit (LC) - An overview from legal and Shariah perspective
title_full	Principle of autonomy in letter of credit (LC) - An overview from legal and Shariah perspective
title_fullStr	Principle of autonomy in letter of credit (LC) - An overview from legal and Shariah perspective
title_full_unstemmed	Principle of autonomy in letter of credit (LC) - An overview from legal and Shariah perspective
title_sort	principle of autonomy in letter of credit (lc) - an overview from legal and shariah perspective
publishDate	2013
url	http://irep.iium.edu.my/38354/ http://irep.iium.edu.my/38354/ http://irep.iium.edu.my/38354/1/4thICBER_2013_Proceeding_Autonomy_of_LC.pdf http://irep.iium.edu.my/38354/4/000_000_4thICBER2013_Proceeding_Content.pdf
first_indexed	2023-09-18T20:55:05Z
last_indexed	2023-09-18T20:55:05Z
_version_	1777410250759995392

Principle of autonomy in letter of credit (LC) - An overview from legal and Shariah perspective

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