A loan guarantee is a promise made by a guarantor to assume a debt owed by a borrower if he can not repay it, and is therefore in default of payment .
The downstream is a type of credit guarantee practiced for commercial paper 1 . The downstream etymology is probably hawala of Islamic origin 2 .
Notes and references
- ↑ ” Downstream | Credit guarantees ” [ archive ] , on www.actufinance.fr (accessed June 15, 2016 )
- ↑ Gamal Moursi Badr , ” Islamic Law: Its Relationship to Other Legal Systems “, The American Journal of Comparative Law , Vol. 26, p. 187-198 ( DOI 10.2307 / 839667 , read online [ archive ] )