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doi.org/10.36475/L.A.W.14
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    რეზიუმე - Journal Law and World

    Volume 8, Issue 4

    A scrutiny of the demand deposit (current account) through the lenses of law and Islamic jurisprudence

    Authors: Mejd Aures Benlala

    Mejd Aures Benlala

    Assistant Professor (Ph.D), Department of Economics, University of Batna 1, Algeria

    Email: majdaures.benlala@univ-batna.dz



    Affiliation: Assistant Professor (Ph.D), Department of Economics, University of Batna 1, Algeria

    Abstract: Demand deposits (current accounts) are crucial to banks activity, particularly with regards to granting loans. For commercial banks, the primary source of funds is bank deposits. This article attempts to analyze and discuss the legal nature of the demand deposit contract, with a particular focus on the widely agreed upon characterization of this contract as a loan contract in all today’s legal systems (Common law, Civil law, Islamic law and hybrid legal systems). After discussing the arguments and building blocks of the loan theory and examining the essence of both contracts through the lenses of economics, law and Islamic jurisprudence, this paper concludes that the demand deposit contract cannot be considered a loan contract, with supporting arguments from economic, legal and Islamic jurisprudential perspectives.

    Keywords: Demand deposit contract, Loan contract, Civil Law, Common law, Islamic law and jurisprudence


    Language: EN

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    სქოლიო:

    1. J. Huerta de Soto, Money, Bank Credit, and Economic Cycles. Ludwig Von Mises Institute, Auburn, AL., 2006.
    2. P. Bagus & D. Howden, ‘The Legitimacy of Loan Maturity Mismatching: A Risky, but not Fraudulent, Undertaking’. Journal of Business Ethics, vol. 90 no. 3, 2009, pp. 399- 406, http://dx.doi.org/10.1007/s10551-009-0050-z
    3. P. Bagus & D. Howden, ‘Deposits, Loans and Banking:Clarifying the Debate’, The American Journal of Economics and Sociology, vol. 72, no. 3, 2013, pp. 627-644, http://dx.doi.org/10.1111/ajes.12023
    4. M. Rozeff, ‘Rothbard on Fractional Reserve Banking: A Critique’, The Independent Review, vol. 14, no. 4, 2010, pp. 497-512, https://www.independent.org/pdf/tir/tir_14_04_02_rozeff.pdf [Last seen: 18 April 2022].
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    11. Huerta de Soto, pp. 34-35.
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    13. Ibid, p. 160.
    14. Joachimson v Swiss Bank Corporation [1921] 3 KB 110, p. 127.
    15. E.P. Ellinger, E. Lomnicka & C. Hare, Ellinger's Modern Banking Law, 5th edn, Oxford University Press, Oxford, 2011, pp. 121-122.
    16. Cranston, p. 131.
    17. Foley v. Hill. (1848) 2 HLC 28. 9 ER 1002, p. 36.
    18. Loi n° 84-46 du 24 janvier 1984 relative à l'activité et au contrôle des établissements de crédit, Article 2, https://www.legifrance.gouv.fr/loda/id/JORFTEXT000000504724/ [Last seen: 13 January 2022].
    19. Law No. 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions (Boletín Oficial del Estado 27 June 2014), Article 1, https://www.bde.es/f/webbde/INF/MenuHorizontal/Normativa/eng/ficheros/Ley_10_2014_LOSSEC.PDF [Last seen: 13 January 2022].
    20. Royal decree of 22 August 1885, issuing Spanish code of commerce, English translation, 2012, Article 309, available at: https://www.mjusticia.gob.es/es/AreaTematica/DocumentacionPublicaciones/Documents/Code_of_Comerce_(Codigo_de_Comercio).PDF [Last seen: 15 February 2022].
    21. Law No. 17 of 1999 issuing the Egyptian Trade Law, Article 301, https://www.ilo.org/dyn/natlex/natlex4.detail?p_isn=54063&p_lang=en [Last seen: 15 March 2022].
    22. Oman Royal decree No. 55/90 of 1990 issuing the Commercial Law, Article 339, https://omanportal.gov.om/wps/wcm/connect/7b72e2d8-ba8e-48d4-b44e-c7c3570b639b/OMAN+I+COMMERCIAL+law1.pdf?MOD=AJPERES [Last seen: 16 March 2022].
    23. Jordan Commercial Law No. 12 of 1966, Article 115, https://maqam.najah.edu/legislation/16/ [Last seen: 16 March 2022].
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    28. Ibid, Article 598.
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    30. Ibid, Article 67.
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    33. Abu Sarhan, p. 177.
    34. Cranston, p. 132.
    35. L. Chorley, The law of Contract in Relation to the Law of Banking, Gilbart Lectures on Banking, London, 1964, pp. 6-7.
    36. Bank of Marin v. England (1966) 385 U.S. 99.
    37. French Civil Code Loi No. 1999-5 of 6 January 1999, https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000036829815 [Last seen: 7 June 2022].
    38. Steven v. Fidelity Casualty Co. (1962) 58 Cal.2d 862, 27 Cal.Rptr. 172, 377 P.2d 284.
    39. S. Wright, Contract law: the contra proferentem rule, Gibbs Wright litigation lawyers [website], https://gibbswrightlawyers.com.au/publications/contract-lawthe-contra-proferentem-rule [Last seen: 28 October 2022].
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    41. L. Von Mises, The Theory of Money and Credit, Liberty Classics, Indianapolis, Ind, 1980, pp. 300-301.
    42. Huerta de Soto, p. 16.
    43. Ibid, p. 18.
    44. E. Medina & P. Bagus, ‘A Critique of the Pure Natural Law Approach to Loan Maturity Mismatching and Fractional Reserve Banking’. Dialogi Polityczne, 2018, p. 13, http://dx.doi.org/10.12775/DP.2018.001
    45. Huerta de Soto, pp. 136-138.
    46. M. Rozeff, ‘Rothbard on Fractional Reserve Banking: A Critique’, The Independent Review, vol. 14, no. 4, 2010, p. 500, https://www.independent.org/pdf/tir/tir_14_04_02_rozeff.pdf [Last seen: 20 September 2022].
    47. Al-Maoussoua Al-Fiqheya, vol. 43, 2nd edn, The Ministry of Awqaf and Islamic Affairs in Kuwait, 1983, p. 56, https://waqfeya.net/book.php?bid=878 [Last seen: 3 July 2022].
    48. Ibid, p. 55.
    49. F. Meawad, Daour Al-qadhi fi taadil Al-aqd, Dar Al-jamia Al-jadida, Egypt, 2004, p. 275.
    50. Al-Maoussoua Al-Fiqheya, p. 46.
    51. Ibid., p. 23.
    52. A. Ibn Hajar, Fath Al-Bari bi shareh sahih Al-Bukhari, vol. 6, Al-maktaba Al-salafiya, Cairo, Egypt, 1960, pp. 230,234- 235, https://waqfeya.net/book.php?bid=10573 [Last seen: 30 June 2022].
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