Professor Dr. Mohammed Jassim Mohammed, a professor of commercial law at the College of Law at Dhi Qar University, chaired a doctoral dissertation committee at our college on “The Requirement of Documentary Credit for Commercial Settlement: A Comparative Study,” submitted by private law student Saif Munir Abbas.
The study aimed to understand the basis and legal nature of the requirement to open a documentary credit. Despite its prevalence and popularity in commercial transactions, it has not received legislative regulation that clarifies its nature, concept, and legal interpretation.
The study reached several conclusions, most notably that Iraqi law, as well as Egyptian and French law, did not regulate the provisions of the requirement of documentary credit. There is also no legislative text that clarifies the methods for paying the amount of institutional credit. The legal nature of the requirement of settlement has not been defined, leading legal jurisprudence to propose several opinions regarding its definition.
Department of Media and Government Communication
College of Law – University of Karbala
