Assistant Professor Dr. Aqeel Karim Zaghir, a professor of commercial law at our college, participated in the discussion committee for a doctoral dissertation on “The Requirement of Documentary Credit for Commercial Settlement: A Comparative Study,” presented 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 for requiring documentary credit. Furthermore, there is no legislative text that clarifies the methods for paying the amount of institutional credit. The legal nature of the requirement for 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
