Saturday, 3 September 2016



Cheque: In history, Muslims were known to be traders, traveling the world, dealing with people of all races and faiths and trading money from one city to an another. The historic evolution of the modern cheque comes from the Arabic sakk, a written vow by Muslim businessmen to honour payment for merchandise upon delivery.
Origination in the eastern Mediterrance as a convenient form of payment between local merchants in order to avoid the dangers and difficulties in  carrying coins, the sakk became the foundation of the modern cheque-based payment system seen today. In the 9th century, during the rule of Harun-al Rashid, a Muslim businessman could cash a sakk in China drawn on his bank in Baghdad under a highly developed "banking system".

By promoting the concept of the bills of exchange, sakk, or cheque, Muslims made the financing of commerce and international trade possible. This system became more versatile in 16th century Europe through the development of negotiability, eventually leading to the development of global cheque payment system.

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