The Legal Organization of the Public Loan Contract in the Islamic Countries – A Comparative Study Between the Iraqi، Egyptian and Lebanese Laws

Public loans are no longer an exceptional means that the administration resorts to whenever the need for funds to cover its extraordinary expenses. Rather, loans have become a tool of financial policy used by the state to achieve economic and social balance. The writers have been working on this financial tool with explanation and analysis, but their attention focused on discuss its economic aspects. As for the study of the legal regulation of the public loan contract in the Islamic countries in a comparative manner, the pens only dealt with it in a knowledgeable manner, for this we resolved to clarify the legal nature of public loans, and it became clear to us that these loans have a unique characteristic that distinguishes them from other financial resources such as taxes and fees. Their legal nature does not differ according to their different types. As for public loans, each type has a legal nature that differs from the other. Compulsory loans are legal (regulatory) ties, while optional loans are contractual links that may be civil or administrative, and external loans concluded with international persons. External loans are concluded with private foreign persons, administrative contracts of a special nature drawn from one of its parties to a foreign person belonging to another country. This difference in the nature of public loans did not prevent them from being subject to the principle of legal permission, as these loans are not considered legitimate unless the administration obtains permission from the legislative authority to conclude them. Iraqi, Egyptian and Lebanese to come out with the outcome of the ways to legally terminate it and the legal effects that this leaves on the borrowing country.