Theory of Consideration in Bill of Exchange and the Contract of Havalah (Assignment)

One of discussions about bill of exchange is whether its consideration (provision Fr.), that is the money which is or will be payable in a due date, is transferred to its holder. Acceptance or rejection of the transfer of consideration has many important consequences. There are various theories about the question among Iranian as well as other lawyers. Due to the similarities between the commercial institution of bill of exchange and the contract of havalah (assignment) in Islamic law, the article seeks to consider the question of the transfer of consideration in the Shiite jurisprudence, and to analyze the jurisprudential nature of bill of exchange and its consideration. As will be seen, the answer is deferent with reference to various forms of bill of exchange and its consideration.