Comparative Study of Legal Structure and Nature of Participated Loan Agreement in International Trade Law and Iranian Law

The modern participated loan agreement in order to financing of huge commercial affair has recognized as collective mechanism in which all partners are not as parties of agreement but principal bank or financial institution conclude the loan agreement with borrower bilaterally behalf of partners and undertake to paying of all sum of loan to borrower himself. In the other words, despite assignment of some percentage of loan sum to other partner bank, the principal bank is only part of agreement with borrower who demand the performance of obligations by principal bank. Regarding to lack of any convention or model law in international trade law and non- modification of independent act in Iranian law system about participated loan agreement, the last theory can describe the nature of agreement better than other theories. Furthermore, this theory is more compatible than others theories with Islamic jurisprudence and principles and rules of Iranian law