Suftaja A type of banking instrument used for the delegation of credit during the early Muslim period, especially the Abbasides period (749 to 1258 AD). It was used to collect taxes, disburse government dues and transfer funds by merchants and was commonly used by travelling merchants. It involved three parties: the payor, the payee and the transmitter. Suftajah could be payable on a future date or immediately. A suftajah held by one party could be endorsed to another party. The Arab merchants were using endorsements ( hawalah) since the days of Prophet Muhammad (pbuh). It differs from the modern bill of exchange in that a sum of money transferred by suftajah had to keep its identity and payment had to be made in the same currency.