Islam is a complete Deen that comprehensively guides humanity in all aspects of life. The guidance of Islam does not limit itself to worships and rituals alone, but it directs humankind squarely in financial matters as well. Such as, in financial contracts, sometimes a third party takes responsibility for the repayment of the debtor’s loan. This practice is called Hawalah in Islamic Jurisprudence. The subject of this research paper is the same as many new aspects of Hawalah have emerged in modern times and are most commonly used in society. For example, one of the essential accords in the banking system is the “Bill of Exchange”. To understand these modern aspects, it is necessary to comprehend the context and concept of the Hawalah thoroughly. This article begins with the various definitions of the Hawalah outlined by different jurists and a brief overview. Then, the paper discusses its jurisprudential status. The article mainly elaborates on ‘The Bill of Exchange’ with its detailed introduction concerning the Sharia point of view, its various types and its jurisprudential position. Subsequently, a particular study of the bill of exchange is presented in the context of its legal status. Finally, the article concludes itself with a few points extracted from the comprehensive analysis of the subject.