AAOIFI Shariah Standards

Procrastinating Debtor: Scope & Shariah Ruling

This standard covers cases of default on the part of a solvent debtor or a solvent guarantor, and the case of a contractor or concessionaire who is late in completing work and thus becomes a debtor by virtue of a penalty clause.The standard does not cover debtors who are insolvent or bankrupt, or debtors who delay payment for an established Shari’ah reason.

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