The contemporary Shariah scholars have evolved a consensus that banks are authorized to impose late fees on the delinquent. But proceeds of such penalty are to be used for charity purposes. Only the court or any independent body can allocate any part of the penalty as liquidated damages / solatium for the banks.
Showing posts with label Can Islamic banks claim solatium or liquidated damages on account of late payment/default by the clients?. Show all posts
Showing posts with label Can Islamic banks claim solatium or liquidated damages on account of late payment/default by the clients?. Show all posts
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