A Comparative Analysis of Charging Delay Penalty According to The Current Law and The New Reba-Free Banking Draft, With a Practical Method

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Mohebi Mohamad Taghi

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Paper Information

Journal: JOURNAL OF ISLAMIC ECONOMIC STUDIES Year:2019 | Volume:11 | Issue:2 (22) Page(s): 407-432

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Information Journal Paper

Title

A Comparative Analysis of Charging Delay Penalty According to The Current Law and The New Reba-Free Banking Draft, With a Practical Method

Author(s)

Mohebi Mohamad Taghi | Issue Writer Certificate

Keywords

Cash Bail BondQ1

Contract of SettlementQ1

Late Payment FeeQ1

Lelajal HypothesisQ1

Abstract

Late Payment Fee associated with bank facilities and loan repayment is among the banking system's predicaments. According to the existing Ribafree banking operation law, banks are permitted to ask for Cash Bail Bond from the receiver of facilities so that in case of any delay in instalment repayment they could have access to it. This is a matter of controversy among Islamic jurisprudents, since they consider it to be additional to the loan, hence forbidden as Riba. In the new Riba-free banking draft offered to the Iranian parliament it is recommended that the receiver of facilities be committed under another contract named Contract of Settlement to pay an additional fixed amount to the bank in case of installment repayment delay. This in its own turn requires some more expert evaluation for approval. The article aims to make a comparison between the two abovementioned methods and to offer a new practical one which can both remove the Islamic jurisprudential problem and facilitate the banks' executive duties. It can also be considered in the new Riba-free banking draft.

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APA: Copy

Mohebi, Mohamad Taghi. (2019). A Comparative Analysis of Charging Delay Penalty According to The Current Law and The New Reba-Free Banking Draft, With a Practical Method. JOURNAL OF ISLAMIC ECONOMIC STUDIES, 11(2 (22) ), 407-432. SID. https://sid.ir/paper/220847/en

Vancouver: Copy

Mohebi Mohamad Taghi. A Comparative Analysis of Charging Delay Penalty According to The Current Law and The New Reba-Free Banking Draft, With a Practical Method. JOURNAL OF ISLAMIC ECONOMIC STUDIES[Internet]. 2019;11(2 (22) ):407-432. Available from: https://sid.ir/paper/220847/en

IEEE: Copy

Mohamad Taghi Mohebi, “A Comparative Analysis of Charging Delay Penalty According to The Current Law and The New Reba-Free Banking Draft, With a Practical Method,” JOURNAL OF ISLAMIC ECONOMIC STUDIES, vol. 11, no. 2 (22) , pp. 407–432, 2019, [Online]. Available: https://sid.ir/paper/220847/en

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