СС 3 - Затягивающийся должник

The purpose of this standard is to explain the Shari’ah rulings applicable to the transactions of Islamic financial Institutions relating to solvent debtors and/or guarantors procrastinating in settling their obligations debtors and/or guarantors procrastinating in settling their obligations and and contractors delaying in fulfilment of their obligations, which invokes contractors delaying in fulfilment of their obligations, which invokes penalty penalty stipulated in the contract.

The word (Institution/Institutions) is used here to refer, in short, to Islamic financial institutions including Islamic Banks.

Scope of the Standard

This standard covers cases of default on the part of a solvent debtor or a a solvent guarantor, and the case of a contractor or concessionaire who is 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.