An Investigation on Jurisprudential Bases of the Ability to Claim Compensation on Delayed Payment Penalty from the Perspective of Islamic Schools of Thought (in Persian)

Mohammad Aziz Hesami
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Mohammad Aziz Hesami: Iran

Journal of Monetary and Banking Research (فصلنامه پژوهش‌های پولی-بانکی), 2011, vol. 3, issue 8, 211-242

Abstract: The jurisprudential bases of the ability to claim compensation of delayed losses for compulsory guarantee¡ general transaction regulation¡ Fegh regulation and reasoning from Islamic schools of thoughts have been studied in this research. On these bases¡ we can say money is not the fungible property- with the same limited traditional concept- and thereof¡ fungible property regulations cannot be applied to it¡ but we can analog it to commercial commodity¡ delay in giving back the usurped commodity¡ wasting other people's assets and damaging other people's belongings¡ Fegh regulations about avoiding causing losses to others¡ and forbidding of abusing other's properties and…¡ undoubted Shari'ah principles such as justice¡ denial and ignorance in contracts¡ fulfillment of covenants¡ etc. and other evidences such as: custom¡ approbation¡ Shari'ah aims and facts that the nature of credit money is nothing but keeping its purchasing power and compensating for delayed payments or devaluation of money even beyond the conditions prescribed in article 522 of Iran Civil Procedure Law.Existence of such Shari'ah judgment appears essential in Islamic laws¡ because the new era has its own contingency and restricting the religious commandments to the appearance of texts and saying of qualified schools caused the opponents of Shari'ah to accuse the firm and complete system of Islamic law to inefficiency¡ old fashioned and… JEL Classification: N25, E59, Z19, Y30

Keywords: jurisprudence bases; delayed payment penalty; debt payment; lack of commitment; late debts (search for similar items in EconPapers)
Date: 2011
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