The instructions of the Shar¯ı´ah t

The instructions of the Shar¯ı´ah to debtors and creditors have also been discussed in detail.
The foremost duty of the debtor is to repay his loan in fulfilment of the promise or contract
made with the creditor. While creditors have been advised to be lenient in the recovery of
loans, debtors have been warned that debt has to be repaid and nonpayment carries serious
consequences in the Hereafter. A lender or a seller on credit can demand any security to
ensure recovery of the debt if the debtor is not able to pay his liability.
Shar¯ı´ah scholars have approved the provision of penalty clauses embedded in the contractual
agreements to the effect that, in the case of a default in payment of the debt, the
client will pay a certain amount as a penalty, which will be given to charity. Banks can
claim liquidated damages or compensation for a loss arising from default through the courts
or any arbitration committees that should keep in mind the actual loss suffered by the bank
and not the “opportunity cost” in the conventional sense.
A rebate on prepayment of a debt per se is not allowed. However, the AAOIFI’s Shar¯ı´ah
Standards allow banks to give rebates at their discretion if they are not stipulated in the
contract.
Debts can be assigned under the rule of Hawalah, but no obligation of debt should remain
unpaid, and if the assignee becomes bankrupt, dies or is unable to pay for any other reason,
the original debtor (assignor) is obliged to pay. In the sale of the debt, the purchaser of
the debt instrument has no recourse to the seller of the debt and, therefore, due to the
involvement of Gharar and Riba, the sale of debt is prohibited, except in the case where it
is subject to the rules of Hawalah.
An Islamic bank as a pledgee may derive benefit from a security in return for its services
for its maintenance. However, any extra income, i.e. over and above the expenses incurred
by the bank, should go to the pledger.

Hasil (Bahasa Indonesia) 1:

Petunjuk dari Shar¯ı´ah untuk kreditur dan debitur juga telah dibahas secara rinci.Tugas utama dari debitur adalah untuk membayar kembali pinjamannya dalam penggenapan janji atau kontrakdibuat dengan kreditor. Sementara kreditur telah disarankan untuk menjadi longgar dalam pemulihankredit, debitur telah diperingatkan bahwa hutang telah dibayar dan mencuatnya membawa seriuskonsekuensi di akhirat. Pemberi pinjaman atau Penjual kredit dapat menuntut keamanan apapunmemastikan pemulihan hutang jika debitur tidak mampu membayar kewajiban nya.Shar¯ı´ah ulama telah menyetujui ketentuan klausul-klausul penalti yang tertanam dalam kontrakPerjanjian untuk efek itu, dalam kasus kelalaian pembayaran utang,klien akan membayar jumlah tertentu sebagai penalti, yang akan diberikan kepada badan amal. Bank bisaklaim dilikuidasi ganti rugi atau kompensasi atas kerugian yang timbul dari default melalui pengadilanatau setiap komite arbitrase yang harus selalu diingat kerugian aktual yang diderita oleh bankdan tidak "biaya" konvensional dalam arti.Rebate pada pembayaran utang per se tidak diperbolehkan. Namun, AAOIFI Shar¯ı´ahStandar memungkinkan bank untuk memberikan Rabat kebijaksanaan mereka jika mereka tidak ditetapkan dalamkontrak.Utang dapat ditetapkan di bawah pemerintahan Hawalah, tetapi tidak ada kewajiban utang harus tetapbelum dibayar, dan jika diberi tugas menjadi bangkrut, meninggal atau tidak mampu membayar untuk alasan lain,the original debtor (assignor) is obliged to pay. In the sale of the debt, the purchaser ofthe debt instrument has no recourse to the seller of the debt and, therefore, due to theinvolvement of Gharar and Riba, the sale of debt is prohibited, except in the case where itis subject to the rules of Hawalah.An Islamic bank as a pledgee may derive benefit from a security in return for its servicesfor its maintenance. However, any extra income, i.e. over and above the expenses incurredby the bank, should go to the pledger.