Ali, Osama Mohamed, Making sense of Islamic banking, IFLR, June 1992, at 30 et seq.

Compensation for late payment: In case of default in repayment, the financier suffers an additional loss because of the delay in the fulfilment of his client's obligations. The conventional system requires the client in default to pay liquidated damages agreed upon in the financing contract or alternatively pay statutory damages ordered by the court.

Referring Principles
Trans-Lex Principle: VII.6 - Duty to pay interest
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