Arabic (ليّ) for the act of delaying repayment/payment of due debts (duyun) on maturity. Such a delay/procrastination may be the result of inability to pay (force majeure preventing performance) by an insolvent debtor or willful abstention by a solvent debtor. Layy by a solvent debtor is forbidden by shari’a and is considered zhulm (oppression/injustice).
Islamic Finance
The last three decades have witnessed the modern rebirth of Islamic finance both in terms of literature and practice. Islamic banks and ...
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