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What are the permissible alternatives to a penalty in the case of delayed payment of a loan?
It is prohibited to stipulate a penalty in the event of any delay in paying back a loan, or a debt resulting from a sale to be paid for at a later date, or any other kind of debt. It is permissible to stipulate that all instalments will become due immediately, or the timescale for payment will be reduced, if the debtor delays payment.SaveIs it permissible for the trader to take part of the price for the item, then ask a third party to make it?
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