Question
I owe an Islamic bank a large amount of money for a house which I had purchased in terms of their Islamic scheme. If I am in breach with an instalment or two, do I lose my rights? Can the bank claim the full amount according to the Shariah?
Answer
Breach and default do not nullify the rights of the debtor. The breach/default does not grant the banks any rights except that it may demand payment of such instalments which are overdue. It cannot demand payment of the entire debt.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 23 No 10
- PDF page
- 2
Appears under Questions and Answers (approximate).