ASKARI COMMERCIAL BANK LIMITED versus PAKLAND CEMENT
Section 9 Contract Act (IX of 1872), Section 74 State Bank of Pakistan BCD Circular No. 32 dated 26 11 1984 Recovery of Instant Payment Bonus Such bonus, in the nature of late payment penalty. And thus the contract is neither valid under Section 74 of the Act. 1872 Nor does the payment of installments for the Islamic Principles of Finance which do not allow the payment of any penalty in case of delay in payment, mark the markup on which the State Bank of Pakistan BCD Circular No. 32 is prohibited. Immediate payment bonuses under any name or form dated 26 11 1984 cannot be allowed to be included, or if incorporated, in accordance with Islamic finance principles and the agreement under BCD Circular No. 32. So, it cannot be implemented.
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