University professor and director of Political and Law Sciences Departments of Kharazmi University (Teacher Training).
Abstract
The compensation of delay payment has been discussed under the general topic of losses inflicted by failure to fulfil one's obligations. Hence it is discussed under the topic of commitments. The author in this article discusses the way of compensation of delay payment by banks, history of banking operations in this regard and the level and method of compensation of delay payment by banks before the Islamic Revolution as well as the condition of contracts from the beginning of the victory of the Islamic Revolution until the introduction of interest-free banking scheme. The author has also discussed the viewpoints of lawyers and jurisprudents in this regard and alludes to the opponents and advocates of the legality of compensation of delay payment.
