Penalty for Late Payment of Cash in Jurisprudence and Law, With Special Reference to Imam Khomeini's Principles

Given Iran’s today economic conditions and change in the prices and devaluation of national currency, it is difficult to have transaction without taking into consideration a penalty for delay in payment of time-bound deals. At the same time, ambiguity about contradiction of this rule with the Sharia has led to suggestion of various stances by legal authorities to the extent that some maintain that penalty for late payment of cash is against the Sharia. Hence, the significance of this issue becomes more important from different perspectives. The present article is an attempt to find out whether the nature of penalty for late payment of cash is different from payment based on the current value of currency and calculation of the inflation rate, or, it is the same. Or, whether the collateral or guarantee fund is a kind of civil penalty for violation of the commitment? Or, whether this collateral or guarantee fund is a kind of penalty compensation for the damage inflicted by the committed person because of violation of his/her commitment?