Following the literal interpretation of ribā, jurists have agreed that muḍārabah and mušārakah are legitimate modes of financing. As both arrangements are highly risky to manage in practice, murābaḥah has been introduced as an alternate mode of financing. Despite its extraordinary success, murābaḥah has led to moral hazard in the form of frequent delays in payments and defaults for which Islamic scholars have introduced a penalty clause as discouragement. Examination of the murābaḥah penalty clause instrument suggests that it is ribā, prohibited when interpreted literally. Moreover, the penalty clause has never been enforced in Pakistani courts. This article suggests that the literal interpretation based on the objectives of Sharīʿah (substantial interpretation) will prevent loopholes such as the abuse of the murābaḥah instrument and consequently the penalty clause as well and will lead to substantial compliance with the principles of Islamic finance.

按照对ribā的字面解释，法学家一致认为，穆沙拉夫和穆沙拉克是合法的筹资方式。由于这两种安排在实践中都存在很高的风险，因此引入了murābaḥah作为替代融资方式。尽管穆拉巴哈取得了非凡的成就，但由于经常拖延付款和违约，导致道德风险，伊斯兰学者为此提出了惩罚性条款，以示沮丧。对murābaḥah刑罚条款文书的检查表明，它是“ ribā”，按字面解释时禁止使用。此外，巴基斯坦法院从未执行过惩罚条款。本文认为，基于伊斯兰教法目标的字面解释（实质性解释）将防止出现漏洞，例如滥用穆拉巴哈文书，因此也将适用惩罚条款，并将导致对伊斯兰金融原则的充分遵守。