1. Islamic financial institutions shall neither borrow nor lend funds with an interest or benefit, in any way whatsoever, nor arrange or charge an interest or benefit for any overdue debt sum, including a late payment interest even if by way of compensation, and any agreement to the contrary shall be null and void. 2. The borrowing referred to in this Article shall mean to grant the ownership of funds or fungible items to any other person so that the latter would refund or deliver back the same item or funds in the same sum, type and properties to the lender at the end of the loan term, without requiring, expressly or based on customary practice, a benefit in favor of the lender or an increase above the borrowed sum.
Interpretation and application must be checked against the official text and current version.