what is willful default 
willful default is the intentional failure to perform under the terms of a contract or obligation the defaulter deliberately violates the terms this type of default isn t committed due to misguidance negligence or carelessness willful defaulters know that their course of action is wrong but they proceed anyway 4the bottom lineinterest bearing loans are prohibited under islam s sharia law but this doesn t mean that islamic consumers don t ever need financing murabaha financing is used instead this type of financing doesn t charge interest but a markup is built into repayment the consumer doesn t own the product until the loan is fully paid as with interest bearing financing islamic law provides that money has no real value in and of itself so banks charge a flat extra fee for extending loans instead 