Loan service fees, late payment fees, collection fees : service fees and late fees in microfinance

السؤال

[Question One] : Aslamo Alaykum Wa Rahmatu Allahi Wa Barakatuh Dr Kahf, I hope this email finds you well. I am sorry for sending the promissory notes later than the date I specified, I wanted more time to revise and finalize them. Please find attached the two promissory notes that will be signed by ACCION USA and borrowers. The file named "CLEAN-Promissory note with UCC vPQ" is mandatory. The other file is required in case of taking a vehicle as a collateral. I am also attaching a list of other applicable fees and charges that a borrower may pay. Please inform me how many hours you may need to revise the notes. Thanks a lot [Question Two] : Aslamo Alaykum Dr. Kahf, Thanks a lot for your reply. At the beginning I would like to ensure you that in personal terms, I have no intention to be responsible for setting up a loan program that is based on interest, and in no way I have an intention of committing this sin. (I even have never deposit my personal money in a saving account that incurs Riba) I read your reply and I think I should have clarified how we came to the figure of the service fee ; I apologize for not informing you about it. I think I did so because when I asked what documents you need, the promissory notes were the only documents required by you. I based the halal loan service fee on a paper that is published by Islamic Relief named "micro Finance theory, policy, and practice". It tells about its microfinance experience in some countries. Please find attached this paper. Please bear my ignorance in Islamic finance as a non-specialist, I acknowledge myself as from Elaama (people who do not have Islamic education) However, I am a Muslim who is exerting effort to do well. Please find attached a file that explains how we calculated the fees. Thanks a lot Rasha

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

تاريخ النشر

2011-03-10

التخصصات الرئيسية

العلوم المالية و المحاسبية
الدراسات الإسلامية

الموضوعات

عدد الصفحات

2

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-729949

نمط استشهاد جمعية علماء النفس الأمريكية (APA)

Qahf, Mundhir. 2011-03-10. Loan service fees, late payment fees, collection fees : service fees and late fees in microfinance. .
https://search.emarefa.net/detail/BIM-729949

نمط استشهاد الجمعية الأمريكية للغات الحديثة (MLA)

Qahf, Mundhir. Loan service fees, late payment fees, collection fees : service fees and late fees in microfinance. 2011-03-10.
https://search.emarefa.net/detail/BIM-729949

نمط استشهاد الجمعية الطبية الأمريكية (AMA)

Qahf, Mundhir. 2011-03-10. Loan service fees, late payment fees, collection fees : service fees and late fees in microfinance.
https://search.emarefa.net/detail/BIM-729949