Customer services in Islamic banks

Fatawa Question

I have an import business, where i import the goods using L / C facilities (letter of credit) provided by Reba Bank. I deal with this bank due to many restrictions and limitations exist with the only Islamic bank in my country in order to provide me with L / C facilities. My question is, is it allowed in Shari’ah to deal with Reba bank as far as i deposit the cash in my company's account before the due date in order to avoid interest charges. the reason behind my question is that i heard from a friend that my L / C contract with the bank is "AQD SAHIH", but the clause which state the interest charges after specific dates is "Shart Fassed", and makes the whole contract "Fassed". Please advise.

Fatwa

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Publication Date

2002-03-04

Main Subjects

Economics & Business Administration
Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Islamic jurisprudence
• Islamic economics
• Contracts
• Competition
• United Arab Emirates
• Bank deposits
• Usury
• Islamic Banks
• Customer services

Data Type

Fatawa

Language

English

Record ID

BIM-724709

• APA
• MLA
• AMA