Fees on credit cards loans : investing money of credit cards and pay it in full within mercy deadline

Fatawa Question

Walikum assalam, Jazakum Allahu Khairan, I asked for me personally as several people brought the issue up recently and they are practicing it. They take the money and invest it and before the due deadline they will pay it back in full and not incur any interest charges. I have close relatives who did that. It seems from what you are saying that the "transaction" fee being 3 % of the borrowed amount is too high and is considered interest even if they are masking it and giving it another name (Tala3ub Fil 'Asmaa'). I looked online, including Islamonline, and couldn't find a clear answer for this question. Maybe this is a good time to have a written answer from qualified people like you. Wasalam, Munir

Fatwa

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Publication Date

2009-09-25

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Loans
• Administrative fees
• Credit cards
• Commissions

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-728404

• APA
• MLA
• AMA