Islamic banks more expensive than conventional banks : why Islamic banks are more expensive ?
Fatawa Question
Assalamu Alaykum, I want to know why Islamic bank wear a title as a Shari’ah Based. One of my friend got loan from Islamic bank, if he is not able to pay the debt within 45 days. He must pay FINE. Instead of asking Interest they ask fine. Both are same. My Question is if he cannot pay money to the bank they should extend some grace period. There are no rights to ask fine / interest which is not Islamic based. Consider example, Wine, whiskey, Beer are all related to say Alcoholic Beverage likewise interest, fine also related to say Riba in this regards. Why Islamic bank asking extra money from debtor. They have the rights to ask only ACTUAL Amount of loan. Prophet (peace and blessings be upon him) declared that the wrath of Allah is on the Riba taker, giver, writer and witnesses. With Salaam
Fatwa
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Publication Date
2008-02-05
Main Subjects
Financial and Accounting Sciences
Islamic Studies
Topics
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-730774
American Psychological Association (APA)
Qahf, Mundhir. 2008-02-05. Islamic banks more expensive than conventional banks : why Islamic banks are more expensive ?. .
https://search.emarefa.net/detail/BIM-730774
Modern Language Association (MLA)
Qahf, Mundhir. Islamic banks more expensive than conventional banks : why Islamic banks are more expensive ?. 2008-02-05.
https://search.emarefa.net/detail/BIM-730774
American Medical Association (AMA)
Qahf, Mundhir. 2008-02-05. Islamic banks more expensive than conventional banks : why Islamic banks are more expensive ?.
https://search.emarefa.net/detail/BIM-730774
