Charges on credit cards issued by Islamic banks : withdrawing cash using credit card

Fatawa Question

Dear Dr Kahf, Sslamu Alikum By using a credit card the account holder can withdraw money. For every 3000 Dhs withdrawal bank charges 100 Dhs which is a fixed amount. If the account holder doesn't pay the money on time, there is no additional charge (such as late payment, interest). Is this method of using the credit card is allowed in Islam. I know non-Islamic banks have interest and at payment charges if the account holder doesn't settle the money in full on time which is non Islamic. Jazakallah.

Fatwa

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Publication Date

2007-02-16

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-784664

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