Charges on credit cards issued by Islamic banks : refund of a part of rental of using credit card when paying on time
Fatawa Question
Bank charges 75 Dhs monthly as rental for the card. If I settle the due amount in full on time the bank will refund 60 Dhs. So the actual monthly rental on card is 15 Dhs. For me this sounds a bit unusual because this is more like a late payment charge where bank is taking in advance in case the amount is not settled in full. Is it allowed in Islam for any financial institution to charge any late payment fee (on Credit card transactions) ? Jazakallah
Fatwa
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Publication Date
2007-02-17
Main Subjects
Economics & Business Administration
Islamic Studies
No. of Pages
2
Data Type
Fatawa
Language
English
Record ID
BIM-784667
American Psychological Association (APA)
Qahf, Mundhir. 2007-02-17. Charges on credit cards issued by Islamic banks : refund of a part of rental of using credit card when paying on time. .
https://search.emarefa.net/detail/BIM-784667
Modern Language Association (MLA)
Qahf, Mundhir. Charges on credit cards issued by Islamic banks : refund of a part of rental of using credit card when paying on time. 2007-02-17.
https://search.emarefa.net/detail/BIM-784667
American Medical Association (AMA)
Qahf, Mundhir. 2007-02-17. Charges on credit cards issued by Islamic banks : refund of a part of rental of using credit card when paying on time.
https://search.emarefa.net/detail/BIM-784667
