Charging a fee with instalments
Question
I'd like to know if a bank provides a service to purchase things on instalments of 6 months for example at a 0% mark up but charges a small fee for it, would that be considered as interest? Is it halal to avail this offer? Here's what they say:
Instalment Plan
Shariah Compliant
No processing fee
Payback in easy instalments
No extra charges
How it works? Select the product, choose the plan of your choice - 3, 6, 9 and 12 monthly instalment plans available. Apply online.
Answer
This is not right.
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Ebrahim Salejee (Isipingo Beach)
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