Fatwa #110598 March 2004United Kingdom
Is it still ok to pay that interest to the bank even if you are paying on time ?
Question
Salam Aleikum Could you please explain again about the using of a Credit card because it?s a bit confusing ? there will be something like ?Interest On Your Standard Balance?. Is it still ok to pay that interest to the bank even if you are paying on time ? ? if not can we just pay the amount we owe and ignore to pay the interest that we still be accountable for. Jazak Allah
Answer
The use of a credit card is permissible provided the cardholder pays the entire amount due on or before due date, otherwise the balance will attract interest.
The payment of interest is absolutely Haraam. Your question about ?paying interest to the bank even if you pay on time? is unclear. There is no interest if you pay on time. What do you mean?
and Allah Ta'ala Knows Best
Mufti Muhammad Kadwa
FATWA DEPT.
CHECKED & APPROVED: Mufti Ebrahim Desai
The payment of interest is absolutely Haraam. Your question about ?paying interest to the bank even if you pay on time? is unclear. There is no interest if you pay on time. What do you mean?
and Allah Ta'ala Knows Best
Mufti Muhammad Kadwa
FATWA DEPT.
CHECKED & APPROVED: Mufti Ebrahim Desai