Fatwa #3113729 November 2014Netherlands
Is a percentage fee permissible from the bank if I transfer my account based on my credit card limit?
Question
My question is about bank offering certain loan in cash or purchases based on certain fees for facility with 0% interest for limited time.
My bank offered me to transfer cash to my current account against my credit card limit at 0% interest if returned within 9 months. However, they also charge a fee of 2.99% of the amount transfered to my account from credit card.
If I have intention to return money in time so no interest need to be paid, then is this transcation Halal. based on the fact that I will be paying a fee which is percentage of the amount taken.
If above is Halal, then can someone take advantage of shifting its credit card loan from one card to another using the incentive of 0% interest for fixed time against 2.99% fee.
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
We are having difficulty in understanding your query. If you have a credit card facility, what is the need to transfer to a current account? Kindly elaborate on this with an example.[1]
And Allah Ta’āla Knows Best
AbdulMannan Nizami
Student Darul Iftaa
Chicago, IL, USA
Checked and Approved by,
Mufti Ebrahim Desai.
[1] وَفِي الْخُلَاصَةِ الْقَرْضُ بِالشَّرْطِ حَرَامٌ وَالشَّرْطُ لَغْوٌ بِأَنْ يُقْرِضَ عَلَى أَنْ يَكْتُبَ بِهِ إلَى بَلَدِ كَذَا لِيُوَفِّيَ دَيْنَهُ.
[رد المحتار، ج۵، ص١٦٦، سعید]
[عصر حاضر کے پیچیدہ مسائل اور ان کا حل، کتاب البیوع، باب القرض والدین، ج۲، ص۱۹٦، الطاف اینڈ سنز]
[اسلام اور جدید معاشی مسائل، بینک ڈپازٹس، ج۵، ص۲۰۳، ادارہ اسلامیات]