Assalamu-alaikum Mufti saab,
My question is about credit card 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 12 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.
Regards,
Abdurrazzaq Shaik
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
In order for us to advise, forward us the terms and conditions of the loan/cash advance from the credit card company. You should also enquire in regards to the 2.99% transaction fee, what is it for?
You may email your clarification to: admin@daruliftaa.net
Ref: Hammad Jogiat
And Allah Ta’āla Knows Best
Hammad Ibn Ismail Jogiat
Student Darul Iftaa
Cambridge, Ontario, Canada
Checked and Approved by,
Mufti Ebrahim Desai.