If i take a book from a library on 10th of this month, it has to be returned on or before 10th of next month. If i return it only on 20th of next month, i will have to pay $ 2 as fine. Is this fine equal to interest?
Answer
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatoh
In principle, if you have subscribed to the library, you are bound by the rules that govern your membership. If the rules of the library membership are that you pay a fine for late returns, then you are bound to pay if you return the book late. The fine imposed by the library is not interest.
And Allah knows best
Wassalam
Muhammed Zakariyya Desai,
Checked and Approved by:
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In’aamiyyah