Conditioning usury-based fees for late payment on a business financial facilitation card
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The first question of Fatwa No. ( 7425 )
Q1: There is a card for facilitating financial transactions in Western countries, which allows an individual to avoid carrying cash with him. With this card, he can buy anything he wants, and at the end of each month, a bill arrives listing the amounts he has spent, which he pays in full without any usury-based interest. This process protects the individual from having his money stolen. However, there is a condition for obtaining this card: if the payment of the bill is delayed by more than 25 days, they have the right to take a percentage of usury-based interest for each day of delay. Is it permissible to take this card, given that it is very possible to avoid falling into usury by paying the bill within the 25-day period granted as a deadline for payment?
A1 : If the situation is as described, the mentioned transaction is not permissible; because it involves contracting for usury and entering into it by conditioning fees that are paid in addition to the amount that the card issuer paid on his behalf in case of delay.
Q1: There is a card for facilitating financial transactions in Western countries, which allows an individual to avoid carrying cash with him. With this card, he can buy anything he wants, and at the end of each month, a bill arrives listing the amounts he has spent, which he pays in full without any usury-based interest. This process protects the individual from having his money stolen. However, there is a condition for obtaining this card: if the payment of the bill is delayed by more than 25 days, they have the right to take a percentage of usury-based interest for each day of delay. Is it permissible to take this card, given that it is very possible to avoid falling into usury by paying the bill within the 25-day period granted as a deadline for payment?
A1 : If the situation is as described, the mentioned transaction is not permissible; because it involves contracting for usury and entering into it by conditioning fees that are paid in addition to the amount that the card issuer paid on his behalf in case of delay.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.