Q 3: I have dealt with a certain bank for 4 years. On requesting them to
cover my balance
when the balance is insufficient, which I will pay off as soon as possible, they agreed to do so provided that they add a coverage commission of about 10% of the amount covering (Part No. 13; Page No. 363) the balance, to the debt. Please, inform me about such coverage; is it Riba (usury/interest) or not? Is it permissible for me to deal with them bearing in mind that I will not put such an idea into practice until I receive a detailed answer as I fear the consequences of committing something Haram (unlawful) and Allah's wrath.
A:
If the reality of dealing is as you have mentioned, it will be pure Riba, which you have to avoid, as it is a major sin.
May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.
Quran
Quran
Quran Reciters
fiqh
Doctrine and Tawhid
Know about Islam
New convert paying t...
