Banks charge a commission for providing a Guarantee to clients purchasing goods etc. Can such a commission be added to the costs of the client? |
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Q: (5): (a) Banks charge a commission for providing a Guarantee to clients purchasing goods etc. Can such a commission be added to the costs of the client?
(b) Can the Finance Company charge a commission for providing a Guarantee for goods purchased by its client?
A: Any fee charged on a Guarantee is not permissible in Shariah. Therefore, any amount paid as a fee for a? Guarantee cannot be added to the cost of the Commodity in a transaction of Murabahah.
Contemporary fatawaa
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