Is the monthly maintenance fee charged by banks considered interest ?
Is the monthly maintenance fee charged by banks considered interest ? Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the Most Gracious, the Most Merciful
No, the monthly maintenance fee that the bank charges is not interest. This is a service fee that the bank charges for maintaining your account and the services that it renders.
Contemporary Fataawa: p. 131 (M.S. OMAR)
Only Allah knows best
Written by Maulana Mohammad Ahsan Osmani Checked and approved by Mufti Mohammed Tosir Miah
Darul Ifta Birmingham