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Is the monthly maintenance fee charged by banks considered interest ?

Question

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

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