Question ID: 28705
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I have a loan at a bank (non-islamic) at a fixed rate. I also have an access facility (account) at the same bank that allows me the following:
I am able to make use of the cash in my facility
. Cash in my facility is used to reduce my interest rate on my loan or
Monthly repayment including interest is calculated as (outstanding balance – facility + interest / re-payment period)

Is this jaaiz?

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Asked on May 25, 2008 12:00 am
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Private answer
No
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Answered on May 25, 2008 12:00 am