Aslamoalaikoum mufti sahib
. i have a question related to loans which Islamic banks provide
. i took a loan of 30,000 AED in may 2007 on 983.33Aed installment per month for 36 months which means i will return back 35300 Approximately
. i want to know this 5300 which i m paying extra is interest or what as they told me that it is according to Islamic banking.
secondly now half of the installments have gone and i am in a position to pay the remaining amount in lump sum. can i pay it together or i should pay it in installments what does our religion say about this please reply to me soon
. jazakomullaho khair