Please can you tell me what the R200 is considered as ( if not interest)
I own an appliance store. I have an oven to sell, the price being R1000 if purchased for cash. However, if a customer takes it on credit i.e. monthly installments, he eventually ends up paying me R1200. Is this R200 considered as interest? QUESTION NO: 830 2007/12/22
DISPLAY ANSWER. No And Allah Knows Best Mufti Elias (May Allah Protect him)
Mufti . Alhamdulilah Allah has granted me abundant wealth. Often family and friends borrow money from me and more often than not the loan is not paid on the due date. There are some loans that will never be paid....