Loans from islamic banks

Question ID: 27806

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

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Asked on December 9, 2008 12:00 am
Private answer
They say it is not interest. We are not fully convinced that there is any Kosher, valid Shaari Islaamic banking system in S.A. Ask for a negotiated settlement so that you get a discount
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Answered on December 9, 2008 12:00 am