As Salaamu ‘alaykum wa-Rahmatullahi Wabarakatuhu
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)
Was Salamualaykum Warahmatullahi Wabarakatuhu.