Q: I am currently renting my business premises from a an Islamic trust. They have amended the current lease agreement to state that 2% interest will be added to late payment of even a months rent. When the Muslim tenants objected, they changed the word interest and now describe it as admin fees.
Is this allowed? This very trust contributes to the funding of the masjid and Islamic school.
Q: I'm buying a car from a bank as "Car Ijarah", but I have two confusions;
1. From which bank I buy a car as per "Car Ijarah", they also ask us to sign on the contract where the condition is "If I delay the monthly installment then I've to pay some extra money as charity" as per their saying, but Alhumdulillah we have a shop and we are sure that we will be able to pay all installments on the time or before the deadline. So If I sign the contract and pay all the installments on the time will it be halal to buy that car from the bank?
2. The bank also want us to pay some extra money in down payment for takaful insurance of that car because in the period of installments which is 2 or 3 years the car owner of that car will be the bank, and as per we believe that insurance is haram so can we pay that money also? Because the owner is bank and after the period of installments they'll gift us that car.
Q: If someone owes you money and does not pay you by the due date, is it permissible to charge him an extra amount as an administration fee or any other fee?
Q: If a debtor comes to pay his debt two years after purchasing goods from us, do we have the right to charge inflation on the amount according to the rate of inflation?
Q: We have business tenants who persistently don’t pay rentals on time. It appears that they are in fact able to pay, but deliberately withhold the money and instead utilise it to effect early settlement with suppliers in order to get an early settlement discount. In the case of such tenants, is it permissible to charge a late payment fee if the rental due is not paid on time?