Question:

Is there any penalty involved if one fails to pay the Rental to Askari bank on time?

by Guest5013  |  12 years, 8 month(s) ago

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I have been assigned a task on Askari bank to collect detailed information regarding  Askari Ijarah Bis Shariah. I want to know Which risk is associated with the client in Askari bank's Ijarah?

 Tags: Askari, bank, fails, involved, pay, penalty, rental, time

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  1. Guest8387
    In Ijarah, nominal additional charges are taken by the Askari Bank due to any delay in rental installment(s) by the customer, which are used for “charity” purposes, rather than going into the income of the Bank, as it is done in the case of conventional lease. This concept of charging “penalty” is approved by the contemporary Shariah Scholars to allow the Banks to safeguard themselves against the “habitual defaulters”.

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