Question Summary:
Charging interest due to law but deducting it at the end

Question Detail:

Assalamualaikum. 

Answer :

In the Name of Allaah, the Most Gracious, the Most Merciful.

As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.

Brother in Islaam,

The question is not clear. Explain to us the exact sequence of events. Who exactly does the retail and does the bank come in the equation? Also, if the customer was to delay in payment, what will be the consequences? You may revert to us at admin@daruliftaa.net.

And Allaah Ta’aala Knows Best.

Muajul I. Chowdhury

Student, Darul Iftaa

Astoria, New York, USA

Checked and Approved by,

Mufti Ebrahim Desai.