Is it permissible to continue using the Bank Albilad Visa card given the bank's condition of holding SAR 2,000, and the existence of a SAR 150 issuance fee and a SAR 100 annual fee, especially since these conditions were not mentioned in the application form?
It is permissible for the bank to issue a visa card for a fixed fee in exchange for the services provided. It is also permissible for the bank to stipulate that the client deposit a sum as a financial guarantee, provided that the bank does not benefit from this amount. This is because if the client has no balance, the bank becomes a lender, and a loan must not yield a benefit. It is permissible for the bank to invest the deposited amount on the basis of (profit-sharing), such that the profit is divided between the client and the bank according to a pre-defined and known ratio. It is also permissible for the bank to retain the amount as a cash pledge without investing in it or benefiting from it, provided that the bank does not dispose of the amount.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Ftawy
- Original fatwa ID
- 17055
- Added here
- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy