PermissibleCommerce, Finance & Investment · Schemes & Products
Is It Permissible To Use The First Direct Current Account Which Requires a Monthly Fee?
The question, as received
Is it OK to use First Direct bank for day to day current account?
Their £10 a month charge is waived if we pay regularly £1500 monthly. But there is no money earned as interest of rewards.
My salary will be credited into this account regularly anyway so £10 will not be charged.
Jazakallahu khair
The answer
It is permissible to open a non-interest bearing current account with First Direct Bank. The £10 monthly fee paid by the customer to the bank is not considered to be interest.It is permissible for a bank to charge a service fee for the services it provides.
And Allah knows best.
Mufti Faraz Adam
Based on the Hanafi school and on the question as it was asked. Another mufti may reach a different conclusion. Read the disclaimer.