What are 5 questions I should ask a bank employee before any Islamic financing?

Ask him: 1) What exactly is the name of the contract?

Key points

• 2) What will the bank buy or own in the transaction?

• 3) What is the total amount I will pay from the first down payment to the last installment?

• 4) What happens if I am late or want to pay early?

• 5) What are all the fees, insurance, and expenses outside of the installment?

• If you leave the interview understanding these five answers, you will be able to compare the offer with much greater awareness.

The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.

Source

• AAOIFI — Sharia Standards