No, you won’t be charged interest but you may have to pay processing fees. This will vary from bank to bank and depend on your total.
Processing fees are as follows:
Banks/Tenure | 3 Months | 6 Months | 9 Months | 12 Months |
Dubai First | 1% | 1% | 2% | 2% |
Mawarid Finance | NA | NA | NA | NA |
Emirates Islamic | 2% | 2% | NA | NA |
CBD | 1% | 2% | NA | 3% |
Please note that the full amount will be charged on your card on the day of the transaction.