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Authors

  • y{‰]Z†ƒq XyÎ*0ÔgƒUÔ;gEų[ºÔçîsZh+Zi ÔWz,6kZ Author

Keywords:

credit card, banking system, plastic money

Abstract

Bank cards has now been largely accepted in markets and stores.This article explores the shariah compliance for these different cards.The writer has concluded that the usage of Debit Card is clearly permitted as its holder only consumes his own deposited balance without paying any kind of interest except service charges which are permitted to pay. The usage of Credit Card is not permitted even if the card holder administrates to pay all the credit in stipulated time as the relevant agreement always remains interest based.Sadiq Credit Card of Standard chartered bank which appears as the solely perfect Islamic credit card in Pakistan has not won the favour of muslim scholars.It also engaged with some kind of interest.

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Published

2012-12-31

Issue

Vol. 27 No. 38 (2012): AL-Az̤vā

Section

Articles

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