Shariah-compliant credit cards : an analysis of underlying structures
Author
Source
ISRA International Journal of Islamic Finance
Issue
Vol. 4, Issue 1 (30 Jun. 2012), pp.129-153, 25 p.
Publisher
International Shari'ah Research Academy for Islamic Finance
Publication Date
2012-06-30
Country of Publication
Malaysia
No. of Pages
25
Main Subjects
Financial and Accounting Sciences
Religion
Law
Islamic Studies
Topics
- Islamic jurisprudence
- Islamic law
- Islam
- Financial transactions
- Contracts
- ٌLeasing
- Speculation
- Credit operation
- Resale on profit
- Tawarruq
- Religious aspects
- Banking
- Credit cards
- Islamic Banks
Abstract EN
The purpose of this paper is to provide an analysis of various structures retail clients today.
The paper discusses case studies from several jurisdictions to show that various Shariah-compliant contracts or combinations of contracts are being used to structure Islamic credit cards so that customers enjoy similar benefits to those derived from conventional credit cards.
It is submitted that Shariah-compliant credit cards which encourage excessive spending (israf) should not be promoted on the basis that they counter the basic Shariah principle of moderation and avoiding wastage.
Furthermore, the recent financial crises highlighted that the structure of the product will provide little benefits if other factors, such as stringent credit screening processes, need-based analysis and customer’s interests, are ignored or given secondary importance.
American Psychological Association (APA)
Kenjebaev, Nurbek. 2012. Shariah-compliant credit cards : an analysis of underlying structures. ISRA International Journal of Islamic Finance،Vol. 4, no. 1, pp.129-153.
https://search.emarefa.net/detail/BIM-717655
Modern Language Association (MLA)
Kenjebaev, Nurbek. Shariah-compliant credit cards : an analysis of underlying structures. ISRA International Journal of Islamic Finance Vol. 4, no. 1 (Jun. 2012), pp.129-153.
https://search.emarefa.net/detail/BIM-717655
American Medical Association (AMA)
Kenjebaev, Nurbek. Shariah-compliant credit cards : an analysis of underlying structures. ISRA International Journal of Islamic Finance. 2012. Vol. 4, no. 1, pp.129-153.
https://search.emarefa.net/detail/BIM-717655
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 153
Record ID
BIM-717655