Use of credit cards : objective of Shari’ah and prohibition of Riba in credit cards

Fatawa Question

Dear Dr. Monzer, ASlamo Alakam, I happened to read your paper on objectives of Shari`ah in the prohibition of Riba, it is quite impressive logically and broaden common Muslim vision about what is interest and what not ? please accept congratulation for such great research and guidance to Muslim community. Due to lack of knowledge and Fatwas by unlearned muftis spread all around streets, common Muslim is put to believe that all banking system products are interest based and therefore Haram and illegal and to the extreme bank jobs are also Haram. It would be great service to Muslim community if banking system existing products are categorized like what is Shari’ah compliant and what not ? For example, credit cards by bank or credit cards by shopping mall etc. what is their credibility towards Shari’ah ? I feel these are ok and Islamic compliant as I recollect from this paper spirit and rationale, please correct me if I am wrong ? Best Regards Gulzar

Fatwa

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Publication Date

2009-04-06

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Usury
• Credit cards

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-728381

• APA
• MLA
• AMA