Abstract
Credit, debit, and charge cards are provided by the banks to facilitate their customers to enable them to withdraw cash from their accounts or to obtain credit or to pay for goods and services purchased. There are some shariah issues related to the use of these cards. The most important of these issues are the relationship between the provider and the user and the settlement of financial rights and obligations between different parties involved in the transactions made through these cards. The purpose of this study is to explain the types and characteristics of these cards and to discuss the shariah principals and rulings for dealing with them related to both Islamic financial institutions that provide this facility to their customers and the customers who avail this facility. The study also explains the shariah ruling related to the use of these cards in various circumstances by various customer and shariah rulings regarding settlement of rights and obligation arising from credit transactions or spot payments. The article proceeds with an introduction and discussion on the characteristics of different types of cards. The second part discusses the shariah ruling on different types of cards, affiliation for membership of international card regulatory organization, commission payable by merchants accepting the card, shariah status of the fee charged by the institutions to the card holder, purchasing gold and silver and cash withdrawal using these cards. The last part explains the findings of this discussion on the topic. The study found that it is permissible for institution to pay amount for the membership of international card regulatory organization on the basis of Ijara Contract. Moreover the fee charged by the bank for issuing the card is also permissible on the basis of Hawal. It is also permissible to purchase gold and silver by debit card as the condition of possession is fulfilled in the transaction
Hafiz Muazam Shah , Dr Muhammad Anaz Rizwan. (2021) Credit, Debit Aur Charge Card kay Zariye hony Waly Muasir Maali Muamlaat ka Sharyi Jaiza, AL-ILM Journal, Volume 5, Issue 1.
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