Islamic Credit Card gives you access to an Islamic Credit Card online. Thanks to Islamiccreditcard.com you will be able to understand the principles and structures of islamic credit cards.
Islamic Credit Cards are free from any Riba or Gharar. Riba consisting of interest and Gharar as uncertainty. One of the Islamic credit card principles us to avoid that people live beyond their means which is the case with a conventional credit card
DEFINITION OF AN ISLAMIC CREDIT CARD
The Islamic credit card is defined as a means of electronic payment including a deferred payment respecting the principles of Islamic law and guided by the rules of Islamic finance which bans any interest-bearing revolving credit facility .
IMPORTANCE OF ISLAMIC CREDIT CARD TO MUSLIMS
Islamic finance today offers more and more sophisticated financial instruments affecting positively the field of payment for individuals as well.
Payment by credit card to meet the rules of Islamic finance was lacking until just recently and its birth will greatly influence the credit card market especially in the Muslim world.
Islamic credit cards are becoming an important global payment tool which enjoys high acceptance worldwide allowing to the user of the halal card to comply with the principles of the Islamic Sharia.
WHAT DIFFERENTIATES A CONVENTIONAL (HARAM) CREDIT CARD FROM A HALAL CREDIT CARD?
The difference between the conventional credit card and the Islamic credit card shows clearly what seperates the use of a universal payment method and an ethical credit card.
The differences between conventional and Islamic credit cards are mainly :
DISADVANTAGE OF THE CONVENTIONAL CREDIT CARD FOR THE MUSLIM
Practical in appearance while offering flexibility to its user, the conventional credit card provides with inconveniences after analyzing its financial and ethical repercussions:
ADVANTAGES OF AN ISLAMIC CREDIT CARD
The Islamic credit card offers many advantages for the Muslim who wishes to respect the principles of Islamic Sharia:
FINANCIAL PRODUCTS INSIDE AN ISLAMIC CREDIT CARD
Using an Islamic credit card is not only obtaining access to sharia compliant financing services, the card holder enjoys also other Islamic finance compliant products such as islamic insurance products.
Complimentary Takaful (Islamic insurance) protection applies when using a halal credit card not only while travelling, but some banks add an additional product to cover the family of the card user in case of permanent disability or death, that clears off all the outstanding balance.
HOW DOES AN ISLAMIC CREDIT CARD WORK: PRINCIPLES AND MECHANISMS
The structure of Islamic credit cards is certainly complex compared to a conventional credit card, as their mechanism is in accordance with the Islamic Sharia.
TYPES OF ISLAMIC CREDIT CARDS
There are many types of Islamic credit cards respecting the principles of Islamic Sharia:
ISLAMIC CREDIT CARD FOR TRAVELLING
A travel islamic credit card is by definition a halal payment card used by a Muslim user for his travels in his country and abroad while respecting the laws of Islamic finance for his purchases in overseas.
The islamic credit card for travel is used by Muslims who travel either on holidays within private trips or for work on business trips and who wish to apply the rules of Islamic Shariah.
While travelling, the Islamic credit card is very important for the Muslim traveller, not only to enable him to have the ability to spend money without in having cash, moreover the islamic travel card must allow him to access to the following benefits:
The best travel Islamic credit card will be however chosen by the Muslim who travels based on an important criteria. This main criteria is to be provided with good insurances he should rely on, particularly when the user of the halal card faces an emergency situation when he is abroad.
HOW TO COMPARE ISLAMIC CREDIT CARDS ?
Comparing islamic credit cards is crucial.The islamic credit card comparison objective is to find the best islamic Shariah compliant credit card that is to be used by a Muslim who wishes to respect the principles of Islamic finance.
The comparison between Islamic credit cards is important for the Muslim user because of the large number of halal credit card providers and the great competition that exists between among the different Shariah compliant payment card issuers.
Comparing an Islamic credit card with another halal payment card and in order to be efficient, a Muslim car user should evaluate all the important criteria that will contribute to the decision to take a halal card.
The comparison of a Islamic credit card with another will essentially rely on the following criteria:
An islamic credit card comparison is based not only on the criteria mentioned above, but the most important criteria for choosing the best Islamic credit card is the quality of service provided by the card issuer as well as the permanent accessibility to the card services, particularly in case of emergency.
ISLAMIC CREDIT CARD: COUNTRIES OFFERING HALAL CREDIT CARDS