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BAHRAIN ISLAMIC CREDIT CARD

BAHRAIN ISLAMIC CREDIT CARD

WHAT IS IN BAHRAIN SHARIA COMPLIANT CREDIT CARD?

In Bahrain, Islamic credit card means: In the Kingdom of Bahrain, an Islamic (halal) credit card is issued under contracts approved by a Shari’a Supervisory Board and is marketed explicitly as riba-free.

Rather than charging compounding interest, issuers disclose service fees or pre-agreed profit linked to the outstanding principal and billing cycle. Major Islamic retail banks in Bahrain—such as Al Salam Bank, BisB, KFH-Bahrain and Al Baraka—position their cards as compliant with CBB (Central Bank of Bahrain) regulation and internal Shari’a governance.”,