By Dr. Manzoor Ahmad Al-Azhari
Abstract
Interest is prohibited almost in all religions for its several setbacks. The interest based institutions are strongly propagating their products, among them are credit cards. These cards provide debt for short & long term periods. People need these card to run their life in many disciplines, specially while traveling abroad. They don’t want to face theft, security problems and bankruptcy etc. So having no care of the demerits of cards they use them frequently. Modern Muslims scholars, paying their duty, tried to guide them about card use. In this paper we try to present and analyse their opinion about the legal adjustment of credit cards raising some questions about the legitimacy of different aspects of cards for example:
- i) Can we accept card’s transactions as a whole?
- ii) Is the issuance and annual fee acceptable Islamicaly?
iii) Is the deduction from buyers’ bills legal?
- iv) Does the card agreement resemble some existing model
transaction?
We throw light firstly on brief history of credit cards then come to the legal opinions of Muslim jurists.
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