Islamic Credit Cards in Pakistan

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  • Thank you for having Islamic management being practice.
    In sha Allah our University will emulate your wise thinking
    wisdom and innovation by inserting islamic perspective of
    Management in Islam,Islamic Financial system etc.
    Jazakumullahu Khairan.
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  • Islamic Credit Cards in Pakistan

    1. 1. Scope of Islamic Credit Cards in Pakistan Imad Ahmad Baig Mustafa Shabbir Sana Maqbool Syed Faisal Khursheed Syed Muqaddas Ali
    2. 2. Introduction <ul><li>Islamic Credit Card- Sa’adiq </li></ul><ul><li>Background of Islamic Credit Card </li></ul>
    3. 3. Differences between Islamic and Conventional Credit Cards <ul><li>Non- Sharia’h Compliant </li></ul><ul><li>Money lending </li></ul><ul><li>Compounding profits </li></ul><ul><li>No control over transactions/merchants </li></ul><ul><li>Sharia’h Compliant </li></ul><ul><li>No money lending </li></ul><ul><li>None compounding profit </li></ul><ul><li>Control on transactions </li></ul>Conventional Islamic
    4. 4. <ul><li>Purpose of Research </li></ul><ul><li>Objective of Research </li></ul><ul><ul><ul><li>To identify the level of awareness among the customers </li></ul></ul></ul><ul><ul><ul><li>To identify what level of perception Islamic credit cards carry amongst Pakistani masses </li></ul></ul></ul><ul><ul><ul><li>To identify the willingness to own/switch to Islamic Credit Cards </li></ul></ul></ul><ul><li>Limitations </li></ul><ul><ul><ul><li>Time Constraints </li></ul></ul></ul><ul><ul><ul><li>Limited availability of Respondents </li></ul></ul></ul><ul><ul><ul><li>Authentic prior research in Pakistan </li></ul></ul></ul>
    5. 5. Research Methodology <ul><li>Population </li></ul><ul><ul><ul><li>All bank account holders </li></ul></ul></ul><ul><li>Sampling Size </li></ul><ul><ul><ul><li>200 respondents </li></ul></ul></ul><ul><ul><ul><li>Geographically Restricted to Karachi </li></ul></ul></ul><ul><li>Convenience Sampling Techniques </li></ul>
    6. 6. <ul><li>Questionnaire adopted from prior study on Islamic Credit Card holders-Nuradli & Abdul Hamid. </li></ul>
    7. 7. Analysis and Findings
    8. 8. Demographics 65% 35% 65% 35%
    9. 11. Ownership of Credit Card 60% 40%
    10. 12. Type of Credit Card Ownership 42% 44% 10% 3%
    11. 13. Awareness of Islamic Credit Cards
    12. 14. Awareness of Islamic Credit Cards (Age)
    13. 15. Awareness of Islamic Credit Cards (Monthly Income)
    14. 16. Promotion of Conventional vs Islamic Credit Card
    15. 17. Perception of Islamic Credit Card
    16. 18. Perception of Islamic Credit Card (Age)
    17. 19. Perception of Islamic Credit Card (Monthly Income)
    18. 20. Willingness to own Islamic Credit Cards 65% 35%
    19. 21. Willingness to own Islamic Credit Card (Age)
    20. 22. Willingness to own Islamic Credit Card (Monthly Income)
    21. 23. Willingness to Switch from Conventional to Islamic Credit Card 60% 30% 8%
    22. 24. Conclusion <ul><li>Severely low knowledge regarding Islamic credit cards </li></ul><ul><li>Most of consumers have a negative perception about Islamic Credit Card </li></ul><ul><li>Majority of people are willing to own/switch </li></ul>
    23. 25. Recommendations <ul><li>Banks should come up with more promotional campaigns </li></ul><ul><li>Banks should develop a program so as to clear the misconceptions amongst most consumers. This will help improving the perception. </li></ul>
    24. 26. <ul><li>Chakravorti and Ted, (1997). “Economic Perspectives: A Review from the Federal Reserve Bank of Chicago”, Research Dept. of the Federal Reserve Bank of Chicago. University of California. </li></ul><ul><li>Chapra, M. U. (1986). “A discussion of money, banking and monetary policy in the light of Islamic teachings”. Towards a Just Monetary System, pp. 55-56. Leicester: The Islamic Foundation. </li></ul><ul><li>Ma’sum Billah, M. (2004). “Islamic Credit Card in Practice”. In ICMIF Series of Articles: External papers (Takaful Islamic Finance). International Cooperative and Mutual Insurance Federation, URL: http://www.icmif.org/2k4takaful/site/documents/Islamic%20Credit%20Card.doc (14/03/2009) </li></ul><ul><li>Wonglimpiyarat, J. (2005). “Innovation Management in a Complex Economic Environment”. Strategies of Competition in the Bank Card Business, pp. 21-25. Brighton: Sussex Academic Press. </li></ul>References
    25. 27. Jazak’ Allah

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