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The document discusses whether Islamic credit cards are permissible in Islam. It provides background on the history of credit cards and how they work. It then examines different Islamic financing structures used for credit cards like tawarruq, ujrah, and bai al inah. It analyzes fatwas on various credit card features like fees, late payments, interest on balances, and currency conversion. While there are differing opinions, some Islamic scholars argue bai al inah makes Islamic credit cards permissible according to the Shafii school of thought by avoiding riba.
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Here are the steps to calculate the debt burden ratio:
1. Monthly income before tax: 1500 JD
2. Estimated tax: 20% of 1500 = 300 JD
3. Monthly net income: 1500 - 300 = 1200 JD
4. Monthly debt payments:
- Credit card 1: 50 JD
- Credit card 2: 75 JD
- Car loan: 150 JD
- Total monthly debt payments: 50 + 75 + 150 = 275 JD
5. Debt burden ratio = Total monthly debt payments / Monthly net income
= 275 / 1200
= 23%
Therefore, the debt burden ratio for this applicant is 23%.
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Payment Due is up
to Rs. 2000
Rs. 400 if Total
Payment Due is
between Rs. 2001
- Rs. 5000
Rs. 600 if Total
Payment Due is
Rs. 5001 or more.
Payment Due is up
to Rs. 2000
Rs. 400 if Total
Payment Due is
between Rs. 2001
- Rs. 5000
Rs. 600 if Total
Payment Due is
Rs. 5001 or more.
Payment Due is up
to Rs. 2000
Rs. 400 if Total
Payment Due is
between Rs. 2001
- Rs. 5000
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Payment Due is
Rs. 5001 or more.
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2. Key details about credit cards are explained such as what they are, eligibility requirements, classification based on various factors like issuer or validity, the credit card cycle and parties involved.
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Here are the steps to calculate the debt burden ratio:
1. Monthly income before tax: 1500 JD
2. Estimated tax: 20% of 1500 = 300 JD
3. Monthly net income: 1500 - 300 = 1200 JD
4. Monthly debt payments:
- Credit card 1: 50 JD
- Credit card 2: 75 JD
- Car loan: 150 JD
- Total monthly debt payments: 50 + 75 + 150 = 275 JD
5. Debt burden ratio = Total monthly debt payments / Monthly net income
= 275 / 1200
= 23%
Therefore, the debt burden ratio for this applicant is 23%.
Banking project on Credit Cards
Payment Due is up
to Rs. 2000
Rs. 400 if Total
Payment Due is
between Rs. 2001
- Rs. 5000
Rs. 600 if Total
Payment Due is
Rs. 5001 or more.
Payment Due is up
to Rs. 2000
Rs. 400 if Total
Payment Due is
between Rs. 2001
- Rs. 5000
Rs. 600 if Total
Payment Due is
Rs. 5001 or more.
Payment Due is up
to Rs. 2000
Rs. 400 if Total
Payment Due is
between Rs. 2001
- Rs. 5000
Rs. 600 if Total
Payment Due is
Rs. 5001 or more.
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This document analyzes the various structures used for Sharîah-compliant credit cards. It discusses structures based on bay al-înah, ijârah, a combination of ujrah and kafâlah, tawarruq, and a combination of tawarruq and muḍârabah. For cards based on bay al-înah, the bank sells an asset to the customer on deferred payment terms equal to the credit period, then buys it back for a lower price equal to the credit limit. The proceeds are placed in a safekeeping account for the customer to use. The customer must pay the deferred sale price, so the card does not revolve indefinitely.
Vinay project final copy
1) Loans and advances are the most important aspect of any banking organization as they provide credit to customers. Different types of loans include consumer loans, housing loans, car loans, and education loans.
2) The document discusses the background and history of loans, which dates back thousands of years. It also outlines the objectives and scope of the study, which is focused on assessing interest rates on loan schemes and studying the growth and financial performance of loans and advances at a cooperative bank.
3) The methodology of the study involves collecting both primary and secondary data through methods like observation, interviews, annual reports, books, and the internet. The study has some limitations in scope and data accuracy.
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A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry. A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account.
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2. Tables are included that compare joining fees, annual fees, eligibility requirements, and rewards/benefits of 10 top credit cards in India.
3. The document aims to analyze credit cards in India and provide a case study on reviewing the best current credit cards and what the future may hold for credit card business.
Credit Card Issuers
This presentation covers the credit card business and highlights the many different types of credit cards available, how credit cards are processed and the major credit card issuers.
Rights and obligations of banker
The document discusses the relationship between bankers and customers. It defines key terms like banker, customer, and the various types of relationships that can exist between them such as creditor-debtor, debtor-creditor, beneficiary-trustee, and principal-agent. It also outlines the obligations of banks, rights of bankers, special types of customers like minors and partnerships, and principles of lending.
Loans
The document discusses loans and the State Bank of India (SBI). It provides an overview of what a loan is and how it works. It then discusses SBI as the largest bank in India and describes its history dating back to 1806. It also summarizes SBI's growth over time and its extensive international network today. Finally, it lists some common types of loans provided by SBI including personal loans, housing loans, and education loans.
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Shari'ah-Compliant Credit Cards - An Analysis Of Underlying Structures
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Fundamental of Islamic Banking - Application of Funds
Fundamental of Islamic Banking - Application of Funds - Financing Facilities and the underlying Shariah Concepts
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The document compares and contrasts insurance and takaful. It provides details on:
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2) Takaful is an Islamic insurance system based on mutual assistance and donation, where risks are shared collectively. It follows the principles of tabarru (donation) and ta'awun (mutual guarantee).
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This document provides an overview of the development of Islamic banking and finance in Malaysia. It discusses the historical milestones and stages of development of Islamic banking, takaful (Islamic insurance), the Islamic capital market, and the roles of the Shariah Advisory Council and Labuan International Offshore Financial Centre in developing the Islamic financial system. The framework established in Malaysia has served as a model for the development of comprehensive Islamic financial systems internationally.
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This document discusses Bay al-'Inah, which refers to the selling of an asset with deferred payment at a higher price, and then repurchasing the same asset from the buyer at a lower cash price. It defines Bay al-'Inah, provides evidence from hadith, and discusses the differing opinions of scholars on its permissibility. Some scholars prohibit it as a form of interest avoidance, while others permit it based on Imam Shafi'i's approval and use as a financing model when certain conditions are met. The document also outlines how Bay al-'Inah is applied in various Islamic banking products in Malaysia.
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The document defines al-Wadi'ah as property left with someone to take care of it based on trust. It discusses the evidence from the Quran and hadith supporting al-Wadi'ah. The pillars of al-Wadi'ah are the depositor, deposited property, and depositary. There are two main types: al-Wadi'ah Yadd al-Amanah based on trust without liability, and al-Wadi'ah Yadd al-Dhamanah which allows the depositary to use the property and be liable for damages. Issues like conditions, flows, and disputes over profits are also summarized.
AL-IJARAH
The document defines al-ijarah (leasing) and discusses its pillars, types, conditions and modern applications. It states that al-ijarah refers to the lease of an asset's usufruct or services for a fee. The key pillars are the owner (lessor), user (lessee), asset and fee. Types include leasing tangible assets or labor. Conditions include specifying the asset, payment and contract terms. Modern applications discussed are simple leasing, al-ijarah thumma al-bay' (lease-to-own), musharakah and sukuk structures.
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Present 547
- 1. Is it Islamic Credit Card is Permissible in Islam? Ahmad Hizamudeen Bin Hang Tuah Muhamad Izudin Bin R.Azeman Muhammad Fitri Hakim Bin Mihat
- 2. Definition of Credit Card • Card , cheque , voucher, coupon give to individual. • Card make the individual which is cardholder get a cash, good and service in credit. • The cardholder will make the agreement with issuer of card (bank).
- 3. History of Credit Card • New York 1951, Frank NcNamara America, Chairman of the Hamilton Credit Corporation with his old pals, Alfred Bloomingdale and his lawyer, Ralpd Sneider dinner at a top restaurant in New York • However , he was forget to bring a wallet to pay the bill. So, contact his wife to bring money to pay the restaurant bill. This incident was embarrassed him
- 4. • He got an idea to start credt card when people can eat and drink without bringing money together • He suggest to other restaurant and start the Dinner’s Club • Customer will eat and drink in restaurant and Dinner’s Club will pay for it. Than, customer will pay to Dinner Club specific charge.
- 5. • Since then , America Express credit was introduced in 1958. • Then credit card known as Visa was introduced and the uses of magnetic strip on the back introduced in 1970.
- 6. Modus Operandi Islamic Credit Card Tawarruq Ujrah Bai Al Inah
- 7. Tawarruq 2 BANK CUSTOMER 5 1 3 MERCHANTS 6 4 WADIAH ACCOUNT
- 8. Ujrah 1 BANK CUSTOMER 5 2 CREDIT CARD ACCOUNT 5 3 3 4 MERCHANTS
- 9. Bai Al Inah 1 BANK CUSTOMER 5 2 WADIAH ACCOUNT 3 4 MERCHANTS
- 10. SANCTION RELATING TO THE USE OF CREDIT CARD
- 11. • Using a conventional credit card is within period allowed ~ In a case, a person intends to use the conventional credit card that is apply with the condition of Interest or usury, but the aims is to always care of the repayment period before the interest charged which is Riba. = OIC International Fiqh Academy-Not Permissible
- 12. • Participation Fees, Renewal and Conversion Card ~ The Sanction: It is Permissible. There is no conflict from the perspective of Islamic law, it is considered as a fee set by the manufacturer for the services provided. • Condition to terminate the contract according to the issuer only ~ The issuer has the right to terminate the contract even without the consent of the cardholder. = The Sanction: The conditions are accepted and PERMISSIBLE
- 13. • Currency Conversion with the Credit Card (Money Exchange or 'As-Sarf'). ~ Typically, the cardholder can use this card in many countries in the world to buy whatever goods he wanted, to use this card, the bank will pay the bills outside the country just as quickly with the currency of the country involved = The Sanction : HARAM.
- 14. • Penalties For Late payment of Obligation bills for 'Credit Card. ~ As contained in the contract for the 'Credit card, that card holders will pay a fine due to the late settlement of compulsory bills within 30 days. = The Sanction : HARAM, there are elements of Riba An-nasiah
- 15. • Interest or charge on renewal of Credit Card Bill. ~ As contained in the contract 'Credit Card' the cardholders that are not willing to settle the bill in full, then the remaining bills will be charged. = The Sanction : HARAM, in Islam without any doubt it is prohibited due to Riba.
- 16. ISSUE RELATED WITH CREDIT CARD
- 17. • Different opinion among Muslim jurist. • Bay al Inah is invalid. ( according to imam Hanafi school, Imam Malik, Imam Hambali) • Bay al Inah is permissible. ( according to Imam Shafie) • Less acceptable to some middle eastern investors because Inah legitimize riba.
- 18. CONCLUSION • As a conclusion, Islamic credit card is permissible in Islam according to imam Shafie, it is because Bay al Inah have a perfect contract rule and requirements, and can help people based on our intention to help others.