Islamic Banking and Finance Journal
Another great article from Soundvision.com:
I think the first person who introduced the idea of credit cards to me was Wilma Flintstone of the kids’ cartoon The Flintstones.
She and her friend Betty Rubble would occasionally, holding small semi-rectangular cards, announce in unison “Charge!”, then set off for the shopping mall to what I assume was the chagrin of their husbands Fred and Barney.
“Charge!” meant “let’s shop till we drop” and for many, it still does.
One of the latest banking products offered by Islamic institutions, is the Islamic credit card. Using the principles of Al Bai Bithaman Ajil (deferred payment sale), the bank issues an interest-free and penalty free credit card. As goods are purchased using this credit card, the bank will render the transaction on your behalf and simultaneously sell it back to the customer. This credit is payable over a deferred period through installments within a certain time frame.
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