Essay On Islamic Credit Card

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Islam is the way of life which brings happiness of human life for all times and places in term of its flexibility. One of the clearest manifestations of this flexibility is in the field of transaction that is based on the “concept of permissibility in principle provided that it does not involve prohibited objects”. In this globalization time, the needed of sale transaction is easier than previous years ago. Credit card is one of the easy facilitation which is provided by bank as intermediary institution. Today, the needed of the credit card become more important and essential in economy because in term of safety than holding cash money.
Credit Card
Billah (2007) explained that credit card known as plastic money is an essential mode. Credit card refers to a card that facilitates the cardholder to purchase goods and services based on the agreed terms and condition between the cardholder and card
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Islamic credit card has been recognized as the Shariah compliant product by Shariah Advisory Council of Bank Negara Malaysia (BNM). It was constituted by the BNM under the Guidelines of Islamic Credit Card dated on 1st August 2004. In today society, people own credit card for many reason. Such as, to obtain credit facility, cash advanced and easy payment.
Masssey on ferdian wt. al (2008) defined Islamic credit card as a payment that meet at least three criteria of Islamic principle. First, card must meet tha shariah requirement on lending which is prohibited in riba, gharar and maysir. Secondly, an Islamic credit card must have carta to be accepted worldwide it should use payment scheme like visa or master card. Thirdly, an Islamic credit card should not animate behavior that considers haram. In the same time, the Islamic credit card provides the added element of security through the Islamic insurance

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