The study on Islamic credit cards (Practice by Islamic banks in Malaysia)

The study on Islamic credit cards (Practice by Islamic banks in Malaysia)

The practice of Islamic credit cards nowadays is still debatable among Muslim scholars especially regarding to its contracts and its effectiveness to attain maslahah. Study about Islamic credit cards is very essential and some studies have done on it. However, studying about the comparison of the va...

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Main Author: Noorhidayah, Mohd Saad
Format: Thesis
Language:eng
eng
Published: 2014
Subjects:
BP Islam
Bahaism
Theosophy, etc
HG Finance
Online Access:https://etd.uum.edu.my/4199/1/s811831.pdf
https://etd.uum.edu.my/4199/2/s811831_abstract.pdf
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id my-uum-etd.4199
record_format uketd_dc
institution Universiti Utara Malaysia
collection UUM ETD
language eng
eng
advisor Mohd Noor, Fauziah
topic BP Islam
Bahaism
Theosophy, etc
HG Finance
spellingShingle BP Islam
Bahaism
Theosophy, etc
HG Finance
Noorhidayah, Mohd Saad
The study on Islamic credit cards (Practice by Islamic banks in Malaysia)
description The practice of Islamic credit cards nowadays is still debatable among Muslim scholars especially regarding to its contracts and its effectiveness to attain maslahah. Study about Islamic credit cards is very essential and some studies have done on it. However, studying about the comparison of the various product of Islamic credit cards practiced in Malaysia in the recent year is still limited. Therefore, this paper would like to tackle this issue by comparing the various product of Islamic Credit Cards in Malaysia. From the research, the researcher found that Muslim in Malaysian cannot completely escape interest and credit even in Islamic countries, some may think it is just better to go with the flow and use it anyway, despite it being unlawful in the light of Shariah. Nevertheless, it is highly essential to try as best as possible to avoid it and the venues are available if Muslims look for them and embrace the sincerity to pursue them. Instead of submitting into the temptation of using credit card, Muslims should consider a clear alternative, for instance the debit card in order escape from the malicious trap of riba. Apart from that, debit cards can instil financial discipline that credit cards, in most cases, destroy. With a debit card, all the purchases and expenses are directly deducted from customers’ banking account. So, the expenditures are always limited to what the money in their banking account can cover. Likewise, the primary advantage of this arrangement is that customers do not get haunted, by purchases or other financial decisions they made in the past. Therefore, the usage of debit card will not only evade interest, but it will also enable Muslims to be more vigorous in controlling their financial expenditure
format Thesis
qualification_name masters
qualification_level Master's degree
author Noorhidayah, Mohd Saad
author_facet Noorhidayah, Mohd Saad
author_sort Noorhidayah, Mohd Saad
title The study on Islamic credit cards (Practice by Islamic banks in Malaysia)
title_short The study on Islamic credit cards (Practice by Islamic banks in Malaysia)
title_full The study on Islamic credit cards (Practice by Islamic banks in Malaysia)
title_fullStr The study on Islamic credit cards (Practice by Islamic banks in Malaysia)
title_full_unstemmed The study on Islamic credit cards (Practice by Islamic banks in Malaysia)
title_sort study on islamic credit cards (practice by islamic banks in malaysia)
granting_institution Universiti Utara Malaysia
granting_department Ghazali Shafie Graduate School of Government
publishDate 2014
url https://etd.uum.edu.my/4199/1/s811831.pdf
https://etd.uum.edu.my/4199/2/s811831_abstract.pdf
_version_ 1747827697321508864
spelling my-uum-etd.41992022-08-03T03:22:36Z The study on Islamic credit cards (Practice by Islamic banks in Malaysia) 2014 Noorhidayah, Mohd Saad Mohd Noor, Fauziah Ghazali Shafie Graduate School of Government Ghazali Shafie Graduate School of Government BP Islam. Bahaism. Theosophy, etc HG Finance The practice of Islamic credit cards nowadays is still debatable among Muslim scholars especially regarding to its contracts and its effectiveness to attain maslahah. Study about Islamic credit cards is very essential and some studies have done on it. However, studying about the comparison of the various product of Islamic credit cards practiced in Malaysia in the recent year is still limited. Therefore, this paper would like to tackle this issue by comparing the various product of Islamic Credit Cards in Malaysia. From the research, the researcher found that Muslim in Malaysian cannot completely escape interest and credit even in Islamic countries, some may think it is just better to go with the flow and use it anyway, despite it being unlawful in the light of Shariah. Nevertheless, it is highly essential to try as best as possible to avoid it and the venues are available if Muslims look for them and embrace the sincerity to pursue them. Instead of submitting into the temptation of using credit card, Muslims should consider a clear alternative, for instance the debit card in order escape from the malicious trap of riba. Apart from that, debit cards can instil financial discipline that credit cards, in most cases, destroy. With a debit card, all the purchases and expenses are directly deducted from customers’ banking account. So, the expenditures are always limited to what the money in their banking account can cover. Likewise, the primary advantage of this arrangement is that customers do not get haunted, by purchases or other financial decisions they made in the past. Therefore, the usage of debit card will not only evade interest, but it will also enable Muslims to be more vigorous in controlling their financial expenditure 2014 Thesis https://etd.uum.edu.my/4199/ https://etd.uum.edu.my/4199/1/s811831.pdf text eng public https://etd.uum.edu.my/4199/2/s811831_abstract.pdf text eng public masters masters Universiti Utara Malaysia (IBFIM), Institute of Banking and Islamic Finance. "Kad Kredit Islam Tawar Banyak Kelebihan." Utusan Malaysia, July Monday, 2007: 18. n.d. http://www.shubily.com/index.php?news =131 (accessed April 28, 2014). Abd Allah ibn Musa Al-Ammar, Abd Al- Aziz ibn Fawzan Al-Fawzan, Yusuf ibn Abd Allah Al-Syubayli and Muhammad ibn Yusuf. Dawabit al-bitaqat ali’timan (The Guidelines of Credit Card). 2008. www.bankalbilad.com (accessed April 19, 2014). Abdel-Haq, Fuad Omar & Mohammed. 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