Ebook Developing a financial model for Islamic credit card for the UK
Plastic payment cards credit, debit, and charge cards have quietly revolutionized how we pay for goods and services. They have also revolutionized how we coordinate the timing of when we purchase goods and services and when we pay for them. Among all these cards, much focus is on credit cards which encourage people to spend beyond their means and get mired in debt. However, credit cards have enabled many more of us to achieve a better standard of living (Evans & Schmalensee, 2005).
Credit card or 'plastic money', however, has become a major source of controversy for Muslims in recent years. For the Muslims, the usage of the above mentioned conventional cards has become a question of great concern. Can we use them or can't we? Well, according to some Muslims, we can use the conventional credit cards, as long as we discipline ourselves and pay on time so as not to incur interest. To them, this is not going against the injunctions of Islam, as we are not indulging ourselves in the activities of 'Riba'.
On the contrary, some others are of the opinion that conventional credit cards are by no means Islamic. To them, not only do conventional credit cards engage in Riba-based activities, they also lack Islamic features or elements.
This dissertation aims at developing a suitable financial structure for a credit card for UK market that is shariah compliant and presents this model to the product development team of Islamic bank of Britain for evaluation. All aspects of a Muslim's life are governed by Shariah. Shariah law comes from a combination of sources including the Koran the Muslim holy book, the Hadith the sayings and conduct of the prophet Mohammed, and fatwa’s the rulings of Islamic scholars. (The Shariah: An Introduction, n.d.).
CONTENTS
Declaration
Acknowledgments
Abstract
Table of contents
List of Figures
Chapter 1 INTRODUCTION
- 1.1 Aim
1.2 Research Questions
1.3 Method
Chapter 2 CONVENTIONAL CREDIT CARDS
- 2.1 Definition
2.2 History of credit cards
2.3 How payment system works?
2.4 Types of credit cards
2.5 UK credit card industry – brief facts
Chapter 3 ISLAMIC FINANCE
- 3.1 Background
3.2 Development
3.3 The Shariah & the Shariah board
3.4 Principles of Islamic finance
3.5 Types of Islamic financial contracts
Chapter 4 ISLAMIC PERSECTIVES ON CREDIT CARDS
- 4.1 Fatwa’s – What scholars say?
4.2 Islamic Alternatives
4.2.1 The South Asian solution
4.2.2 The Gulf solution
4.2.3 Proposed models for UK market
References
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