The Objectivity of the ... Date Added: 14-02-2024

Methods of Prevention and ... Date Added: 13-02-2024

What is Recommended for the ... Date Added: 12-02-2024

The Prophetic Guidance in ... Date Added: 11-02-2024

Allah Intends every ... Date Added: 21-02-2024

The Precious Jewel: ... Date Added: 20-02-2024

Why do we Celebrate Prophet ... Date Added: 18-02-2024

Some Etiquettes of Dua` and ... Date Added: 15-02-2024

Fatawaa


Subject : Ruling on Dealing with the Visa Installment Credit Card of the Arab Islamic Bank

Fatwa Number : 2916

Date : 02-06-2014

Classified : Usury (interest) &Loans

Fatwa Type : Search Fatawaa


Question :

What is the ruling of Sharia on dealing with the Visa Installment Credit Card issued by the Arab Islamic Bank, which is, in fact, a zero-interest, one-thousand-JD loan?



The Answer :

All perfect praise be to Allah the Lord of the Worlds. May His peace and blessings be upon our Prophet Mohammad and upon all his family and companions.

Having reviewed the instructions of issuing the above credit card and the conditions of dealing with it, it was made clear that it is Sharia compliant, thus there is no sin in dealing with it.

Generally, We (Iftaa` Department) advise every financial organization whose activities rest on providing zero-interest loans to be careful about the costs imposed on these loans since every unreal addition is usury/Riba. The evidence on this is that Allah the Almighty Says {What means}: "There is no sin for you in that which ye proclaim or hide in your minds concerning your troth with women. Allah knoweth that ye will remember them. But plight not your troth with women except by uttering a recognised form of words. And do not consummate the marriage until (the term) prescribed is run. Know that Allah knoweth what is in your minds, so beware of Him; and know that Allah is Forgiving, Clement." {Al-Baqara, 235}. And Allah the Almighty knows best.  






Comments

 

Name *

E. mail Address *

Country

Comment Title *

Comment *

Captcha
 
 

Warning: this window is not dedicated to receive religious questions, but to comment on topics published for the benefit of the site administrators—and not for publication. We are pleased to receive religious questions in the section "Send Your Question". So we apologize to readers for not answering any questions through this window of "Comments" for the sake of work organization. Thank you.