Abstract
From Barter trading system to crypto currency, means of payment has kept changing throughout the history of mankind. During this evolutionary process, bank cards have gained much importance mainly due to advancement in technology. At present, all types of cards are being used by the customers all around the world to do transactions. Muslim consumers always look towards Shari’ah perspective over any such transactions and the mechanisms in which they are conducted because Shari’ah and Islamic law are comprehensive to address any of the contemporary issues arising due to the changes in transaction procedure and payment mechanisms. Therefore, this study explored the Islamic perspective over fundamental issues related to banks card being faced by consumers. First, what is the point of view of Shari’ah regarding currency? Second, what are the guidelines of Islamic Law for the issuance of Bank Card.? Third, this study addresses the different financial matters between the card holder and issuer of the card, inter alia, card issuance fee, renewal fee, annual fee, insurance, currency exchange rates, late payment fines and bank promotions. All authentic sources have been explored to perform this study. Since this study comes up with Shri’ah guidelines on the issues enlisted above, this paper has several implications on financial institutions and consumers who use such cards because financial institutions may apply all such guidelines to Islamize these transactions and attract more consumers towards such card. Additionally, consumers may make well informed choices about the financial institutions which are following the Shariah guidelines while issuing such cards.
Keyword(s)
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