Saudi Journal of Business and Management Studies (SJBMS)
Volume-2 | Issue-12 | 1189-1192
Review Article
Current Practices of Islamic Credit Cards in Malaysia
Mohi Uddin, M M Ismail Hossin, Mohd Aminul Islam
Published : Dec. 30, 2017
Abstract
The practice of Islamic credit cards today is still controversial among
Muslim scholars particularly concerning to its contracts and as well as its efficiency
to attain Maslahah. The Islamic credit card is very important and some studies have
done on it. Conversely, studying about the contrast of the various product of Islamic
credit cards practiced in Malaysia, although in the recent year is still limited.
Consequently, this paper would like to undertake this concern by comparing the
various products of Islamic Credit Cards in Malaysia. Islamic credit card known as
Credit Card-i is such of the alternate banking products instigated through Bank
Negara Malaysia (BNM), also Islamic financial institutions in Malaysia to exchange
the conventional credit card. This article aims on evaluating the bay‟ al-„Inah,
Tawarruq as well as Ujrah development while practiced over Bank Negara Malaysia
(BNM) as well as Islamic Financial Institutions in Malaysia with Shariah
compliance perceptions. The method used is explanative along with positive
absorbed criticism which aims next to well the offered structure.