Bank Cards: Concept & Provisions As Per Islamic Sharia

Abstract

Nowadays, Bank Cards have become of great importance in our lives, especially after the Spread of Covid-19 Epidemic, which has almost minimized the utilization of Cash Money, relying instead on using Bank Cards. As a matter of fact, they are considered the backbone of life, and Islamic Law has stipulated special provisions for these Cards. The Current Research shall attempt to address several issues related to Bank Cards, including definition, types, characteristics, importance, and the ruling applied on each type of these Cards as per Islamic law. Besides, Bank Cards, that have become a major part of daily transactions, are classified into different types according to their function, which include Procuration, Transfer, Loan, and Warranty. A special Provision is applied on each of these types. When a customer applies for a Bank Card, he shall be charged fees for membership, renewal, and replacement, and he could use his card to withdraw cash, provided that it does not result in usurious interest. However, it is possible that the Bank may impose a fee commensurate with the Cash Withdrawal Service.