CREDIT CARD WITHOUT RIBA

CREDIT CARD WITHOUT RIBA

RIBA FREE DEFERRED PAYMENT CARD CREDIT CARD WITHOUT RIBA

A credit card without Riba is by definition an interest-free deferred payment card that is issued by an Islamic bank and which allows its holder to apply the rules of Islamic Sharia by making payments without usury (Riba).

The credit card without Riba has the purpose to reject the use of usurious interest rates which are banned by Islamic finance due to their destructive effect on the financial assets of its user when it comes to a conventional card.

A riba-free credit card prevents its users from falling into over-indebtedness by making purchases that are beyond their financial means and that result in the payment of interest rates bordering on fraud.

The credit card without Riba is an ethical deferred payment instrument and which follows the moral principles of the Muslim religion on the basis of a mechanism whereby during a purchase it is the card issuer who owns the good purchased and which transfers it to the card user as soon as the latter has paid the amount by adding the profit for the bank, knowing that the card holder can enjoy the good as soon as the purchase has taken place.