A halal credit card without Riba in 2024 is defined by an Islamic payment card designed to allow Muslims to make purchases and access funds without charging or paying interest, ensuring that the card operates in full compliance with Islamic principles that strictly prohibit Riba (interest).
The halal credit card without Riba is a transaction that is based on a structure where the bank does not charge interest on outstanding balances; instead, fees may be based on a fixed service charge or predetermined usage fee, allowing the cardholder to access credit in a manner that avoids any form of interest-bearing debt, which is forbidden in Islamic finance.
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 Islamic credit card without interest may also involve a Murabaha model, where the bank purchases goods or services on behalf of the cardholder and then sells them to the cardholder at a pre-agreed markup, which is paid over time without any accruing interest, providing a Shariah-compliant alternative to conventional credit cards.
The halal credit card without Riba in 2024 is possible to obtain through various Islamic banks and financial institutions, especially in countries or regions with well-developed Islamic finance sectors, where such products are designed to meet the needs of consumers seeking interest-free, ethical credit solutions that align with their religious beliefs.
WHERE TO OBTAIN A CREDIT CARD WITHOUT RIBA UNITED KINGDOM DUBAI MALAYSIA PAKISTAN IN 2024
1. Al Rayan Bank (UK)
Description: Al Rayan Bank offers Shariah-compliant financial products, including interest-free credit options that follow Islamic principles. It is a major provider of halal banking services in the UK.
Website: Al Rayan Bank
2. Emirates Islamic Bank (UAE)
Description: Emirates Islamic Bank offers Shariah-compliant credit cards designed to avoid interest (Riba). These cards use a Murabaha structure and provide cardholders with various benefits while adhering to Islamic finance principles.
Website: Emirates Islamic Bank
3. Dubai Islamic Bank (UAE)
Description: Dubai Islamic Bank provides Islamic credit cards that offer flexible payment options without interest, complying with Shariah law. These cards are designed for individuals seeking a halal credit solution.
Website: Dubai Islamic Bank
4. Bank Islam (Malaysia)
Description: Bank Islam Malaysia offers halal credit cards that operate under a Shariah-compliant structure, providing consumers with interest-free credit while ensuring all transactions are conducted in accordance with Islamic principles.
Website: Bank Islam
5. Meezan Bank (Pakistan)
Description: Meezan Bank, Pakistan’s leading Islamic bank, offers a halal credit card that avoids Riba by using Islamic finance principles such as the Murabaha model. It is a key player in the Islamic finance sector in Pakistan.
Website: Meezan Bank
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