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Ruling on Dealing with the Visa Installment Credit Card of the Arab Islamic Bank

Answered according to Shafi'i Fiqh by Darul Iftaa Jordan
What is the ruling of Sharia on dealing with the Visa Installment Credit Card issued by the Arab Islamic Bank, which is, in fact, a zero-interest, one-thousand-JD loan?

Answer:

All perfect praise be to Allah the Lord of the Worlds. May His peace and blessings be upon our Prophet Mohammad and upon all his family and companions.

Having reviewed the instructions of issuing the above credit card and the conditions of dealing with it, it was made clear that it is Sharia compliant, thus there is no sin in dealing with it.

Generally, We (Iftaa` Department) advise every financial organization whose activities rest on providing zero-interest loans to be careful about the costs imposed on these loans since every unreal addition is usury/Riba. The evidence on this is that Allah the Almighty says {What means}: "There is no sin for you in that which ye proclaim or hide in your minds concerning your troth with women. Allah knoweth that ye will remember them. But plight not your troth with women except by uttering a recognised form of words. And do not consummate the marriage until (the term) prescribed is run. Know that Allah knoweth what is in your minds, so beware of Him; and know that Allah is Forgiving, Clement." {Al-Baqara, 235}. And Allah the Almighty knows best.  

This answer was collected from the official government Iftaa Department of Jordan.

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