How it differs - Islamic vs Conventional credit cards?

Muslims always say that their divine religion, always present solutions to every problem. Bank interest is always considers as an issue in mankind history, if we exclude banks history from there!

 

No one, regardless of religion, likes the interest and especially interest on Credit Cards. A credit card is a modern day tool that allows users to carry out financial transactions using plastic card.

 

What solution is there in Islamic banking to resolve the issues of credit card interest?

 

- high annual maintenance fee (AMF) without monthly interest

- a buying & selling methodology

- prohibition of usage to buy haram items

 

A common man always compares a traditional credit card with an Islamic credit card and finds very less difference! why????

Posted via email from IBFN (Islamic Banking & Finance Network) at Posterous

How it differs - Islamic vs Conventional credit cards?

Muslims always say that their divine religion, always present solutions to every problem. Bank interest is always considers as an issue in mankind history, if we exclude banks history from there!

 

No one, regardless of religion, likes the interest and especially interest on Credit Cards. A credit card is a modern day tool that allows users to carry out financial transactions using plastic card.

 

What solution is there in Islamic banking to resolve the issues of credit card interest?

 

- high annual maintenance fee (AMF) without monthly interest

- a buying & selling methodology

- prohibition of usage to buy haram items

 

A common man always compares a traditional credit card with an Islamic credit card and finds very less difference! why????

A conventional and an Islamic bank - side by side!

When yesterday, a colleague of mine who is a banker too, has asked me as "have you noticed the growth of Islamic banks in last 10 years all over the world?" I just responded by saying "yes" without any arguments!

 

But the fact is having much more depth than for any new theory. Why the world is switching to Islamic mode of banking which outlines prohibition of "riba" (interest) and world's top class banks are opening Islamic banking windows!

 

Is this a real fact that world financial leaders -even in the current crisis of crunch- have noticed or view Islamic banking as a positive change or it is something else?

 

By looking at various top class banks, it is clear that with conventional banking they do have a sort of Islamic Banking window! reasons might be different but the fact is that is exists!

Posted via email from IBFN (Islamic Banking & Finance Network) at Posterous

A conventional and an Islamic bank - side by side!

When yesterday, a colleague of mine who is a banker too, has asked me as "have you noticed the growth of Islamic banks in last 10 years all over the world?" I just responded by saying "yes" without any arguments!

 

But the fact is having much more depth than for any new theory. Why the world is switching to Islamic mode of banking which outlines prohibition of "riba" (interest) and world's top class banks are opening Islamic banking windows!

 

Is this a real fact that world financial leaders -even in the current crisis of crunch- have noticed or view Islamic banking as a positive change or it is something else?

 

By looking at various top class banks, it is clear that with conventional banking they do have a sort of Islamic Banking window! reasons might be different but the fact is that is exists!

Why so much pain!!!

A middle aged lady has walked into the branch of a bank and started talking to the front desk banking officer:

 

"I want to open a bank account."

 

"Madam, for what reason, if I may ask you!"

 

"Yes, I want to do a time deposite"

 

"Ok"

 

"Are you looking for higher rates?"

 

"Off course, yeah"

 

"Shall I suggest you to look at our non-interest base products?"

 

"No, I heard about that and its a great pain!"

 

"May I help you have minimum fuss about that?"

 

"No thanks"

 

This was the conversation and the talented relationship officer had tried to divert the customer towards Islamic banking but failed due to customer satisfaction issue.

Posted via email from IBFN (Islamic Banking & Finance Network) at Posterous

Why so much pain!!!

A middle aged lady has walked into the branch of a bank and started talking to the front desk banking officer:

 

"I want to open a bank account."

 

"Madam, for what reason, if I may ask you!"

 

"Yes, I want to do a time deposite"

 

"Ok"

 

"Are you looking for higher rates?"

 

"Off course, yeah"

 

"Shall I suggest you to look at our non-interest base products?"

 

"No, I heard about that and its a great pain!"

 

"May I help you have minimum fuss about that?"

 

"No thanks"

 

This was the conversation and the talented relationship officer had tried to divert the customer towards Islamic banking but failed due to customer satisfaction issue.