The Emergence of Islamic Credit Card: An understanding and awareness among Malaysians
Credit card can be defined as a method of purchasing goods whereby a person can purchase and take a possession of something and pay it later under a binding contract of agreement. The utilisation of credit cards or ‘plastic money’ among Malaysians has become commonplace, especially amongst those involved in trade. It has been one of the most convenient methods of transaction in recent years. Recently in Malaysia, Muslims are give two options by purchasing via credit Card known as Shariah-based Credit Card and Conventional-based credit card. Islamic credit cards and conventional cards each offers two different contracts, and what concerns Muslims the most are issues of legality or the ‘halal’ and ‘haram’ aspects concerning its usage. Thus, the survey provides insights to the level of understanding and awareness of Malaysians particularly the academic staff in IIUM on certain areas related to Islamic credit cards. The study discovered that the level of understanding and awareness of the staff on the emergence of Islamic credit card is still relatively low and requires extra input. This study concludes by suggesting that proactive actions should be taken by the academic staff of IIUM, the card issuers, and other relevant parties in ensuring the level of understanding and awareness of the card holders on matters pertaining Islamic banking are current. This is highly relevant given the status of IIUM as an international institute of knowledge.
Keywords: Islamic Credit Card, Bai’ bithaman ajil, Bai' Al-Inah, Wadiah and Qardhul Hassan
Lecturer, Faculty of Economics and Muamalat, Islamic Science University Malaysia (USIM)
Md Fauzi Othman
Master Student cum Legal Executive, Ahmad Ibrahim Kulliyyah of LAws