Nadeem DevjaniFollow

Degree

Master of Science in Islamic Banking & Finance

Department

Department of Finance

Faculty/ School

School of Business Studies (SBS)

Date of Submission

Fall 2024

Supervisor

Dr. Imran Khan, Assistant Professor, Department of Computer Science

Keywords

Islamic credit card, Shariah Scholar, Personal Finance

Abstract

This research investigates the ethical dimensions of Islamic credit cards within the context of modern finance, focusing on their adherence to Shariah principles and their impact on Muslim consumers. Islam offers comprehensive guidance across all areas of life, requiring Muslims to follow its laws based on the Quran and Sunnah. This includes financial transactions, which must comply with Islamic teachings. A key aspect of Islamic finance is the prohibition of interest, or 'riba,' which is deemed unethical and contrary to Islamic principles. To address this, Islamic scholars and financial experts have created alternative financial products, including Islamic credit cards, which provide interest-free solutions for Muslims. This study delves into the core principles of Islamic finance, emphasizing the ethical guidelines derived from the Quran and Sunnah. It explores the functionality of Islamic credit cards, comparing them with conventional credit cards and assessing their compliance with Shariah law. Furthermore, the research examines the reception and adoption of Islamic credit cards among Muslim consumers, evaluating their effectiveness in fulfilling financial needs while maintaining Islamic ethical standards. It also considers the challenges and criticisms associated with Islamic credit cards, underscoring the necessity of transparency, fairness, and social responsibility in Islamic finance. This research contributes to the broader discussion on ethical finance and the role of Islamic credit cards in fostering financial integrity and ethical behavior within Muslim communities.

Document Type

Restricted Access

Submission Type

Research Project

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