Credit Cards in Light of Fiqh and Shariah

Along with the progress of time, new and novel ways and mediums are devised to facilitate the cause of transaction. Some of these vehicles do not conform fully with Islamic fiqh. Therefore, it is the on Moslem jurists and lawyers to discover these cases, clarify Islam’s position and guide Moslems society. One of the instruments, the use of which has grown rapidly, is the credit card. The cardholder can cash any time or charge for the services and goods. In transaction with this instrument, numerous elements (parties) such as the card issuer, cardholder and service or goods provider parties are involved. The legal relations among these parties and their revenues and benefits have been subject to fiqhi debates and controversies Explaining the major theories with regard to the legal relations among the involved elements and the nature of revenues and benefits of each one of these parties, the paper argues for his favorite theory and points out the permissible and impressible transactions from contemporary Sunni jurists and lawyers’ viewpoints.