RESOLUTION
No. 96/4/10
ON
CREDIT CARDS
Quote - The Council of
the Islamic Fish Academy, holding its Tenth session
in Jeddah
(Kingdom of Saudi Arabia), from 23 to 35 Safar 1418H (June to 3
July
1997);
Having taken cognisance of the research papers prepared
and relating to
"Credit cards" and Having listened to
discussions held around this topic,
with the participation of
Fiqh scholars and economists;
1. ENTRUSTS the
General secretariat of the Academy with the following tasks:
a)
Making the inventory of the various conditions and conventions
relating to cards issued by banks.
b)
Set up a committee in view of examining the nature of the cards in
order to determine their characteristics and their differences
and to
define adaptations complying with Shari'a rules, and thus
after having
collected samples of cards issued by banks in Arab
and foreign countries.
c) Organize a
seminar to discuss this topic, in the light of previous
preparations
so as to make thorough proposals to be submitted to the next
session
of the Council of the Academy.
2.RECOMMENDS the following:
a)
To emphasize the necessity to reformulate economic terminology
regarding this topic as will as the objectives set by Shari'a
concerning
lawful and unlawful transactions, according to their
proper realities and
in full transparency with regard to their
content. In this regard, it is
necessary to give preference to
existing terms in Shari'a terminology so as
to consecrate their
form and content, especially the terminology likely to
have a
Shari'a jurisprudential impact, and thus in order to rectify
economic terminology and harmonize it with Fiqh terminology,
drawing from
the heritage of the Ummah and Shari'a
concepts.
b) To insistently invite
concerned authorities in Islamic countries to
forbid banks from
issuing usurious credit cards, in order to protect the
Islamic
Ummah from the risks inherent in usury and to preserve national
economies and individual wealth.
c)
To create a Shari'a-based economic and financial body entrusted
with
protecting individuals from being exploited by banks and to
safeguard
their rights in the limits of the Shari'a provisions
and financial policy
so as to protect national economy and set up
carefully worked out rules
intended to protect society and
individuals from being exploited by the
banks and protect the
Ummah from negative effects ensuing from this practice.
Very Allah
is All Knowing – Unquote
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