AUSTRALIA HALAL ISLAMIC CREDIT CARD
In Australia an Islamic credit card is a payment tool which is dedicated to australian muslim consumers who wish to respect the rules of sharia finance.
In Australia, the islamic credit card is dedicated to the australian islamic community which applies islamic principles in their daily life using different types of financial tools which are compliant with the islamic law.
An Australian islamic credit card prior beeing launched in the country will need to follow the Autralian financial regulations in view of the complex mechanism of such an ethical payment card.
The islamic credit card in Australia offers also similarly to conventional cards grace periods in terms of repayment where the user is not charged with interests but with fees as dictaded by islamic finance rules.
In Australia, the islamic credit card works on the basis of a small Murabaha where during a purchase through the consumer, the credit card issuer is owner of the purchase of the good until repayment by the card owner.