BAY AL-INAH ISLAMIC CREDIT CARD
Bay al-Inah credit card consists of one of the model of Islamic credit card as an alternative to the principles of a conventional credit card which is using Riba and other haram services.
Bay al-Inah as Islamic credit card came just after the introduction of the islamic prepaid credit card where the card holder had to load the car with his own cash.
Bay al-Inah credit card works by using two parallel contracts with the first contract having the bank selling the asset to the card holder at purchase price and profit basis on deferred payment terms.
Bay al-Inah credit card second contract is a spot sale, where the card holder is selling back the bought asset to the ban with the proceeds of the sale becoming cash in his card.