BAY AL-INAH ISLAMIC CREDIT CARD BAY AL-INAH CREDIT CARD 2023
Bay al-Inah credit card in 2023 is defined by 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 credit card came just after the introduction of the islamic prepaid credit card where the card holder had to load the card 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 in 2023 has a second contract that 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.