QARD AL-HASAN CREDIT CARD WITHOUT INTEREST 2025

QARD AL-HASAN HALAL PAYMENT CARD WITH NO RIBA

A Qard al-Hasan credit card without interest in 2025 is defined by an Islamic Finance concept of "Qard al-Hasan," which translates to "benevolent loan" or "good loan" and represents a credit card that operates without charging any interest (riba) on the amounts borrowed.

The Qard al-Hasan credit card without interest has the role to offer a credit facility that aligns with Islamic financial principles and it provides Muslims, and even non-Muslims interested in ethical financing, an option to access credit without incurring interest, which is prohibited in Islam.

The Qard al-Hasan payment card without Riba ensures that users can access credit facilities without engaging in interest-based transactions, which are considered unethical and exploitative in Islamic finance and instead of interest, the card might come with certain permissible fees or charges that are compliant with Shariah law.

A Qard al-Hasan credit card without interest in 2025 aims to facilitate the cardholder's immediate financial needs, allowing them to make purchases and pay for them later and any fees or penalties collected, instead of being utilized for profit, might often be directed towards charitable or community welfare activities, ensuring that the financial operations benefit the community at large.

WHAT IS THE MECHANISM OF A QARD AL-HASAN CREDIT CARD ?

Mechanism of a Qard al-Hasan Credit Card

1. Credit Facility: Cardholders are given a credit limit, up to which they can make purchases or withdraw funds without incurring interest.

2. Repayment: The cardholder is obligated to repay only the principal amount used, without any additional charges, within the stipulated billing cycle.

3. Permissible Fees: Instead of interest, the bank might charge certain permissible fees or service charges. These charges are not profit-driven and must be justified (e.g., covering administrative costs).

4. Late Payment: While interest cannot be charged on late payments, there might be a fixed late payment fee. In line with Islamic principles, such fees are often channeled to charitable causes rather than serving as a profit source for the bank.

5. Shariah-Compliance: The operations, features, and even the rewards or benefits of a Qard al-Hasan credit card are monitored and audited by a Shariah board or committee to ensure continuous compliance with Islamic laws.

In essence, a Qard al-Hasan credit card offers an interest-free credit facility while adhering strictly to the ethical and moral guidelines of Islamic finance.

QARD EL HASSAN CARD    BAY AL INAH CARD   TAWARRUQ CARD   MURABAHA CARD   TAKAFUL CARD   CASH BACK CARD   PREPAID CARD   REWARD CARD   FOR STUDENT   WITH NO FEE   WITHOUT INTEREST   BAD CREDIT   LIBYA   QATAR   PHILIPPINES   UNITED-KINGDOM   UNITED-STATES    CANADA   BANGLADESH   NIGERIA    TURKEY   IRAN   EGYPT    INDIA   CHINA   ABU-DHABI    BAHRAIN   DUBAI   INDONESIA    MALAYSIA   PAKISTAN   R.A.K   SAUDI-ARABIA   SHARJAH   IRELAND   LIST OF ISLAMIC INSURANCE COMPANIES    LIBYA   QATAR   AUSTRALIA