Charge Card-i
An Al Rajhi Charge Card-i offers you all the convenience of a card with none of the pitfalls of credit. As with all our products and services, the Al Rajhi Charge Card-i will suit anyone who prefers to remain in control of their finances. And it provides peace-of-mind in knowing that all Al Rajhi Bank's products protect you under the principles enshrined in the Shariah.
The Al Rajhi Charge Card-i is a way to pay for things online, over the phone and at millions of Visa accepted locations worldwide. And because there is no interest charged, you avoid the compounding effect on your outstanding balance.
Our Al Rajhi Charge Card-i offers:
* Up to 55 days of cost-free funds
* 24-hour ATM access at Al Rajhi Bank ATMs and ATMs displaying Visa PLUS signs
* Acceptance at millions of Visa outlets worldwide
* A Visa Wave feature for faster, secure and contactless transactions
* Monthly statements to track your spending
* Is in Compliance with Al Rajhi (Malaysia) Shariah Standard
The Al Rajhi Charge Card-i is based on the Islamic principal of Qard. The bank pays for your purchases on a Qard or loan basis, and you pay us back in full on the due date.
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Personal Banking > Charge Card-i > Overview
Charge Card-i
An Al Rajhi Charge Card-i offers you all the convenience of a card with none of the pitfalls of credit. As with all our products and services, the Al Rajhi Charge Card-i will suit anyone who prefers to remain in control of their finances. And it provides peace-of-mind in knowing that all Al Rajhi Bank's products protect you under the principles enshrined in the Shariah.
The Al Rajhi Charge Card-i is a way to pay for things online, over the phone and at millions of Visa accepted locations worldwide. And because there is no interest charged, you avoid the compounding effect on your outstanding balance.
Our Al Rajhi Charge Card-i offers:
* Up to 55 days of cost-free funds
* 24-hour ATM access at Al Rajhi Bank ATMs and ATMs displaying Visa PLUS signs
* Acceptance at millions of Visa outlets worldwide
* A Visa Wave feature for faster, secure and contactless transactions
* Monthly statements to track your spending
* Is in Compliance with Al Rajhi (Malaysia) Shariah Standard
The Al Rajhi Charge Card-i is based on the Islamic principal of Qard. The bank pays for your purchases on a Qard or loan basis, and you pay us back in full on the due date.
The new requirement for charge card application
Card Type Minimum Monthly Income
Classic Card RM3,000.00
Gold Card RM6,000.00
Requirements
* Open to Malaysians aged 21 and above
* Minimum monthly income of RM3,000
* A copy of:
o NRIC or Military ID or Police ID
o Latest 2 months pay slips
o Latest 3 months banks statement or Latest EPF Stateme
Tuesday, December 2, 2008
Bank Islam Card : The First Islamic 'Credit Card' in Malaysia
Bank Islam Card (BIC) is the first credit card, which is purely based on Shariah contract, to be offered to Muslims and non-Muslims. BIC is completely free from any "riba" or "gharar".
"Riba" is usually translated as "interest" which means an extra amount charged in transactions dealing with silver, gold or money. "Gharar" is defined as uncertainty or ambiguity, which has been removed from BIC since the maximum profit earned has been declared upfront.
BIC is also the first credit card in Malaysia using the SMART chip technology which adopts high security level in a credit card.
In the operations of BIC, there are 3 main Shariah contracts being used, namely:
*
Bai Inah
*
Wadiah
*
Qardhul Hassan
Bai Inah comprises of two agreements (akad). In the first agreement, the bank sells a piece of land to the customer at an agreed price. While in the second agreement, the Bank re-purchases the land from the customer at a lower price. The difference in the price is therefore the Bank's maximum profit, which is determined in advance, unlike the conventional credit card whereby the interest charged is undetermined and it may further increase.
The Bank will then disburse the cash proceeds of the second agreement into the customer's Wadiah BIC account created and maintained by the bank. Then after, the customer can use his/her BIC for retail purchases and cash withdrawals just like the conventional credit card, except that each transaction will be backed by the cash held in his/her Wadiah BIC account.
Qardhul Hassan is a facility granted during emergency situation, which allows the cardholder to utilize above the available financing limit upon approval. The Qardhul Hasan amount would not be levied with any charges or fees, where the sum needs to be settled in full within a specified period.
Achievements
1.
Awarded the Platinum Award for Best E-Commerce Related Initiative under MasterCard Asia/Pacific Marketing Leadership Award 2006
2.
Awarded as the First Islamic Platinum MasterCard issued in Southeast Asia (2006)
3.
Awarded as the First Card Issuer & Acquirer in Southeast Asia to implement MasterCard SecureCode (2005)
4.
Awarded as the First Islamic Visa SmartChip Credit Card in Asia Pacific (2003)
5.
Awarded as the First Card issuer to implement the Global Clearing Management System (2002)
6.
Awarded as the First Card that is EMV 2000 compliant by MasterCard International (2002)
Bank Islam Card Centre (BICC) is proud to introduce multiple payment channels and various types of services to its cardholders. Cardholders can now make payment via;
*
Auto-Debit from Bank Islam’s savings / current account
*
Internet Banking Facilities via our website www.bankislam.biz
*
Payment via SMS Banking
*
Cash Deposit Machine at Bank Islam's branches nationwide
*
Mail your cheque to Bank Islam Card Centre
*
Cash or cheque at Bank Islam Malaysia Berhad branches
*
Interbank GIRO facilities through other banks’ deposits accounts
Cardholders can now enjoy tranquility and peacefulness of mind with the FREE Group Family Takaful Coverage Plan and Benevolence. This coverage guarantees settlement of outstanding debts and also relieves your next of kin from any financial burden. Bank Islam card is perfect choice that leads you to a balance life.
Furthermore, Bank Islam card offers you the advantages, benefits as well as competitive charges as compared to other conventional credit cards.
"Riba" is usually translated as "interest" which means an extra amount charged in transactions dealing with silver, gold or money. "Gharar" is defined as uncertainty or ambiguity, which has been removed from BIC since the maximum profit earned has been declared upfront.
BIC is also the first credit card in Malaysia using the SMART chip technology which adopts high security level in a credit card.
In the operations of BIC, there are 3 main Shariah contracts being used, namely:
*
Bai Inah
*
Wadiah
*
Qardhul Hassan
Bai Inah comprises of two agreements (akad). In the first agreement, the bank sells a piece of land to the customer at an agreed price. While in the second agreement, the Bank re-purchases the land from the customer at a lower price. The difference in the price is therefore the Bank's maximum profit, which is determined in advance, unlike the conventional credit card whereby the interest charged is undetermined and it may further increase.
The Bank will then disburse the cash proceeds of the second agreement into the customer's Wadiah BIC account created and maintained by the bank. Then after, the customer can use his/her BIC for retail purchases and cash withdrawals just like the conventional credit card, except that each transaction will be backed by the cash held in his/her Wadiah BIC account.
Qardhul Hassan is a facility granted during emergency situation, which allows the cardholder to utilize above the available financing limit upon approval. The Qardhul Hasan amount would not be levied with any charges or fees, where the sum needs to be settled in full within a specified period.
Achievements
1.
Awarded the Platinum Award for Best E-Commerce Related Initiative under MasterCard Asia/Pacific Marketing Leadership Award 2006
2.
Awarded as the First Islamic Platinum MasterCard issued in Southeast Asia (2006)
3.
Awarded as the First Card Issuer & Acquirer in Southeast Asia to implement MasterCard SecureCode (2005)
4.
Awarded as the First Islamic Visa SmartChip Credit Card in Asia Pacific (2003)
5.
Awarded as the First Card issuer to implement the Global Clearing Management System (2002)
6.
Awarded as the First Card that is EMV 2000 compliant by MasterCard International (2002)
Bank Islam Card Centre (BICC) is proud to introduce multiple payment channels and various types of services to its cardholders. Cardholders can now make payment via;
*
Auto-Debit from Bank Islam’s savings / current account
*
Internet Banking Facilities via our website www.bankislam.biz
*
Payment via SMS Banking
*
Cash Deposit Machine at Bank Islam's branches nationwide
*
Mail your cheque to Bank Islam Card Centre
*
Cash or cheque at Bank Islam Malaysia Berhad branches
*
Interbank GIRO facilities through other banks’ deposits accounts
Cardholders can now enjoy tranquility and peacefulness of mind with the FREE Group Family Takaful Coverage Plan and Benevolence. This coverage guarantees settlement of outstanding debts and also relieves your next of kin from any financial burden. Bank Islam card is perfect choice that leads you to a balance life.
Furthermore, Bank Islam card offers you the advantages, benefits as well as competitive charges as compared to other conventional credit cards.
ISLAMIC CREDIT CARDS
ISLAMIC CREDIT CARDS
Islamic Credit Cards are free from any Riba or Gharar. Riba consisting of interes and Gharar as uncertainty.
An islamic Credit Card adopts three Shariah contracts, namely:
- Bai Inah
- Wadiah
- Qardhul Hassan
Bai Inah comprises of two agreements: in the first one, the issuing bank sells a propriety to the customer at an agreed price. While in the second contract, the Bank re-purchases the propriety from the Client at a lower price. The difference should be the determined maximum profit for the bank.
Wadiah: The Bank will disburse the cash proceeds of the second agreement into the customer's Wadiah account created and maintained by the bank. The customer can use his/her account for cash withdrawals like the classic credit card, except that each payment will be backed by the cash held in his/her Wadiah account.
Qardhul Hassan is a facility granted during an emergency or difficult situation, which make the cardholder able to utilise higher than the available limit. The Qardhul Hasan amount would not be levied with any charges or fees.
The differences between Islamic and conventional credit cards:
No money lending: Since the transaction of credit card is based on trade (Bai'), the element of usury will be eliminated from the loan transaction that is applied in the conventional money lending
None compounding of profits: Profit margin for the cardholders is fixed for the whole period (between 35 and 60 months) and the profit is charged based on the remaining balance. The profit is calculated on a monthly basis, based on a outstanding due or monthly total transactions
Control on transactions/merchants: islamic credit card users are allowed to carry out only halal, or shariah compliant transactions. Declined are transactions for six categories of non-halal related activities, including bars, discos, night clubs, purchase of beers and gambling.
Islamic Credit Cards are free from any Riba or Gharar. Riba consisting of interes and Gharar as uncertainty.
An islamic Credit Card adopts three Shariah contracts, namely:
- Bai Inah
- Wadiah
- Qardhul Hassan
Bai Inah comprises of two agreements: in the first one, the issuing bank sells a propriety to the customer at an agreed price. While in the second contract, the Bank re-purchases the propriety from the Client at a lower price. The difference should be the determined maximum profit for the bank.
Wadiah: The Bank will disburse the cash proceeds of the second agreement into the customer's Wadiah account created and maintained by the bank. The customer can use his/her account for cash withdrawals like the classic credit card, except that each payment will be backed by the cash held in his/her Wadiah account.
Qardhul Hassan is a facility granted during an emergency or difficult situation, which make the cardholder able to utilise higher than the available limit. The Qardhul Hasan amount would not be levied with any charges or fees.
The differences between Islamic and conventional credit cards:
No money lending: Since the transaction of credit card is based on trade (Bai'), the element of usury will be eliminated from the loan transaction that is applied in the conventional money lending
None compounding of profits: Profit margin for the cardholders is fixed for the whole period (between 35 and 60 months) and the profit is charged based on the remaining balance. The profit is calculated on a monthly basis, based on a outstanding due or monthly total transactions
Control on transactions/merchants: islamic credit card users are allowed to carry out only halal, or shariah compliant transactions. Declined are transactions for six categories of non-halal related activities, including bars, discos, night clubs, purchase of beers and gambling.
Islamic Credit Cards
Islamic Credit Cards
At present there is no Islamic finance institute which provides an 'Islamic Credit Card' in the UK. (Although, that is not to say that thee will not be one in the future).
What is an Islamic Credit Card?
One of the latest banking products offered by Islamic institutions, is the Islamic credit card. Using the principles of Al Bai Bithaman Ajil (deferred payment sale), the bank issues an interest-free and penalty free credit card. As goods are purchased using this credit card, you're the bank will render the transaction on your behalf and simultaneously sell it back to the customer. This credit is payable over a deferred period through installments within a certain time frame.
Features on Islamic Credit Card
* This product is open to Muslims as well as non-Muslims.
* A small fee may be charged annually for the credit card.
* You may enjoy the value-added benefits of conventional credit cards e.g. bonus points, gifts, shopping discounts, travelers' cheques etc.
* You may need to have some kind of collateral of some form, that has been agreed to earlier with your financial institution, may be required.
* A credit limit will be based on your collateral value.
* It may be possible to obtain general Takaful coverage.
* Some banks may provide other services such as zakah payment via this credit card.
* It may be possible to apply for a supplementary card.
The concept of 'Al-Bai' Bithaman Ajil'
Al-Bai' Bithaman AjilIn modern Islamic banking, the term refers to a buying and selling transaction between the bank (or financial institution) and the customer, whereby the former buys a property (or an asset, e.g. a house) at the prevailing market price and sells it to the customer at a mark-up price where payments are made by installments over a period of time agreed upon by both parties. The profit earned by the bank is legitimate from the Shari'ah point of view since the transaction is based on a sale contract rather than a loan contract. Any predetermined profit arising from the loan is prohibited in Islam as it amounts to Riba.
At present there is no Islamic finance institute which provides an 'Islamic Credit Card' in the UK. (Although, that is not to say that thee will not be one in the future).
What is an Islamic Credit Card?
One of the latest banking products offered by Islamic institutions, is the Islamic credit card. Using the principles of Al Bai Bithaman Ajil (deferred payment sale), the bank issues an interest-free and penalty free credit card. As goods are purchased using this credit card, you're the bank will render the transaction on your behalf and simultaneously sell it back to the customer. This credit is payable over a deferred period through installments within a certain time frame.
Features on Islamic Credit Card
* This product is open to Muslims as well as non-Muslims.
* A small fee may be charged annually for the credit card.
* You may enjoy the value-added benefits of conventional credit cards e.g. bonus points, gifts, shopping discounts, travelers' cheques etc.
* You may need to have some kind of collateral of some form, that has been agreed to earlier with your financial institution, may be required.
* A credit limit will be based on your collateral value.
* It may be possible to obtain general Takaful coverage.
* Some banks may provide other services such as zakah payment via this credit card.
* It may be possible to apply for a supplementary card.
The concept of 'Al-Bai' Bithaman Ajil'
Al-Bai' Bithaman AjilIn modern Islamic banking, the term refers to a buying and selling transaction between the bank (or financial institution) and the customer, whereby the former buys a property (or an asset, e.g. a house) at the prevailing market price and sells it to the customer at a mark-up price where payments are made by installments over a period of time agreed upon by both parties. The profit earned by the bank is legitimate from the Shari'ah point of view since the transaction is based on a sale contract rather than a loan contract. Any predetermined profit arising from the loan is prohibited in Islam as it amounts to Riba.
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