| Islamic scholars have disputed on whether credit cards are permissible or prohibited in Islam. Some are of the opinion that credit cards can be used as long as there is no delay in the payment.
Others strictly forbid the use of credit cards, especially when the bank requests an annual charge for the card. This cost is a form of interest and is paid by the user regardless of whether he/she pays the bills on time or not. Also, the user enters into a contract with the bank which means that he/she is obliged to pay interest if the payment is postponed..............................................Full Article: Source
|