Quote - The Council of the Islamic Fish Academy, holding its Tenth session
in Jeddah (Kingdom of Saudi Arabia), from 23 to 35 Safar 1418H (June to 3
Having taken cognisance of the research papers prepared and relating to
"Credit cards" and Having listened to discussions held around this topic,
with the participation of Fiqh scholars and economists;
1. ENTRUSTS the General secretariat of the Academy with the following tasks:
a) Making the inventory of the various conditions and conventions
relating to cards issued by banks.
b) Set up a committee in view of examining the nature of the cards in
order to determine their characteristics and their differences and to
define adaptations complying with Shari'a rules, and thus after having
collected samples of cards issued by banks in Arab and foreign countries.
c) Organize a seminar to discuss this topic, in the light of previous
preparations so as to make thorough proposals to be submitted to the next
session of the Council of the Academy.
2.RECOMMENDS the following:
a) To emphasize the necessity to reformulate economic terminology
regarding this topic as will as the objectives set by Shari'a concerning
lawful and unlawful transactions, according to their proper realities and
in full transparency with regard to their content. In this regard, it is
necessary to give preference to existing terms in Shari'a terminology so as
to consecrate their form and content, especially the terminology likely to
have a Shari'a jurisprudential impact, and thus in order to rectify
economic terminology and harmonize it with Fiqh terminology, drawing from
the heritage of the Ummah and Shari'a concepts.
b) To insistently invite concerned authorities in Islamic countries to
forbid banks from issuing usurious credit cards, in order to protect the
Islamic Ummah from the risks inherent in usury and to preserve national
economies and individual wealth.
c) To create a Shari'a-based economic and financial body entrusted
with protecting individuals from being exploited by banks and to safeguard
their rights in the limits of the Shari'a provisions and financial policy
so as to protect national economy and set up carefully worked out rules
intended to protect society and individuals from being exploited by the
banks and protect the Ummah from negative effects ensuing from this practice.
Very Allah is All Knowing Unquote
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