To enhance the current Islamic credit cards (ICCs) with user friendly features.
Limitations of the current ICCs:
Public in general still are not aware the existence of ICCs.
Features are claimed to be similar to conventional credit cards (CCCs).
The name Islamic has created taboo among non-Muslims that ICCs are only meant for Muslims.
There are currently two structures of ICCs i.e. ujrah and tawarruq and the structures may cause confusion in understanding the technicality of the product and process compliant with shariah.
Block at the merchant (codes) and not item level.
FEATURES
The shariah compliant credit cards are for both Muslims and non-Muslims who are eligible to apply for credit cards (fulfilling criteria for credit card application).
In Islamic credit card, there are few important features which comply with shariah i.e. interest free, non-compounding, purchase of only halal goods and services.
Also the prohibited usage of the cards at merchant outlets conducting non-shariah compliant activities/products/services by barring selected merchant codes:
massage parlours;
health and beauty spas;
dating and escort services;
bars, cocktail, lounges, discotheque, nightclubs and taverns; packages beer, wine and liquor;