Potential jurisprudential adaptation for the tripartite credit card transaction from an islamic perspective

Mohammed Jassem Mohammed, Rahmah Ismail, Ruzian Markom

Research output: Contribution to journalArticle

Abstract

The credit card represents one of the most important financial instruments at present. The credit card concept originated and was developed in the West under the rules of conventional law. Over time the credit card has invaded the Islamic markets. A credit card transaction does not fall under any of the known financial contract categories in Islamic principles. Therefore, determining the Islamic rulings and finding a jurisprudential adaptation for such credit card transactions is essential for clarifying relevant jurisprudential rulings, as one cannot specify whether a specific transaction is permitted or prohibited without a jurisprudential adaptation on the matter. Islamic researchers have taken great effort to clarify the jurisprudential adaptation of a credit card transaction. This article will examine the potential legitimate nature of the credit card transaction in order to determine Islamic rulings. The concept 'credit card' originated in the West and developed under the rules of conventional law. Although credit cards have since invaded the Islamic markets, their transactions do not fall under any of the known categories for Islamic financial contracts; therefore, one must determine the Islamic rulings that relate to such transactions. Islamic scholars have exerted much effort to find a jurisprudential adaptation for the credit card transaction, which is essential in order to clarify jurisprudential rulings on transactions and to specify whether a transaction is permitted or prohibited. This article examines the potential legitimate nature of the credit card transaction in order to determine the Islamic rulings.

Original languageEnglish
Pages (from-to)317-365
Number of pages49
JournalArab Law Quarterly
Volume28
Issue number4
DOIs
Publication statusPublished - 12 Nov 2014

Fingerprint

transaction
credit
Law
market
present

Keywords

  • credit card transaction
  • Islamic rulings
  • jurisprudential adaptation
  • legitimate nature

ASJC Scopus subject areas

  • Law

Cite this

Potential jurisprudential adaptation for the tripartite credit card transaction from an islamic perspective. / Mohammed, Mohammed Jassem; Ismail, Rahmah; Markom, Ruzian.

In: Arab Law Quarterly, Vol. 28, No. 4, 12.11.2014, p. 317-365.

Research output: Contribution to journalArticle

@article{50ede73f89d1457ba4632ceb94fe7671,
title = "Potential jurisprudential adaptation for the tripartite credit card transaction from an islamic perspective",
abstract = "The credit card represents one of the most important financial instruments at present. The credit card concept originated and was developed in the West under the rules of conventional law. Over time the credit card has invaded the Islamic markets. A credit card transaction does not fall under any of the known financial contract categories in Islamic principles. Therefore, determining the Islamic rulings and finding a jurisprudential adaptation for such credit card transactions is essential for clarifying relevant jurisprudential rulings, as one cannot specify whether a specific transaction is permitted or prohibited without a jurisprudential adaptation on the matter. Islamic researchers have taken great effort to clarify the jurisprudential adaptation of a credit card transaction. This article will examine the potential legitimate nature of the credit card transaction in order to determine Islamic rulings. The concept 'credit card' originated in the West and developed under the rules of conventional law. Although credit cards have since invaded the Islamic markets, their transactions do not fall under any of the known categories for Islamic financial contracts; therefore, one must determine the Islamic rulings that relate to such transactions. Islamic scholars have exerted much effort to find a jurisprudential adaptation for the credit card transaction, which is essential in order to clarify jurisprudential rulings on transactions and to specify whether a transaction is permitted or prohibited. This article examines the potential legitimate nature of the credit card transaction in order to determine the Islamic rulings.",
keywords = "credit card transaction, Islamic rulings, jurisprudential adaptation, legitimate nature",
author = "Mohammed, {Mohammed Jassem} and Rahmah Ismail and Ruzian Markom",
year = "2014",
month = "11",
day = "12",
doi = "10.1163/15730255-12341286",
language = "English",
volume = "28",
pages = "317--365",
journal = "Arab Law Quarterly",
issn = "0268-0556",
publisher = "Brill",
number = "4",

}

TY - JOUR

T1 - Potential jurisprudential adaptation for the tripartite credit card transaction from an islamic perspective

AU - Mohammed, Mohammed Jassem

AU - Ismail, Rahmah

AU - Markom, Ruzian

PY - 2014/11/12

Y1 - 2014/11/12

N2 - The credit card represents one of the most important financial instruments at present. The credit card concept originated and was developed in the West under the rules of conventional law. Over time the credit card has invaded the Islamic markets. A credit card transaction does not fall under any of the known financial contract categories in Islamic principles. Therefore, determining the Islamic rulings and finding a jurisprudential adaptation for such credit card transactions is essential for clarifying relevant jurisprudential rulings, as one cannot specify whether a specific transaction is permitted or prohibited without a jurisprudential adaptation on the matter. Islamic researchers have taken great effort to clarify the jurisprudential adaptation of a credit card transaction. This article will examine the potential legitimate nature of the credit card transaction in order to determine Islamic rulings. The concept 'credit card' originated in the West and developed under the rules of conventional law. Although credit cards have since invaded the Islamic markets, their transactions do not fall under any of the known categories for Islamic financial contracts; therefore, one must determine the Islamic rulings that relate to such transactions. Islamic scholars have exerted much effort to find a jurisprudential adaptation for the credit card transaction, which is essential in order to clarify jurisprudential rulings on transactions and to specify whether a transaction is permitted or prohibited. This article examines the potential legitimate nature of the credit card transaction in order to determine the Islamic rulings.

AB - The credit card represents one of the most important financial instruments at present. The credit card concept originated and was developed in the West under the rules of conventional law. Over time the credit card has invaded the Islamic markets. A credit card transaction does not fall under any of the known financial contract categories in Islamic principles. Therefore, determining the Islamic rulings and finding a jurisprudential adaptation for such credit card transactions is essential for clarifying relevant jurisprudential rulings, as one cannot specify whether a specific transaction is permitted or prohibited without a jurisprudential adaptation on the matter. Islamic researchers have taken great effort to clarify the jurisprudential adaptation of a credit card transaction. This article will examine the potential legitimate nature of the credit card transaction in order to determine Islamic rulings. The concept 'credit card' originated in the West and developed under the rules of conventional law. Although credit cards have since invaded the Islamic markets, their transactions do not fall under any of the known categories for Islamic financial contracts; therefore, one must determine the Islamic rulings that relate to such transactions. Islamic scholars have exerted much effort to find a jurisprudential adaptation for the credit card transaction, which is essential in order to clarify jurisprudential rulings on transactions and to specify whether a transaction is permitted or prohibited. This article examines the potential legitimate nature of the credit card transaction in order to determine the Islamic rulings.

KW - credit card transaction

KW - Islamic rulings

KW - jurisprudential adaptation

KW - legitimate nature

UR - http://www.scopus.com/inward/record.url?scp=84923881106&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84923881106&partnerID=8YFLogxK

U2 - 10.1163/15730255-12341286

DO - 10.1163/15730255-12341286

M3 - Article

VL - 28

SP - 317

EP - 365

JO - Arab Law Quarterly

JF - Arab Law Quarterly

SN - 0268-0556

IS - 4

ER -