Are there any sharia compliant credit cards in UK

rabialiones

18cc wrote: »

One way you can definitely get a positive balance is eg with Lloyds - set up a DD for the full statement balance. This will be taken in full come what may even if you pay something off between statement date and payment days, thus putting the card into positive balance

i meant credit balance on account as a positive balance, although it would not be credit balance as i would have already spent money on the card, after statement produced

Ben8282

I fail to understand the logic of the suggestion of running the credit card with a positive balance. What will be achieved by this?
I was under the impression that the religious objection was to receiving interest i.e. personally profiting from somebody paying you interest/lending money in order to receive interest. I can't see any valid religious objection to being charged interest. A look at historical practices in the Ottoman Empire will show a thriving money lending business carried out by non-muslims who profited from the interest charged to their muslim clients.

born_again

Most if not all Credit cards now have it in the T/C that they can not be in a credit balance position.

Takmon

rabialiones wrote: »

dont think you can have positive balance on credit card, as once tried to pay a bit more than total balance, so would have to pay less next month, but payment would not be accepted, and was told could not pay more than total balance owing. on current statement
may vary with different cc's

All credit cards that I know of can be paid by bank transfer and there is no way they can refuse the payment but they can close your account for breaking the T&C's like others have said.

rabialiones

thanks for pointing out breach of T&C's , wasn't aware of this.


it was a store card , and payment was being made instore.

Aince1985

Anyone want to explain how a credit card works when it for people who don’t have money and need to borrow it? (Yes I understand CC offer protection when you buy stuff). Afaik Islamic law states a bank can’t:

1) have credit or debit interest
2) no Arranged Overdraft
3) no minimum balance required
4) no charges for everyday transactions

So afaik the Muslims overcome this hurdle is to lend money but instead of interest have an arrangement fee?

I really don’t understand it and I think perhaps the OP should just chalk it up that they understand their religious teachings but a CC with interest is the only way.