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Ujrah application in Islamic credit card

Ujrah contract has been broadly applied by Islamic banks in the credit card underlying contract. Evidently, seven out of ten Islamic banks have used ujrah as compared to other underlying contract in Islamic credit card. Hence, it intrigued this study into a thorough probing of the real meaning for u...

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Main Author: Mirzan, Mohideen Bathusha
Format: Thesis
Language:English
English
Published: 2021
Subjects:
BP174 The practice of Islam
HG Finance
Online Access:https://etd.uum.edu.my/10028/1/s826582_01.pdf
https://etd.uum.edu.my/10028/2/s826582_02.pdf
https://etd.uum.edu.my/10028/
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spelling my.uum.etd.100282022-11-21T04:05:11Z https://etd.uum.edu.my/10028/ Ujrah application in Islamic credit card Mirzan, Mohideen Bathusha BP174 The practice of Islam HG Finance Ujrah contract has been broadly applied by Islamic banks in the credit card underlying contract. Evidently, seven out of ten Islamic banks have used ujrah as compared to other underlying contract in Islamic credit card. Hence, it intrigued this study into a thorough probing of the real meaning for ujrah application in Islamic credit card in particular the applications, operations, modus operandi, issues and effectiveness. Consequently, this study was conducted to realize three primary objectives which are to identify the applications and operations of ujrah contract in Islamic credit card, to investigate issues related to ujrah contract in Islamic credit card as well as to evaluate the effectiveness of ujrah contract as a solution to the current issues of other underlying contract in Islamic credit card. Qualitative method was used in this study and the data collection was done by way of semi-structured interview and library search. Subsequently, the semi-structured interviews were conducted with four eminent Shariah experts in Islamic banking sphere that have direct information with the ujrah application in Islamic credit card. The findings showed that ujrah contract in Islamic credit card is in line with the Shariah teachings albeit the perception from several quarters is unwarranted. Apparently, there are two contracts in ujrah based credit card which are the ujrah which acts as a primary contract and qard as a secondary or incidental. Seemingly, both contracts are independent and do not in any way correlate to each other and able to circumvent the issue of bay’ wa salaf (combination of sale and loan) which has been prohibited by Rasulullah SAW. Ujrah contract is able to be enhanced for the effectiveness of the Islamic credit card. Thus, this study would be able to create awareness and consciousness of the Islamic credit card notably ujrah based credit card so that each and every Muslims would eliminate the thought of having a conventional credit card which associates with the prohibition element particularly riba. 2021 Thesis NonPeerReviewed text en https://etd.uum.edu.my/10028/1/s826582_01.pdf text en https://etd.uum.edu.my/10028/2/s826582_02.pdf Mirzan, Mohideen Bathusha (2021) Ujrah application in Islamic credit card. Masters thesis, Universiti Utara Malaysia.
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Electronic Theses
url_provider http://etd.uum.edu.my/
language English
English
topic BP174 The practice of Islam
HG Finance
spellingShingle BP174 The practice of Islam
HG Finance
Mirzan, Mohideen Bathusha
Ujrah application in Islamic credit card
description Ujrah contract has been broadly applied by Islamic banks in the credit card underlying contract. Evidently, seven out of ten Islamic banks have used ujrah as compared to other underlying contract in Islamic credit card. Hence, it intrigued this study into a thorough probing of the real meaning for ujrah application in Islamic credit card in particular the applications, operations, modus operandi, issues and effectiveness. Consequently, this study was conducted to realize three primary objectives which are to identify the applications and operations of ujrah contract in Islamic credit card, to investigate issues related to ujrah contract in Islamic credit card as well as to evaluate the effectiveness of ujrah contract as a solution to the current issues of other underlying contract in Islamic credit card. Qualitative method was used in this study and the data collection was done by way of semi-structured interview and library search. Subsequently, the semi-structured interviews were conducted with four eminent Shariah experts in Islamic banking sphere that have direct information with the ujrah application in Islamic credit card. The findings showed that ujrah contract in Islamic credit card is in line with the Shariah teachings albeit the perception from several quarters is unwarranted. Apparently, there are two contracts in ujrah based credit card which are the ujrah which acts as a primary contract and qard as a secondary or incidental. Seemingly, both contracts are independent and do not in any way correlate to each other and able to circumvent the issue of bay’ wa salaf (combination of sale and loan) which has been prohibited by Rasulullah SAW. Ujrah contract is able to be enhanced for the effectiveness of the Islamic credit card. Thus, this study would be able to create awareness and consciousness of the Islamic credit card notably ujrah based credit card so that each and every Muslims would eliminate the thought of having a conventional credit card which associates with the prohibition element particularly riba.
format Thesis
author Mirzan, Mohideen Bathusha
author_facet Mirzan, Mohideen Bathusha
author_sort Mirzan, Mohideen Bathusha
title Ujrah application in Islamic credit card
title_short Ujrah application in Islamic credit card
title_full Ujrah application in Islamic credit card
title_fullStr Ujrah application in Islamic credit card
title_full_unstemmed Ujrah application in Islamic credit card
title_sort ujrah application in islamic credit card
publishDate 2021
url https://etd.uum.edu.my/10028/1/s826582_01.pdf
https://etd.uum.edu.my/10028/2/s826582_02.pdf
https://etd.uum.edu.my/10028/
_version_ 1751539098953187328
score 13.211869

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