Conceptualising Islamic Credit Cards Based On Mushä€Raka Mutanä€Qisa

The purpose of this paper is to conceptualise an Islamic credit card (or mushÄ raka card) based on the Islamic principles of mushÄ raka mutanÄ qisa. A qualitative methodology was employed, with qualitative content analysis used on AAOIFI Shari’a Standard (SS) No. 12 “Sharikah (Musharaka) and Modern Corporations†to derive key rulings and controls for mushÄ raka mutanÄ qisa, which were then used to conceptualise an Islamic credit card based on mushÄ raka mutanÄ qisa. Theoretically, it should be possible to develop an Islamic credit card based on the Islamic rulings of mushÄ raka mutanÄ qisa. The concept provided in this paper could be adopted as a pilot project by Islamic retail banks. Evidence suggests that a new revised standard for credit cards (included within AAOIFI Shari’a Standard (SS) No. 2) was under construction while this research was being undertaken. Therefore, it was not possible to review what perhaps may be relevant information for conceptualising a new Islamic credit card. The research intends to fill the gap by qualitatively conceptualising an Islamic credit card based on a mushÄ raka mutanÄ qisa in an in-depth manner, especially with the use of AAOIFI as a base for the conceptual analysis.