BANGLADESH TIGHTENS SHARI’AH RULES FOR ISLAMIC CREDIT CARDS
Bangladesh has introduced its first nationwide rules governing Islamic credit cards, setting clear standards for banks that want to offer cards as Shariah-compliant.
Under the new rules, Islamic credit cards must block payments for Shari’ah-prohibited activities including:
Alcohol
Gambling
Nightclubs and bars
Pork-related businesses
Dating and escort services
Adult entertainment
Tobacco
Conventional interest-based financial services
The rules also aim to ensure the cards operate without conventional interest, while late-payment charges cannot simply become profit for the bank.
Bangladesh already has one of the world’s largest Islamic banking sectors, and the new framework is intended to bring greater consistency to Shari’ah-compliant credit cards across the country
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