Banker's Commentary - Shari'ah Standard No. 61 - Payment Cards

Over decades, payment cards proved to be an integral part in commercial transactions all over the world. As the usage of payment cards is easy at POS (point of sale), their issuance, payment clearance, settlement of outstanding balance are highly complicated. Some types of card work as a mode of settlement (such as debit and prepaid cards) and some involve com-plex financing arrangements (such as credit and charge cards).

AAOIFI's Shari'ah Standard No. 61 replaced an earlier standard and proved to be more comprehensive in terms of coverage of various Shari'ah provisions related to usage and types of payment cards. Banker's Commentary on Shari'ah Standard No.61, first of its kind, comes as a technical commentary that will be useful for industry practitioners, regulators and university students.