February 17, 2010
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News: Islam Shuns Credit Card Use
Muslims in Canada have received advice from Ottawa's leading imam. A fatwa was issued by Imam Khaled Abdul-Hamid Syed advising Muslims to halt credit card use. A fatwa is considered a piece of religious advice issued by a prominent scholar of the Muslim faith. It is not a law, however, could be considered by an individual as binding, depending on his or her relation to the Muslim scholar. In this case, Syed says credit card use is usury and is forbidden in Islam. During a recent interview, Syed stated that credit card use in Islam is banned because it enables individuals to fall into a great deal of debt. Furthermore, he believes that if it is banned in Islam, it should also be banned in Canada and across the globe.
Not all Muslims agree on the subject of credit card spending. Some say that if the individual pays off the balance before any interest is charged, it is okay to use cards. On the other hand, others maintain that according to an old religious authority, any individual that uses Riba is cursed. Riba is translated as usury or interest. Furthermore, they believe that anyone who provides it, manages it, or receives it has sinned. Proponents of this thought also believe that merely signing a credit card contract is sin because they are agreeing to interest payment.
Syed believe that individuals can adjust to the demands of living in a charge it world by purchasing prepaid credit cards for use in emergencies. Such cards can be reloaded with additional funds when necessary and the card never incurs any interest. The iman advises all Muslims to investigate what the meaning is of all fatwa and determine for themselves how it applies to them. Living in a diverse cultural environment can be challenging and each situation requires a different decision.