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What kind of contracts banks enter into at the time of issue of islamic Credit card?

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Question added by Ajay Jain , Finance Controller , Afriventures FZE (Kewalram Chanrai Group), Dubai
Date Posted: 2015/04/14
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by Deleted user

1 - A general credit card Contract detailing payment schedules and APR, and profit margin

2-  This also shows the commodity being used in the transaction (making it Islamic)

3 - An promissory note duly signed by client ( in the case of loans)

4- The method could be a Murabaha contract or Tawarruq (If the client doesn't pay in full)

5 - The idea behind this is that all parties (The bank, client, and commodity provider benefit)

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