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Islamic Credit Cards
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Glossary

Maysir

Gambling: gaining at someone else's expense purely on chance.

ميسرmaysir

Maysir is prohibited gambling or speculation, where one party's gain is the other's loss and the outcome turns on chance rather than effort or real economic activity. It is the third of the classic prohibitions alongside riba and gharar. In card terms it appears mainly through what you buy with the card and what benefits are bundled with it: conventional insurance is criticised partly on gharar and maysir grounds, which is one reason AAOIFI Shariah Standard No. 2 clause 4/6/1 forbids granting a cardholder conventional life insurance as a privilege.

Related terms

GhararUncertainty in a contract so severe that neither side really knows what they are agreeing to.RibaAny extra amount a lender gets back on top of what was lent, which Islamic law forbids.TakafulIslamic insurance, where members contribute to a shared pool that pays out to whoever suffers a loss.

Sources

  • AAOIFI, Shariah Standards, Standard No. (2) clause 4/6/1

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