
AAOIFI Shari’ah Standard No. 2 “Debit Card, Charge Card & Credit Card” / Dr. Ahmad Asad
Quiz by Ahmad Asad
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Q1) ___________card does not provide revolving credit facilities to the cardholder.
Q2) If the cardholder is obliged to deposit a sum as a guarantee, which is not available for use by the cardholder, then the institution should have to invest the money for the benefit of the cardholder on the basis of __________Â
Q3)It is permissible to issue __________, as long as the card holder does notexceed the balance available on his account and no interest charge results.
Q4)The customer will not pay any charges in debit card except when it is used to withdraw cash or __________
Q5) The debit card gives the right to the holder to withdraw cash from his account, or to pay for goods and services unto the limit of his/her available funds.   Â
Q6) The Institution issuing the charge card could charge the card holder a percentage commission on purchases.
Q7) As per Shariah rulings, charge cardholder does not have to pay interest in the case of delay in payment of the due amount.   Â
Q8) It is permissible for Institutions to become a member of International card regulatory Organizations.
Q9)It is not permissible for the Institution issuing the card to charge the cardholder membership fees, renewal fees and replacement fees Â