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What is the difference between Petronas Ikhwan Visa and a conventional credit card?

April 26, 2017conventional credit card difference ikhwan petronas Visa

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What is the difference between Petronas Ikhwan Visa and a conventional credit card?

1 Answer

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• In Islamic Banking, the profit rate is non-compounding as compared to a conventional credit card • The Petronas Ikhwan Visa is based on Shariah principles, and so it cannot be used for transactions prohibited by Shariah such as gambling, liquor, etc. • It is governed by the concept of economic justice and card holders avoid interest or riba in their banking transactions.