Most Popular FAQs
They are the financial technology companies which focus on delivering innovative financial products, services and investments that comply with the Shariah law.
Islamic Finance means banking and financial business governed by Islamic principles with its ethical values and social responsibility obligations. The objectives of Islamic finance are to avoid uncertainty in dealings, prohibiting interest and prohibiting speculative activities.
Secured credit cards are credit cards secured by a security deposit as collateral. In most cases, the amount of your deposit determines your credit limit for the card. Conventional credit cards are often portrayed as low-quality high-cost credit cards, with little or no reward credit limit, targeting the subprime credit card market.
One of the biggest problems is that the conventional structure around which credit cards are managed is high cost, and inefficient. Many credit card issuers have to pay exorbitant fees to finance the card issuance and the high credit card default rate which also drives up the overall credit card operational cost.
- Debit cards are not loan products so they are not an effective tool for credit building.
- Credit card rewards are primarily generated from merchant processing costs that are paid to the card-issuing bank every time users make use of their cards. Due to US financial regulations, credit cards users avail much greater rewards than debit cards because the processing costs banks receive for credit cards are much higher than with debit cards.
Base on no interest philosophy, ShariCard will make money like most credit card companies do: from card user’s fees, and interchanges that merchants pay every time you use your card.
- The integration of the self-financing strategy, innovative business model, new financial processes, niche focused marketing, and the latest blockchain technology will enhance the robust and nimble cost-saving effect. Hence, enabling us to offer a highly competitive Sharia compliant reward.