Recently Released Market Study: Credit Cards in the United Arab Emirates
Islamic law prohibits usury and the charging or payment of interest, with credit cards theoretically thus being outlawed in the country. However, the review period saw the ongoing emergence of Sharia-compliant credit cards. These cards operate in a number of different ways but most frequently through the bank purchasing the item that the cardholder wishes to buy and then selling it back to the cardholder at a higher price, with this price then repaid in instalments. Other cards require the...
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