Personal Finance: Credit Cards 41loan:Ibn Omar (a companion of the Prophet) said: I used to sell camels in
Baqi’ (a place in Al Medina) by dinars and took darahim (a kind of money)
and sold by darahim and took dinars, which had an effect on me, so I came
to the Prophet while he was in Hafsa’s house and asked him about this. The
Prophet said: “It would be unobjectionable if you take them at the price of
their day, unless you departand leave something between you.”
However, it is almost impossible to do that since banks and credit card
companies pay Visa in dollars and charge their customers in local currencies,
and they need to send the statement at least 15 days before the due date,
but the calculation should bewith the rate on the due date.
It is not practical to send a statement with two or more currencies,
although this would solve the Shari’a-compliance problem. The alternative
would be to have the currency of the country of the issuer bank as an
acceptable settlement currency, and in this case both the charge and the
settlement will come with the same currency. This would be similar to
customers who have their cards in dollars and make purchases in Japanese
Yen; they receive their statement in dollars and their bank will also pay
Visa in dollars.