Fatwa Against Credit Cards
“I conclude that it contains usury … which is forbidden in Islam, so it should not be used…”Imam Khaled Abdul-Hamid Syed
I wonder if he reads this blog? The Imam is correct (in my opinion) in his view that Credit Cards are the modern equivalent of usury. I applaud him for speaking out about this topic. I’d be curious to hear his opinions on Pay Day Loans.
The Imam has said that this Fatwa is not binding, and some folks are concerned about whether this means you should never use a credit card, even if you pay them off monthly (or only use them in emergencies)? I think any statement by any Community Leader that causes folks to talk seriously about this subject is an excellent thing. Discussion causes folks to think about how they are doing something and may cause some to change bad habits.
Will I soon be changing to Islam as my religious following? As most of my readers know, I am a devout Anglican, but I wouldn’t mind hearing what the Archbishop of Canterbury or the Anglican Church of Canada has to say about this exciting subject well.
Usury = Credit Cards?
As for the Credit Card companies and the banks, I wonder if they are worried about this or not? I doubt they care, but if a groundswell of folks stop using their cards, what might happen?