Plastic Money

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Essentials of Islamic Finance

Article

On

Plastic Money

COURSE :EOIF

PROGRAME :MBA (E)

INSTRUCTOR :Mr. IRSHAD AHMED

SUBMITTED BY : MUHAMMAD AHSAN (3328)

IQRA UNIVERSITY
Gulshan Campus

PREFACE

It has been a tradition that the students of MBA submit an article during their course. The purpose of this article is to give a chance to apply the concepts they learnt during course so that their level of understanding of concepts can be evaluated and corrected.

Although this article was only on some areas of EOIF but to understand EOIF we had studies various other Islamic finance concepts. This whole study gave us real insight about the basic concepts of EOIF.

ACKNOWLEDGEMENT

With a feeling of humility we thank our course instructor Mr. Irshad Ahmed for having made us write this Article.

DEBIT AND CREDIT CARDS

The great thing about paying with plastic is that it's convenient and secure but which sort of card to use?

Both debit and credit cards are issued by banks and building societies. Although they are the issuers what it means is that they join one of the big card systems such as Visa or MasterCard. Although both debit cards and credit cards can be used to pay for goods in shops there are some important differences between the two. The two debit cards used in this country are Switch and Visa Delta. They are accepted at thousands of shops, garages, theatres, airlines, car hire companies, hotels and many other places. That is why they are so convenient. You have to be 16 to have one issued to you. You present your card at the till and the people you are paying either swipe it through a special telephone terminal or issue you with a paper voucher. Once you have signed the money is them paid on your behalf within a day or two. Not only is a debit card a convenient way to pay but it makes sure you can't spend more than you've got...
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