Congrats to Brunei for the new credit card rules

Gassner's picture

Dear Reader,

I am very glad to read the news that the first Muslim country is taking a strict policy against credit cards in its country. Brunei shows courage and leadership and shall be congratulated by the whole community of Islamic finance.

http://www.collectionscreditrisk.com/news/brunei-battles-credit-card-deb...

Even the US ambassador is supporting and defending the rules which for a transition period makes life of consumers more difficult, but he reminds for the good effect it has on the long run:

http://www.brudirect.com/index.php/Columnist-Column/bruneians-better-off...

Remember: Credit cards are a major part of the world financial crisis, hundred of thousands of people went into debt and even worse in a vicious circle of debt. There is barely on consumer level a financial product spreading more harm, whether or not it is Islamically replicated.

See my previous blog on it: http://www.islamicfinance.de/?q=node/582 and the entry in the Islamic Finance WIKI: http://wiki.islamicfinance.de/index.php/Credit_Card

Best regards,

Michael Saleh Gassner

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