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.

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:

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: and the entry in the Islamic Finance WIKI:

Best regards,

Michael Saleh Gassner

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