Thursday, July 10, 2008

Islamic Economic Bringing Peace & Harmony

The whole world is particular about economy which is considered as the main source of life. Every nation and every country strive hard to strengthen their economic situation.When the economy of a country is strong, the country will advance in many other fields like industries, technologies and even military. The strong economy enables a country to take over another country.

Little wonder, economy is always the focus of all the world leaders. The muslim world are also in the race. They are also strengthening their economy. Many via the capitalist system introduced and supported by the Western countries and the Jews.

The muslim forget that Islam has its own economic system which is far better than the capitalist. Under islamic economy, God is the essence.

The capitalist’s main focus is profitability per se. The concept of love and care in undertaking business decision is almost non existing. Economy as an ibadah is unthinkable.

As such, capitalists will compete vigorously to increase their profits and minimize their losses even by stepping on others.

Unfortunately, many muslims are also in the same school of thought. Instead of taking God as the guidance, we try to compete with the capitalists on their own platform which is created by them to generate income for themselves.

The result? We always failed and face further diminution.

Muslims must reassess their economic focus and guidelines. Taqwa is the foundation upon which all business decisions and planning should be constructed.

The Islamic economic and financial systems are meant to protect human, and to promote love and care, peace and harmony here and the hereafter unity among all, bringing peace and harmony here and the hereafter.

Wednesday, July 09, 2008


Both charge cards and credit cards allow you to conduct cashless transactions, there are differences between these two types of payment cards. The main difference between charge cards and credit cards is on the required amount that is payable by the payment due date.

For conventional charge cards, you must settle the outstanding balance in full by the payment due date and there will be no interest charged. However, a late payment charge
will be imposed if you fail to do so. The late payment charge is usually between 3.0%
to 3.5% per month (or 36% to 42% per annum) of the outstanding balance.

For Islamic charge cards, a compensation fee will be imposed up to a certain maximum
amount allowed, normally RM70 per month and NO COMPOUND INTEREST. Issuers will usually cancel your charge card if you have defaulted on such repayments for a few months (period varies depending on the issuer’s internal policy).

As for credit cards, you may settle your outstanding balance in full by the due date, or
pay at least the minimum monthly repayment, which is usually 5% of the total outstanding
balance. While credit cards offer you a flexible way of paying your credit card debt, it can be

Credit card issuers usually impose a finance charge of about 18% per annum for the balances
that are unpaid and a late payment charge is imposed if you fail to pay at least the minimum
monthly repayment by the due date.

Conventional Charge Card : AMEX, Diner's Club.

Islamic Charge Card : HSBC Amanah,Alrajhi, Bank Islam Charge Card. (, and

check for my previous posts about tips and trick to use Credit card/charge card.