a)      Pay your outstanding balance completely

The easiest way is to pay the full balance every month. There no outstanding balance and no interest charges

Most credit cards come with a grace period or without interest (usually around 20 days) where the purchase is now non-interest bearing. The bank takes advantage of this time and many balances before the free period ends

 

b)      Excessive use of credit cards

We need to avoid using credit cards in excess. Usually the bank will charge a very high interest rate and also a fee on any cash advance so we can minimize its use.

With little effort we need to keep track of spending and try to avoid paying more overdue fees

 

c)      The use of credit cards in accordance with Islamic law.

 

Islamic credit cards need to be shariah-compliant and free of any activity that violates Islamic law. The main difference between Islamic credit cards and conventional credit cards is the ban on gharar and usury. Gharar means excess, while riba is interest-bearing. In addition, Islamic credit cards have no compound charges as excessive charges are prohibited under shariah law.

 

Islamic credit cards also have a filtering system to ensure that credit cards will only be used for halal transactions. This means that Islamic credit cards cannot be used to buy alcohol, gambling or for other unauthorized activities and purchases of Islam. If the card is used for that purpose, the card issuer (i.e. the bank) will not allow and the transaction will be denied.

Firstly, students may make a letter of appeal. We can only suggest that the release appeal be made and it is better made while showing excellent performance at university. There may be opportunities to get release from the 3% PTPTN charges like the type of ‘variable loan’, where the extra cost can be eliminated when the student get the high scores.

In Malaysia we have right of speech, so student may express their rights to the responsible party to cut off the charges take by PTPTN. They have to express in the safe way to prevent riot. In this modern day, they can use social media as the safest way to express their right.

 

Every contract that has been outlined by the Islamic law has its conditions specific. Therefore, in shaping new products that use Islamic contracts it is necessary to meet the conditions set out so as not to miss the road yours sincerely. For products offering rewards such as al-Awfar and SSP it is necessary to apply the appropriate Islamic contract to ensure that any unlawful actions such as usury and gambling do not occur.

 

Mudharabah is a profit sharing contract between depositors (investors) and businessmen (banks) rather than debt or loan contracts. Rewards and prizes may be granted provided the Mudharabah contract is clear and funds prizes are not taken from Mudharabah sources. This is an issue when This award is made in lucky draw. However, it is not conceptualized gambling because gift giving does not bring harm to any parties involved. So with this, it is clear that Mudharabah is a contract suitable for Al-Awfar, BIMB and SSP products, BSN.

 

Muzakarah National Fatwa Committee for Islamic Religious Affairs Malaysia The 98th meeting on 13-15 February 2012 discussed the current status Syariah compliance with BSN Premium Savings Certificate Scheme. Where, before this Certificate Scheme Premium Savings of BSN using Wadi'ah contract has been updated with using the Mudharabah (profit and loss) and SSP funds invested in Syariah-compliant instruments and assets as well as prizes donated is using funds from the source of BSN Islamic Banking Scheme (Official Portal of Malaysian Fatwa). Therefore muzakarah agreed to decide that SSP which has been renewed by BSN is a full product Shariah-compliant and required by syarak.

The previous SSP can be classified as Wadi'ah yad Dhamanah contract because through the SSP of depositors will deposit money into the bank and the bank will using depositors' money with the purpose of investment. This is a coincidence with contract Wadi'ah yad Dhamanah where the bank is a guarantor to,depositor deposit money. Indirectly, the situation can be is classified as a Qard contract which means a loan.

 

Based on the arguments discussed and agreed upon by the above scholars, shows that through SSP, the bank uses savings depositors. Thus, it indirectly changed the contract of Wadi'ah to contract Wadi'ah yad Dhamanah. Scholars unanimously argue that when the concept of Wadi'ah yad Dhamanah used in banking products then it should be considered as al-Qard (loan) from depositors to banks. However, BSN has made renewal in SSP contracts ie, using the Mudharabah contract.

 

Based on the views of the scholars on this matter, then it turns out that the law of extract origin in any aspect is necessary and that no clear arguments forbid it. This requirement occurs when all parties who accepts the draws is to accept the same rights, there is no element of gambling or Maisir in the affairs of the draw and draws done is in the matter required by Shariah.

 

What can be concluded from this writing is the Mudharabah contract is a great fit in gift offerings in the product based on savings and investment. Depositor no longer need to hesitate because it is clear that Al-Awfar deposit products and Premium Savings Certificate (SSP) using the Mudharabah contract in carrying out its transactions. In fact, lucky draws offered by BIMB and BSN in storage and product investment is justified by Islam. The need for this lucky draw have strong arguments. Therefore, society now should change perception that this lucky draw is banned in Islam.