Islamic installment card

• Purchases with a value of less than JOD 20 cannot be converted into installments. Any amount below this threshold will be considered as a full payment due and will be settled in full at the end of the billing cycle based on Qard Hasan without any additional amount.
• The card’s monthly cash withdrawal limit ranges between JOD 50 and JOD 100, is renewed monthly, and is subject to the Bank’s approved cash withdrawal fee as approved by the Sharia Supervisory Board.
• The minimum income requirement is JOD 300, before deducting installments of existing financing facilities with the Bank and other financing institutions.
• The profit rate is calculated at 9% per annum, according to the selected installment period. The applicable profit is determined as a fixed amount based on the selected tenor at the time of contracting, and remains unchanged thereafter
• The mutual insurance rate is calculated per transaction at 0.5% per annum, divided by 12 months and multiplied by the selected installment period, subject to the terms and conditions governing the Mutual insurance Fund
• Reward/Loyalty Points are earned on eligible purchases, subject to the customer’s acceptance of the terms and conditions through the Islamic Mobile Banking application
• Installment options are not available for cash withdrawals, gold and silver purchases, bill payments via the eFAWATEERcom platform and its agents, and money exchange transactions.

• Scenario 1: Completing a purchase transaction by Wakalah while following the Installment procedures through the link in the SMS: 

• After completing the purchase transaction via POS devices or websites in the standard manner, an SMS will be sent containing: (Merchant Name, Transaction amount, Agreement type, and the Installment link which begins with “Islamic Bank”). Installment messages are sent within the following timeframes depending on card type:
• Mastercard: Immediately upon completing the purchase transaction.
• Visa Cards: Within a maximum of 10 minutes from completing the purchase transaction.
•  The link is valid for 3 hours from the time of message sent.
• Clicking on the link in the text message will display a list from which you can select the available Installment duration, which is determined based on the purchase transaction amount.
• After choosing the desired Installment period, the Installment details, the calculated profit rate, and the total amounts due based on your selection will be displayed.
• Upon approving the Installment period by clicking the “Submit” option, the system will send a message containing a 4-digit One-Time Password (OTP) secure verification code, which must be entered to confirm the Installment process.
• Once the verification code is entered successfully, an SMS will be received confirming the successful Installment of the purchase transaction, along with details of the monthly Installment, the profit rate, and the available card balance after executed transaction.
• Scenario 2: Completing a purchase transaction by Wakalah without following the Installment procedures through the link in the SMS:
• The system will automatically split the transaction amount into instalments for the longest Installment period granted and available according to the transaction amount and SMS will be sent confirming the successful Installment of the purchase transaction, along with details of the monthly Installment, the profit rate, and the available card balance after executed transaction.
• If the link is accessed and the procedures for selecting the Installment period are not completed, and the verification code is not received, or if the verification code is not successfully entered within the time limit, the same automatic Installment procedures will be applied.

• • The "Split Card" is not a traditional credit card; rather, it represents a framework of Sharia-compliant contracts. You purchase the item using Wakalah on behalf of the bank, and once the item becomes under the bank's possession, then the bank will offer you the installment option’s link via text message. If you choose the installment option -a Murabaha contract for goods or Ijarah arrangement for services- is concluded based on the transaction type. Therefore, maintain this conscious intent during the transaction, and do not dispose of the item in an owner-like manner (such as selling or gifting it) before finalizing the contract.

   

  • The text message you receive after purchasing the item constitutes an offer (Ijab) from the bank. Your selection of the installment period and confirmation through the OTP constitute your acceptance (Qabul), thereby concluding and binding the relevant contract. You should therefore treat the SMS with due care and review the transaction amount, installment details, and total profit before selecting “Submit.”

   

   

  • f there is no response or access to the installment link within three hours, the transaction will automatically be converted to installments over the longest tenure and at the highest profit rate, pursuant to your agreement in the Issuance Agreement, and in application of the Sharia principle: "Silence in a situation where there is a need for expression is considered an expression." Therefore, make sure to select your preference during the allotted time window.
  • Profit is fixed upon contracting and shall never increase thereafter. Even if requested by you, extending the tenure in exchange for an increase in profit is strictly impermissible, as it constitutes prohibited constitute Riba al-Nasi’ah (deferment-based usury). As for early settlement, the bank may grant you a non-binding discount at its sole discretion, based on the principle of "Dha' wa Ta'ajjal" (Drop part of the debt and expedite payment).
  • Delaying payment despite having the financial ability is a religious/moral injustice (Dhulm). Even though no late payment penalties (usurious fines) are imposed, as the Prophet (peace be upon him) said: "Procrastination [in repaying debts] by a wealthy person is injustice." Therefore, adhere to your installment due dates out of religious obligation before it being a contractual commitment.
  • Cash withdrawals from ATMs are considered Qard Hasan (an interest-free loan), which is to be repaid in equivalent value at the end of the billing cycle without any addition. The fee charged is for an actual service and is unrelated to the loan amount or duration; hence, it is not subject to installment options.
  • Purchases of gold, silver, currencies, bill payments, and ATM transactions cannot be paid in installments under Sharia rules. Since these are monetary obligations whose installment payment would lead to Riba, credit transactions of this nature are settled in a single full payment at the end of the billing cycle on the basis of Qard Hasan (interest-free loan).
  • The card is a trust (Amanah) meant for permissible (Mubah) transactions only. It is not allowed to be used in matters forbidden by Allah. The Bank reserves the right to withdraw the card in the event of prohibited use, while restricted merchant categories may also be blocked through technical controls.
  • In transactions involving restaurants, hotels, car rentals and other services where payment is made before or after the service is utilized, the transaction proceeds through two contractual stages : First, you purchase the service from the service provider and take possession of it as the Bank’s (Wakil), whereby the service becomes subject to the Bank’s ownership/contractual rights. Second, the Bank sells or leases the relevant service to you. In this process, you act on behalf of the Bank as its agent in concluding the sale or Ijarah, while accepting the transaction in your own capacity. The same person acting on behalf of both parties to a contract is permissible according to the Maliki and Hanbali schools, provided that the price is determined and there is no preferential treatment or undue benefit. In this arrangement, no such preferential treatment exists, as the transaction is conducted at the publicly advertised price of the service provider, with a profit margin disclosed in advance in the relevant agreement. Accordingly, the cardholder must remain within the scope of the authority granted by the Bank.
  • The collected insurance rate (0.5% annually per transaction) is a donation-based contribution to a Takaful (Mutual Insurance) Fund, and coverage is subject to its terms and conditions.
  • Issuance, renewal, replacement, and administrative service fees reflect actual operational and banking service costs provided by the bank to the cardholder. Their permissibility has been established by a resolution of the International Islamic Fiqh Academy.
  • Every transaction executed using the card constitutes an explicit statement issued by you, binding you to its rules regardless of whether you actually use the card. Therefore, safeguard your card and verification PIN/code.
  • For transactions conducted in a currency other than the Jordanian Dinar, the transaction amount is converted into Jordanian Dinars using the Bank’s applicable exchange rate on the date the transaction is posted to the card account, rather than the transaction date. A 2.5% foreign currency conversion fee is also applied to the transaction amount. This fee is charged once at the time of posting and does not recur or increase over time.This currency conversion arrangement is Sharia-compliant because the Bank sells the relevant goods to the cardholder under a Murabaha arrangement in Jordanian Dinars, with the final price determined upon posting the transaction. The currency conversion forms part of the Bank’s cost in establishing the relevant currency exchange arrangement, while the conversion fee represents a known service cost charged once.
  • Limit your card usage strictly to the extent of your actual need and your capability to repay. The objective of Islamic Sharia is the preservation of wealth, not its depletion (Hifdh al-Mal).

• Installment options from all points of sale (POS) worldwide.
• Flexible Installment periods.
• Compliant with the provisions of Islamic Sharia.
• Secure online shopping.
• Loyalty points for purchase transactions.
• Detailed monthly electronic statement of account.
• Card management through the Islami Mobile application.

• Limits of Split Visa Classic Credit Card:
  Minimum Card Limit	JOD 300
  Maximum Card Limit	Less than JOD 800

• Installment options from all points of sale (POS) worldwide.
• Flexible Installment periods.
• Compliant with the provisions of Islamic Sharia.
• Secure online shopping.
• Loyalty points for purchas e transactions.
• Detailed monthly electronic statement of account.
• Card management through the Islami Mobile application.
• Discounts offered by Mastercard (Talabat, Careem, Booking, etc.).

Benefits:

• Installment options from all points of sale (POS) worldwide.
• Flexible Installment periods.
• Compliant with the provisions of Islamic Sharia.
• Secure online shopping.
• Loyalty points for purchase transactions.
• Detailed monthly electronic statement of account.
• Card management through the Islami Mobile application.
• Discounts offered by Mastercard (Talabat, Careem, Booking, etc.).
• 8 Airport VIP lounge visits (subject to eligibility criteria: at least one successful international transaction of at least JOD 1 every 3 months).

Benefits:

• Installment options from all points of sale (POS) worldwide.
• Flexible Installment periods.
• Compliant with the provisions of Islamic Sharia.
• Secure online shopping.
• Loyalty points for purchase transactions.
• Detailed monthly electronic statement of account.
• Card management through the Islami Mobile application.
• Issuance of only one supplementary card of the same Visa Signature type, with the possibility of issuing other supplementary cards from other Split Visa card types.
• 12 Airport VIP lounge visits (subject to eligibility criteria: total successful international transactions of at least USD 10 every 3 months).
• Numerous discounts and benefits provided by Visa International.

Benefits:

• Installment options from all points of sale (POS) worldwide.
• Flexible Installment periods.
• Compliant with the provisions of Islamic Sharia.
• Secure online shopping.
• Loyalty points for purchase transactions.
• Detailed monthly electronic statement of account.
• Card management through the Islami Mobile application.
• Discounts offered by Mastercard (Talabat, Careem, Booking, etc.).
• Issuance of only one supplementary card of the same Mastercard World type, with the possibility of issuing other supplementary cards from other Split Mastercard card types.
• 20 Airport VIP lounge visits provided by Mastercard (subject to eligibility criteria: at least one successful international transaction of at least JOD 1 every 3 months).
• Many additional benefits provided by Mastercard.