Pakistan Credit Cards Type

Credit cards gained popularity in Pakistan, however, only in the 1990s when Citibank launched its Citibank Pakistan Visa Card. The aggressive marketing and huge investment not only made Citibank the industry leader in Pakistan but proved to be a turning point in the history of credit cards in the nation.

After the successful launch of the Citibank credit card, Muslim Commercial Bank, the National Bank of Pakistan and Bank of America soon followed suit with their own credit cards.

Here is the complete list of all credit cards types that are used in Pakistan now days.

• Balance Transfer Card
This type of card can be used to transfer a high interest balance onto a low APR credit card.
• Instant Approval Card
This type of card offers instant approval on select credit cards from specific banks.

• Business Credit Card
This type of card can be used to transfer a high interest balance onto a low APR credit card.
• Student Credit Card
These are credit cards for high school and college students with lower credit limits and fewer incentives to help keep their spending in check.
• Prepaid & Debit Card
This type of card aims at controlling spending.
• Credit Card Specials
• Reward Credit Cards i.e. Cash Back, Points, Gas, Airline, Hotel & Travel, Financial, Sports cards

Pakistan Credit Cards: Major Issuers and Banks

Following are the Banks and issuer’s of Credit cards in Pakistan.
The largest issuers of credit cards in Pakistan include:

• Allied Bank
• Allied Bank Essentials MasterCard
  
• Allied Bank Premium MasterCard
• Standard Chartered Bank
• American Express Credit Card
• Easy credit Card
• Master Card
• VISA Card
• PIA Co-Brand Credit Card
• Cricket Credit Card
• Citibank N.A.
• Citibank Silver Credit Card
• Citibank Gold Credit Card
• Citibank Caltex Credit Card-Silver
• Citibank Caltex Credit Card-Gold
• Citibank Clear Credit Card
• Citi Mobilink Credit Card
• American Express
• Bank of America
• Muslim Commercial Bank
• National Bank
• Habib Bank Ltd.
• Habib Bank Gold Card
• Habib Bank Green Card
• United Bank Limited
• UBL Chip Credit Card
• UBL Auto Credit Card
• HSBC Bank

Riba

When the rate is exorbitant, the terms of contract are not fully disclosed, or it is not based on mutual consent, interest would be subject to prohibition of riba. To repeat, interest in loans or debts for mutual benefits and mutually agreed, without any exploitative aspects and without any terms undisclosed, may not be prohibited.
This non-Equivalence view also clarifies that loan (qard) – pure monetary loan without backed by any real asset (real in economic sense), is not ribawi. Thus, there is no need to resort to legal stratagems or artifices (hiyal) to try to circumvent the prohibition of riba, and come up with substitute of interests that are different only in name, label or form.
Sharing of profit-loss and risk is not an Islamic invention. A good part of the modern business forms and transactions are based on PLS. However, people may choose PLS or non-PLS as they find relevant, appropriate and effective in their business context, as long as no zulm or exploitation occurs.

Since the condition – stipulation of any excess makes it haram – can’t be proven or established, the blanket prohibition of interest remains unproven, and thus the orthodox view about interest (subject to the conditions mentioned above) as per the prohibition of riba too remains unproven.

To repeat, the definition based on the Equivalence view is: Riba is any stipulated excess over the principal in a loan or debt. The most fundamental and critical argument against the traditional definition is that there is no incontrovertible corroboration from the Qur’an or hadith (directly from the Prophet) that it is the “stipulation” or that it is demanded by the lender that makes an excess over the principal is what constitutes riba. The next most important argument is that riba can’t be understood or defined without reference to the notion and reality of zulm

Riba and Islam

the most modern revealed religion is still upholding the righteous prohibition of Riba although not in practice in any of the Islamic country at governmental level but there is immense enthusiasm for Riba-Free financial system in Muslims. The western economists have discussed the issue at large in the twentieth century and many of them are also of the view that the religious prohibition should be brought back into the conscious of the people.

As long as Riba prohibition was enforced with religious zeal, people were prosperous and the wealth distribution was not abnormal as it is today, and obviously there was not much debate on the subject but since the Riba was made legal by Judo-Christian amendments in the divine law - its destructive fallouts earthed at large. The debate started on Riba for its literal interpretation to economic implications.

Riba was prohibited just to prevent the creation of "extra liability/demand" because that is fake and "does not exist" physically, this artificial "extra liability/demand" creates scarcity of the produce in the society and unjustly accumulation of the produce in few hands. Riba (interest, usury) is a mechanism and dangerous weapon that has a power to get hold of assets/properties of individuals, enterprises, and nations deceitfully. This is unfair and against the nature, so ALLAH (SWT) banned Riba (interest, usury) very strictly to stop this criminal action.

Nature is the Limit in Islam; any thing not natural is prohibited, stopped, and declared illegal. The above economic reasons are the only base for the prohibition of Riba, ALLAH (SWT) has allowed everything that is natural but given its strict judgment to stop any behavior, agreement, and practice that is not natural.

Riba

Riba is primarily an economic issue in view of the fact that all religions and mythologies have prohibited, restricted, discouraged, disliked, or degraded Riba in one way or the other since the inception of human interaction. All three major revealed (Ilhami) religions i.e., Islam, Christianity, and Judaism have strongly condemned and prohibited Riba in its original versions. Later, the clerics of Jews and Christian Church abandoned the prohibition of Riba (interest, usury) that led the mankind into the economic anarchy of the present era.

Riba is forbidden according to the Qur’aan and Sunnah, and definitive scholarly consensus. Whoever regards it as permissible is a kaafir, because the basic principle is that whoever rejects something on which there is obvious scholarly consensus is guilty of kufr.

Islamic banking

Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the payment of fees for the renting of money (Riba, usury) for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles (Haraam, forbidden). While these principles were used as the basis for a flourishing economy in earlier times, it is only in the late 20th century that a number of Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim community.

Pakistani Banks

PUBLIC SECTOR BANKS

1. First Women Bank Limited
2. The Bank of Khyber
3. National Bank of Pakistan
4. The Bank of Punjab

ISLAMIC BANKS

1. BankIslami Pakistan Limited
2. Emirates Global Islamic Bank
3. Dawood Islamic Bank Limited
4. Meezan Bank Limited
5. Dubai Islamic Bank Pakistan Limited

PRIVATE BANKS

1. The Royal Bank of Scotland Limited
2. JS Bank Limited
3. Allied Bank Limited
4. KASB Bank Limited
5. Arif Habib Bank Limited
6. MCB Bank Limited
7. Askari Bank Limited
8. Mybank Limited
9. Atlas Bank Limited
10. NIB Bank Limited
11. Bank Alfalah Limited
12. Saudi Pak Commercial Bank Limited
13. Bank Al Habib Limited
14. Soneri Bank Limited
15. Crescent Commercial Bank Limited
16. Standard Chartered Bank (Pakistan) Limited
17. Faysal Bank Limited
18. United Bank Limited
19. Habib Bank Limited
20. Habib Metropolitan Bank Limited

FOREIGN BANKS

1. Albaraka Islamic Bank B.S.C. (E.C.),
2. The Bank of Tokyo-Mitsubishi UFJ Limited - Pakistan Operations
3. Citibank N.A. - Pakistan Operations
4. HSBC Bank Middle East Limited – Pakistan
5. Deutsche Bank AG - Pakistan Operations
6. Barclays Bank PLC
7. Oman International Bank S.A.O.G – Pakistan Operations

DEVELOPMENT FINANCIAL INSTITUTIONS

1. House Building Finance Corporation
2. Pakistan Kuwait Investment Company Limited
3. Pak Brunei investment Company Limited
4. Pak Oman Investment Company Limited
5. Pak Iran Joint Investment Company
6. Saudi Pak Industrial & Agricultural Investment Company Limited
7. Pak Libya Holding Company Limited
8. China Investment Company Limited

SPECIALIZED BANKS

1. Industrial Development Bank of Pakistan
2. The Punjab Provincial Cooperative Bank Ltd
3. SME Bank Limited
4. Zarai Taraqiati Bank Limited

MICRO FINANCE BANKS / INSTITUTIONS

1. Khushhali Bank Limited
2. Rozgar Microfinance Bank Limited
3. Network Microfinance Bank Limited
4. Tameer Micro Finance Bank Limited
5. Pak Oman Microfinance Bank Limited
6. The First Micro Finance Bank Limited

State Bank Central Board of Directors

1. Syed Salim Raza Chairman
2. The Secretary Finance Member
3. Mr. Khair Mohamed Junejo Member
4. Mr. Ehsen Rashid
5. Mr. M. Yaqoob Vardag Member
6. Mr. Mohsin Aziz Member
7. Dr. Wasim Azhar Member
8. Mr. Kamran Y. Mirza Member
9. Mr. Alman A. Aslam Member
10. Mr. Riaz Ahmed Secretary

State Bank Governor

The principal officer of the SBP is the Governor. The current Governor of State Bank of Pakistan is Syed Salim Raza who took over from Dr. Shamshad in January 2009 for a three year term. He is a retired professional from Citibank and was the Chairman of Pakistan Business Council

State Bank Departments

• Agricultural Credit
• Audit
• Banking Inspection
• Banking Policy
• Banking Supervision
• Corporate Services
• Economic Analysis
• Monetary Policy
• Research
• Statistics and Dataware House
• Exchange and Debt Management
• Exchange Policy
• Human Resource
• Information System
• Islamic Banking
• Legal Services
• Library
• Payment System
• Real Time Gross Settlement System (RTGS System)
• Small and Medium Enterprises
• Training and Development Department (TDD)

State Bank of Pakistan

The State Bank of Pakistan (SBP) is the central bank of Pakistan. While its constitution, as originally laid down in the [State Bank of Pakistan Order 1948], remained basically unchanged until January 1, 1974, when the bank was nationalized, the scope of its functions was considerably enlarged. The State Bank of Pakistan Act 1956, with subsequent amendments, forms the basis of its operations today. The headquarters are located in the financial capital of Pakistan, Karachi with its second headquarters in the capital, Islamabad.

Before independence on 14 August 1947, the Reserve Bank of India (central bank of India) was the central bank for what is now Pakistan. On 30 December 1948 the British Government's commission distributed the Bank of India's reserves between Pakistan and India - 30 percent (750 M gold) for Pakistan and 70 percent for India.

The losses incurred in the transition to independence were taken from Pakistan's share (a total of 230 million). In May, 1948 Muhammad Ali Jinnah (Founder of Pakistan) took steps to establish the State Bank of Pakistan immediately. These were implemented in June 1948, and the State Bank of Pakistan commenced operation on July 1, 1948.