Podcast
Questions and Answers
What type of transactions can be made using the Al Fursan credit card?
What type of transactions can be made using the Al Fursan credit card?
- Goods and services that are legally permissible (correct)
- Legal and illegal transactions
- Goods and services that are not legally permissible
- Only cash withdrawals from ATMs
How does the bank handle the funds deposited in the card account?
How does the bank handle the funds deposited in the card account?
- The bank may use the funds freely
- The bank treats it as a loan to the bank
- The bank invests the funds in risky ventures
- The bank sets it aside and may not use it (correct)
What type of finance does the bank provide for the cardholder?
What type of finance does the bank provide for the cardholder?
- Interest-free finance
- Riba-based finance
- Murabaha Finance (correct)
- Sukuk Finance
How is the cardholder allowed to use the funds in the Card Account?
How is the cardholder allowed to use the funds in the Card Account?
What governs the relationship between alrajhi bank and the cardholder?
What governs the relationship between alrajhi bank and the cardholder?
What is the maximum limit for cash withdrawal defined by SAMA through the card?
What is the maximum limit for cash withdrawal defined by SAMA through the card?
What happens if the customer fails to make a payment for the utilized amounts to the Card Account on the due date?
What happens if the customer fails to make a payment for the utilized amounts to the Card Account on the due date?
What is the customer obligated to pay according to paragraph (1.6) of the terms and conditions?
What is the customer obligated to pay according to paragraph (1.6) of the terms and conditions?
What does paragraph (1.8) state regarding indirect VATs?
What does paragraph (1.8) state regarding indirect VATs?
What is mentioned about cheque books or debit cards in relation to the Card Account?
What is mentioned about cheque books or debit cards in relation to the Card Account?
Study Notes
Al Fursan Credit Card Transactions
- The Al Fursan credit card can be used to make various types of transactions, including purchases, cash withdrawals, and online transactions.
Card Account Management
- The bank manages the funds deposited in the card account, ensuring that cardholders can access their funds for transactions.
Financing Options
- The bank provides financing options to cardholders, enabling them to make purchases and payments with flexibility.
Card Usage
- Cardholders are allowed to use the funds in the Card Account for various transactions, including online purchases, cash withdrawals, and other transactions.
Agreement Terms
- The relationship between Al Rajhi Bank and the cardholder is governed by the terms and conditions of the agreement.
Cash Withdrawal Limits
- The maximum limit for cash withdrawal is defined by the Saudi Arabian Monetary Authority (SAMA) through the card.
Late Payment Consequences
- If the customer fails to make a payment for the utilized amounts to the Card Account on the due date, they may be subject to late payment fees and penalties.
Payment Obligations
- According to paragraph (1.6) of the terms and conditions, the customer is obligated to pay the minimum payment amount or the total outstanding balance, whichever is less.
Indirect VATs
- Paragraph (1.8) states that indirect VATs are not applicable to the card transactions.
Card Account Characteristics
- The Card Account is not linked to cheque books or debit cards, and it operates as a standalone credit card account.
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Description
Learn about the terms and conditions of Alrajhi Bank's credit card issuance in accordance with Shari'a regulations. Understand the relationship between Alrajhi Bank and the cardholder, as well as the permissions and limitations associated with the card.
