CARA® Credit Card
According to the Islamic rules and instructions of Central bank of Iran, credit card is a type of financing provisioning in the form of modern and electronic way, which is applying in the framework of Islamic Contracts. This card, which granted by bank or financial institutions offers customer the option to make purchases from sale terminals and online stores. In CARA Credit Card System, the management of all credit profiles, account settlements, calculation of bank or financial institution commitments for various types of cards as well as customer commitments can be calculated and monitored in customer basis.
It should be noted that CARA credit card system has the ability to manage all provisioning and settlements according to Islamic rules and riba free Islamic banking instructions. In this case, granted credit financing application of this system is performed in the initial period of the loan in form of Qard-al-Hasanah and in secondary period as the form of other Islamic installment contract such as installment sales, Jualah and Murabaha.