CARA® Credit Card

CARA® Credit Card

IDCORP CARA credit card is a type of financing in the modern and technology-based society, which is performed based on Islamic roles and Central bank policy. The customer can use this card to do purchase from online stores and sale terminals.

In IDCORP CARA Credit Card System, the management of all credit profiles, account settlements, control of bank or financial institution commitments can be calculated and monitored for various types of cards.

IDCORP CARA credit card system has the ability to manage all account issuing and settlements according to Islamic rules and Islamic banking policies without Riba. In this sense, credit financing application, which are granted in this system is performed in the form of loan and Qard-al-Hasanah in the initial period and is performed in the form of other Islamic installment contract such as installment sales, Jualah and Murabaha in secondary period.

Technical Features

Business Features

Applied Islamic Principals


Qard-Al-Hasan or Gratuitous Loan Qard-Al-Hasan is a contract wherein a party (the lender) gives a part of his own property to the other party (the borrower). Based on this contract, the borrower is the owner of the property for a specified period in the contract and after the termination of the contract, the borrower is obliged to return the lender in kind or, where not possible, its cash value.


Murabaha is a contract of deferred payment is used for purchase of goods, raw materials, requirements to start a production, or other products based on the existing credit. Here, the goods are sold through deferred payment at a fixed and clarified price to customer, in a way that the all the price or part of it will be paid in equal or non-equal installments. In other words, the customer buys certain goods as the bank representative and then the bank sells the goods with a higher price to the customer. In this contract, the bank declares honestly and specifically the price of the goods and its own profit margin for the customer, and the customer pays the cost and the profit in due date.

Musharaka / Partnership

Financing Musharaka contract is a partnership which aims to finance a project in a given time. The bank enters in a partnership contract with the customer and both have shares. Apart from the management costs, the generated profit or any possible loss will be divided between the two parties in proportion to each partner’s share of capital. Musharaka contract is much similar to the conventional contract of Joint Venture Financing.