Sharia Board Rulings — Banking Services

• The online payment gateway is approved. Where a POS terminal is leased to a gold or silver dealer, or to a licensed exchange company, settlement must be immediate or as short as possible and never beyond two working days.
• POS terminals may be placed in mixed-activity venues for use in lawful activity, with the merchant and cardholder bearing responsibility for prohibited use. They may not be placed where the activity itself is prohibited, and cards issued by the bank should be blocked at such venues.
• Opening an account, accepting a deposit, or issuing and collecting cheques for a customer whose underlying purpose is unlawful is permitted, because the service is not a loan toward that purpose — but financing the customer's prohibited activity is not.
• The commissions on mobile-bill direct debit, on POS terminals for low- and medium-activity merchants, and the electronic payment card terms and conditions, are all approved.

The full Arabic text of every question and ruling is published on the Arabic version of this page. The signed original is below.