The Instant Discount Card in the Libyan Reality: An Applied Jurisprudential Study

Abstract

This research examines the instant debit card (Debit Card) as one of the most important contemporary electronic payment instruments in the Libyan banking context, particularly in light of the exceptional economic conditions, most notably the cash liquidity crisis. The study aims to clarify the nature and characteristics of this card, determine its juristic classification, and examine the Sharia rulings governing its use in sales transactions, currency exchange, cash withdrawals, and bank commissions, while linking these rulings to the practical applications prevailing in the Libyan market.

The research adopts inductive, analytical, comparative, and applied methodologies by surveying the opinions of contemporary jurists and the resolutions and fatwas of Islamic Fiqh councils and institutions, and by analyzing actual transaction practices in banks and points of sale. The study concludes that the instant debit card constitutes a Sharia-compliant means of payment based on agency (wakālah) and direct deduction from the customer’s account, and that immediate deduction is considered valid constructive possession (qabḍ ḥukmī) in Islamic law. It also affirms the permissibility of selling at a higher price when payment is made by debit card upon mutual consent, the permissibility of currency exchange and cash withdrawals in accordance with Sharia guidelines, and the permissibility of bank commissions when they are charged in return for a known and actual service. The ruling differs in certain forms of cash withdrawal depending on the settlement mechanism between banks. The study recommends unifying Sharia standards governing bank commissions and strengthening Sharia supervision over electronic payment systems.