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    Modern Financial Transactions: Taught By: Dr. Ashraf Muneeb

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    Alexander Sebastian Gorin
    The document discusses modern financial transactions including debit cards, charge cards, and credit cards. It explains how each card works and the relationships between the various entities involved like the bank issuing the card, merchant bank, and cardholder. The document also covers insurance concepts like different types of insurance, cooperative insurance, commercial insurance, and components of an insurance contract.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Modern Financial Transactions: Taught By: Dr. Ashraf Muneeb

    Uploaded by

    Alexander Sebastian Gorin
    96 views59 pages
    The document discusses modern financial transactions including debit cards, charge cards, and credit cards. It explains how each card works and the relationships between the various entities involved like the bank issuing the card, merchant bank, and cardholder. The document also covers insurance concepts like different types of insurance, cooperative insurance, commercial insurance, and components of an insurance contract.

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    ISF120

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    The document discusses modern financial transactions including debit cards, charge cards, and credit cards. It explains how each card works and the relationships between the various entities involved like the bank issuing the card, merchant bank, and cardholder. The document also covers insurance concepts like different types of insurance, cooperative insurance, commercial insurance, and components of an insurance contract.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    96 views59 pages

    Modern Financial Transactions: Taught By: Dr. Ashraf Muneeb

    Uploaded by

    Alexander Sebastian Gorin
    The document discusses modern financial transactions including debit cards, charge cards, and credit cards. It explains how each card works and the relationships between the various entities involved like the bank issuing the card, merchant bank, and cardholder. The document also covers insurance concepts like different types of insurance, cooperative insurance, commercial insurance, and components of an insurance contract.

    Copyright:

    © All Rights Reserved
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    Modern Financial Transactions

    Lesson 9

    Taught by: Dr. Ashraf Muneeb

    Cards

    Pay

    Bank issuing
    card

    Pay

    Pay

    Submit
    Voucher

    Merchant
    bank

    Buy
    Merchant

    Submit
    Voucher

    Pay

    International
    card regulatory
    organizations

    Submit
    Voucher

    Submit
    Voucher

    Cards

    Card holder

    Cards
    International
    card regulatory
    organizations
    bank

    bank

    bank

    bank

    bank

    bank

    bank

    Debit card

    Debit card
    1. Available funds in his account.

    Debit card
    1. Available funds in his account.
    2. The right to withdraw cash from his account.

    Debit card
    1. Available funds in his account.
    2. The right to withdraw cash from his account.
    3. The right to pay for goods or services purchased up to the
    limit of the available funds on his account.

    Debit card
    1. Available funds in his account.
    2. The right to withdraw cash from his account.
    3. The right to pay for goods or services purchased up to the
    limit of the available funds on his account.
    4. The debit to the customers account will be immediate.

    Debit card
    1. Available funds in his account.
    2. The right to withdraw cash from his account.
    3. The right to pay for goods or services purchased up to the
    limit of the available funds on his account.
    4. The debit to the customers account will be immediate.
    5. The card does not provide any credit.

    Debit card
    1. Available funds in his account.
    2. The right to withdraw cash from his account.
    3. The right to pay for goods or services purchased up to the
    limit of the available funds on his account.
    4. The debit to the customers account will be immediate.
    5. The card does not provide any credit.
    6. The issuing bank may charge a fee for issuing the card, or
    may make no charge for issuing it.

    Debit card
    Merchant
    bank

    Bank issuing
    card

    Merchant

    Card holder

    Debit card
    Bank issuing
    card

    Merchant

    Card holder

    Agency

    Merchant
    bank

    Debit card
    Merchant
    bank

    Agency

    Bank issuing
    card

    Sale
    Merchant

    Card holder

    Debit card
    Merchant
    bank

    Agency

    Agency

    Bank issuing
    card

    Sale
    Merchant

    Card holder

    Debit card
    Bank issuing
    card

    y
    c
    n
    ge

    Agency

    Agency

    Merchant
    bank

    Sale
    Merchant

    Card holder

    Charge card
    1. The card provides a credit facility up to certain ceiling for a
    specified period of time.

    Charge card
    1. The card provides a credit facility up to certain ceiling for a
    specified period of time.
    2. The card is used to pay for goods and services and to obtain
    cash.

    Charge card
    1. The card provides a credit facility up to certain ceiling for a
    specified period of time.
    2. The card is used to pay for goods and services and to obtain
    cash.
    3. This card does not provide revolving credit facilities to the
    cardholder.

    Charge card
    1. The card provides a credit facility up to certain ceiling for a
    specified period of time.
    2. The card is used to pay for goods and services and to obtain
    cash.
    3. This card does not provide revolving credit facilities to the
    cardholder.
    4. If the cardholder delays payment of the amount due beyond
    the period of free credit, an interest charge is imposed on
    the cardholder

    Charge card
    Merchant
    bank

    Bank issuing
    card

    Merchant

    Card holder

    Charge card
    Bank issuing
    card

    Merchant

    Card holder

    Agency

    Merchant
    bank

    Charge card
    Merchant
    bank

    Merchant

    Agency

    Guaranty

    Bank issuing
    card

    Card holder

    Charge card
    Merchant
    bank

    Agency

    Guaranty

    Bank issuing
    card

    Sale
    Merchant

    Card holder

    Charge card
    Merchant
    bank

    Agency

    Agency

    Guaranty

    Bank issuing
    card

    Sale
    Merchant

    Card holder

    Charge card
    Bank issuing
    card

    Agency

    y
    c
    n
    ge

    Guaranty

    Agency

    Merchant
    bank

    Sale
    Merchant

    Card holder

    Credit card
    1. This card provides a revolving credit facility within the
    credit limit and credit period determined by the issuer of
    the card.

    Credit card
    1. This card provides a revolving credit facility within the
    credit limit and credit period determined by the issuer of
    the card.
    2. The holder of a credit card is able to pay for purchases of
    goods and services and to withdraw cash, within the
    approved credit limit.

    Credit card
    1. This card provides a revolving credit facility within the
    credit limit and credit period determined by the issuer of
    the card.
    2. The holder of a credit card is able to pay for purchases of
    goods and services and to withdraw cash, within the
    approved credit limit.
    3. Free credit period during which the amount due should be
    paid and no interest is chargeable.

    Credit card
    1. This card provides a revolving credit facility within the
    credit limit and credit period determined by the issuer of
    the card.
    2. The holder of a credit card is able to pay for purchases of
    goods and services and to withdraw cash, within the
    approved credit limit.
    3. Free credit period during which the amount due should be
    paid and no interest is chargeable.
    4. The cardholder is also allowed to defer paying the amount
    due and is charged interest for the duration of the credit.

    Credit card
    Merchant
    bank

    Bank issuing
    card

    Merchant

    Card holder

    Credit card
    Bank issuing
    card

    Merchant

    Card holder

    Agency

    Merchant
    bank

    Credit card
    Merchant
    bank

    Merchant

    Agency

    Guaranty

    Bank issuing
    card

    Card holder

    Credit card
    Merchant
    bank

    Agency

    Guaranty

    Bank issuing
    card

    Sale
    Merchant

    Card holder

    Credit card
    Merchant
    bank

    Agency

    Agency

    Guaranty

    Bank issuing
    card

    Sale
    Merchant

    Card holder

    Credit card
    Bank issuing
    card

    Agency

    y
    c
    n
    ge

    Guaranty

    Agency

    Merchant
    bank

    Sale
    Merchant

    Card holder

    Insurance

    Types of Insurance

    Types of Insurance
    1. Cooperative (mutual) insurance.

    Types of Insurance
    1. Cooperative (mutual) insurance.
    2. Commercial insurance.

    Cooperative Insurance

    Cooperative Insurance
    1. A group of individuals agree each to pay a given amount to
    compensate for actual losses that may occur for any of
    them.

    Cooperative Insurance
    1. A group of individuals agree each to pay a given amount to
    compensate for actual losses that may occur for any of
    them.
    2. Its classified as a donation contract, as its cooperation to
    do good.

    Commercial Insurance

    Commercial Insurance
    1. The insured is required to pay fixed installments to the
    insurer.

    Commercial Insurance
    1. The insured is required to pay fixed installments to the
    insurer.
    2. The insurer is thus required to pay a defined financial
    compensation to the insured.

    Commercial Insurance
    1. The insured is required to pay fixed installments to the
    insurer.
    2. The insurer is thus required to pay a defined financial
    compensation to the insured.
    3. Its a commutative contract binding on both parties.

    Al Hamd

    Japanese
    Vendor

    Shipping
    Company

    Al Hamd

    Japanese
    Vendor

    Insurance
    Company

    Shipping
    Company

    Al Hamd

    Japanese
    Vendor

    Legal Reasons for Liability


    1. Transgression.

    Legal Reasons for Liability


    1. Transgression.
    2. Negligence.

    Legal Reasons for Liability


    1. Transgression.
    2. Negligence.
    3. Illegal possession.

    Legal Reasons for Liability


    1. Transgression.
    2. Negligence.
    3. Illegal possession.
    4. Guaranty contract.

    Insurance Contract
    The contract contains:

    Insurance Contract
    The contract contains:
    1. Ignorance

    Insurance Contract
    The contract contains:
    1. Ignorance
    2. Gharar

    Insurance Contract
    The contract contains:
    1. Ignorance
    2. Gharar
    3. Riba

    Insurance Contract
    The contract contains:
    1. Ignorance
    2. Gharar
    3. Riba
    4. Gambling

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