DUBAI: With a huge number of the approximately 250 overseas Filipino workers (OFWs) languishing in Dubai jails locked-up for unpaid debts, a top official of a financial company in the UAE has reminded that a credit card is not a genie that grants wishes, rather a spending tool that should be used wisely.
“The credit card is a very unique tool that the individuals has to (inaudible) their lifestyles. It can also become an enemy rather than a friend,” said Saif Ali Al Shehhi, managing director and CEO of Aafaq Islamic Finance.
“You have to know how much your limit is. Each person has to have a limit to their lifestyle, spending, shopping and dining,” he added.
Al Shehhi said the beauty of a credit card is that it is safe unlike cash which is too risky to carry. It can easily be blocked by the bank in the event that it is lost, misplaced or ends up with another person.
“But,” stressed Al Shehhi, “you have to have self-awareness about how much you are going to have to pay, otherwise, you will end up putting yourself in a very critical financial situation.”
A common issue among credit card users is the temptation to splurge or spend without keeping tab of their expenses vis-à-vis their salaries, eventually ending up with accumulated interests due to failure to pay on time.
To this, Al Shehhi offered this advice: “Think about tomorrow. When you spend today, think about how much you’re going to pay tomorrow. Otherwise, your life will be damaged by using this credit card. Be careful and enjoy life.”
Aafaq Islamic Finance has just launched, in collaboration with Mastercard, a set of unique Sharia-compliant credit cards with extensive benefits and rewarding structures.
