Now, Shariah-compliant MasterCard for Muslims

October 16, 2012 by  
Filed under newsletter-world

United kingdom, October 15, 2012: An international bank has launched a MasterCard for Muslims that includes an embedded compass pointing the way to their holy pilgrimage centre Mecca.

A Gulf state-owned bank Al Hillal released the card which will allow the cardholders to orientate themselves towards prayers five times a day.
The card also complies with Islamic laws banning charging interest on loans, in a bid to appeal to the world’s 1.6 billion Muslims, the Daily Mail reported.

According to scholars, Islamic law or Shariah forbids ‘riba’, the charging of interest on loans, because it enables the rich to exploit the poor, creates social and economic crisis.

Cardholders will also have access to travel vouchers to pay for the Haj pilgrimage to Mecca.
According to NBCNEWS.com, MasterCard spokesman James Issokson said that ‘a percentage of the money spent using the card is donated to local charities.”

“We continue to see a growing demand, especially in the Middle East, for Islamic banking in general, and more specifically in our case, for cards that are Shariah-compliant in accordance with the tenets of the Islamic faith,” he added.

The Islamic banking industry is huge with more than 500 Shariah-compliant funds internationally holding $1.5 trillion in assets, up two-thirds since the industry launched seven years ago according to the Gulf Daily News.

– ians

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