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MasterCard Offers New Interest-Free Sharia Compliant Credit Card To Muslims

A new interest-free credit card, the first of its kind in North America, aims to reconcile Islamic canonical law and Western consumer culture.

Until now, observant Muslims have been precluded from owning credit cards on which they pay interest, a violation of shariah law.

The iFreedom Plus Mastercard, set to be available in the coming days, promises no bills, no interest and no credit card debt.

"Everyone living their day-to-day lives, they need a credit card. You can't rent a car, you can't travel if you don't have a card. Everyone wants one in their pocket," said Omar Kalair, president of UM Financial, a Toronto-based Islamic financing firm that is launching the card with the Mastercard brand.

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A new interest-free credit card, the first of its kind in North America, aims to reconcile Islamic canonic

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Added: Mar-31-2010 
By: jumpingforJoy
In:
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Tags: MasterCard, Offers, New, Interest-Free, Sharia, Compliant, Credit, Card, To, Muslims
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