MasterCard offers card aimed at Muslims

nationalpost.com ^ | March 30, 2010 | Tim Shufelt

[Free ThinkerNY]

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.

[pgyanke]

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

So use a debit card...

[Mr. K]

no interest?

no bills?

umm..... how can I get me one of them cards? Praise Allah

[RockinRight]

Does it blow things up?

[RC2]

You and I will pay for this.......count on it.

[Cyber Liberty]

So, how is Master Card making a buck?

[SevenofNine]

I wonder can I get this card if I send in couple of goats for interest free payments LOL!

[justlurking]

This is just a pre-paid card. They have been around for a long time.

The difference appears to be that you pay an annual fee for the card, and a fixed transaction fee each time you add funds to the card.

Other cards impose a transaction fee that is a percentage of the amount added. I suppose that can be interpreted as "interest".

My question is: how easily can these cards be used for money laundering?

[VRWCmember]

"And our community travels a lot," Mr. Kalair said.

Yes, and therein lies a significant problem.

[green pastures]

"Also, Abu Dhabi-based carrier Etihad Airways is offering a 10% discount for customers booking a flight with the card.

"And our community travels a lot," Mr. Kalair said."

All those dry runs rack up a lot of air miles...

/sarc, sort of

[SnakeDoctor]

So ... no interest, pre-paid credit cards. Its a debit card with a pro-muslim advertising campaign. Hardly noteworthy. I have two myself.

SnakeDoc

[syc1959]

I wonder if they will be relying on Sharia lending practices for Muslims and create a two tier lending laws and create discrimination based on religion.

[thethirddegree]

It works like this: 5 times a day money shoots out of your @ss.

[mom-7]

What next?

[wku man]

And the edge is sharp enough to saw off infidel heads.

Scouts Out! Cavalry Ho!

[Pajama Blogger]

One caveat. It’s made with pigs blood.

[End Times Sentinel]

What were they thinking?

When this was availiable

[justlurking]

So, how is Master Card making a buck?

They get an annual fee, a fixed transaction fee when funds are added, and of course the merchant fee when you use the card to pay for something.

[ricmc2175]

I love it. Exploiting Muslims. It is a prepaid card with fees. MasterCard gets to charge you for putting money on the card and charges you an annual fee.
BTW the card itself is not shariah compliant, it has a graphical representation of a person on the card, in violation of Islamic Law.

[Voter62vb]

Transfer $100 on to your ATM..er...I mean “Credit Card” and you are charged 95 cents. But you earn 1% when you spend that 100 dollars from your ATM...er ..Your Credit Card. Well, you have to pay 25 dollars a year to have a ATM...er..Credit card.