Posted on 03/31/2010 10:23:17 AM PDT by 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.
(Excerpt) Read more at nationalpost.com ...
Or and IED.
card companies make much more profit per transaction than on interest or fees.
when they get a percentage everytime you swipe your card.. it adds up real quick.
Then I have no problem with it.
Maybe all religions should forbid it’s people to pay interest.
Your image would be Shariah compliant, the card isn’t. It is obviously a human.
With the iFreedom Plus Mastercard, holders load up their card with cash in advance, up to $6,000. Each purchase draws down on the account without accruing interest.Mastercard gets a $50 fee for each card, and they get the transaction fee that merchants pay them to process payments via card. Also, they get 95 cents for each "reload" of the card. Mastercard is basically just doing the same thing that any prepaid Visa card is doing.The concept follows the Islamic principle that finance should be backed by owned assets. It was approved by a panel of Muslim religious scholars, Mr. Kalair said.
"You're spending money you actually own," he said. "There's a certain degree of stress when you use a credit card. On this one there isn't."
Cardholders pay $50 for two years of use and each transfer of cash on to the card costs 95 cents.
And since the new product doesn't actually involve credit, applicants are approved without a credit check.
I want an interest-free credit card.
Read the article.
I thought Muslims usually buy their one-way airplane tickets with cash.
Does it throw acid in young girls’ faces for showing too much ankle?
Abu Dhabi-based carrier Etihad Airways is offering a 10% discount for customers booking a flight with the card.
and from another site (http://us.makemytrip.com/airlines-to-india/etihad-airways.jsp):
Flights of Eithad Airways connect Abu Dhabi to important international destinations, namely Toronto, New York, Brisbane, Sydney, London, Manchester, Geneva, Moscow, Milan, Dublin, Munich, Frankfurt, Paris, Brussels, ...
Just have to hope their security is very, very good.
You sure can travel without a credit card. Pay cash & book a one way flight. Nobody will dare question it if you’re muslim.
Shaira doesn’t allow paying interest. So they have to twist their language & play make believe in order to particpate in commerce.
Come out of her, my people.
Just think. You could win points toward your next one-way flight upgrade across the Atlantic...
Call Mastercard and ask how much they cost.
The Catholic Credit Card is much more complex. You have to pay 50 dollars for each card, pay your interest at least twice a year (or a full fee of $500 dollars if you wnat your CCD kids to play on the basketball team) but most of those fees might come back at an end of year 50/50 drawing. Ya gotta buy beer and peirogis, tho.
Also, only priests are allowed to read the Terms of Service.
What next, a Vislam card?
Okay, I laughed.
It’s against my religion to pay for socialism by fiat.
where’s my alternative tax?
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