UK’s first ‘sharia-compliant’ MasterCard launched for Muslims

Salam,

It must suck being an impulse buyer and swiping your credit card like a black card when your broke. It must suck even more to pretend you can afford certain things when you really can’t.

Why can’t we Americans keep it real when it comes to financial matters. Well not all of us, but alot of us, in fact the average American household, according to many statistics, is over $8,000 (if not 9,000) just in credit card debt.

Which is why I love debit cards, buying a service or product when you have the money for it then acting like you do makes life alot easier. Well now if you live in the UK you can get your first ‘Shariah Compliant’ Mastercard.

Hate Receiving or Giving Interest? Well if your a Muslim you certainly do. If your not, then you still should because if by any chance we fall in debt and sink deeper into it, we become financially enslaved to the ones we owe. It’s strictly prohibited in Islam and you can read a great article on a guide to debt here from MuslimMatters.org.

So what is this shariah complaint MasterCard and what’s the big deal? Here is an excerpt from Islamic Times discussing the benefits. I’ll sum up the points.

  • The Cordoba Gold MasterCard does not charge or receive interest as this is in direct conflict with shariah Law.
  • The company also donates at least 10% of its profits to registered charities in the UK and abroad
  • The Cordoba Gold card is available to UK residents aged 18 and over, and is being launched in London.
  • The UK’s Muslim population totals about two million and fully sharia-compliant banks have more than 30,000 customers across the UK

Sweet like halal marshmallows right? Yea I thought so, here is what Ahmed Suleiman, chief executive officer of Cordoba Financial Group, said: “Consumers are tired of hidden charges, and unclear small print and this card is an attractive alternative providing a convenient and safe payment method that is ideal for everyone.

“This card is the first shariah product that has been specifically developed to address the real needs of millions of Muslims in Britain, rather than wholesale Islamic funds geared for governments, institutions and other investors.”

Inshallah this would be nice if it comes to the US, until then let’s control our desires and buy something only if we have the money ready.

Is it Haram to use Credit Cards? Read a great article here from SunniPath by no other than Mufti Muhammad Taqi Usmani

How did you find this article? Rate it or leave a comment at the top!

[ratings]

Reblog this post [with Zemanta]

7 Responses to UK’s first ‘sharia-compliant’ MasterCard launched for Muslims

  1. Tim September 11, 2008 at 11:56 pm #

    It's still a "credit" card tho, right? So you're spending money you don't have? Hmm, not my way, "Shariah Compliant" or not.

  2. MHB September 15, 2008 at 3:09 pm #

    is there an annual fee to offset MC's revenue loss from not charging interest?

    how/where do they make up the cost?

  3. Buy 100 twitter followers June 12, 2014 at 10:57 am #

    Good day! This is kind of off topic but I need some help from an established blog.

    Is it difficult to set up your own blog? I’m not very techincal but I
    can figure things out pretty fast. I’m thinking about making my
    own but I’m not sure where to begin. Do you have any ideas or suggestions?
    With thanks

  4. Quran Academy September 20, 2016 at 10:17 am #

    is it only credit card? what do you mean for muslim ?

Trackbacks/Pingbacks

  1. Shariah Finance Watch » Blog Archive » Islamic Mastercard in UK seems not to disclose how they make “interest” . The article below is from a UK Muslim who loves this card. Shariah 101 - September 12, 2008

    […] continue reading at   http://www.chillyoislamyo.com/2008/09/11/uks-first-sharia-compliant-mastercard-launched-for-muslims/ […]

  2. GOING ON THE PAST RECORDS-CHARITIES- FUND DODGY CHARITIES « Centurean2’s Weblog - September 13, 2008

    […] continue reading at   http://www.chillyoislamyo.com/2008/09/11/uks-first-sharia-compliant-mastercard-launched-for-muslims/ […]

  3. WHICH CHARITIES? GOV SHOULD GET DISCLOSURE- MINUS AL-TAQQYI.. « uk1884 - September 13, 2008

    […] continue reading at   http://www.chillyoislamyo.com/2008/09/11/uks-first-sharia-compliant-mastercard-launched-for-muslims/ […]

Leave a Reply

Powered by WordPress. Designed by Woo Themes