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

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