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Sharia-compliant card launched
11:24am Monday 11th August 2008
Comments (7)A company claims to have launched the UK's first sharia-compliant prepaid MasterCard.
The Cordoba Gold MasterCard does not charge or receive interest as this is in direct conflict with sharia Law.
The company also donates at least 10% of its profits to registered charities in the UK and abroad.
A company spokesman said: "Because this is a prepaid card, the customer pays no interest on their balance.
"The difference with this card is that Cordoba Financial Group does not earn any interest on the balance either.
"Normally when someone puts money on a prepaid card the company that issues the card will earn interest on the balance until the person spends it.
"This is not the case with Cordoba, as you can neither earn nor pay interest under sharia law."
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.
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Allison Fletcher, London says...
1:02pm Tue 12 Aug 08
James Jamerson, Birmingham says...
6:57pm Wed 13 Aug 08
aid-card.co.uk
This site seems to compare most of them
Juan Jiminez, London says...
2:44pm Thu 14 Aug 08
ompare-prepaid-cards
.html
Zuly Shah, Colne says...
4:14pm Thu 14 Aug 08
Zuly Shah wrote:I knew about pre-pay debit cards. This particular one is being marketed as a Shariah compliant one. It's not adding any value into the market. That's the con I was referring to.
These pre-pay debit/credit cards are already around anyway. Is this a con or what?
Juan, London says...
6:22pm Mon 18 Aug 08
That would still be incorrect. Whilst most prepaid card companies earn interest, apparently Cordoba will not earn interest but it will be retained by the bank. So essentially, cordoba are being Sharia compliant, even though someone somewhere will still earn interest. I thin it will appeal to a certain audience but at the end of the day, it will come down to usage fees !!
Mo, canada says...
4:14am Wed 1 Oct 08
Lets face is, company must cover its cost plus some, in order to stay in the business.
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Zuly Shah, Colne says...
5:22pm Mon 11 Aug 08