UAE bank rolls out credit card for Muslims
Dubai, United Arab Emirates (4E) – A United Arab Emirates bank has rolled out a MasterCard for Muslims that doesn’t charge holders interest for loans and has a built-in compass that points to Islam’s holy city of Mecca in Saudi Arabia.
The Al Hillal bank said the credit card’s compliance with Islamic laws will make it appealing to the world’s 1.6 billion Muslims.
Under Islamic law, the charging of interest on loans is prohibited because it exploits the poor and creates social and economic tension. It also requires Muslims to pray five times a day facing the direction of Mecca.
The card also offer travel vouchers to pay for the Haj pilgrimage to Mecca. The Islamic law requires every Muslim to visit Mecca at least once in their lifetime.
A percentage of purchases using the card is donated to local charities. Such donation is encourage by the Sharia law.
MasterCard is supporting the said card seeing its big potential. The demand for Muslim-friendly card is growing in the Middle East, according to MasterCard spokesman James Issokson.