Halal Credit card in North America

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   OTTAWA - A Canadian Islamic financial institution is launching Canada�s first �halal-approved� credit card this month and will also offer it to US Muslims by year end, its president told AFP on Tuesday. 

The iFreedom Plus MasterCard meets the requirements of Sharia law, which prohibits usury, by being prepaid and therefore interest-free, said Omar Kalair, president of Toronto-based UM Financial. 
�Trade is allowed, but usury is not,� he explained. 
A similar card is already available in Britain, but nowhere else in the West, he said. 
Until now, devout Muslims in Canada have either had to do without credit cards or paid off the balance each month to avoid interest charges that go against their faith. 
Three Islamic finance experts said in a statement the card �complies with Islamic Laws and Muslims can avail of this product.� 
Of course, non-Muslims may want one too, Kalair said. 
Benefits include no monthly fee, no transaction fees and discounts on flights with Etihad Airways, which flies from Toronto to Abu Dhabi. 
According to a 2001 census, there are 580,000 Muslims living in Canada. Kalair estimates the number is now one million. 

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wasi siddiqui Members Profile Send Private Message Find Members Posts Add to Buddy List Senior Member Joined: 22 April 2005 Location: Angola Status: Offline Points: 327	Post Options Post Reply Quote wasi siddiqui Report Post Thanks(0) Quote Reply Topic: Halal Credit card in North America Posted: 13 April 2010 at 8:59pm
	OTTAWA - A Canadian Islamic financial institution is launching Canada�s first �halal-approved� credit card this month and will also offer it to US Muslims by year end, its president told AFP on Tuesday. The iFreedom Plus MasterCard meets the requirements of Sharia law, which prohibits usury, by being prepaid and therefore interest-free, said Omar Kalair, president of Toronto-based UM Financial. �Trade is allowed, but usury is not,� he explained. A similar card is already available in Britain, but nowhere else in the West, he said. Until now, devout Muslims in Canada have either had to do without credit cards or paid off the balance each month to avoid interest charges that go against their faith. Three Islamic finance experts said in a statement the card �complies with Islamic Laws and Muslims can avail of this product.� Of course, non-Muslims may want one too, Kalair said. Benefits include no monthly fee, no transaction fees and discounts on flights with Etihad Airways, which flies from Toronto to Abu Dhabi. According to a 2001 census, there are 580,000 Muslims living in Canada. Kalair estimates the number is now one million.

Hayfa Members Profile Send Private Message Find Members Posts Add to Buddy List Senior Member Female Joined: 07 June 2005 Location: United States Status: Offline Points: 2368	Post Options Post Reply Quote Hayfa Report Post Thanks(0) Quote Reply Posted: 14 April 2010 at 6:56am
	Would this be nice or what.. get some of these going and people may begin to realize the benefits!
	When you do things from your soul, you feel a river moving in you, a joy. Rumi

abuayisha Members Profile Send Private Message Find Members Posts Add to Buddy List Senior Member Muslim Joined: 05 October 1999 Location: Los Angeles Status: Offline Points: 5105	Post Options Post Reply Quote abuayisha Report Post Thanks(0) Quote Reply Posted: 14 April 2010 at 6:58am
	Omar Kalair is the president of UM Financial, which is test driving a new interest-free credit card that is designed to adhere to Sharia law. (April 12, 2010) Edited by abuayisha - 14 April 2010 at 6:59am

aeronroy Members Profile Send Private Message Find Members Posts Add to Buddy List Starter Joined: 10 September 2010 Status: Offline Points: 4	Post Options Post Reply Quote aeronroy Report Post Thanks(0) Quote Reply Posted: 10 September 2010 at 6:18am
	Some of the principles and methods of Islamic finance is really prudent banking practices that could have helped avoid excesses and problems we experienced during the recent law meltdown.sharia by its very nature is a supremacist ideology medieval creates a hierarchy of people based on race and religion.

Reepicheep Members Profile Send Private Message Find Members Posts Add to Buddy List Senior Member Joined: 06 November 2006 Status: Offline Points: 324	Post Options Post Reply Quote Reepicheep Report Post Thanks(0) Quote Reply Posted: 18 September 2010 at 11:36am
	Hayfa wrote: people may begin to realize the benefits! Well, it is certainly a benefit to the banks, since they are getting consumers to give the bank interest free loans. Personally, I prefer the regular type of credit card, where the bank gives me an interest free loan for six weeks, plus gives me an additional personal benefit ranging between 1.5% to 7%, depending on the credit card and what I am using it for. The trick, of course, is to pay off each credit card bill in full. If a person doesn't have the willpower or the financial resources to pay off each bill in full, then they shouldn't use a credit card. Edited by Reepicheep - 18 September 2010 at 11:37am

ammasmith Members Profile Send Private Message Find Members Posts Add to Buddy List Starter Joined: 30 September 2010 Status: Offline Points: 4	Post Options Post Reply Quote ammasmith Report Post Thanks(0) Quote Reply Posted: 30 September 2010 at 10:34pm
	It is absolutely possible to take the interests of bank non-Muslims. While making a condition of obtaining interest is allowed. Taking a loan with interest is not allowed unless you take it with intent to obtain money to which he sees as the loans were given to him on behalf of Sharia.

Gibbs Members Profile Send Private Message Find Members Posts Add to Buddy List Guest Group Joined: 29 April 2009 Status: Offline Points: 939	Post Options Post Reply Quote Gibbs Report Post Thanks(0) Quote Reply Posted: 17 October 2010 at 5:45pm
	Do you have to be muslim to own one?

marryroy02 Members Profile Send Private Message Find Members Posts Add to Buddy List Starter Joined: 16 October 2010 Status: Offline Points: 4	Post Options Post Reply Quote marryroy02 Report Post Thanks(0) Quote Reply Posted: 17 October 2010 at 9:56pm
	Faith has never been a factor in a lot of mortgage companies to reformulate products and accommodate the religious needs is a novel, even mystifying, idea for regulated institutions like banks. But aware of the changing demographics, some financial services companies see the estimated 5 million to seven million Muslims in America as a market still growing sufficient numbers, wealth and sophistication to justify specialized products. Edited by marryroy02 - 17 October 2010 at 9:57pm