Halal Credit card in North America
Printed From: IslamiCity.org
Category: Politics
Forum Name: Current Events
Forum Description: Current Events
URL: https://www.islamicity.org/forum/forum_posts.asp?TID=16625
Printed Date: 24 November 2024 at 3:19pm
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Topic: Halal Credit card in North America
Posted By: wasi siddiqui
Subject: Halal Credit card in North America
Date Posted: 13 April 2010 at 8:59pm
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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. |
Replies:
Posted By: Hayfa
Date Posted: 14 April 2010 at 6:56am
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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 |
Posted By: abuayisha
Date 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) |
Posted By: aeronroy
Date 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. |
Posted By: Reepicheep
Date Posted: 18 September 2010 at 11:36am
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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.
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Posted By: ammasmith
Date 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. |
Posted By: Gibbs
Date Posted: 17 October 2010 at 5:45pm
| Do you have to be muslim to own one? |
Posted By: marryroy02
Date 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. |