MasterCard and EonCap Islamic Bank have joined forces and created an Islamic rule-complying debit card for its Muslim customers.
MasterCard Worldwide will launch the world’s first Islamic debit MasterCard called the “EonCap Islamic Debit MasterCard” in partnership with EonCap Islamic Bank.
The card will fully comply with Sharia rules and regulations.
According to Wikipedia:
Sharia is the legal framework within which the public and private aspects of life are regulated for those living in a legal system based on Islamic principles of jurisprudence and for Muslims living outside the domain.
In Sharia rule, Muslims are
not allowed to lend money for interest. So, instead of introducing both credit and debit cards, MasterCard is introducing the debit card alone; the banks and MasterCard don’t charge any fees. This will allow most Muslims to use their MasterCard and also allow them to use various businesses worldwide.
MasterCard has a number of PayPass systems, where customers can swipe their card to pay for any transaction in gas stations and other places.
Fozia Amanulla, chief executive officer of EonCap Islamic Bank, told Business Week:
"It is designed to appeal to both Muslim and non-Muslim individuals who prefer better financial control as the card ensures that purchases are automatically deducted from the cardholder's account and approved only if enough funds exist within the account."
Fozia added that this card will help them track their spending habits and it can be used in more than 26 million locations worldwide and at various ATM locations.
Shaun Ghaidan, head of product sales and delivery, Asia-Pacific at MasterCard Worldwide, told Business Week:
The EonCap Islamic Debit MasterCard card is designed for individuals who prefer to spend what they have in their accounts, yet seek the same functionality and assurances of a credit card."
MasterCard PayPass Cards are used by more than 28 million people and the PayPass system is available at more than 109,000 merchants worldwide in 24 countries.
