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This MasterCard follows Islamic laws

Posted on 16 October 2012

A compass pointing the way to Mecca is embedded in a new MasterCard aimed at Muslims. Al Hillal bank in the United Arab Emirates has rolled out the new bank card which complies with Islamic laws banning charging interest on loans in a bid to appeal to the world’s 1.6 billion Muslims.
Islamic law or Shariah forbids “riba”, the charging of interest on loans, because it enables the rich to exploit the poor, creates social and economic tension and encourages risk, according to scholars………………………………………..Full Article: Source

 
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Laxman - who has written 19160 posts on Opalesque Islamic Finance Briefing.


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