Please note that my headline is more accurate than is NewsMax’s, which at this point still reads: MasterCard Starts Islamic Credit Card:
| MasterCard Worldwide and Malaysia’s EonCap Islamic Bank have jointly launched what they are calling the world’s first Islamic debit MasterCard.
The EonCap Islamic Debit MasterCard is basically a debit card with ATM functions, as well, Business Week reports. It also works on PayPass systems and is compliant with Islamic religious law, which prohibits earning or paying interest. “The card ensures that purchases are automatically deducted from the cardholder’s account and approved only if enough funds exist within the account,” said Fozia Amanulla, chief executive officer of EonCap Islamic Bank. |
I’d go for a two-way-interest-free debit card.
Especially if its use is approved only when sufficient funds exist in the account. (No more overdraft fees, you know.)
I should ask MasterCard for equality with the Muslims (on this score, anyway). 😆