Tuesday, July 7, 2009

Canadian Firm Offering Prepaid Card Aimed at Muslims

David Morrison of Credit Union Times reports that UM Financial Inc., has begun offering a prepaid card aimed at Muslims who wish to have the convenience of a credit card but refrain from paying any interest. Islamic religious law forbids the paying or earning of interest.

Faithful Muslims can use traditional credit cards without violating Islamic law but need to make sure they pay off their balances in a timely manner to avoid any interest charges. Omar Kalair, CEO of UM Financial Group, said he came up with the prepaid card after it became clear that many Muslims inadvertently wind up paying interest charges on traditional cards.

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