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MasterCard offers card aimed at Muslims
nationalpost.com ^ | March 30, 2010 | Tim Shufelt

Posted on 03/31/2010 10:23:17 AM PDT by Free ThinkerNY

A new interest-free credit card, the first of its kind in North America, aims to reconcile Islamic canonical law and Western consumer culture.

Until now, observant Muslims have been precluded from owning credit cards on which they pay interest, a violation of shariah law.

The iFreedom Plus Mastercard, set to be available in the coming days, promises no bills, no interest and no credit card debt.

"Everyone living their day-to-day lives, they need a credit card. You can't rent a car, you can't travel if you don't have a card. Everyone wants one in their pocket," said Omar Kalair, president of UM Financial, a Toronto-based Islamic financing firm that is launching the card with the Mastercard brand.

(Excerpt) Read more at nationalpost.com ...


TOPICS: Business/Economy; Canada; Culture/Society; Front Page News; News/Current Events
KEYWORDS: crushislam; discrimination; economy; islam; islamicimperialism; islamiclaw; islamicsupremacists; lifeamongthekufir; muslims; shariahlaw
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1 posted on 03/31/2010 10:23:17 AM PDT by Free ThinkerNY
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To: Free ThinkerNY
The iFreedom Plus Mastercard, set to be available in the coming days, promises no bills, no interest and no credit card debt.

So use a debit card...

2 posted on 03/31/2010 10:25:15 AM PDT by pgyanke (You have no "rights" that require an involuntary burden on another person. Period. - MrB)
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To: Free ThinkerNY

no interest?

no bills?

umm..... how can I get me one of them cards? Praise Allah


3 posted on 03/31/2010 10:25:24 AM PDT by Mr. K (This administration IS WEARING OUT MY CAPSLOCK KEY!)
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To: Free ThinkerNY

Does it blow things up?


4 posted on 03/31/2010 10:25:52 AM PDT by RockinRight (Obama Logic: Global Warming causes blizzards, and deficit spending balances budgets.)
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To: Free ThinkerNY

You and I will pay for this.......count on it.


5 posted on 03/31/2010 10:25:58 AM PDT by RC2 (Keep ACORN investigations going.)
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To: Free ThinkerNY

So, how is Master Card making a buck?


6 posted on 03/31/2010 10:28:35 AM PDT by Cyber Liberty (Build a man a fire; he'll be warm for a night. Set a man on fire; he'll be warm the rest of his life)
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To: RC2

I wonder can I get this card if I send in couple of goats for interest free payments LOL!


7 posted on 03/31/2010 10:29:04 AM PDT by SevenofNine ("We are Freepers, all your media belong to us ,resistance is futile")
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To: Free ThinkerNY
This is just a pre-paid card. They have been around for a long time.

The difference appears to be that you pay an annual fee for the card, and a fixed transaction fee each time you add funds to the card.

Other cards impose a transaction fee that is a percentage of the amount added. I suppose that can be interpreted as "interest".

My question is: how easily can these cards be used for money laundering?

8 posted on 03/31/2010 10:29:12 AM PDT by justlurking (The only remedy for a bad guy with a gun is a good WOMAN (Sgt. Kimberly Munley) with a gun)
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To: Free ThinkerNY
"And our community travels a lot," Mr. Kalair said.

Yes, and therein lies a significant problem.

9 posted on 03/31/2010 10:29:15 AM PDT by VRWCmember (Give them 2.54 cm and they'll take 1.61 km.)
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To: Free ThinkerNY
"Also, Abu Dhabi-based carrier Etihad Airways is offering a 10% discount for customers booking a flight with the card.

"And our community travels a lot," Mr. Kalair said.
"

All those dry runs rack up a lot of air miles...

/sarc, sort of
10 posted on 03/31/2010 10:29:25 AM PDT by green pastures (Cynicism-- it's not just for breakfast anymore...)
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To: Free ThinkerNY

So ... no interest, pre-paid credit cards. Its a debit card with a pro-muslim advertising campaign. Hardly noteworthy. I have two myself.

SnakeDoc


11 posted on 03/31/2010 10:29:31 AM PDT by SnakeDoctor ("The world will know that free men stood against a tyrant ... that even a god-king can bleed." - 300)
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To: Free ThinkerNY

I wonder if they will be relying on Sharia lending practices for Muslims and create a two tier lending laws and create discrimination based on religion.


12 posted on 03/31/2010 10:29:35 AM PDT by syc1959
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To: Mr. K

It works like this: 5 times a day money shoots out of your @ss.


13 posted on 03/31/2010 10:29:41 AM PDT by thethirddegree
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To: Free ThinkerNY

What next?


14 posted on 03/31/2010 10:29:54 AM PDT by mom-7
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To: Free ThinkerNY
And the edge is sharp enough to saw off infidel heads.

Scouts Out! Cavalry Ho!

15 posted on 03/31/2010 10:29:56 AM PDT by wku man (Who says conservatives don't rock? Go to www.myspace.com/rockfromtheright)
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To: Free ThinkerNY

One caveat. It’s made with pigs blood.


16 posted on 03/31/2010 10:30:10 AM PDT by Pajama Blogger
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To: Free ThinkerNY
What were they thinking?


When this was availiable


17 posted on 03/31/2010 10:30:14 AM PDT by South Hawthorne (In Memory of my Dear Friend Henry Lee II)
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To: Cyber Liberty
So, how is Master Card making a buck?

They get an annual fee, a fixed transaction fee when funds are added, and of course the merchant fee when you use the card to pay for something.

18 posted on 03/31/2010 10:30:22 AM PDT by justlurking (The only remedy for a bad guy with a gun is a good WOMAN (Sgt. Kimberly Munley) with a gun)
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To: Free ThinkerNY

I love it. Exploiting Muslims. It is a prepaid card with fees. MasterCard gets to charge you for putting money on the card and charges you an annual fee.
BTW the card itself is not shariah compliant, it has a graphical representation of a person on the card, in violation of Islamic Law.


19 posted on 03/31/2010 10:30:27 AM PDT by ricmc2175
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To: Free ThinkerNY

Transfer $100 on to your ATM..er...I mean “Credit Card” and you are charged 95 cents. But you earn 1% when you spend that 100 dollars from your ATM...er ..Your Credit Card. Well, you have to pay 25 dollars a year to have a ATM...er..Credit card.


20 posted on 03/31/2010 10:30:56 AM PDT by Voter62vb
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To: SevenofNine

Or and IED.


21 posted on 03/31/2010 10:31:48 AM PDT by RC2 (Keep ACORN investigations going.)
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To: Cyber Liberty

card companies make much more profit per transaction than on interest or fees.

when they get a percentage everytime you swipe your card.. it adds up real quick.


22 posted on 03/31/2010 10:32:23 AM PDT by absolootezer0 (2x divorced, tattooed, pierced, harley hatin, meghan mccain luvin', smoker and pit bull owner..what?)
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To: justlurking

Then I have no problem with it.


23 posted on 03/31/2010 10:32:42 AM PDT by Cyber Liberty (Build a man a fire; he'll be warm for a night. Set a man on fire; he'll be warm the rest of his life)
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To: Free ThinkerNY

Maybe all religions should forbid it’s people to pay interest.


24 posted on 03/31/2010 10:32:49 AM PDT by RC2 (Keep ACORN investigations going.)
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To: Owl_Eagle

Your image would be Shariah compliant, the card isn’t. It is obviously a human.


25 posted on 03/31/2010 10:33:11 AM PDT by ricmc2175
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To: Cyber Liberty
So, how is Master Card making a buck?

With the iFreedom Plus Mastercard, holders load up their card with cash in advance, up to $6,000. Each purchase draws down on the account without accruing interest.

The concept follows the Islamic principle that finance should be backed by owned assets. It was approved by a panel of Muslim religious scholars, Mr. Kalair said.

"You're spending money you actually own," he said. "There's a certain degree of stress when you use a credit card. On this one there isn't."

Cardholders pay $50 for two years of use and each transfer of cash on to the card costs 95 cents.

And since the new product doesn't actually involve credit, applicants are approved without a credit check.

Mastercard gets a $50 fee for each card, and they get the transaction fee that merchants pay them to process payments via card. Also, they get 95 cents for each "reload" of the card. Mastercard is basically just doing the same thing that any prepaid Visa card is doing.
26 posted on 03/31/2010 10:33:20 AM PDT by VRWCmember (Give them 2.54 cm and they'll take 1.61 km.)
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To: Free ThinkerNY

I want an interest-free credit card.


27 posted on 03/31/2010 10:33:37 AM PDT by wastedyears (The essence of training is to allow error without consequence.)
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To: Cyber Liberty
So, how is Master Card making a buck?

Read the article.

28 posted on 03/31/2010 10:33:58 AM PDT by ColdWater ("The theory of evolution really has no bearing on what I'm trying to accomplish with FR anyway. ")
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To: Free ThinkerNY
you can't travel if you don't have a card

I thought Muslims usually buy their one-way airplane tickets with cash.

29 posted on 03/31/2010 10:34:06 AM PDT by layman (Card Carrying Infidel)
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To: Free ThinkerNY

Does it throw acid in young girls’ faces for showing too much ankle?


30 posted on 03/31/2010 10:35:11 AM PDT by Grunthor (Over YOUR dead body!)
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To: Free ThinkerNY
Oh, great.

Abu Dhabi-based carrier Etihad Airways is offering a 10% discount for customers booking a flight with the card.

and from another site (http://us.makemytrip.com/airlines-to-india/etihad-airways.jsp):

Flights of Eithad Airways connect Abu Dhabi to important international destinations, namely Toronto, New York, Brisbane, Sydney, London, Manchester, Geneva, Moscow, Milan, Dublin, Munich, Frankfurt, Paris, Brussels, ...

Just have to hope their security is very, very good.

31 posted on 03/31/2010 10:35:38 AM PDT by dorothy (Don't Let Freedom Slip Away, After America , There is No Place to Go.)
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To: VRWCmember

You sure can travel without a credit card. Pay cash & book a one way flight. Nobody will dare question it if you’re muslim.

Shaira doesn’t allow paying interest. So they have to twist their language & play make believe in order to particpate in commerce.


32 posted on 03/31/2010 10:36:33 AM PDT by jazminerose
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To: Free ThinkerNY

Come out of her, my people.


33 posted on 03/31/2010 10:37:24 AM PDT by Freddd (CNN is down to Three Hundred Thousand viewers. But they worked for it.)
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To: Free ThinkerNY

Just think. You could win points toward your next one-way flight upgrade across the Atlantic...


34 posted on 03/31/2010 10:37:40 AM PDT by OrangeHoof ("Barack Obama" is Swahili for "Bend over suckahs".)
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To: wastedyears
I want an interest-free credit card.

Call Mastercard and ask how much they cost.

35 posted on 03/31/2010 10:37:48 AM PDT by 1rudeboy
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To: Free ThinkerNY

The Catholic Credit Card is much more complex. You have to pay 50 dollars for each card, pay your interest at least twice a year (or a full fee of $500 dollars if you wnat your CCD kids to play on the basketball team) but most of those fees might come back at an end of year 50/50 drawing. Ya gotta buy beer and peirogis, tho.


36 posted on 03/31/2010 10:38:05 AM PDT by Voter62vb
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To: Voter62vb

Also, only priests are allowed to read the Terms of Service.


37 posted on 03/31/2010 10:43:18 AM PDT by sthguard (The DNC theme song: "All You Need is Guv")
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To: Free ThinkerNY

What next, a Vislam card?


38 posted on 03/31/2010 10:43:28 AM PDT by USMCPOP (Father of LCpl. Karl Linn, KIA 1/26/2005 Al Haqlaniyah, Iraq)
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To: sthguard

Okay, I laughed.


39 posted on 03/31/2010 10:44:26 AM PDT by aNYCguy
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To: Free ThinkerNY

It’s against my religion to pay for socialism by fiat.

where’s my alternative tax?


40 posted on 03/31/2010 10:47:49 AM PDT by a fool in paradise (VP Biden on Obamacare's passage: "This is a big f-ing deal". grumpygresh: "Repeal the f-ing deal")
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To: ColdWater

Read the thread.


41 posted on 03/31/2010 10:49:46 AM PDT by Cyber Liberty (Build a man a fire; he'll be warm for a night. Set a man on fire; he'll be warm the rest of his life)
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To: sthguard

But really, Bishops can change the terms at any time.


42 posted on 03/31/2010 10:50:09 AM PDT by Voter62vb
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To: green pastures

Apparently they can save even more by booking one-way flights.


43 posted on 03/31/2010 10:50:17 AM PDT by proudpapa (Proudpapa)
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To: RC2
Maybe all religions should forbid it’s people to pay interest.

Remember this when we hear how much of our tax burden is paying INTEREST on the National Debt.

44 posted on 03/31/2010 10:51:08 AM PDT by a fool in paradise (VP Biden on Obamacare's passage: "This is a big f-ing deal". grumpygresh: "Repeal the f-ing deal")
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To: Free ThinkerNY; All

After reading the details, I think there is NOTHING wrong with this MasterCard.

More Christians should follow this principle. Hell, our GOVERNMENT, under Hussein the Liar, said they were going to follow this principle. Then four days later, they broke that promise.

Let’s not freak out just because it is being marketed to a demographic (Muslims) who take their financial committments seriously.


45 posted on 03/31/2010 10:52:23 AM PDT by Recovering_Democrat
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To: Cyber Liberty

MC makes money because they have use of the dollars put on the account before they’re drawn down.
They may make a small amount on the annual fee...


46 posted on 03/31/2010 10:53:19 AM PDT by Recovering_Democrat
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To: Free ThinkerNY

Sue mastercard on religious discrimination... I am Christian, but am being charged interest. They’re not.


47 posted on 03/31/2010 10:54:44 AM PDT by theDentist (fybo; qwerty ergo typo : i type, therefore i misspelll)
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To: RC2
Maybe all religions should forbid it’s people to pay interest.

Anyone know if Malaysia and other muslim nations are charging us interest?

http://www.treas.gov/tic/mfh.txt

China, Mainland 889.0 894.8 929.0 938.3 938.3 936.5 939.9 915.8 776.4 801.5 763.5 767.9 744.2 739.6

Japan 765.4 765.7 754.3 742.9 747.9 727.5 720.9 708.2 711.2 677.2 685.9 686.7 661.9 634.8

Oil Exporters 3/ 218.4 207.4 208.3 209.0 205.9 209.8 209.9 211.8 191.2 192.9 189.6 192.0 181.8 186.6

United Kingdom 2/ 206.0 178.1 153.1 105.7 124.3 101.9 94.9 89.0 213.4 163.7 152.7 128.1 129.0 123.9

Brazil 169.1 169.3 165.8 164.9 153.6 146.0 146.8 148.5 139.8 127.1 126.0 126.6 130.8 133.5

Hong Kong 146.6 148.7 142.1 137.8 128.0 120.5 111.1 95.7 99.8 93.2 80.9 78.9 76.3 71.7

Carib Bnkng Ctrs 4/ 143.5 128.2 123.2 114.0 116.4 124.8 137.9 134.5 191.0 195.2 205.1 214.0 189.5 176.9

Russia 124.2 141.8 151.4 145.9 145.1 144.9 141.3 143.3 119.9 124.5 137.0 138.4 130.1 119.6

Taiwan 119.6 116.5 115.4 115.6 115.1 112.9 114.4 114.0 77.0 75.7 78.3 74.8 72.6 73.3

Switzerland 84.4 89.7 89.5 85.2 82.6 81.9 81.8 85.2 71.5 63.7 64.2 67.7 68.2 62.1

Luxembourg 79.1 88.4 80.2 79.5 87.5 82.9 80.7 92.8 104.3 96.2 97.4 106.0 92.1 87.0

Canada 54.7 52.8 50.7 44.8 42.3 30.2 24.1 23.0 18.4 11.0 12.5 11.3 10.3 8.4

Germany 49.0 47.8 48.7 47.9 48.8 50.1 51.2 48.9 53.8 55.1 54.4 54.9 56.5 56.2

Singapore 41.3 39.2 37.5 36.3 39.4 43.1 43.4 41.9 40.8 39.6 39.7 39.1 39.3 38.3

Korea, South 39.7 40.3 40.2 43.3 39.9 39.8 38.7 37.4 36.3 37.4 35.4 33.1 33.3 31.3

Ireland 39.1 43.6 43.1 42.6 37.0 40.8 42.9 50.6 46.3 50.6 49.7 54.7 54.5 50.0

France 35.9 30.5 40.4 29.1 25.0 28.0 17.5 18.9 26.0 25.9 30.6 27.1 16.8 17.9

Mexico 34.4 36.8 31.9 26.5 27.8 33.2 33.4 35.2 29.5 31.5 35.3 36.2 37.8 34.8

Thailand 33.3 33.3 29.6 28.0 27.9 31.4 29.3 27.5 29.7 26.8 28.5 26.0 39.7 37.2

India 32.7 32.5 34.5 35.8 38.8 41.5 41.8 42.2 39.3 38.8 38.5 38.2 34.6 32.5

Turkey 27.5 28.1 29.4 30.3 28.1 28.5 27.1 27.3 27.5 28.8 27.2 30.2 32.4 31.3

Poland 22.3 22.9 21.9 21.9 21.5 21.3 20.9 20.5 5.6 5.0 3.9 3.8 4.4 3.3

Italy 21.3 21.1 21.6 21.6 20.0 19.3 19.8 19.1 16.7 16.7 16.1 16.6 16.4 15.6

Netherlands 20.7 20.4 21.0 20.5 22.0 22.0 22.2 19.6 18.9 16.4 16.5 17.6 16.1 16.8

Egypt 19.4 18.9 19.4 14.3 14.9 14.5 12.7 11.5 17.3 18.6 18.5 18.5 19.1 16.9

Belgium 17.4 17.3 17.4 16.9 17.2 17.7 17.8 17.9 15.7 15.7 15.8 15.4 14.5 15.5

Israel 16.8 13.8 15.1 14.5 16.9 16.2 15.5 16.6 18.1 19.0 19.1 19.4 17.4 16.9

Colombia 16.0 17.3 17.2 18.3 18.3 17.9 16.4 13.3 11.8 12.0 11.5 11.3 11.5 11.4

Sweden 15.7 15.2 15.5 15.3 14.4 12.7 12.5 12.5 16.4 13.0 12.7 12.5 12.6 12.4

Australia 15.4 16.3 13.7 12.8 12.3 12.5 12.1 12.2 9.9 9.0 8.4 5.8 8.1 7.8

Spain 13.7 13.7 13.1 13.1 12.3 12.8 11.6 11.1 5.5 4.7 4.5 4.5 4.6 4.2

Chile 12.5 12.4 12.1 12.4 12.8 12.9 13.4 14.2 14.3 14.7 15.1 15.5 15.2 15.2

Norway 12.3 12.1 8.5 7.3 7.6 7.1 11.3 11.1 28.7 28.3 27.5 26.2 21.1 21.9

Philippines 11.3 11.7 11.7 11.4 11.4 11.9 10.9 11.2 11.6 11.8 12.0 12.4 12.6 11.6

Malaysia 11.0 11.7 11.8 11.7 11.7 11.9 12.5 12.4 11.7 12.3 11.6 10.6 8.4 8.0

All Other 147.4 150.6 153.8 158.0 159.4 161.0 163.7 162.5 136.4 139.0 136.6 142.4 147.7 147.0

48 posted on 03/31/2010 10:56:06 AM PDT by a fool in paradise (VP Biden on Obamacare's passage: "This is a big f-ing deal". grumpygresh: "Repeal the f-ing deal")
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To: Owl_Eagle
Even better:

WHAT'S IN YOUR WALLET?!

49 posted on 03/31/2010 10:57:06 AM PDT by Charles Martel ("Endeavor to persevere...")
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To: a fool in paradise

Does this card offer bonuses for flight school enrollment?


50 posted on 03/31/2010 11:01:42 AM PDT by SoggyBottomBoys
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