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The Islamic Debit MasterCard

by | 10th, August 2008

BIGOTRY. Mastercard. Creating them and us. Priceless:

MasterCard Worldwide and EonCap Islamic Bank (a member of Malaysia’s Eon Bank Group) have jointly launched what they are billing as the world’s first Islamic debit MasterCard—the EonCap Islamic Debit MasterCard.

The EonCap Islamic Debit MasterCard is basically a debit card with ATM functions as well. It also works on PayPass systems, which enables a person to swipe it on a terminal without the card leaving the cardholder’s hand. It is referred to as blending traditional purchasing power with modern technology and is Shari’ah compliant.

“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. It helps track spending, comes with worldwide acceptance at more than 26 million locations and can be used at an ATM for e-banking,” says Fozia Amanulla, chief executive officer of Eoncap Islamic Bank.

“MasterCard is pleased to collaborate with Eoncap Islamic Bank in order to introduce this card to Malaysian consumers. 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,” said Shuan Ghaidan, head of product sales and delivery, Asia-Pacific at MasterCard Worldwide.

Says Rachel:

I’m not a particularly intelligent person, nor a debit card expert nor a banker, so maybe I’m missing something but can someone please explain to me like I’m 4 years old exactly how the Islamic Debit Mastercard is different from every other debit card on the planet? Because my bank’s basic Infidel Debit Visa Card does precisely the same things. It’s like cash, only without other people’s germs on it.

It’s green and made of paper…

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Posted: 10th, August 2008 | In: Reviews Comments (18) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink