Zero interest and faith are not words one commonly associates with credit cards. The card meets the requirements of Sharia law, which prohibits usury, by being prepaid and therefore interest free, said Kalair. “They do see it as a potential market…it is just a matter of timing,” said Kalair, adding four out of the big five banks sent representatives to a recent conference focusing on Islamic finance in Canada. Kalair was among the key organizers. One of the common thing that alot of new immigrants from Middle Eastern or African countries are asking him if Canadian banks offer Sharia-compliant products.
I think it’s a great idea to launch this new card because it the demand from the Islamic financial products is growing and with this new card it would tapped into a new market segment; it is evolutionary and it is driven by the need to meet demand and to respond to competition
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