Canada launches interest free prepaid cards for Muslims

According to the recent report of the Credit Union Times UM Financial Inc., Canada-based company has announced the launch of the prepaid cards which were developed by their firm and MasterCard especially for Muslims. The difference of those prepaid cards from the ordinary ones is that they are free from interests and it is known that Islam prohibits paying or earning of the interest.

With the launch of the new card many Muslims will be able to use fully the comfort and convenience of the contactless payments offered by MasterCard without any fear to violate the laws of their religion. 

Omar Kalair, CEO of UM Financial Group has commented on the launch of the new cards: “Canadians will now be able to adopt the responsible, interest-free lifestyle UM Financial promotes, by living within their means and not ever having to worry about high credit card interest rates while enjoying the convenience and security offered by MasterCard. With credit markets tightening, the majority of new credit card applications are denied.”