The first Shariah compliant MasterCard debit card

A Shariah compliant debit card with ATM functions was issued under the partnership between MasterCard Worldwide and EonCap Islamic Bank (a member of Malaysia's Eon Bank Group).

The EonCap Islamic Debit MasterCard, as the new product was called, represents a debit card with ATM functions support. The card can work on PayPass systems and that means that a person can swipe it on a terminal without the card leaving the cardholder's hand.

"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.