MasterCard Worldwide and Malaysia’s EonCap Islamic Bank have jointly launched what they are calling the world's first Islamic debit MasterCard.
The EonCap Islamic Debit MasterCard is basically a debit card with ATM functions, as well, Business Week reports. It also works on PayPass systems and is compliant with Islamic religious law, which prohibits earning or paying interest.
“The card ensures that purchases are automatically deducted from the cardholder's account and approved only if enough funds exist within the account,” said Fozia Amanulla, chief executive officer of EonCap Islamic Bank.
“It helps track spending, comes with worldwide acceptance at more than 26 million locations, and can be used at an ATM for e-banking."
Shuan Ghaidan, head of product sales and delivery, Asia-Pacific at MasterCard Worldwide, said: "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."
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