Islamic bank card to be rolled out across Russia

Russian Muslims, currently fasting for the holy month of Ramadan, may soon have one less financial worry on their plates. A new Islamic debit card is due to be launched across the country, with terms and conditions guaranteed to be halal by Muslim spiritual leaders.

The card, offered by Express Bank, has already been introduced in the predominantly Muslim region of Dages­tan, but Express Bank told The Moscow News that the card has been so popular it is now working on a system to make it available across the whole country;

“Muslims are thinking more about the principles of their religion, particularly at this holy time of year, so the card is becoming more and more popular. Although it is currently only available in Dagestan we are working on a way for people to be able to apply for the card using the internet so it will soon be available to Muslims all across Russia,” a spokeswoman for the bank told The Moscow News.

Conventional bank accounts are considered a taboo under Sharia Law, which prohibits Muslims from both receiving interest on deposits and paying interest on overdrafts and loans. But as there are currently no Islamic banks in Russia, Muslims in the country have been left with few alternatives.

The new Islamic debit card promises customers that any interest   continue reading ….

http://mnweekly.ru/business/20080904/55345097.html

 

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