DND Finance has launched the UK’s first Shariah-certified bank card, the Rating Mastercard.
The Rating Mastercard allows new-to-UK people to transact and construct up their credit score historical past with out compromising the requirements of their Islamic religion.
DND Finance CEO and Rating Mastercard founder Invoice Dost says: “This product will allow Muslim customers to create a credit score profile, entry the Western promise of an improved life for them and their households, whereas sustaining their religion ideas.”
The brand new bank card providing – which has no curiosity or late cost charges charged on purchases and excellent balances – has been licensed as Shariah-compliant by London-based advisory agency Shariah Consultants.
DND Finance cites analysis performed by Ipsos MORI that discovered 63% of Muslims dwelling within the UK have relocated from overseas. The brand new Rating Mastercard will assist these with little to no credit score historical past however who nonetheless observe the ideas of their Islamic religion.
Farrukh Habib, co-founder and director of Shariah Consultants, says: “Muslims within the West face the problem of being both financially excluded or compelled to compromise their spiritual ideas, as a result of unavailability of appropriate and high quality monetary merchandise.
“Rating Mastercard, being a halal bank card, is a big initiative in the direction of larger monetary inclusion and tapping into a distinct segment market.”