The UK’s first sharia-compliant prepaid MasterCard has been launched. The Cordoba Gold MasterCard does not charge or receive interest as this is in direct conflict with sharia Law. The company also donates at least 10% of its profits to registered charities in the UK and abroad. A company spokesman said: “Because this is a prepaid…
An op-ed by Asma Hanif in the Khaleej Times examines some of the challenges faced by Muslims in Belgium, particularly youth, who feel that a wide gap exists between their world at home and their daily life at school. Hanif suggests that this challenge stems from a conflict between preservation of cultural and religious identities…
Three local banks in the Jutland region of Denmark are agreeing to offer mortgage loans which comply with Islamic, or Sharia law. Sharia laws forbid accepting or paying interest, to which Danish banks have created a leasing agreement of sorts for Muslims in the area; the bank will own property until the terms of the…
IT outsourcing for British Islamic Insurance Holdings: A British Islamic insurance company is outsourcing its IT to Capita in an $87m deal. The eight-year deal will see Capita working with British Islamic Insurance Holdings (BIIH), which provides insurance compatible with the Muslim faith. It reflects a European shift towards Islamic-compliant financial services, which is seeing…
A recent meeting between bankers from Italy and the Gulf was organized in an effort to build stronger ties, and included efforts to build Italy’s first Islamic bank later this year. The new venture could be part of the European Islamic Investment bank, headquartered in London. While it is expected that the initial customers would…
