A new interest-free credit card, the first of its kind in North America, aims to reconcile Islamic canonical law and Western consumer culture. Until now, observant Muslims have been precluded from owning credit cards on which they pay interest, a violation of shariah law.
The iFreedom Plus Master-Card, set to be available in the coming days, promises no bills, no interest and no credit card debt. With the iFreedom Plus MasterCard, holders load up their card with cash in advance, up to $6,000. Each purchase draws down on the account without accruing interest.
Because the new product doesn’t actually involve credit, applicants are approved without a credit check. The card, which is primarily aimed at younger newcomers, was launched at the inaugural conference of the Usury-Free Association of North America in Toronto.