Friday, October 13, 2006

Islamic credit cards

"QIB launches first Alysr credit card", The Peninsula (Qatar), October 13, 2006

The Qatar Islamic Bank (QIB) has launched a Shari'ah-compliant credit card (Alysr). The card provides 20,000 Qatari Riyals (US$5,500) in credit. No interest is charged, but there is a QR125 (US$35) monthly fee. 10 percent of the balance is due each month and for each transaction, the bank deposts RQ1 (US$0.25) for each transaction to its zakat fund.

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