Qatar Islamic Bank has launched the first Shariah-compliant prepaid card in Qatar, an official from the bank tells PaymentsSource.
Shariah refers to the “way” Muslims should live or the “path” they must follow. Islamic judges apply the law, but modern application varies from country to country. Shariah deals with many aspects of life, including economics, banking and business.
Cardholders may use the Visa-branded card, named QIB Hadiyati, at merchant locations that accept Visa cards worldwide.
The card is Shariah-compliant inherently because prepaid cards do not charge interest do not function as credit cards, says the official. “Plus, the purchase of alcohol, tobacco, gambling, pork and sexually related items are forbidden by this prepaid card,” he adds.
The prepaid cards are available in six values from 100 (US$27 or 21 euros)to 5,000 Qatari Rial,” the official says. The magnetic stripe card does not require users to enter a PIN at the point-of-sale terminal.
The salesperson activates the cards, and there are no credit checks or debt risks associated with the prepaid card, the official says. Consumers may purchase the card at bank locations or at six authorized booths deployed at locations in Qatar, says the official.
“However, this card is not rechargeable,” he says. “We will launch a rechargeable version of the this prepaid card in the near future.”
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