UK: Sharia-compliant MasterCard launch
The UK's first sharia-compliant prepaid MasterCard has been launched in London - dubbed the "Islamic financial centre of Europe".
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.
Speaking at the launch, Ahmed Suleiman, CEO of Cordoba Financial Group, said: "Setting up a sharia financial company has been a great pleasure for us, although we have taken a David and Goliath approach. The trust we have garnered from our sharia advisers is something that money can't buy, as is the trust we are going to engender with our customers."