March 16, 2013
PUBLICATION: PENINSULA (QATAR)
CIRCULATION: 10,000
Muslim American bank to issue Islamic equity card
KLEIN Maus & Shire (KMS), the first full service Muslim owned investment bank in the US, is to introduce the first Islamic equity (charge) card in the United States in a co-branding venture with a leading international card issuer.
“The charge card will initially target 6-10m creditworthy Muslims living in the US. The essence of the card is full payment within the billing cycle, and late payment fees are tiered to pre-disclosed dollar amounts,” said Mohammed AliKhan, Chairman of KMS.
“We are confident that Muslims will be interested in the charge card because its mechanism is consistent with Shariah prohibiting interest.”
