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 Ali Khan, Chairman of KMS.
“We are confident that Muslims will be interested in the charge card because its mechanism is consistent with Shariah prohibiting interest.”
