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."The Cordoba Gold card is available to UK residents aged 18 and over.
The UK's Muslim population totals about two million and fully sharia-compliant banks have more than 30,000 customers across the UK.
Ahmed Suleiman, chief executive officer of Cordoba Financial Group, said: "Consumers are tired of hidden charges, and unclear small print and this card is an attractive alternative providing a convenient and safe payment method that is ideal for everyone.
"This card is the first sharia product that has been specifically developed to address the real needs of millions of Muslims in Britain, rather than wholesale Islamic funds geared for governments, institutions and other investors."
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