April 08, 2008 (LBO) – ABC Investments Limited has launched an Islamic credit card in Sri Lanka, in line with Islamic religious teachings and with strict rules on its usage, a company statement said. Updated The ‘ABC Barakah’ credit card does not carry interest or penalties for late payment which is considered forbidden under Islamic law.
The credit card service does not generate profit and there is a certain financial risk involved, the company says.
“Muslims in particular could have this card in their wallets which we want them to use only in ‘Halal’ purchases and ‘Halal’ services.”
According to the strict rules that govern the service, the credit card cannot be used to purchase products such as liquor or cigarettes or used in nightclubs and casinos.
The card can only be used at designated places and vendors throughout Sri Lanka.
“If it is misused, we would immediately withdraw the card. As ABC Barakah is fully Islamic, we also expect our clientele to be fully Islamic,” the company statement said.
The card is offered in Gold, Olive, Platinum and Elite categories where the Gold has a credit limit of up to 50,000 rupees while the Elite has a limit over 500,000.