(Ahlul Bayt News Agency) - As well as the compass which allows the cardholder to orientate themselves towards prayers five times a day, the new MasterCard has other benefits.Cardholders have access to travel vouchers to pay for the Haj pilgrimage to Macca, which Muslims are required to do at least once in their lifetime if they have the means.Mr Issokson said: ‘A percentage of the money spent using the card is donated to local charities.’Credit card operators often circumvent the prohibition of charging interest by issuing fees to cardholders instead of interest rates. The Islamic banking industry is huge with more than 500 Shariah-compliant funds internationally holding $1.5 trillion in assets, up two-thirds since the industry launched seven years ago.Central Bank of Bahrain executive director of financial institutions supervision Abdul Rahman Al Baker said at the World Islamic Funds and Financial Markets Conference: ‘In spite of the recent credit crunch and widespread global economic slowdown, the prospects for growth in Islamic securities markets are likely to be positive.’
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