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Equatorial Commercial Bank Partners with Takaful Insurance of Africa to offer entrepreneurs with the first Shariah Compliant Prepaid Card dubbed the Senator Hajj Card, which is also comes with Shariah Compliant Travel Insurance.
The Senator Hajj Card is an international card that can be used both locally and international as a prepaid card. The card must be loaded with funds to enable use. What this means is that the card is loaded, then you can use it at any MasterCard branded merchant outlets worldwide like in supermarkets, restaurants, petrol stations and shopping malls.
See Also: How To Get Senator Hajj Card Plus Insurance
Entrepreneurs are permissible to deal with prepaid cards, because they are free from the haraam aspect found in other credit cards with which the customer borrows from the bank, such as the stipulation of a penalty in the event of late payment, or paying interest, and so on.
See Also: What You Should Know About Hajj Prepaid Card
With the Hajj Prepaid Cards, the customer is drawing from his own funds and is not borrowing from the bank.
