UK-based DND Finance has announced that its Score Mastercard credit card, which is aimed at businesses as well as consumers, has been certified as Shariah-compliant.
Launched last month, the credit card is aimed at helping customers build credit and cut down their long-term credit costs.
It is designed for individuals and companies with zero or bad credit history to help them build their credit scores.
According to a survey commissioned by Ipsos MORI Social Research Institute, there are more than 2.8 million Muslim consumers in the UK and over 63% of these consumers have relocated from outside the UK.
DND Finance CEO Bill Dost said: “DND Finance is excited to bring this revolutionary product to British Muslim consumers who have been looking for a product that meets their needs. There is no credit card in the UK that is Shariah-compliant, until now that is.
“This product will enable Muslim consumers to create a credit profile, access the Western promise of an improved life for them and their families while maintaining their faith principles.”
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The new offering also claims to offer an ‘affordable’ APR with no interest on purchases and outstanding balances allowing thin-file customers to build or rebuild their credit score.
Shariah expert, co-founder and director Farrukh Habib said: “Score Mastercard, being a halal credit card, is a huge initiative towards greater financial inclusion and tapping into a niche market.”
In 2018, D&D Leasing rebranded as DND Finance.