11 August 2008
UK's FIRST SHARIA PREPAID MASTERCARD CARD LAUNCHED
CORDOBA GOLD CARD SETS ETHICAL STANDARD TO FINANCE
The UK's first Sharia compliant prepaid MasterCard® card could save customers up to 90%1 when passing money - compared to transferring funds - to Europe, South Asia and other parts of the world as well as helping to manage spending at a time when family finances are being squeezed by rising food and energy costs.
The new Gold prepaid card from Cordoba Finance Group combines the security of a MasterCard with the ethical financial principles of Sharia finance and all the benefits that comes with partnering with Advanced Payments Solutions, the UK's prepaid cards market leader.
Cordoba Gold card gives access to finance without any credit or danger of overspending. With no interest charges, late payment fees or minimum monthly payments, cardholders simply load funds onto the card and it is ready for them or their family to use anywhere in the UK or abroad. Applicants don't need a bank account, there is no credit check and they can even use the card to improve their credit rating with creditbuilder.
As the Cordoba Gold is a MasterCard card, it is accepted at 27.3 million locations globally, including 1.9 million ATMS and other locations where cash can be obtained.
The global market for Islamic finance is estimated to be worth around £250bn*, with growth over the next five years expected to be around 10%-15%, which is especially relevant as the government wants to give the 1.8 million Muslims in the UK access to financial services consistent with their religious beliefs. Tax changes and the wider range of products being offered by more players in the markets will further encourage the development of a retail market for Islamic Finance.
Ahmed Suleiman MBE, Chief Executive Officer of Cordoba Financial Group, says: "Consumers are tired of hidden charges, high penalty charges, high interest rates and unclear small print and this card is an attractive alternative providing a convenient and safe payment method that is ideal for everyone."
"Additionally, we believe that true Sharia products rather than creative options are what the Muslim consumers are demanding. This card is the first Sharia product that has been specifically developed to address the real needs of millions of Muslims in the street, rather than wholesale Islamic funds geared for governments, institutions and other investors."
Rich Wagner, Chief Executive Officer of Advanced Payment Solutions, adds: "We are excited at partnering with Cordoba Financial Group and MasterCard to launch an innovative product that we believe will meet not only the needs of the underserved Muslim population but also for non-Muslims who want to change their spending patterns. The card offers a sensible and affordable solution which gives access to money online and abroad with added purchase protection against bankruptcy, liquidation or goods not being delivered."
Philip Davies, Business Development Director, MasterCard Europe, says: "We are thrilled to partner with Advanced Payment Solutions on yet another "first" and innovative product offer to an underserved and growing community in the UK."
In accordance with its charitable giving policy, Cordoba Finance will ensure that up to 10% of its profit will be donated to a number of charities, including Clic Sergant, YCARE and Islamic Relief.
Sharia is the framework that governs, among other things, a Muslim's economic and social life, dictating how believers should conduct themselves. It forbids certain activities and transactions like those involving the taking and charging of interest, alcohol and pork-related products, but also armaments, gambling, pornography and other activities which are deemed socially detrimental.
Cordoba GoldTM is launched on 11th August 2008 when it will be available across the UK from www.cordobagold.com and selected retail stores.
The new Cordoba Gold cashplus prepaid MasterCard card is issued in partnership with Advanced Payment Solutions Ltd (APS) and APS Financial Ltd (AFL) and MasterCard. Cordoba Gold is supported by EasiProcess a subsidiary of the Kent and Reliance Building Society.
For further information please contact: Scott Taylor, Hush Public Relations Ltd, 07971 855430 s.taylor@hushpr.co.uk
ENDS
Notes to Editors:
1. With Money Share, customers can save money on big or small amounts, by using their Cordoba Gold card rather than money transfer companies or banks. The customer pays the standard cash machine charge for ATM withdrawals where applicable and any foreign exchange fee (FX fee). Source - www.westernunion.co.uk, 25th July 2008. Savings shown exclude the £3 per ATM transaction charge on the Cordoba gold card. Money is available in minutes when the card is loaded via thousands of approved retail outlets.
|
Cordoba Card FX Fee |
Western Union FX Fee |
Cordoba Card SAVINGS on £50 sent |
|
| Saudi Arabia / Ireland / Poland / Portugal / France | £1.38 | £12.00 | +£10.62 |
| India / Pakistan | £1.38 | £6.90 | +£5.52 |
2. Cordoba Financial Group was established in 2006 to meet the demand from businesses and private investors for a home lending company following a pure non-interest based lending model. Their products include a Shared Ownership Mortgage, a Commercial Mortgage and the Cordoba Gold prepaid Card. Cordoba Financial Group takes an active part in supporting wealth accumulation for their customers, whilst also returning some benefit to the community at large. Cordoba Financial Group has built a large database of property investors with portfolios combined valued in excess of £500 million. Unlike its competitors, Cordoba Financial Group is rooted in the constituency that it seeks to serve.
Cordoba Gold's Sharia and ethical principles commit to helping people to avoid interest and credit; treat customers as partners; ensuring customers are aware of the "small print"; follow ethical business practices and invest in fair trade; commit to a strong policy of corporate social responsibility; and adopt a policy of charitable giving, open to all communities in the UK.
The card costs £9.95, a free second card supplied, and a £4.95 monthly fee payable if the customer has a balance. The card benefits are:
- Free wage deposit in place of expensive cheque cashing
- Securely shopping online, by phone or in store
- Top-up for free at 14,500 locations, including any UK Post Office branch
- Free access to Creditbuilder, which helps build and improve credit rating. See www.mycreditbuilder.co.uk for details.
3. Advanced Payment Solutions was established in early 2004 to become the pre-eminent leader of general purpose prepaid cards and payment solutions in the United Kingdom and the rest of Europe. Its senior management team and board of directors have unparalleled experience in the prepaid and payment industries, bringing together experience from Barclaycard, GE Money, VISA, Bank of America, Netspend, Western Union, Diners Club and Citibank. The company, backed by leading US private equity and venture capital firm Trident Capital, aims to lead UK prepay market growth to emulate the success of prepaid payment cards in the US where prepaid cards now make up a trillion dollar market. APS is a multi-award winning business with the most recent award being Winner of Best Achievement in Customer Service at The Card Awards, London, January 2008. www.apsgroup.com
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