T-Bank starts issuing debit cards as part of the Central Bank's experiment on Islamic banking in Russia
T-Bank is launching its first product as part of the Central Bank's experiment on the
formation of an Islamic banking system in Russia — a debit card
that works in accordance with the norms of Islamic ethics and is available for
registration and home delivery in Russia. The new product will allow millions of
Muslim Russians to use online banking.
All financial transactions on a debit card comply with the norms of Islamic ethics.
The Islamic map was developed jointly with the Council of Ulama of the Spiritual
Administration of Muslims of the Republic of Tatarstan in accordance with
international standards AAOIFI. In addition, it has a unique
design designed specifically for Muslim customers. At the same time,
anyone can apply for a card.
The main features of the Islamic debit card:
● A separate account will be allocated for the card to avoid mixing
funds and spending in different industries
● The bank will not invest money from this account in
assets prohibited by Islamic ethics or use them to issue
loans to other customers — this will be controlled by independent
experts
● It will be impossible to pay with an Islamic card in alcohol supermarkets,
bars and nightclubs, tobacco shops and vapeshops, pawnshops and
casinos. It will also be impossible to conduct transactions with insurance
companies, bookmakers and microfinance organizations
● Overdraft functions and thriftboxes are not available for the card, allowing
users to borrow money at interest from the bank
● Interest on the account balance will not be accrued
● The client can choose whether to charge cashback on transactions from the card or not.
● The "Bring a Friend" campaign is adapted to the norms of Islam:
only the inviting client can receive a cash bonus for a friend.
The maintenance of an Islamic card costs 299 rubles per month. The amount is fixed
so that the terms of service are defined and consistent with the ethics of
Islamic banking. Transfer limits and commission amounts correspond to the
limits of the Black card.
You can apply for an Islamic card by following the link: https://www.tbank.ru/baf/AcQnqjtkppk