Eoncap to issue 70,000 Islamic debit MasterCard cards

Business banking and finance services EON Bank's Eoncap Islamic Bank plans to issue 70,000 Islamic debit MasterCard cards until 2009 in Malaysia.

The Islamic debit MasterCard has been introduced with PayPass contactless payment capabilities. The card targets Muslim and non-Muslim individuals who are interested in financial control to track spending. Purchases are automatically deducted from the cardholder's account and approved only if sufficient funds are available.

The new card features an EMV (Europay, MasterCard, Visa) chip and cardholders can use it at over 26 million locations. The Islamic debit MasterCard card can also be used for e-banking at automated teller machines.