A similar card is already available in Britain, but nowhere else in the West, he said.
Until now, devout Muslims in Canada have either had to do without credit cards or paid off the balance each month to avoid interest charges that go against their faith.
Three Islamic finance experts said in a statement the card "complies with Islamic Laws and Muslims can avail of this product."
Of course, non-Muslims may want one too, Kalair said.
Benefits include no monthly fee, no transaction fees and discounts on flights with Etihad Airways, which flies from Toronto to Abu Dhabi.
According to a 2001 census, there are 580,000 Muslims living in Canada. Kalair estimates the number is now one million.