National Bank of Sharjah (NBS) is the first bank in the UAE to launch an Islamic credit card in association with Visa International.
The new credit card will meet the needs of a large section of the population who require credit card facilities in accordance with the provisions of Islamic Sharia. This is expected to fulfil a huge market demand for Sharia compliant financial products.
Mohammed Abdullah, NBS acting general manager and head of the commercial banking division, said, “As the country’s very first issuer of Islamic credit cards, we are extremely proud of this milestone achievement that will add new dimensions to the UAE’s Islamic banking sector.
“This new development has stemmed from a strong demand for a functional and internationally accepted Islamic credit facility as an alternative to existing Islamic charge card products that are available in the country.”
The card, which requires a minimum monthly settlement of only 10 per cent of the utilised credit limit, has been structured competitively and will provide global usage by its cardholders at all Sharia-approved merchant outlets.
Cardholders will be able to utilise Visa’s acceptance at millions of point-of-sale locations in 150 countries in addition to cash withdrawal facilities from over 870,000 Visa ATMs worldwide.
The card, which will initially be issued in Classic and Gold forms, will offer various benefits including the ability to obtain additional cards for members of families, emergency replacement of lost or stolen cards, and participation in all promotional activities associated with the card.
“We would like to congratulate NBS on being the first bank in the country to achieve this landmark and for being one of only three banks in the Middle East to issue Islamic credit cards,” said Iain Jamieson, vice president for business development, Visa International in the Middle East.