United Arab Bank (UAB) have announced the launch of its first global Islamic credit card which has been uniquely designed to effectively promote the Shariah compliant Islamic credit card.
United Arab Bank (UAB) have announced the launch of its first global Islamic credit card which has been uniquely designed to effectively promote the Shariah compliant Islamic credit card.
UAB had previously launched three products initially covering Current Accounts, Investment, and Goods Murabaha in March 2010. UAB further added two more products prior to the announcement of the innovative Islamic credit card. These two products included Vehicle Murabaha and Savings accounts. The new Islamic credit card facility enables customers and individuals to utilise Islamic transactions effectively and makes transactions more accessible.
UAB's CEO, Paul Trowbridge said in a statement that, "Recognizing and respecting the desires of a growing number of our valued clients to conduct their banking and financial transactions in accordance with Shariah principles, UAB has launched Islamic Banking. Focusing on client needs coupled with building long-lasting relationships with them will continue to be the drivers of UAB's future growth and success. Our new Shari'ah compliant products and services, including the newly launched Credit Card, will cater to the needs of a wide segment of our customers and will confirm our position amongst the leading banks in the region offering a comprehensive range of Islamic banking services."
EVP, Group Head of Retail Banking, Tom Smith said in a statement that, "I am very proud today to be launching the first vertically designed Islamic Credit Card in the UAE. Our Clients are looking for a bank that makes their lives easier by offering Shariah compliant products and services that meet their needs and complement their way of living. Based on a heritage of 35 years of international banking standards, UAB's Islamic Credit Card is tailored to meet our customers' needs for an interest-free card that has been developed in strict adherence to the values of the Islamic Sharia'ah. Combining modern-day safety and convenience with highest standards of security thanks to its chip technology which adopts the highest security levels, our new Islamic Credit Card offers both convenience and peace of mind on all levels."
UAB's Head of Islamic Banking, Rami Joudah commented in a statement that, "The card operates on a fixed-fee structure basis, providing customers the flexibility to carry an interest free card. Our Islamic Banking centers are presently located at the Main Branch in Sharjah and Sheikh Zayed Branch in Dubai and will soon expand to cover the entire UAB branch network."
UAB is continually creating innovative products to cater for the demands of customers wishing to use Shariah compliant products and services. The launch of the attractive new Islamic credit card will further help to strengthen the Islamic banking sector in the United Arab Emirates which is already a predominent Islamic financial hub.
From globalislamicfinancemagazine.com
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