MANAMA: Bahrain will continue to consolidate its position as a key financial centre in the Middle East with a demand for Islamic banking products.
This was highlighted yesterday by Al Baraka Islamic Bank (AIB) Bahrain chief executive Mohammed Isa Al Mutaweh, during the launch of new credit cards at its Bahrain Bay headquarters.
Three different variants of Sharia-compliant credit cards were launched – Gold (BD10,000 limit), Titanium (BD20,000) and Platinum (BD50,000).
“The new Sharia-compliant credit cards provide wide range of benefits for customers with no interest charges and only commission against services (transaction),” said Mr Al Mutaweh.
“This is a significant juncture in our history as these vastly beneficial credit cards serve to be our latest addition to our wide range of financial solutions and highlights our efforts to continue offering flexible solutions to address the diverse fiscal needs of our customers, from personal necessities to family matters.”
The official said Bahrain will continue introducing Islamic banking products for its consumers.
“Retail banking business in the kingdom remains robust and we are confident that such products are needed in Bahrain as a financial centre in the Middle East.”
The minimum salary requirement is BD250 to apply for the new credit cards and credit limit subjected to monthly income of the applicant. In addition, there is no annual fee for the credit card.
“Our target is to issue 2,500 cards by the year-end as a first phase.”
“This (cards) is not only helpful for Bahrainis but also expatriates who travel with their families and need to carry plastic money.”
“We aim to consistently innovate customer-oriented products and services that will not only serve to consolidate our position amongst the Islamic financiers in the kingdom of Bahrain, but more importantly, fulfil our aspirations to provide the best to our customers.”
AIB Bahrain’s deputy chairman Tariq Kazim said the new cards allow customers and members to earn and redeem Al Baraka points with over 900 airlines, hotels in different countries, car rentals and other special deals.
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