Manama: Al Baraka Islamic Bank (AIB – Bahrain), a pioneer in the development of Islamic Banking and Finance, has announced the launch its first-ever Credit Card, marking a momentous moment in its illustrious timeline.
The credit cards built on Qarz-e-Hasana model will cater to the needs of unique untapped shari’ah compliant plastic money market in Bahrain and across the region. There is no subscription fee and applicants with minimum salary of BD250 will be eligible to apply for the card. Three cards will have credit limit between BD10,000 to BD50,000 and the bank will charge the service fee on the each transaction instead of interest.
The bank is expecting over 2500 card members in a first phase and look forward for a major surge in demand once the brand gets established by the year-end, says Mohamed Isa Al Mutaweh, Chief Executive Officer and Member of the Board of Directors of AIB Bahrain.
The new credit cards are introduced as part of AIB – Bahrain’s commitment to continuously providing flexible, Shari’ah compliant financing solutions which address specific needs and provide enhanced benefits for customers.
The unveiling of the pioneering credit cards took place at a press conference that was held at Al Baraka Islamic Bank’s Headquarters at Bahrain Bay and was attended by Chief Executive Officer and Member of the Board of Directors of AIB – Bahrain, Mohamed Isa Al Mutaweh, senior members of the management team, staff members and representatives of the media.
“It is with immense pleasure and pride that we introduce our inaugural Shari’a compliant credit cards to the people of the Kingdom of Bahrain. 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 strive to continue offering flexible solutions to address the diverse fiscal needs of our customers, from personal necessities to family matters,” Mohamed Isa Al Mutaweh, added.
“Al Baraka Islamic Bank – Bahrain may have only come into existence as recently as 1984 but in terms of our longevity, 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, fulfill our aspirations to provide the best to our customers, as exemplified by the hugely successful and popular Al Barakat Savings Account introduced in 2014. We look forward to our customers reaping the benefits of our latest offering and to welcoming many more into our fold as we continue to provide the most unparalleled offers and rates in the Bahraini market,” he added.
Al Baraka Islamic Bank’s fully Shari’a compliant credit cards come in three different variants, Gold, Titanium and Platinum. In accordance, the Al Baraka Islamic Bank credit cards will offer exceptional features and the most advantageous benefits.
All Al Baraka Islamic Bank credit card holders will be offered the most competitive rates in the Kingdom of Bahrain and will automatically become enrolled in the Al Baraka Rewards program to enjoy exclusive benefits and exciting rewards. The Al Baraka Rewards program is a universal loyalty program that allows members to earn and redeem Al Baraka Points instantly, anytime and anywhere within the rewards network and on the online catalog.
Al Baraka Points can be redeemed instantly for flight booking on over 900 airlines with no black out period, stay in over 200,000 hotels, car rentals around the world, all items available on Al Baraka’s online catalogue across 15 different categories, along with special deals and offers.
With its establishment in 1984 in the Kingdom of Bahrain, Al Baraka Islamic Bank B.S.C. – Bahrain has a longstanding track record of delivering excellence, innovation and superior results. The Bank ranks among the leading providers of Islamic investment banking products and services to a growing global clientele and is supported by quality of investments it has on offer, its strength of performance and a sound financial position. AIB – Bahrain enjoys a commendable market reputation as the leading short-term liquidity manager for institutional investors.
Al Baraka Islamic Bank – Bahrain is one of the banking units of Al Baraka Banking Group, which is a Bahrain Joint Stock Company listed in Bahrain stock exchange and Nasdaq Dubai. Al Baraka Banking Group is a leading international Islamic banking group with Standard and Poor’s rating of investment grade BB+/ Negative/B. The Group offers retail, corporate and investment banking and treasury services, strictly in accordance with the principles of the Islamic Shari’a. The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 15 countries, which in turn provide their Shari’a-compliant banking products and services through over 700 branches.