The new Credit Card comes to complement and strengthen the Bank's Islamic product offering in line with its strategy to build a progressive portfolio of reliable banking products that can meet the growing needs and requirements of its Islamic banking customers.
Announcing the new product, Paul Trowbridge, UAB's CEO, commented:
"Recognizing and respecting the desires of a growing number of our valued clients to conduct their banking and financial transactions in accordance with Shari'ah 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."
Tom Smith, EVP, Group Head - Retail Banking, said, "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 Sharia'ah 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."
Rami Joudah, the Bank's Head of Islamic Banking, stated, "The card operates on a fixed-fee structure basis, providing customers the flexibility to carry an interest free card."
He also added, "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 became part of a GCC regional banking alliance in December 2007 upon the acquisition of a 40% interest in UAB by The Commercial Bank of Qatar (Cb), Qatar's largest private sector bank. With the Commercial Bank of Qatar concluding a similar alliance with National Bank of Oman (NBO) two years previously, all three banks are more strongly positioned for future growth and to leverage their individual skills and knowledge together.
In a challenging financial environment, United Arab Bank maintained earnings momentum recording net profit growth of 5.3% for the first half of 2010 compared to the same period ended 30 June 2009.