ABC Islamic Bank (E.C.) launches Islamic credit card

The card, considered the first Islamic credit card that conforms to Sharia principles, is expected to be well accepted by all customers who prefer to utilise a credit card based on Glorious Sharia principles.

Prior to launching the card, ABC Islamic Bank (E.C.) established an Islamic credit card company with a variable capital. The company has issued two classes of capital. The authorised capital of Management Shares (Class A) is US$5,000,000 with a paid up of US$3,000,000, and Participation Shares (Class B).

The card has been issued to its employees and some corporate clients and while distribution to corporates continues, the card is available to individuals through participating banks. ABC Islamic Bank (E.C.) is now concluding the participating agreements with these banks.

ABC Islamic Bank (E.C.) chose the name 'Al Buraq' for the new card. Al Buraq is the name of the creature that Prophet Mohammed is said to have rode on when he made his miraculous night journey. This name has been chosen for its religious connotation and because it represents speed and trust. The card will provide benefits similar to normal credit cards in terms of settlement and international recognition. It will be distributed through various retail banks and is intended to be promoted by both Islamic and conventional banks.

Mr. Mohamed BuQais, General Manager of ABC Islamic Bank (E.C.), Bahrain, has clarified that ABC Islamic Bank (E.C.) invited major Islamic banks and financial institutions to participate in Class B shares, allowing these banks to issue credit cards to their customers in their home countries. Arab Financial Services Company, an affiliate of Arab Banking Corporation, is responsible for producing the card and is also the technical manager and processing agent.

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