ABC Islamic Bank, a wholly owned subsidiary of the Arab Banking Corporation, has issued its first Islamic credit card. The Al-Buraq card is expected to be widely accepted by customers who prefer to utilize a credit card that is compliant with Sharia Islamic principles.
Prior to launching the card, ABC Islamic Bank established an Islamic credit card company with a variable capital. The company has issued two classes of capital. The authorized capital of management shares is five million dollars with a paid up of three million dollars and participation shares.
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 is now concluding the participating agreements with these banks. — (menareport.com)
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