Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced the launch of the Abu Dhabi Rewards Credit Card, which enables cardholders to benefit from a series of rewards and loyalty programmes at Abu Dhabi-based retail outlets and stores.
The launch of the Abu Dhabi Rewards Credit card by Emirates Islamic underlines the growing significance of Islamic banking in the Middle East region, which according to recent studies, is set to almost double its market share from the current 25 per cent, by 2020. Market studies also estimate that growth in Islamic Banking will outpace the growth in conventional banking with a CAGR of 19 per cent.
“Islamic Banking has received a considerable boost with Shari’a compliant financial products and services beginning to find greater acceptance and recognition in the market,” said Faisal Aqil Deputy CEO - Consumer Wealth Management, Emirates Islamic. “This has resulted in the introduction of several products and services that cater to the specific financial requirements of customers. We are particularly pleased to unveil the Abu Dhabi Rewards Credit Card today, which will enable us to service our growing customer base in Abu Dhabi and offer them exclusive benefits in their vicinity.”
The Emirates Islamic Abu Dhabi Rewards Credit Card offers Choice Points on card spend, which can be collected over time to be redeemed at various outlets. Cardholders with an Abu Dhabi Rewards Credit Card have the opportunity to earn two Choice Points for every Dirham spent, and a wide variety of merchant partners across categories and stores to redeem their Choice Points. Some of these include Etihad Guest, Carrefour, Sharaf DG, Marina Mall and Abu Dhabi Mall.
“Emirates Islamic is constantly on the lookout to provide customers with dedicated products and services that ease their daily lives, while offering them value-added benefits,” said Shamma Al Habsi, District Manager, Abu Dhabi, and Al Ain, Emirates Islamic. “The launch of the Emirates Islamic Abu Dhabi Rewards Credit Card underlines the growing significance of the Abu Dhabi market to the Islamic banking sector in the country.”
Harshvardhan Singh, Head of Cards, Emirates Islamic, said: “Our market research has indicated that residents of Abu Dhabi often prefer to shop at retail stores and outlets within the Emirate both for their daily needs and to fulfil their luxury aspirations. In launching this card, we have tried to meet this critical need and we are confident that this product will find great acceptance among Abu Dhabi residents.”