The Arab National Bank (ANB) recently introduced its Al Mubarak account, a Sharia-compliant credit card, stated a press release. The card can be used to effect cash withdrawals through more than 500,000 Automated Teller Machines (ATM) and financial institutions in Saudi Arabia and around the world.
At the end of the month, the cardholder settles the outstanding balance without any interest. It can be used as a payment tool for utility fees and purchases at many commercial outlets both inside and outside the Kingdom. Other features include competitive issue and renewal fees and the possibility to issue a supplementary card to household members.
ANB is one of the ten commercial banks in the Kingdom of Saudi Arabia. It was established in 1980 upon the nationalization of the six branches of the Arab Bank of Jordan. The Arab Bank owns 40 percent of the shares of ANB while the remaining 60 percent is owned by 5,000 Saudi Nationals. The bank’s network has grown to 117 branches including one branch in London. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
