The recently launched Makkah Credit Card by First Gulf Bank (FGB), one of the UAE’s leading financial institutions based in Abu Dhabi, has recorded high demand.
“The market response to the Makkah Credit Card has exceeded expectations as we witness exponential growth in the Shariah-compliant market for Islamic products. The First Gulf Bank’s ‘Makkah Credit Card’ meets the requirements of customers who need to keep pace with modern life, without compromising their beliefs,” said Product Head, Ramzi Al Amaary.
Providing customers with a viable alternative to traditional interest laden products, the Makkah Credit Card has been designed to offer convenient Shariah-compliant payment methods, and rewards cardholders with the opportunity to earn ‘Steps’ to travel to the Holy City of Makkah. For every AED 1.00 spent on the card, customers earn one step.
As the region's first stand-alone, unsecured Islamic credit card, the First Gulf Bank ‘Makkah Credit Card’ is issued in conjunction with Visa International to provide customers with essential global coverage.
Additionally, in the Islamic spirit of community, the card provides protection against sudden tragedy. The ‘Takaful Income Plan’ compensates the cardholder in unforeseen eventualities, such as accidental loss of life or permanent total disability as a result of an accident. Cardholders receive the protection at no extra charge and are automatically enrolled when they apply for the card.
The demand for Shariah-compliant products has increased dramatically worldwide since the launch of the first Islamic finance institution in Malaysia 30 years ago.
The GCC is at the forefront of the sector with the creation of forward-thinking and innovative Shariah-compliant Islamic banking products as it continues to lead the way for this key global growth market.
“Industry sources estimate the Islamic finance sector to be worth around $400 billion globally,” concluded Ramzy.
