Emirates Islamic Bank recently launched the “0-70-100” campaign to promote its full range of credit cards, offering its customers a world of benefits and conveniences. The bank’s range of cards, which include the platinum, gold and blue cards, do not charge any interest, as per Shari’a requirement, give the customers an opportunity to save up to 70% on their annual credit card cost, and entitle them to 100% cash withdrawal facility against the card limit.
The Emirates Islamic Bank credit cards offer all the benefits of a regular credit card, however, in line with Shari’a requirement; the cards refrain from charging any interest, accumulated interest and other hidden charges. For example, the interest on conventional credit cards may go as high as 2.29%, while Emirates Islamic bank charges the customers nothing at all.
Instead, these cards provide added convenience in annual fee structure which is charged and collected on a quarterly basis. The blue card, which is the EIB basic card, comes with a quarterly fee of AED 200, while the gold card charges a quarterly fee of AED 500. The platinum card charges a quarterly fee of AED 1000.
One other striking feature of the card is the cash advance or cash withdrawal charges on the credit card, the regular credit card programs charge an average of 3 percent on the cash advance withdrawal, but the EIB cards charge a simple flat fee of AED 40, allowing additional savings to customers. Customers therefore have the convenience of withdrawing large amounts and yet paying a standard flat fee. Even a cash advance withdrawal of AED 5000 will cost the customers only AED 40 in cash withdrawal fees as opposed to regular cards which may charge up to AED 150. What’s more, customers can withdraw 100% against the card limit.
Faisal Aqil, General Manager, Retail Banking at Emirates Islamic Bank, said “What encourages the customers to apply for these credit cards is the transparency factor. They are aware that no hidden charges are going to be imposed on them. Besides, if you compare our card to the conventional credit cards available in the market, you will realize that you will end up saving as much as 70% more”.
Issued on behalf of Emirates Islamic Bank by Tamra C2. For further information please contact Suzan Kazzi on Tel. (9714) 2951177; Fax: (9714) 2951188; e-mail: suzan@tamra-c2.com
Emirates Islamic Bank opened its doors in October 2004 with a mission to provide consumers in the UAE with effective and innovative Shari’a-compliant financial solutions and total peace of mind. EIB is headquartered in Dubai offering retail, corporate and investment services throughout the UAE. The bank is driven by a vision to be the leading Islamic bank in the country and to consistently develop new solutions to meet the ever-evolving needs of all its customers
