Abu Dhabi Islamic Bank (ADIB) unveiled their new, exciting Shari’a compliant covered card at a press conference held in Abu Dhabi on Sunday, July 4, 2004. This revolutionary new card is a fully fledged alternative to the conventional credit card and offers all the services of a standard conventional credit card with one additional major benefit – it is an Islamic card and meets all Sharia’a rules and regulations. The ADIB covered card gives its holders the freedom of usage, convenience and security in addition to payment flexibility.
Now Muslims (and non-Muslims) will be able to have all of the financial freedom a credit card brings while adhering to Islamic shari’a. Until today, most cards offered by Islamic institutions were in fact charge cards, forcing customers to settle the full outstanding balance on their monthly statement. ADIB’s covered card allows the customer to carry the balance forward, paying it in monthly installments.
’Emphasizing our commitment to the development of the Islamic banking industry we introduce a product that complies with Islamic Shari’a while offering the benefits of a conventional credit card. ADIB has, after years of research by bankers and Islamic scholars alike, finally been able to develop a comprehensive Islamic alternative to the credit card. We are extremely excited about this new product.’ announced Mr. Abdul Aziz Al Mehairi, Acting CEO of Abu Dhabi Islamic Bank.
The ADIB covered card will also offer the additional benefits associated with conventional credit cards such as travel insurance and a purchase protection programme for all purchases made using the card.
Mr. Abdul Aziz Al Mehairi, reaffirmed ADIB’s commitment to introducing innovative banking products that suit the requirements of its customers. ’Credit card usage is increasing rapidly in the UAE and the rest of the Middles East and we wanted to offer our valued customers a Sharia’a compliant card that meets their needs and expectations. The ADIB covered card is one of many Islamic banking services and innovations that we offer our clients and we are committed to developing additional cutting-edge banking products, raising the bar for Islamic banking across the globe.’
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