QIB launches first Alysr credit card
Web posted at: 10/13/2006 10:9:13
Source ::: The Peninsula
By Nasser al-Harthy
Doha • The Qatar Islamic Bank (QIB) recently launched the first-ever Shariah-compliant credit card (Alysr) which gives an automatic credit limit of QR 20,000 to holders and, naturally with no interest charged on the outstanding balance.
The total annual cost of the credit card which is accepted at practically all outlets and ATMs in Qatar and around the world, is QR 1,500.
Alysr comes with a host of value-added benefits for cardholders such as easy installments of only 10 per cent on the balance every month. Besides, cardholders have to pay QR 125 as a monthly fee and three per cent commission on cash withdrawals.
Whenever the card is used, the bank will pay QR 1 to the Zakat Committee but for which the cardholder will not be charged, to help the needy.
Applicants for the credit card need to transfer their salary to QIB to be eligible. The minimum monthly salary required is QR 5,000. However in case of no salary transfer the card can be issued against a fixed deposit of QR 21,000.
But, for those wishing to transfer their existing credit card to Alysr need to just bring their latest credit card statement and fill in the balance transfer form at QIB.
QIB currently extends advanced retail and corporate banking services through its branch and ATM network, like deposit, financing, money transfer and electronic services.
The bank's Shariah-compliant financing services which include Musawama, Murabaha, Mudaraba, Istisnaa, Ijarah and retail financing services for the purchase of goods, like cars, electrical appliances, furniture and travel tickets, construction of private houses and any other requirement that does not conflict with Shari'a principles.
As for electronic services, QIB provides highly advanced electronic banking services, including ATM services (Visa Electron card), Visa Classic, Visa Gold, Visa Platinum, Phone banking, WAP and Automatic Transfer besides the first of its kind Visa Electron (Manasik) card for pilgrims going for Umra.
Meanwhile, QIB has been able to make great strides in the field of investment by capitalising on overseas investment opportunities in order to boost returns of funds of its depositors.
The bank has participated in the establishment of several Islamic financial establishments, like the Beirut-based Arab Finance House and the Bahrain-based Gulf Finance House in which QIB owns 10 per cent of shares.
QIB also owns stakes in the Bahrain-based Solidarity Insurance Company, Tadamun Islamic Bank in Yemen, Arab Company for Poultry Equipment and Islamic Commercial Company, both in the UAE, and Belkesco in Bahrain.
Officials said the bank is also in the process of making investments in other international companies and that it is currently reviewing the economic viability of these projects.