Pakistan’s emerging Islamic Bank, Faysal Bank Limited, has introduced a Shariah-compliant ‘Noor’ Credit Card backed by Mastercard.
This launch will offer Islamic banking consumers with a range of benefits and Halal offers on credit card.
Faysal Banks’ Islami Noor card will be available in Silver, Titanium and Platinum categories, similar to existing Conventional Cards, offering exclusive shopping, dining, and travel experiences.
Faysal Bank is currently transforming its Conventional Banking operations to Islamic Banking Operations and hope to achieve complete Islamic transaformation by 2022-23.
Faysal Islami Noor card is based on the principle of Tawarruq with 3D Secure, contactless payment and transaction services, leading its consumers to a hallway of premium Islamic lifestyle while also keeping their convenience of everyday life in check.
Mr. Tahir Yaqoob Bhatti, Faysal Bank’s Head of Retail Banking, said on the occasion:
The launch of Faysal Islami Noor card reaffirms our commitment to achieving leadership in providing Shariah-compliant financial and payment services to our customers. The launch of ‘Noor’ sets sail to a trailblazing initiative to the Bank’s credit, transforming the experience of Islamic banking customers. Now, Noor Card customers can use this Shariah-compliant card with complete satisfaction and peace of mind, availing a range of distinct reward systems and premium benefits within the strict umbrella of Shariah-compliant banking practices and principles.
Currently, no Islamic Credit Cards are being offered in Pakistan. Even major Islamic Banks do not have Islamic Credit Cards in the offering. Standard Chartered Bank Pakistan launched Islamic Credit Card a few years back, however, it is not being offered currently. There is an increased demand for Islamic Consumer Financing products in Pakistan.
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