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Tuesday, 27 November 2007

KFH Bahrain launches Sharia-compliant credit card

MANAMA: Kuwait Finance House - Bahrain (KFH-Bahrain) announced the launch of the first Islamic EMV compliant credit card with Visa. EMV is an internationally recognised standard. The credit card is a Sharia-compliant offering that has been developed by KFH-Bahrain to provide greater convenience and advantages to its customers. Holders of the new credit cards can enjoy a revolving credit facility without incurring any interest costs, just a low transparent service charge. "The Sharia-compliant credit card will offer all the advantages of today's credit cards, while remaining true to the values of Sharia and the principles of Riba-free Islamic banking that KFH-Bahrain proudly represents," KFH-Bahrain consumer banking head Khalid Rafie said. "It is the first Islamic EMV-compliant credit card, providing ultimate security to our customers. The new card will create a marked difference to the value proposition that is currently available in the market. "The introduction of this new card reinforces the message that KFH-Bahrain is continually developing its products and services to suit the needs of its customers,' he added. "It is available in a choice of Gold and Classic. The credit card has no joining fee, is free from interest, and comes at a lower cost for revolving credit users."

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