AmBank Islamic-IIUM credit card facilitates contributions to IIUM Endowment Fund

Professor Dato’ Sri Dr Zaleha Kamaruddin, Rector, IIUM (right), Dato’ Sulaiman Mohd Tahir, Group CEO, AmBank Group (centre) and Eqhwan Mokhzanee, CEO, AmBank Islamic (left) at the launch. 

AmBank Islamic and the International Islamic University of Malaysia (IIUM) have launched the AmBank Islamic-IIUM credit card. 

Under this programme, AmBank Islamic cardholders can convert their AmBonus Points into cash contribution towards the IIUM Endowment Fund (IEF) from a minimum of 3,000 AmBonus Points. The IEF financially supports IIUM students who are academically excellent but having financial difficulties.

AmBank Islamic and IIUM also teamed up with JomPAY to provide added convenience, accessibility and flexibility to the public and corporate sector contribute to the IEF. IIUM’s participation in JomPAY is powered by AmBank Group’s Transaction Banking, which provides a one-stop wholesale banking solution in cash management, trade finance and remittances. JomPAY electronic payment enables payments via Internet banking, mobile banking and the ATMs of banks in Malaysia. 

“The AmBank Islamic-IIUM credit card is our first credit card launched in collaboration with a higher learning institution in Malaysia. With this collaboration, we are hoping to support the growth in the educational sector, in line with our value-based intermediation aspirations,” said Eqhwan Mokhzanee, CEO, AmBank Islamic.

“With this collaboration with IIUM and JomPAY, we are pleased to embark on another initiative to offer more products to our customers whilst concurrently help to raise funds for the IEF, which will be used to assist needy IIUM students in their studies,” said Dato’ Sulaiman Mohd Tahir, Group CEO, AmBank Group.

In 2016, IEF has disbursed RM10.5 million in the form of scholarships and financial assistance to 4,323 recipients. Some programmes were initiated since its establishment in 1999 including receiving donations and zakat payment from individuals and organisations, both locally and from abroad.

Consumers embrace DIB Consumer Card

Source: DIB website. Banner for the Consumer Card page.

The Consumer Card introduced by the Department of Economic Development (DED) in Dubai and Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has exceeded all expectations by end-2016 in a highly competitive market, highlighting the importance customers place on the transparent nature of the offering and the customer-centric focus of the card.

Customers are drawn to the transparency the card offers, as they are rewarded for simply doing every day transactions, as opposed to increase their spending in return for rewards. The Consumer Card was launched in June 2016. Over the past six months, thousands of Consumer Cards have been issued, to the point where the card has already exceeded its target for its first year, while the total cashback payouts are at a record high. The highest combined amount of cashback was in the supermarket category, with the highest number of transactions on fuel spends. Salik and Nol payments were also popular.

Mohammed Ali Rashed Lootah, CEO Commercial Compliance & Consumer Protection (CCCP) sector in DED, said: "We are delighted with the success of the Consumer Card as it was launched as part of our strategic objective to make shopping in Dubai a pleasant experience through strengthening trust and productive partnerships between retailers and consumers. The card not only provides a new interface for substituting cash payments with smart payment options, but also enables consumers to avail of attractive discounts from various retail outlets.”

Lootah added that the success of the Consumer Card also underlined the successful co-operation between DED and DIB in stimulating growth and productivity in Dubai. “We are pleased to continue working with the Dubai Islamic Bank towards transforming Dubai into an innovation-driven and diversified economy,” he said.

Sanjay Malhotra, Chief of Consumer Banking at DIB, commented, “We are delighted to see that this unique Consumer Card launched in collaboration with DED has been a success with our customers who have acknowledged this product is not only easy to use but also convenient for them to earn cash back on. When we launched the Consumer Card, our core objective was to offer a low-cost, high-value payment solution in order to appeal to a larger number of customers who can enjoy the many exclusive benefits this product has to offer on their everyday purchases. I can proudly say that DIB and DED have been able to offer not just a product but a great experience to our customers, which is indeed a remarkable feat."

Ibrahim Selim Ergoz, GM, UAE, Qatar & Pakistan, Visa, said: “The Consumer Card is one of the key initiatives under a strategic partnership we have with DED and DIB, and is a great example of the public and private sectors working in tandem to help consumers in the UAE manage their finances in a safe, secure and responsible way. It has been successful because it meets a real consumer need while being easy to use, convenient and rewarding. As Dubai powers on with its Smart City initiative, Visa looks forward to being part of more initiatives like the Consumer Card that help to bring the Emirate’s vision of a cashless society a step closer to fruition.”

Issued in partnership with Visa, there are two variants, the Rewards Consumer Card and the Platinum Consumer Card, both offering discounts in over 450 outlets across the country. Card users are also eligible to receive up to AED1,000 cashback per month on daily purchases from supermarkets, automobile servicing, utility bills, fuel spend and movie ticket transactions. The card offers consumers savings and rewards on their daily supermarket purchases, fuel bills, utility bills, movies and more.

DIB is at the forefront of delivering innovative shari'ah-compliant products. Serving 1.7 million customers, DIB continues to grow as it develops products tailored to changing consumer preferences.

Interested?

Read the Suroor Asia blog post about the launch of the Consumer Card

DED and Dubai Islamic Bank launch shari'ah-compliant credit card

Source: DED.

 

The Department of Economic Development (DED) in Dubai and Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, have launched of the Consumer Card in the UAE. DIB boasts today one of the largest retail bases in the UAE with over 1.5 million customers and 90 branches across the country.

The co-branded credit card is dedicated to protecting the rights of consumers and providing them with savings on their daily purchases. The card is an addition to the partnership initiatives being launched by DED along with the private sector and to the ongoing efforts to enhance the shopping experience in Dubai, and across the UAE.

Developed and designed in line with the spending habits and distinct needs of consumers in the UAE, the shari'ah-compliant card is issued in partnership with Visa and carries no hidden charges. It has two variants, the Rewards Consumer Card and the Platinum Consumer Card.

While enabling customers to make savings on everyday spends, the Consumer Card also carries a host of discounts at over 450 outlets across the country. It offers up to 4% cashback across a number of outlets including supermarket or hypermarket, for all automobile servicing, on Etisalat and Du bills, Salik and Nol recharges, fuel purchases, utility bills and cinema tickets. Card users will be able to receive up to AED1,000 cashback per month on their spends across the UAE.

The card was launched today at the Mall of the Emirates in the presence of His Excellency Sami Al Qamzi, Director General of DED, Dr. Adnan Chilwan, Group Chief Executive Officer at Dubai Islamic Bank, and in addition to senior managers from the organisations.

Mohammed Ali Rashed Lootah, Executive Director of the Commercial Compliance & Consumer Protection (CCCP) sector in DED, said the card highlights the effectiveness of public-private partnerships in bringing added value to businesses and consumers. "The Consumer Card is part of the initiatives of the Department of Economic Development to promote trust and partnership between retailers and consumers. Dubai is a global shopping and entertainment destination and we focus on making the shopping experience in the emirate as convenient and rewarding as possible," he said.

Sanjay Malhotra, Chief of Consumer Banking, at DIB said: "Domestic spending remains today the backbone of the UAE economy and we are keen to invest our expertise and resources in developing payment solutions that are favourable to spurring further growth. As one of the most innovative banks in the market today, we are pleased to offer our client base attractive payment solutions and savings on their daily purchases. Moving forward, we will continue to leverage our partnerships to present a unique banking experience while adhering to the highest standards of service excellence.
"While the market already offers benefits on credit cards, we have focused on areas where customers spend their money regularly thus maximising their gain. With this in mind, we have developed the Consumer Card as a low-cost, high-value proposition in order to appeal to a larger number of customers and allow them to enjoy unique benefits."

Ihab Ayoub, General Manager MENA at Visa, said: "The Consumer Card – a major step in this direction – will help in spreading further awareness about the benefits of electronic payments and the related cardholder rewards through a wide network of customers. Providing consumers with a safe and convenient way to pay is one of Visa's main priorities, and our participation in this initiative is aligned with our ongoing efforts to promote financial literacy on the ways to save, spend and budget responsibly.

"We are confident that through a partnership of public and private sectors, the "Consumer Card" initiative will support the UAE's efforts to be a leader in developing innovative payment technologies, and drive its transformation into a cashless society."

Ahmed Al Zaabi, Senior Manager - Consumer Awareness, at DED said: "The Commercial Compliance & Consumer Protection sector constantly seeks to strengthen the relationship between the merchant and the consumer, and improve awareness among consumers on their rights and responsibilities. We also focus on regulating the market and launch programmes that protect businesses. The Consumer Card is part of our efforts to raise the quality of services provided to customers and enhance their satisfaction and happiness. Our partnership with Dubai Islamic Bank and the advantages it brings to consumers and traders will strengthen economic activity in the UAE."

Interested?

Ask the DIB Call Centre about the Consumer Card at +971 4609 2222.

Qatar Islamic Bank (QIB) receives Visa award for QIB-Qatar Airways Visa Signature credit card

Source: QIB.

Qatar Islamic Bank (QIB) has received the Best New Product in Qatar award for 2015 from Visa International for its QIB-Qatar Airways Visa Signature Co-Branded credit card.

The prestigious award was conferred after considering the unanimous and encouraging response from the customers compared to product offerings of all Qatari banks and taking into account the products’ innovativeness, benefits, and added value to customers.

Launched last May, the QIB-Qatar Airways Signature credit card is designed with premium customers in mind. It offers elite benefits such as global concierge services, global airport lounge access, discounts, automatic purchase protection, warranty extensions, exclusive offers on luxurious hotels, full multi-trip travel insurance and much more.

“The award is testament to QIB’s efforts to provide the best products to its customers,” said D Anand, General Manager of the Personal Banking Group at QIB. “The QIB-Qatar Airways Signature co-branded credit card was developed in response to the needs of our high net-worth customers, many of whom are frequent travellers. The card offers a range of benefits tailored to the lifestyles of these customers, who in many cases have made it their preferred card. We thank our customers for the support they have shown through their frequent usage of the card, which has resulted in recognition from Visa.”

“This super-premium product offers cardholders opportunities to earn miles that could be redeemed for a host of exciting services with Qatar Airways and its OneWorld airline partners around the world,” said Ihab Ayoub, Visa's General Manager for the Middle East and North Africa region of the QIB-Qatar Airways Visa Signature credit card. “Visa’s partnership with QIB is a demonstration of our commitment to Qatar, by offering customers a rewarding payment experience that is innovative, convenient, and secure.”

Interested?

Read the Suroor Asia blog post about the QIB-Qatar Airways Visa Signature credit card

ADIB Spice Card rounds out product offerings to NRIs, NRPs

Source: ADIB. The new Spice Card offers a range of cashbacks if the owner hits a minimum spend.

Abu Dhabi Islamic Bank (ADIB) has launched the Spice Card to complement its tailored product offerings to non resident Indians (NRIs) and non resident Pakistanis (NRPs) in the UAE.

The ADIB Spice Card offers NRI and NRP customers a chance to save more money with a range of competitive offers and discounts. This includes 9% cashback on all dining spends, 7% cashback on all supermarket spends, 4% cashback on fuel and 1% cashback on utility bills. The cashbacks apply on local as well as international spend, and customers also earn up to two reward points for every AED1 spent on other merchant categories.

Venkatesh Srikantan, Head of Retail - Expat Banking at ADIB, said, "While there are banking products in the UAE for Indians and Pakistanis to use in their home countries, there is a lack of products specifically tailored for them in the UAE. Our research shows that the spending habits and financial requirements of NRIs and NRPs centre on some common characteristics. As a customer-centric bank, it is of utmost importance for us to design value added products that suit their financial needs."

The Spice Card adds to ADIB's product offering for NRIs and NRPs. Last year, ADIB launched finance solutions for NRIs to buy properties in India and NRPs to purchase properties in Pakistan.

The Indian community in the UAE totals some 2.6 million people and constitutes 30% of the total population, making it the largest expatriate community in the country. Pakistanis form the second largest ethnic group in the UAE, with a population of over 1.2 million, constituting 12.5% of the country's total population.

A minimum monthly spend of AED3,000 is required on the Spice Card to qualify for the cashback offers with a maximum cashback cap of AED50 on utility payments, AED200 on restaurant bills, AED50 on fuel and AED100 on supermarket spending. ​ ​​​​

Bank Nizwa launches shari'ah compliant MasterCard family

Source: Bank Nizwa.

Bank Nizwa has launched a suite of shari'ah-compliant credit cards in partnership with MasterCard. The Bank Nizwa MasterCard credit cards offer financial flexibility in more than 35 million locations worldwide.

"Since inception, we have been providing customers throughout Oman with an enriched banking experience that caters to a wide range of segments, equipping them with the best options to meet their evolving needs," said Dr Jamil El Jaroudi, CEO of Bank Nizwa. "Today we are introducing four new cards to the Bank's long list of shari'ah-compliant products and services that offer the most flexible payment plans complemented by MasterCard's unmatched benefits, bringing seamless and more convenient ways to transact around the world."

Raghav Prasad, General Manager for Gulf Countries, MasterCard commented: "Through strategic partnerships, we are able to provide cardholders with value-added benefits, premium privileges and rewards. By collaborating with Bank Nizwa, we are actively rewarding MasterCard cardholders for using their cards to enjoy simple, safe and secure transactions."

Bank Nizwa's MasterCard rollout introduces the Basic, Standard, Gold, and Platinum cards. The cards were developed in line with the Islamic finance concept of qard al hassan, whereby customers will be charged a fixed monthly subscription fee rather than a percentage against their outstanding balances.

Etihad Airways and Abu Dhabi Islamic Bank hold recruitment promotion for ADIB Etihad Guest Visa

Source: Etihad Airways website.

Etihad Guest, Etihad Airways’ loyalty programme, and Abu Dhabi Islamic Bank (ADIB), a UAE-based financial institution, have announced an offer for new applicants for the ADIB Etihad Guest Visa covered card.

Successful applicants can earn up to 100,000 Etihad Guest Miles* upon registration for the card in addition to enjoying benefits such as fast-tracking to Etihad Guest Gold Tier membership, and the highest mile per dirham earning rate on international card purchases. With 100,000 miles a cardholder can book a one way flight* to London in First Class, a one-way flight to Brisbane in Business Class or a return flight to New York in Economy Class, on Etihad Airways.**

Yasser Al Yousuf, Managing Director of Etihad Guest, said: “We are committed to continually providing our valued Etihad Guest members with the most innovative and rewarding products and services in the market. We have a successful partnership with ADIB, and our latest offer in partnership with ADIB’s award-winning ADIB Etihad Guest Visa covered card is the best card acquisition offer in the region.”

Philip King, Head of Retail Banking UAE, Abu Dhabi Islamic Bank, said: “Our successful partnership with Etihad Guest continues to bring outstanding value to our customers in the UAE. We are pleased to bring yet another offer to our customers and we are confident this will contribute in further cementing our position as a leading provider of value-added retail banking products and services.”

Interested?

Apply for the card. Applicants can call 800 2882 or SMS ‘FLY’ to telephone number 2400 to sign up for an ADIB Etihad Guest Visa Card. The special offer is valid for successful applications approved by 15 December 2015. 

Applicants can also visit the ADIB Etihad Guest travel card Member Centre located at Abu Dhabi Airport Terminal 3. The facility is designed to meet the needs of existing cardholders to answer questions about the travel benefits of ADIB Etihad Guest cards as well as take new applications. The member centre will remain open until 15 January, 2016.

*Cardholders will receive an additional 50,000 Etihad Guest Miles on top of the 50,000 Etihad Guest Mile welcome bonus for the ADIB Etihad Guest Visa Platinum card upon meeting the minimum spend criteria within 45 days of card issuance.

**Actual miles required for GuestSeats vary per destination and travel class and are subject to availability. Carrier and airport surcharges apply.

ADIB and Rotana launch ADIB Rotana Rewards Exclusive Card

Abu Dhabi Islamic Bank (ADIB) and Rotana, a hotel management company, have partnered to launch the ADIB Rotana Rewards Exclusive Card. Card members will receive Rotana Rewards points and privileges every time they spend using the card.

Source: ADIB. From left: Sarvesh Sarup, Global Head of Retail Banking, ADIB, and Omer Z. Kaddouri, President and CEO Rotana.

The ADIB Rotana Rewards Exclusive Card is the first co-branded hospitality card in the wider Central Eastern Europe & Middle East and Africa (CEEMEA) region developed by a local issuer, and the first globally by an Islamic bank. It works in conjunction with the existing Rotana Rewards Exclusive programme and can be used for Rotana benefits including free hotel stays and dining offers in any of the 50 Rotana hotels and resorts, and at over 250 restaurants across the region. 

The cardholder receives Rotana Rewards points every time they spend using their ADIB-Rotana co-branded card. This includes two Rotana points for every AED1 spent at any of its properties, one point for every AED1 spent in the UAE, and three points for every AED1 spent internationally. Clients also receive welcome points upon activation of their ADIB Rotana Rewards Exclusive covered card.

Commenting on the partnership, Sarvesh Sarup said: “The partnership between Rotana and ADIB brings together two market-leading UAE brands with a shared set of customer-centric values and a rapidly expanding international footprint. The card will bring customers unparalleled value in terms of lifestyle and financial benefits from both the partners. In keeping with best international practices, the card will offer customers the benefit of global contactless payments and special recognition at ADIB’s rapidly expanding merchant network. We look forward to working with Rotana to keep the new card at the forefront of innovation and value.” 

 
“The launch of this co-branded hospitality card continues Rotana’s history of innovation and industry leadership,” said Omer Z. Kaddouri, President & CEO of Rotana. “The ADIB Rotana Rewards Exclusive Card offers an unmatched value proposition to customers who can now look forward to benefiting from a broad range of perks and special services. It’s the first product of its kind in the region and will allow Rotana to provide more engaging guest experiences and further build loyalty among our customer base. 

"As home-grown, Abu Dhabi-based enterprises that went on to establishing a global presence and reputation, Rotana and ADIB share the same core values and commitment to customers, and we hope the introduction of the ADIB Rotana Rewards Exclusive Card is only the beginning of a long and mutually rewarding partnership.”

Additional lifestyle and travel benefits of the card include unlimited airport lounge access, concierge services, rental car discounts, and premium offers for shopping, dining, and travel. The new ADIB Rotana rewards co-branded card will include all benefits of the Rotana Rewards Exclusive programme in its annual fee, such as extended checkout times, hotel discounts and dining discounts.

The Rotana Rewards Exclusive programme features late check-out, VIP treatment, upgrades, complimentary dining, points when spending at any Rotana food and beverage outlets, discounts on room rates and miles from partner airlines among other privileges.

Holiday Inn Singapore Orchard City Centre has Ramadhan, Eid promotions

Buffet restaurant Window on the Park at the Holiday Inn Singapore Orchard City Centre is featuring halal specialties such as its signature shawarma till 31 July 2015. There is a a gourmet North Indian set dinner menu at the Tandoor up to 16 July 2015. 

The hotel has also planned a Hari Raya Puasa (Eid) buffet dinner on 17 July 2015.

PAssion Card Members enjoy 30% off total bill for the Window on the Park buffet up till 31 July.

Interested?

For reservations, call +65 6733 8333

KFH Bahrain launches shari'ah compliant Visa Signature card

Source: KFH Bahrain website.

Kuwait Finance House - Bahrain has launched Visa Signature, a shari’ah-compliant credit card which was conceptualised after research to identify the financial needs and lifestyles of KFH-Bahrain clients. The launch of the Visa Signature card is part of the bank’s strategy of offering personalised customer services and financial tools, and charges no interest.

Khalid Rafea, Executive Manager and Head of Banking Group at KFH-Bahrain said, “The launch of the Visa Signature Islamic credit card is another step in providing our clients with the best financial solutions that reward their lifestyles. Holders of this card will gain attractive benefits such as free global airport lounge access to over 500 lounges, on-demand signature concierge service to meet their personal needs, access to Visa’s luxury hotels collection, personal accident travel insurance, extended warranty and purchase protection.”

Majeed Hujair, Visa Country Manager for Bahrain and Oman, said: “KFH-Bahrain is one of the fastest growing Islamic banks in the region, and we are pleased to partner with them to add one of our most popular products to their portfolio in Bahrain. At Visa, we are invested in offering the best range of exclusive privileges and value-added benefits to cardholders through our partner network. The KFH-Bahrain Visa Signature card provides a suite of fascinating add-ons that cardholders can enjoy, together with the peace of mind and convenience of transacting with Visa.”

MasterCard and Lembaga Tabung Haji launch shari'ah compliant debit card

MasterCard and Lembaga Tabung Haji have introduced the shari'ah compliant Tabung Haji Debit-i MasterCard, which can be used by Malaysian Muslims not only during pilgrimages in Makkah and Madinah in Saudi Arabia, but also daily in Malaysia.
 

Source: MasterCard.

The Tabung Haji Debit-i MasterCard will enable cardholders to pay for purchases at over 38 million merchant locations around the world, and also to obtain cash at more than 2.5 million ATMs worldwide. Cardholders’ purchases are automatically deducted from their accounts without incurring interest charges, or creating monthly bill payments.

“MasterCard is deeply committed to working with Tabung Haji to deliver a comprehensive range of innovative and tailored shari'ah-compliant payment solutions to its depositors. With this collaboration, Tabung Haji depositors will enjoy the convenience of a globally accepted MasterCard Debit card and give them access to their accounts whether at home in Malaysia, travelling to Makkah or Madinah as part of their pilgrimage or other locations,” said Matthew Driver, President, South East Asia, MasterCard.

This collaboration is significant in support of Malaysia as a key hub for Islamic finance and its aspirations to have an innovative, competitive and thriving financial services industry as a key component of the economy. The launch also accelerates the country’s migration to electronic payments.

“We are honoured to be able to enable this important product with the safety, security and convenience of the global MasterCard network and look forward to a fruitful partnership with this respected institution,” Matthew Driver added.

Tabung Haji currently has 8.4 million depositors and a network of 120 branches with more than 6,000 touch-points nationwide, which makes it one of the largest Islamic financial institutions in Malaysia. With this launch, Tabung Haji provides its depositors with an innovative, integrated payment tool where they can confidently access and manage their funds via points of sale (POS), ATMs locally and abroad and for e-commerce in a highly secured and convenient manner.

The event also saw Tabung Haji launching its Islamic Financial Service Centre (IFiC), an Islamic one-stop centre which houses four agencies providing various Islamic services for the convenience of Tabung Haji depositors and Muslims in general. 

Click here for more information on the Tabung Haji Debit-i MasterCard.