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NCB Develops First Islamic Credit Card - ASHARQ AL-AWSAT English Archive
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Jeddah-The National Commercial Bank (NCB) developed “Tayseer Ahli” Visa and Master Card compliant with the Islamic Shariah Law. In a statement made by Mr. Adel Al-Howar, NCB Head of Consumer Finance Services Group, he indicated that the new card allows its holder to attain money by allowing complete money withdrawal up to the maximum limit and payment of the value of purchases through monthly installments at a minimum payment starting from 5% of the total fee, while still maintaining the advantages of international credit cards.

Mr. Al-Howar stated that the issuance of this card complements the wide range of services that the bank provides its patrons, notwithstanding the Islamic banking sector. He added that the issuance of “Tayseer Ahli” is the proof of the Islamic economy ability to keep up with modern changes in banking business and industry. He added that the aim of developing the card was to support the client’s beliefs, attract various sectors as well as increase the market shares of the banks credit cards. In addition to it being a tool that allows its holder to have the confidence of credit and pay for purchases in an Islamic way. He also mentioned that the new credit card is attributed as being the first Islamic installment card on an international scale and is compliant with the Islamic Shariah Laws. The credit card allows its holder to use it at over 32 million commercial establishments around the world. Costumer can also avail the additional cards, like internet cards and insurance services on travel accidents for up to SR 56000. The insurance limit on purchases reaches SR 18000. Payments on the card are very easy to pay through AlAhli phone banking, AlAhli Mobile (SMS), AlAhli Online, Automated Teller Machines (ATM), in addition to the banks branches which are spread over various locations in the kingdom.

The developed Tayseer Card is divided into two kinds, the Gold Card and the Silver card. The annual fee for the Gold card is SR 400, and the client can acquire an additional card for any family members over 18 years of age at a nominal fee of SR 200. The annual fee for the Silver card is SR 200, and the client can acquire an additional card for any family member over 18 years of age at a nominal fee of SR 100. He indicated that payment forms can be full payment or payment of the minimum requirement of the due amount and claim access to Tayseer Ahli, which employs the acquired amount to pay off the credit card debt.

Mr. Al-Howar added that if the client does not use either form of payment methods, the bank will buy goods on behalf of the client, then resell it, and use its cost to pay off the credit card debt. This is based on the principle of “Albaea AlFadoli”. The Head of Consumer Finance Service Group concluded his address by saying that the conditions that must be met in order to attain the developed credit card are filling out an application form, copy of identification documents of the applicant, a letter of recognition from the applicants employer, a copy of a telephone bill, a bank statement, and a copy of identification documents for the additional applicant (in cases where additional card are required).

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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