United Arab Bank (UAB), a provider of financial services, has launched new Islamic credit card with vertical design in UAE, as part of strategy to strengthen its Islamic product offering.
In March 2010, UAB launched its Islamic Banking Services with three products initially covering current accounts, investment, and goods Murabaha. Later, the bank introduced two more products before the launch of its Islamic card, namely vehicle Murabaha and savings accounts.
Tom Smith, EVP and group head of retail banking at UAB, said: “Based on a heritage of 35 years of international banking standards, UAB’s Islamic Credit Card is tailored to meet our customers’ needs for an interest-free card that has been developed in strict adherence to the values of the Islamic Sharia’ah.
“Combining modern-day safety and convenience with highest standards of security thanks to its chip technology which adopts the highest security levels, our new Islamic credit card offers both convenience and peace of mind on all levels.”
Rami Joudah, head of Islamic banking, said: “The card operates on a fixed-fee structure basis, providing customers the flexibility to carry an interest free card. Our Islamic Banking centers are presently located at the main branch in Sharjah and Sheikh Zayed branch in Dubai and will soon expand to cover the entire UAB branch network.”