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Sharia compliant credit card a big success

ABU DHABI - Covered Card, a Shari'a compliant solution to the conventional credit card which was launched by Abu Dhabi Islamic Bank (ADIB) recently has been a big success.

The Deputy General Manager from Visa International, Sameer Govil, met with Abu Dhabi Islamic Bank (ADIB) officials today to congratulate them on the success.

Abdul Aziz Al Mehairi, Acting CEO said at the meeting; 'Our mission is to be the bank of first choice for customers looking for Shari'a products and provide Shari'a compliant alternatives to conventional products by offering innovative solutions'.

"We are proud to be associated with Visa, the world leader in payment cards," added Abdul Aziz Al Mehairi.

"Being a VISA branded product, ADIB's Covered Card is accepted worldwide at over 20 million merchant locations for purchase of goods and services, and over 840,000 ATMs for cash withdrawal."

Sameer Govil said that Abu Dhabi Islamic Bank's revolutionary new card is a full fledged alternative to the conventional credit card and offers all the services of a standard conventional credit card with one additional major benefit - it is an Islamic card and meets all Shari'a rules and regulations.

The ADIB covered card gives its holders the freedom of usage, convenience and security in addition to payment flexibility.

Now Muslims (and non-Muslims) will be able to have all of the financial freedom a credit card brings while adhering to Islamic Shari'a. Until today, most cards offered by Islamic institutions were in fact charge cards, forcing customers to settle the full outstanding balance on their monthly statement. ADIB's covered card allows the customer to carry the balance forward, paying it in monthly installments.

Govil noted that the rapid growth in Islamic cards in recent times is an area where Visa is particularly keen to support its member banks. "Obviously this is still a relatively untapped component of the card market in this region and yet one that is set to grow rapidly. Visa is absolutely committed to ensuring that banks such as ADIB that respond effectively and efficiently to unique market opportunities receive all the support that we can offer to help maintain Visa cards as the most widely used and accepted in the Middle East."