As part of a move to upgrade its clientele, Rakbank has launched the Titanium credit card. Offering 2% cash back each retail purchase and a 1.35% interest rate, the card is offered to those who earn more than $2,700 per month.
The free-for-life card is the latest in a line of bank products aimed at high net-worth consumers and "is designed to suit the elite lifestyle of the highly accomplished and young populace of the region," said Murray Sims, head of Retail Banking at Rakbank.
The card will offer a number of value-added services, such as hospitality promotions, discounted holiday packages and concierge services.
In other news, Dubai Islamic Bank (DIB) is planning to launch interest free credit cards, Al Islami Credit Cards. Holders of the Sharia-compliant card will have the same revolving credit facility, while paying 10% of the monthly usage and a monthly subscription fee.
"Al Islami Credit Cards offer all the convenient advantages of today's credit cards, while remaining true to the value of Sharia and the principles of Riba-free Islamic banking," said Wasim Saifi, executive VP and head of Retail and Business Banking, DIB.
The new card is free from 'Riba' or interest, and free from the non-Islamic charges such as late payment fees or over-limit fees.
© Gulf Marketing Review 2006
