Shariah-compliant credit cards offer convenient advantages to today's demanding customers

Dubai, February 4, 2006:  Dubai Islamic Bank (DIB) announced the launch of "Al Islami Credit Cards" in association with Visa, a Shariah-compliant offering that is developed by DIB to offer convenient advantages to customers.   

Holders of "Al Islami Credit Cards" can enjoy a revolving credit facility without incurring any interest costs whereas they are required to pay only 10 per cent of the monthly usage besides the monthly subscription fee.

Wasim Saifi, Executive Vice President, Head of Retail and Business Banking, Dubai Islamic Bank, said: "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 that Dubai Islamic Bank proudly represents."

"The new cards will create a difference to the value proposition that is currently available in the market will be convenient for a wide range of customers. The cards also seek to deliver the message that DIB is continually developing its products and services to suit the needs of its customers," he added.

Speaking about the features of the card, he said: "The cards are available in a choice of Platinum, Gold Premium, in addition to Gold and Classic. Al Islami Credit Card has no joining fee. It is free from 'Riba' or interest, and free from the non-Islamic charges like late payment fees or over limit fees."

"Card holders can benefit from cash withdrawals of up to 100 per cent of the card limit through any of the over one million ATMs and financial institutions worldwide. The card is also accepted at over 35 million outlets worldwide," he added.

As for the card privileges, Mr. Saifi said: "The card offers discounts at over 1,500 outlets within the UAE as high as up to 50 per cent. Card holders can also benefit from the best Credit Card Travel Insurance in the UAE, covering 17 different benefits absolutely free-of-cost and completely Sharia-compliant through Dubai Islamic Insurance and Reinsurance Company 'Aman'."

Mr. Saifi explained: "The card also offers free purchase protection and a membership of the International Motoring Club (IMC) that provides varied benefits such as free emergency roadside assistance, international driving licenses, as well as preferential rates for allied services."

-Ends- 

DIB profile
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices.

DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.

The bank's recent financial results confirm the strength of its balance sheet and profitability. Figures for the year ending December 2004 reported a 36 per cent increase in net profits including depositors' profits, to reach AED 1.02 billion (US$278 million) compared to AED 751 million (US$205 million) for 2003. The bank's assets at the end of December last year had grown 35 per cent in the same period to AED 30.8 billion (US$8.3 billion), against AED 22.8 billion (US$6.2 billion) for the equivalent year previously.

DIB's net profit (including depositors' share) for the first nine months of 2005, reached AED1.465 billion (US$ 400 million), as against AED710 million (US$ 195 million) for the same period of last year, registering 106 per cent growth. The bank's assets at the end of September 2005, rose AED5.3 billion (US$1.45 billion) to AED33.4 billion (US$9.1 billion), compared to AED28.1 billion (US$7.6 billion) at the end of September 2004. 

The bank has been proactive in creating partnerships and alliances at local and international level. DIB has adapted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. The bank has also co-managed Pakistan's US$600 million first Sovereign Islamic bond issue that received a tremendous response from investors.

DIB opened its first representative office in Turkey to improve its access to that market. DIB has also acquired 60 per cent of its stake in Al Khartoum Bank and is also among the parents banks of Emirates and Sudan Bank (ESB), which recently completed its US$28.5 million IPO and was oversubscribed by more than US$224 million. The steps taken mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.

DIB has also shown its outstanding capabilities by being appointed to provide specialist financial solutions for huge developmental projects within the UAE, one of which led to the world record US$1 billion Islamic bond issue. The issue was arranged for the Government of Dubai's Department of Civil Aviation to raise funding for the second phase of the expansion of Dubai International Airport. The bank also managed financing of US$350 million for Nakheel. The financing made further capital available to build on Nakheel's blue chip portfolio of developments such as The Palm in Dubai.

For further information, please contact:
TimHarrison/Tarek Fleihan
ASDA'A Public Relations
Dubai
UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
E-mail: info@asdaa.com 

© Press Release 2006