Sharjah, 24 May 2010: Sharjah Islamic Bank (SIB) has signed a strategic agreement with MasterCard Worldwide to issue MasterCard debit and credit cards.

According to the agreement, which was signed at the bank's headquarters in Sharjah by H.E Mohammed Abdullah, CEO of Sharjah Islamic Bank, and Raghu Malhotra, General Manager, Middle East (Gulf countries) of MasterCard Worldwide, Sharjah Islamic Bank will be a strategic collaborator for MasterCard in the UAE. The agreement signing ceremony was attended by senior officials from SIB and MasterCard.

This agreement forms part of the bank's expansion strategy within the Retail Banking sector, and is in line with the bank's intention to grow their debit and credit card base in the country. Additionally, the deal will enable SIB to extend real and tangible added value benefits to its customers.

H.E Mohammed Abdullah commented on the strategic agreement: "This agreement between Sharjah Islamic Bank and MasterCard Worldwide is in line with the strategies set out by SIB's Board of Directors, which focused on the necessity of continuously developing new solutions to customers. We look forward to working closely with MasterCard Worldwide to provide the best solutions, services and products not only to our consumers, but to the entire market". 

"At SIB we will spare no effort to enhance our product proposition and customer experience, and our ongoing efforts will certainly help to further develop the bank's services and enable it to maintain our market lead. Globally, there is huge demand for MasterCard, due to the multitude of services, facilities and privileges that make the shopping experience easier and more rewarding for cardholders. With a reputation for reliability, MasterCard debit and credit cards offer numerous options for banking transactions worldwide", said Abdullah.

According to Ossama Salah El Din, Head of SIB's Retail Banking Group, "The agreement will help SIB to develop innovative and flexible programs that are tailor-made to support cardholders, in line with the bank's objectives of providing the best and most innovative banking services. Furthermore, MasterCard will offer our client the convenience and security to pay at more than 29.9 million locations worldwide".

Speaking of the agreement with SIB, Raghu Malhotra of MasterCard Worldwide said: "We are very pleased that Sharjah Islamic Bank has upgraded its portfolio to MasterCard. As an industry thought leader, MasterCard has grown increasingly involved in the Islamic banking community, as we seek to provide customized offerings that are in line with the cultural and religious values of our customers. We believe that this strategic alliance with Sharjah Islamic Bank further highlights MasterCard's commitment to Islamic banking across the region".

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About Sharjah Islamic Bank
Sharjah Islamic Bank, formerly known as National Bank of Sharjah, was founded by an Amiri decree issued by H.H. Dr. Sultan Bin Mohammed Al Qassimi, Member of the Supreme Council, and Ruler of Sharjah, to provide commercial banking services to firms and individuals. Originally a conventional bank, Sharjah Islamic Bank became the first in the world to convert successfully to Islamic banking in 2002. Since then, all operating systems and procedures have been modified to facilitate this conversion and all employees trained in Islamic banking.

For more information, please contact:
Serine Srouji
SAHARA Communications
Tel: +971 4 3298996
Fax: +971 4 3298995
Mob: +961 3 581 208
Email: serin@saharagcc.com
www.saharagcc.com

© Press Release 2010