Customers to Earn 'Steps' To the Holy City

11 March 2007, Abu Dhabi, U.A.E.: Abu Dhabi-headquartered First Gulf Bank (FGB) - one of the UAE's leading financial institutions - has launched the region's first stand-alone, unsecured Islamic Credit Card - the Makkah Credit Card - which allows holders to earn 'Steps' to travel to the Holy City of Makkah.

"Islamic Banking is the fastest growing segment of the world's banking industry and FGB recognizes and respects the desire of a growing number of its valued customers to conduct their banking and financial transaction in accordance with Islamic Sharia. The Makkah credit card will shortly be followed by a number of Sharia-compliant products and services," said Andr Sayegh, FGB's CEO.

The Makkah card is the first of a series of Sharia compliant products which FGB's Islamic Banking Division is planning to meet the needs of an increasing number of customers looking for Islamic-oriented products.

Product Head, Ramzi Al Amaary, stated "The Makkah Credit Card, which is approved by FGB's Fatwa and Sharia supervisory board headed by Dr. Hussein Hamed, is based on the principle of 'Goodwill Loan' and is the first of its kind in the region in terms of benefits and rewards."

Commenting on the introduction of the Makkah Credit Card, Aashish Bhargava, Country Manager - UAE, Visa International CEMEA said "First Gulf Bank's new Sharia-compliant card is a demonstration of Visa's commitment to develop together with our member banks a range of innovative, secure and value-added payment solutions, allowing us to extend electronic payments to a host of consumer segments with differing needs. Through the development of customised products, our member banks are better-positioned to lead in the UAE market."

"Visa's focus on providing flexibility and convenience to our UAE customers and our understanding of what consumers need helps us to develop tailored payment solutions which, in addition to the regular features,  functionality and world-wide acceptance, also offer added-value and incentives which appeal to and benefit cardholders."

The Makkah Credit Card is designed as one of the most convenient payment methods and the most rewarding with cardholders accumulating 'Steps' to earn a free trip to Makkah. For every AED 1 spent on the card, holders earn one step. Bonus steps are also accrued by those paying their monthly administration charges on time.

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About First Gulf Bank's Sharia Supervisory Board
FGB-IBD's Sharia Supervisory Board consists of prominent Islamic scholars with a strong background in law and economics. The Board is headed by Dr Hussain Hamed Hassan, Chairman and Executive Director of the Sharia Supervisory Board. Other member directors are Sheikh Dr Ajeel Jassem Al Nashmi (Kuwait), and Sheikh Mohammed Abdul Razzaque AlSiddique (UAE).  All FGB-IBD's products and transactions are carried out in full compliance with Sharia Supervisory Board's pronouncements.

About First Gulf Bank:
First Gulf Bank (FGB) is one of the largest equity based banks in the UAE with shareholders equity at AED 9 billion at end 2006. Headquartered in Abu Dhabi, FGB was established in 1979. FGB provides financial services across the UAE with a wide distribution network of branches in different business and industrial areas. The bank offers a variety of financial services in Corporate Banking, Treasury and Investment, and Retail Banking Services. The bank focuses on providing financial services and solutions to different target groups in the market like Private and Public institutions and retail customers.

With a philosophy of making a difference in every sector it serves, FGB provides and optimises value to its shareholders, customers, and employees. The bank's core purpose is to be a world class organisation maximising value for all stake-holders. The belief in innovation, quality, customer service, team spirit, & integrity has led the bank to tremendously expand its business operations over the last three years and thereby increase its profit returns and shareholders' earnings.

Fitch Ratings has affirmed the banks's ratings at Issuer Default 'A' with stable outlook, short-term 'F1', individual 'C' and support '1'. The individual ratings reflect FGB's sound capitalisation, growing franchise and good profitability and liquidity. FGB's results for 2006 showed an improved performance with reported net income of AED1.5billion, equating to an average return on equity of 18.3%. The bank benefits from increased opportunities in the UAE to grow its loan book and fee income.

© Press Release 2007