Customers can also gain double chances into National Bonds’ AED36 million draw
Dubai-UAE: Noor Bank, one of the leading Shari’ah-compliant banks in the UAE, has entered a strategic partnership with National Bonds Corporation, a renowned investment company, to launch a first-of-its-kind initiative in the UAE that allows customers to purchase Shari’ah-compliant investment products using credit cards.
Starting 15 August 2019, the new scheme enables Noor Bank credit card holders to invest in National Bonds without paying extra charges, provided they keep the certificate for over six months.
Mufazzal Kajiji, Head of Retail Banking at Noor Bank, and Mohammed Qasim Al Ali, CEO of National Bonds, signed the agreement at National Bonds headquarters in Dubai.
Customers can access a host of benefits including up to 51 days of profit-free grace period on purchases. They can increase their chances of scoring financial rewards, as the scheme allows customers to double their entry into prize draws worth over AED36 million per year.
New cardholders can buy bonds using their Noor Bank credit card, while existing customers can simply make the purchase through telebanking.
Mohammed Qasim Al Ali, CEO of National Bonds, said: "We are confident that our strategic agreement with Noor Bank will complement our vision of cultivating a healthy and sustainable savings culture in the UAE. As part of this priority, our association with a reliable and customer- centric partner such as Noor Bank will certainly strengthen our ultimate goal to make saving a convenient experience for all. We look forward to sharing our unique savings products with Noor’s discerning customers to inspire them into becoming financially informed and more empowered.”
“Credit cards are often associated with overspending, but with the new partnership, customers who are keen to grow their money can now use their credit card to their advantage by using it to purchase savings bonds instead of making impulse buys at the store,” he added.
Speaking on the partnership, Mufazzal Kajiji, Head of Retail Banking at Noor Bank, said: “For the first time ever, we have enabled customers to buy National Bonds using Shari’ah-compliant credit cards. This one-of-a-kind strategic partnership aligns with the bank’s commitment to delivering best-in-class Islamic banking products and services while prioritising convenience and easy access.”
For his part, Girish Advani, Head of Assets – Retail Banking at Noor Bank, said: “At Noor Bank, innovation is at the heart of everything we do, and we continue to explore customer-centric solutions that are built on the core values of Islamic banking. The partnership with National Bonds offers enhanced convenience through simplifying transactions and eliminating the need for physical visits. Features such as the double entry into the AED 36million draw as well as our flexible payment plan makes Noor Bank credit cards more unique and exclusive than ever before.”
-Ends-
About Noor Bank
Noor Bank began operations, in Dubai, in 2008, as an Islamic financial institution. It is a full-service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service. Noor Bank is governed by the Internal Shari’ah Supervision Committee, with extensive experience and expertise in Islamic legal, financial and banking matters. Noor Bank is rated “A-” IDR with a stable outlook by Fitch Ratings. The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%). The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank. For further details, please visit: www.noorbank.com or call 800 6667.
For media enquiries on Noor Bank, please contact:
Leah Majorie Banda
Noor Bank
Email: Leah.Banda@noorbank.com
Susan Shoury
APCO Worldwide
Mobile: +971 55 965 3647
Email: sshoury@apcoworldwide.com
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
