Noor Bank has signed a strategic partnership agreement with National Bonds to launch a new scheme in the UAE. The scheme will allow customers to purchase Sharia-compliant products using credit cards — the first of its kind in the market.
The new Noor Bank scheme to allow customers to purchase Sharia products with credit cards will be effective August 15. With that, Noor Bank credit card holders can invest in National Bonds without any requirement to pay additional charges. This is possible under a condition that Noor Bank credit card users hold their certificate for more than six months, media reports said.
Existing Noor Bank credit cardholders can purchase national bonds through telebanking also.
Mohammed Qasim Al Ali, CEO of National Bonds, said, “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.”
There are other benefits as well to the scheme. Customers will have 51 days of profit-free grace period on their purchases. Customers can also boost their chance of winning financial rewards because the scheme allows them to double their entry into prize draws worth more than Dh36 million each year.
According to media reports, Mufazzal Kajiji, head of Retail Banking at Noor Bank, and Mohammed Qasim Al Ali, CEO of National Bonds signed the agreement at the National Bonds headquarters in Dubai.
“We look forward to sharing our unique savings products with Noor’s discerning customers to inspire them into becoming financially informed and more empowered,” Al Ali said.