BARWA BANK LAUNCHES SHARI'AH COMPLIANT CREDIT CARDS
Barwa Bank, Qatar's fastest growing Shari'ah compliant banking service provider, has launched the country's first Shari'ah compliant credit card that enables customers to earn Barwa Bank Loyalty Points that can then be converted to Qatar Airways Privilege Club Qmiles - reward miles as part of the airline's passenger loyalty programme.
The Islamic fee-based credit card has been carefully developed with Islamic financial expertise, to ensure that the product is within the guidelines of Islamic finance and is 100% Shari’ah compliant.
Passengers can use Qmiles to avail award tickets with Qatar Airways to fly to more than 100 destinations worldwide. One Barwa Bank loyalty point is equivalent to one Qatar Airways Privilege Club Qmile.
Mr. Hussain Al Abdullah, Head of Retail at Barwa Bank said “We’re extremely proud to launch the first Shari’ah compliant Credit Card in Qatar that enables customers to earn Barwa Bank Loyalty points that can be converted to Qmiles. This added value comes with all the advantages of today’s credit cards, while remaining true to the values of Islamic banking. The new card will create a marked difference to the value proposition that is currently available in the local market. Not only does the introduction of this new card reinforce the message that Barwa Bank is continually developing its products and services to suit the needs of its customers, it also gives us the opportunity to provide our customers with some great benefits.”
Customers can also use their Qmiles for purchases made at Qatar Duty Free at Doha International Airport and the Oryx Galleria in Doha as well as for receiving upgrades and excess baggage allowances.
The credit card is available in a choice of Platinum and Gold. On becoming a Platinum member customers receive a bonus of 5,000 Barwa Bank Loyalty Points that can be converted to 5,000 Qmiles. In addition, it has no joining or annual fee, up to two free supplementary cards, cash withdrawal up to 100% of the total assigned credit limit as well as free SMS alert service for all transactions.
In addition, customers can choose to pay either the full monthly balance every month or just a minimum payment as low as 3%. Credit card members based on the card type also get extensive travel protection covering them for medical emergency, personal accident, loss of baggage or money, flight delay or cancellation, purchase protection and secure wallet. Other benefits for Platinum members offered by VISA include; extended warranty up to 24 months on purchases, free access to Visa’s Emergency Assistance Service, up to 75% off at 50,000 hotels with HotelClub.com, discounted access to 300 of the world’s best golf courses. While Gold card members can enjoy the following privileges; Emergency Assistance Service covering both lost and stolen cards and emergency card replacement; emergency cash up to $2,000 as well as Legal & Medical referral; Gold offers on Travel, Dining, Shopping and lifestyle, plus Hotel Club benefits updated and available through Visa’s dedicated Gold web site.
“Mr. Keith Bradley, General Manager Banking said “We are investing heavily in increasing our retail product offering to satisfy our customers’ diverse financial needs while remaining true to our Shari’ah principles and the launch of this credit card is another testament to this”. “The process to obtain a Barwa Bank credit card is straightforward and quick. Customers can get one by simply transferring their salary to Barwa Bank, or against a cash deposit. We have helpful and knowledgeable staff that is always available to discuss our clients’ unique financial needs and they can be reached by either calling our 24/7 call centre at 800 8555 or visiting one of our branches” Mr. Abdullah concluded.
Barwa Bank offers wide range of retail products and investments and has five strategically located branches, including the new Prestige Centre to serve Barwa Bank’s elite customers, as well as a wide network of more than 40 ATMs located all across Qatar. Customers can access their accounts from the convenience of their office or home through the state-of–the-art online banking as well as 24/7 Call Centre.