Business | Banking
Dubai Bank back in market with Islamic credit card
Dubai Bank, which sold its entire credit card portfolio to a unit of Dubai Holding this year before turning Islamic, said yesterday it has re-entered the market with a Sharia-compliant card.
- By Shakir Husain, Staff Reporter
- Published: 00:00 April 18, 2007
Dubai: Dubai Bank, which sold its entire credit card portfolio to a unit of Dubai Holding this year before turning Islamic, said yesterday it has re-entered the market with a Sharia-compliant card.
Its old business amounted to Dh180 million and 80,000 card members.
The bank's customer base gave Dubai Holding company Dubai First a 3.2 per cent share of the local credit card business.
Dubai Bank has started issuing Visa credit cards again after bringing the business in conformity with Islamic principles, officials said.
The new "Islamic Covered Card" works "just like a conventional card" for consumers, chief executive officer Abdul Aziz Al Muhairi said.
"We have a target of 10,000 customers in the next by the end of 2007," he said.
Huge potential
There are an estimated 2.5 million credit cards in the country and the number is growing 25 per cent annually.
The new card allows the customer to make purchases at any merchant outlet and franchises throughout the world.
However, in keeping with Sharia principles, the card holders would not be able to conduct prohibited transactions in places such as casinos, liquor shops and gambling outlets, said Adnan Chilwan, head of marketing and product development.
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