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MAF offers new credit card with lots of discounts
Majid Al Futtaim (MAF) Group, one of the Middle East's leading retail, leisure and entertainment businesses, has partnered with two Japanese firms to form a new personal finance company in the UAE, officials announced on Wednesday.
- By Cleofe Maceda, Staff Reporter
- Published: 23:32 October 15, 2008
Dubai: Majid Al Futtaim (MAF) Group, one of the Middle East's leading retail, leisure and entertainment businesses, has partnered with two Japanese firms to form a new personal finance company in the UAE, officials announced on Wednesday.
Seeking to make its entry into the credit card business, the joint venture between MAF and Japan's Orix Corporation and JCB International also launch-ed its first product called the Najm JCB card, a credit card that promises to offer more discounts, hassle-free payments and other benefits to shoppers in the UAE.
Orix is an integrated fin-ancial services group based in Japan, while JCB International is Japan's only international credit card brand and a major credit card issuer.
New approach
Ahmad Bin Brek, chairman of the newly created company called Majid Al Futtaim JCB Finance, said their new venture will enable them to deliver a "new approach to personal finance in the region", with their first product giving customers a new way to pay for goods and services.
"This card is a shopper's card. The benefits we're offering are different because we are focusing on providing value for money for shoppers. For one, there are major discounts at Carrefour on any other brands and, on top of that, members can avail themselves of cash back on all purchases," said Rasool Hujair, chief executive officer of MAF JCB Finance.
Hujair said they want to become a major player in the credit card industry in the UAE, so they are aiming to tap 20 per cent of the credit card market in five years.
Card members can avail themselves of discounts as high as 50 per cent at Carrefour outlets in the UAE; 20 per cent at MAF-owned fashion stores such as Mexx, Lucky Brand Jeans, Liz Claiborne, Monet & Co, Fat Face and Jane Norman; 25 per cent at Ski Dubai and 20 per cent at the Kempinski Hotel at the Mall of the Emirates.
Shoppers can also take advantage of one to two per cent cash back on purchases at different store outlets.
To provide ease of shopping, customers can also use the special check-out counters dedicated to Najm JCB credit cardholders at Carrefour outlets across the UAE.
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