Dubai: Noor Bank, a Sharia-compliant bank, has entered into 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 Sharia-compliant investment products using credit cards.
Starting August 15, the new scheme enables Noor Bank credit card-holders to invest in National Bonds without paying extra charges, provided they hold 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 Dh36 million per year.
New cardholders can buy bonds using their Noor Bank credit card, while existing customers can simply make the purchase through telebanking.
“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,” said Al Ali.