Dubai: Noor Bank, one of the leading Shari’ah-compliant banks in the UAE, has entered 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 Shari’ah-compliant investment products using credit cards.
Starting 15 August 2019, the new scheme enables Noor Bank credit cardholders to invest in National Bonds without paying extra charges, provided they keep 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 a 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 AED36 million per year.
New cardholders can buy bonds using their Noor Bank credit card while existing customers can simply make the purchase through telebanking.
Mohammed Qasim Al Ali, CEO of National Bonds, said: “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.”
“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,” he added.
Speaking on the partnership, Mufazzal Kajiji, Head of Retail Banking at Noor Bank, said: “For the first time ever, we have enabled customers to buy National Bonds using Shari’ah-compliant credit cards. This one-of-a-kind strategic partnership aligns with the bank’s commitment to delivering best-in-class Islamic banking products and services while prioritising convenience and easy access.”
For his part, Girish Advani, Head of Assets – Retail Banking at Noor Bank, said: “At Noor Bank, innovation is at the heart of everything we do, and we continue to explore customer-centric solutions that are built on the core values of Islamic banking. The partnership with National Bonds offers enhanced convenience through simplifying transactions and eliminating the need for physical visits. Features such as the double-entry into the AED 36million draw as well as our flexible payment plan makes Noor Bank credit cards more unique and exclusive than ever before.”