Alizz Islamic Bank launches Sharia-compliant Mastercard corporate credit cards

Roundup Sunday 20/June/2021 17:48 PM
By: Times News Service
Alizz Islamic Bank launches Sharia-compliant Mastercard corporate credit cards

Muscat: Alizz Islamic Bank, in collaboration with Mastercard, announces the launch of Sharia-compliant corporate credit cards to provide corporate clients with enhanced efficiency, flexibility, and convenience in managing their business expenses.

The new premium offering from Alizz Islamic Bank enables customers to seamlessly track and organise business-related expenditures online. Additionally, the service offers cardholder level, department level, and company level statements for monitoring and accountability. The cards come with a minimum limit of 1,000 OMR and a maximum limit of OMR 25,000 for the Executive Card and a minimum limit of OMR 1,000 and a maximum limit of OMR 15,000 for the World card.

Corporate credit card products have been designed with business needs in mind. The offering enables corporates, businesses, and SMEs to effectively manage their expenses, payables, and overall cash flow. This will also drive better visibility and efficiency into corporate purchasing decisions and general expenditures.

The Executive and World Mastercards will give corporate customers several unique privileges and services, including access to airport lounges in several major cities. Customers can also avail of special offers ranging from dining and shopping to exciting travel and entertainment experiences.

Touching on the launch, Sulaiman Al Harthi, Chief Executive officer of Alizz Islamic Bank said, “Alizz Islamic Bank is Oman’s first full-fledged Islamic bank to offer Sharia-compliant credit cards for retail customers and we are proud to announce this new strategic product, which is in line with our objective to cross-sell new products to our corporate client-based and further strengthen our relationships by providing innovative business solutions.”

Al Harthi added, “We are constantly striving to provide the right foundation and tools for companies and corporate entities, whether large, medium or small, to operate their business with maximum efficiency through our suite of products that we provide to help them to grow. Our business relationships go beyond simply offering products. At Alizz Islamic Bank, our vision is to partner with businesses to help them identify the areas for growth and efficiency while recommending practical, cost-effective ways to make the most of the opportunities that arise.”

Commenting on the partnership, Nadia Ghissassi, Country Manager - Qatar, Oman, Qatar Kuwait& Iraq, Mastercard said, "Islamic banking business solutions are becoming increasingly popular among consumers in the GCC and as a result, we have been working closely with numerous financial institutions to develop products and solutions that cater to discerning consumer tastes. We are pleased to collaborate with Alizz Islamic Bank to introduce Sharia-compliant corporate credit cards to the Omani market and remain committed to supporting local businesses by delivering advanced and innovative services that make everyday payments simple, safe, and convenient.”

All credit cards at Alizz Islamic Bank are based on the Sharia principle of ‘Qard Hasan,’ which is adopted by numerous leading Islamic banks all over the world and applied to all credit card products.