Alinma Bank signs deal to provide Shariah-compliant Visa card services

The Alinma Bank has signed an agreement with Visa to provide Shariah-compliant Visa card services to holders of Alinma cards.
The signing ceremony took place at the head office of Alinma Bank in Riyadh. Abdulmohsen Al-Fares, CEO of Alinma Bank, and Kamran Siddiqi, general manager of Visa in the Middle East, North Africa and Pakistan, attended the event.
With this first-of-its-kind agreement, Alinma becomes the first bank in the Middle East, Central Europe and Africa to instantly issue smart chip ATM cards to its partners at its branches.
This achievement reflects the bank’s dedication to providing its partners with unprecedented, premium services.
Abdulmohsen Al-Fares highlighted Alinma’s mission to continuously bring value to its partners.
Bank employees were always encouraged to develop new and innovative services, he said.
He said Alinma cards provide partners with the ability to both activate and deactivate the CVV2 feature for Internet purchases via the bank’s Alinma Internet and Alinma Phone services.
Kamran Siddiqi says he is pleased with the strategic partnership with Alinma, which improves payment services in the Saudi market.
He pointed out that the agreement would pave the way for both parties to launch a series of quality services and products that meet customer aspirations in the market and exceed their expectations.
Alinma ATM and credit cards utilize EMV technology (smart cards), which uses an electronic chip, thus providing a level of security not found with the use of traditional magnetic strip cards.
Alinma Bank offers its fully Shariah-compliant banking services through a network of 88 branches for men and women. Its services are also available through its complete range of electronic channels, which include Alinma Internet (alinma.com), Alinma Phone [phone]) and Alinma’s kingdom-wide network of 650 ATMs.