RIYADH, 19 April 2007 — The world’s first Islamic Titanium MasterCard credit card was launched here by the National Commercial Bank (NCB) at a ceremony held at the Globe Restaurant of the Faisaliah Hotel yesterday.
The elite lifestyle card for the more affluent and trendy segment of the population was launched by NCB in association with MasterCard Worldwide.
“The NCB Titanium MasterCard credit card is the newest and most unique card in Saudi Arabia, “ Zahid H. Hummusani, head of Personal Finance and Consumer Lending of the NCB, told newsmen here. Pointing out that the new card is available exclusively to NCB customers, Hummusani said it offers numerous privileges and benefits, gives power to the cardholder and receives instant recognition wherever used. He added that the credit card sports a unique stylish design which is also a first of its kind in the Kingdom.
“The new card gives a peace of mind since it is Shariah-compliant and it has a unique design which is handy to the cardholders,” Raimy Sofyan, head of Credit Cards and Consumer Finance Services Group of NCB, said.
“The most distinctive feature that sets it apart from the rest of the credit cards offered in the Kingdom is the cash-back program which entitles the cardholder up to 2 percent cash return on transactions performed at all domestic and international point of sale terminals, “ he noted, saying that this is the highest cash back ever offered by a bank in the Kingdom. Only operational costs will be levied on cash withdrawals made from the card, Sofyan said. Indicating the rapid growth of credit cards, he said around one million credit cards were issued in the Kingdom in 2005 and it has been increased to 1.5 million in 2006.
“The introduction of this unique card is online with NCB’s strategy of being the most progressive market innovator and thought leader, striving to provide customers with the most relevant products and services,” Ayman T. AlTayyar, head of Islamic Branch Network Division of NCB, said. “NCB is both a pioneer and an authority on Islamic banking and investments, and provides its customers with a wide array of award-winning Shariah-compliant products and services that are available through a variety of alternative channels. With credit cards fast becoming the preferred method of payment over cash, NCB is well prepared and fully equipped to advance in pace with market demands, using world-leading technology to meet the increasingly sophisticated requirements of its customers.”
Shaun K. Rashid, senior business leader of MasterCard Worldwide, said. NCB is the first bank in the Kingdom to introduce MasterCard.”
The card uniquely designed for instant recognition is more than a Gold Card,” he emphasized. Being the strongest partner of Master Card Worldwide, he added that NCB will be the only bank that would issue the new cards in the Kingdom for the moment.
