Islamic bank credit cards – a convenient substitute to the pocket money
Nowadays, when financial world is growing with huge steps, cash and pocket money are more and more substituted by other forms of liquidities. One of the forms of virtual money is becoming more widely used and has been extremely successful for the moment by means of credit cards. In order to be in line with world’s new tendency and to offer new products, the Islamic bank industry had to implement world known non-cash method of payment which are credit cards. In the beginning it wasn’t so easy because it had to be adapted to Islamic values and accepted by Muslim customers. Islamic bank cards had to fit the Shariah model and avoid being in discordance with the religious beliefs.
Before the Islamic Bank credit card project was launched, Islamic financial companies had to find a suitable institution that could offer support for such products. The Islamic bank card was issued to its employees and a number of corporate clients. Taking into consideration that this card project is being implemented to more and more corporate customers, individuals may demand it through banks that had signed an agreement with Islamic banks.
While taking a closer look at the Islamic bank sector, once is able to find several financial companies such as Noor Islamic Bank that is offering Credit Card services as a part of the most important banking activities which has already gained a successful experience. The Islamic bank credit card has the aim to give to it owner a lot of benefits that are more like the analogical product of conventional banks in its settlement and recognition. The Islamic bank product is distributed using different retail banks and is now being used by both Muslim and non-Muslim societies.
Due to the fact that Islamic banks are financial institutions instead of religious one how it was previously believed, Islamic religion is not a requirement for their customers and they may not be Muslims in order to use Islamic bank products and services. And it is also because Islamic banks are excluding any kind of investments in pork, pornography, gambling tobacco and alcohol. This makes Islamic bank services very attractive mostly for Islamic bank Muslim clients who are leading a healthy lifestyle.
A lot of Islamic banks that has in their portfolio such services as credit cards are settled in the area where their clients had accepted credit cards as payment method. Not a long time ago, some of the financial companies that are situated abroad started to offer their products and services that are suitable with Islamic bank policy and values. This range of products contains profit-sharing deposits, mortgage and home refinancing. Also the online services that are currently being used by Islamic banks can also refer to credit card products.
Diverse Islamic bank services are used by financial organization all over the world. These institutions have almost the same approach on offering facilities to the satisfaction and profit of their clients in the matter of Islamic laws. Newly improved Islamic bank card product guarantees an Islamic bank system that is more competent, sensitive and suitable in order to fit the today’s life requirements.