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Kuwait Finance House-Bahrain (KFH-Bahrain) launched the first Islamic EMV compliant credit card in association with Visa - a Sharia-compliant offering that has been developed by KFH-Bahrain to provide greater convenience and advantages to its customers.
Officials say holders of the new credit cards can enjoy a revolving credit facility without incurring any interest costs, just a low transparent service charge.
Khalid Rafie, head of consumer banking at KFH-Bahrain said: "The Sharia-compliant credit card will offer all the advantages of today's credit cards, while remaining true to the values of Sharia and the principles of Riba-free Islamic banking that KFH-Bahrain proudly represents.
"The new card will create a marked difference to the value proposition that is currently available in the market.
The introduction of this new card reinforces the message that KFH-Bahrain is continually developing its products and services to suit the needs of its customers.
"It is available in a choice of Gold and Classic. The credit card has no joining fee, is free from 'Riba' or interest, and comes at a lower cost for revolving credit users," he added.
The launch is in line with the bank's strategy - to work on providing superior service with the highest rates of excellence according to standards of Islamic Sharia, officials say.
Providing customers with a viable alternative to traditional interest laden products, the new credit card has been designed to offer convenient Sharia-compliant payment methods.
KFH-Bahrain's consumer banking and finance services combine a broad range of innovative products and services.
The bank's products and financing facilities, such as the KFH-Bahrain Ijara Card, are developed with the aim of providing for the growing needs of customers.
The card's most important quality is that it is accepted worldwide with the largest commercial networks, including hotels, shopping centers and malls, restaurants and gas stations.
It can also be used to withdraw cash from over 900,000 ATMs worldwide, and offers its holders special treatment with many privileges at a number of service companies that include free travel insurance, global emergency services, a free additional card and other benefits.
