National Commercial Bank in Saudi Arabia said it has begun to issue a Shariah-compliant credit card.
The platinum card runs on the Visa Inc. network and offers rewards points for cash back and airline miles, the bank said last week.
It did not respond to a request for comment, or explain in its press release how the card would conform to the Islamic law that forbids, among other things, lending for interest.
Typically, Shariah-compliant cards carry monthly or annual fees instead of interest; enable the issuing bank to purchase an item before selling it back at a higher rate to the cardholder; or offer installment-payment plans.
