The Islamic banking division of Qatar National Bank has launched Qatar’s first Shariah-compliant platinum credit, the Doha-based bank announced July 6.
Called the Al Islami Qatar Airways Titanium MasterCard, the card complies with Shariah banking principles in that it does not charge interest on outstanding balances and its use is forbidden for the purchase of alcohol, tobacco, gambling, pork and sexually related items, the bank noted in a statement.
Bank officials were not immediately available to comment or to clarify whether the card is free.
Shariah refers to the “way” Muslims should live or the “path” they must follow. Islamic judges apply the law, but modern application varies from country to country. Shariah deals with many aspects of life, including economics, banking and business.
To promote the card, the bank will offer all new Titanium credit card customers an instant bonus of 6,000 miles after completing their first 500 rial (US$137 or 109 euros) transaction using the new card. Cardholders may use their accumulated miles toward flights on Al Islami Qatar Airways.
Existing Al Islami gold and classic credit card customers and new cardholders are eligible to apply, provided they earn a monthly minimum salary of 7,500 rials, according to the issuer.
Cardholders also will have the option of a minimum monthly payment of only 10% of the total outstanding balance, and they will be able to complete cash-advance withdrawals of up to 100% of their authorized credit limit.
