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National Commercial Bank has begun to issue a Shariah-compliant platinum credit card, the Saudi Arabia-based financial institution says in a statement. The Visa-branded card offers rewards points for cash back and airline miles, the bank says. The bank did not respond to a request for comment, and the statement did not clarify how the card would conform to Islamic financial rules that discourage the use of interest. Typically, such cards charge 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.
