Samba Financial Group is partnering with supermarket operator Panda Group to launch a cobranded Visa credit card, the companies announced July 25.
The Samba-Panda Islamic credit card is Shariah-compliant, meaning cardholders may not use it for gambling purposes or to purchase alcohol, tobacco, pork or sex-related items under Islamic laws, the companies noted in press release.
Under the terms of the partnership, cardholders will earn reward points equivalent to 2% of the value of their purchases made in Panda markets or Hyper Panda stores in Saudi Arabia. They will receive points equivalent to 1% of the value of their purchases made at other retail locations.
Cardholders may redeem their reward points toward shopping vouchers at Panda markets or Hyper Panda stores.
The annual primary membership fee for the card is of 350 Saudi riyals (US$93 or 65 euros). Cardholders also pay a supplementary membership annual fee of 175 riyals and a cash-advance fee of 75 riyals, according to the terms and conditions for the card.
Samba offers other Shariah-compliant cards, including the Samba Al Fursan credit card in collaboration with Saudi Arabian Airlines, and a generic Samba Al-Khair Islamic card.
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