Dhaka — Visa, a digital payment company, has recently announced the launch of a new portfolio to serve Bangladeshi customers inline with Islamic banking policy. According to Shariah policy, the new credit and debit cards will provide attractive benefits to Islamic banking cardholders in matters such as dining, travel and shopping.
Banks operated under Shariah principles (general and Islamic), if they want to give customers a card compatible with Islamic banking, they can now do so through various versions of Visa card; Such as: Classic, Gold, Platinum and Signature. These cards have a wide range of benefits.
The cards will provide great benefits to Islamic banking customers in Hajj and Umrah, leisure travel, shopping, healthcare and retail shopping.
Customers can enjoy these offers online as well as by visiting Visa card and visiting any such store in the country.
A study conducted by the GCC (Gulf Co-operation Council) region Visa found that about 46% of customers of both general and Islamic types of card users prefer to use Islamic credit cards over other cards and 15% of customers prefer their conventional credit cards; They have developed it as a ‘top of the wallet’.
Soumya Basu, Country Manager, Visa Bangladesh, Nepal and Bhutan, said, “Bangladesh is one of the major markets for Islamic banking and has been providing various innovative services to its banking customers. Visa is committed to providing consistently needed services in the local market.”
We are delighted to launch a remarkable portfolio of cards specially designed for Islamic banking customers. We look forward to partnering with banks and extending our Islamic Visa cards to more Bangladeshi customers.”
To make life easier, Visa has launched a dedicated website for Islamic cardholders to learn about travel, lifestyle, dining, shopping and more; Through this, customers will also be able to know about the offers that come with the card. In addition to lifestyle benefits, some issuing banks may also provide zakat grants to Islamic cardholders. Customers can get more benefits including international offers on the huge visa offer portal.
Shariah-compliant banking accounts for about 35% of the world’s Islamic banking customers in Bangladesh and currently earns more than 25% in the country.
Visa has been working in Islamic banking for a long time; Visa offers are also available in the Middle East, Indonesia and Malaysia.
Banks issued for these cards may prohibit certain categories such as gambling, dating and alcohol. Visa is now working with multiple issuers to bring Islamic banking cards to market by July.