Oman-based Alizz Islamic Bank has launched a Shari’a compliant corporate credit cards in partnership with Mastercard.
Alizz Islamic Bank’s new premium offering will enable customers to track and organise business-related expenditures online.
Furthermore, it offers cardholder, department and company level statements for monitoring and accountability.
The Executive card comes with a minimum limit of $2,597 (OMR1,000) and a maximum limit of $64,928 (OMR25,000).
For the World card, the minimum limit is $2,597 (OMR 1,000) with the maximum limit being $38957 (OMR 15,000).
Alizz Islamic Bank said that the cards have been designed with business’ needs in mind. It enables corporates businesses and SMEs to manage their expenses, payables, and overall cash flow.
The bank added that it is country’s first full-fledged Islamic Bank to offer Shari’a compliant credit cards for retail customers.
Alizz Islamic Bank CEO Sulaiman Al Harthi said: “At Alizz Islamic Bank, our vision is to partner with businesses to help them identify the areas for growth and efficiency while recommending practical, cost-effective ways to make the most of the opportunities that arise.”
Alizz Islamic Bank’s credit cards are based on the Shari’a principle of ‘Qard Hasan,’ which is adopted by numerous leading Islamic banks all over the world.
Mastercard country manager – Qatar, Oman, Qatar Kuwait & Iraq Nadia Ghissassi said: “Islamic banking business solutions are becoming increasingly popular among consumers in the GCC and as a result, we have been working closely with numerous financial institutions to develop products and solutions that cater to discerning consumer tastes.”
“We are pleased to collaborate with Alizz Islamic Bank to introduce Shari’a compliant corporate credit cards to the Omani market and remain committed to supporting local businesses by delivering advanced and innovative services that make everyday payments simple, safe, and convenient.”
Last week Mastercard announced new support for SMEs in partnership with fintech platform upSWOT and travel booking app FinalPrice.