UAE-based Islamic financial institution Emirates Islamic has signed a long term strategic partnership with Mastercard to offer corporate credit cards to its clients.
These credit cards are expected to help the bank’s corporate banking clients to meet their travel, entertainment, and B2B payment requirements.
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Through this partnership, the corporate banking clients of Emirates Islamic will also have full access to Mastercard’s advisory services.
These include helping merchants move to e-commerce, and supporting their risk management and fraud prevention processes.
Mastercard UAE and Oman country manager Girish Nanda said: “This partnership will enable us to better serve the country’s corporate community in harnessing the benefits of commercial payments to grow their businesses and expand their customer base.
“Through our proactive, dynamic, and catered commercial solutions, Mastercard is committed to enhancing the payments experience for businesses large and small, making them seamless, secure, and rewarding.”
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By GlobalDataEmirates’ corporate credit cards suite includes travel and entertainment cards, cards made for corporate purchases, and virtual cards.
The virtual card comes with comprehensive reporting capabilities to provide credit access to businesses and support cash flow management.
Clients using the new cards can have access to centralised transaction and expense monitoring and management system for better visibility and control over employee expenses.
Businesses can also set up spending limits, alerts, and controls on employee spending.
Additionally, senior executives can enjoy traveling benefits such as airport lounge access, insurance against baggage loss, damage or trip cancellation and delay, medical insurance, and more.
Commenting on the launch, Emirates Islamic deputy head of consumer banking and wealth management Farid Mulla said: “As a customer-centric bank, we are focused on addressing the needs of our customers, and continually looking at the opportunities that will positively impact their financial wellbeing.
“This partnership with Mastercard will serve us well to do that, as we harness the possibilities that the Mastercard exclusive virtual payment platform and other commercial products bring to our business banking customers for an unbeatable Islamic banking experience.”
Last month, Emirates Islamic and Emirates Skywards joined forces to roll out a co-branded Visa credit card.
