Faysal Bank issues its first Shariah-compliant alternate to conventional credit cards with IDEMIA

KARACHI: Faysal Bank Limited, the fastest growing Islamic bank of Pakistan, has teamed up with IDEMIA, the global leader in Augmented Identity, to launch its first Shariah-compliant alternate to conventional credit cards by the name of Faysal Islami NOOR

The Republic’s Islamic banking industry has experienced double-digit growth year-on-year since 20151. The meteoric rise in this type of banking has also brought about a corresponding demand for Shariah-compliant payment tools. Eager to support its customers, Faysal Bank turned to IDEMIA to deliver a unique payment experience that adheres to the religion’s principles.

This new EMV2Card provides Faysal Bank’s customers with the benefits of a full fledge credit card, while ensuring that all payments and repayments are Shariah-compliant.

“We are pleased to partner with IDEMIA, a global leader in card technology, to mark this milestone in our payment offering. The launch of Faysal Islami Noor card reaffirms our commitment to achieving leadership in providing Shariah-compliant financial and payment services to our customers. Noor Card is a unique solution that resonates with the Islamic beliefs of the masses and ensures that customers can use it with complete satisfaction and peace of mind,” said Mr. Yousaf Hussain (President & CEO) of Faysal Bank.

“We are proud that Faysal Bank has chosen IDEMIA to deliver this lighthouse project,” said Julia Schoonenberg, Senior Vice President (Middle East and Africa), Financial Institutions, IDEMIA. “This highlights the trust the institution has in IDEMIA as its technology partner . We are committed to supporting our customers deliver the best-in-class products and services so that they achieve their business goals.”—PR

Copyright Business Recorder, 2021