25 Jan 2014

MANAMA, BAHRAIN – 25 January 2014 – Ithmaar Bank, an Islamic Retail Bank, announced today (ed note: 250114) that it is introducing a full suite of new Sharia-compliant MasterCard credit cards. The new Ithmaar Bank credit cards, which were tailored to meet the specific requirements of Ithmaar customers, are being introduced as part of the Bank’s commitment to listening to, and delivering on, customer expectations.

A total of three all-new credit cards – MasterCard Gold, MasterCard Gold Plus and MasterCard Titanium – were unveiled following the joint Ithmaar Bank MasterCard announcement, and offer a range of extended features and benefits.

The new cards offer Ithmaar Bank customers free worldwide Takaful travel insurance as well compelling terms including, for example, a minimum repayment of only 5percent of the ending balance within 25 days from the statement date. The cards offer immediate access to more than 2.5 million Automated Teller Machines (ATMS), and are welcomed at more than 35.9 million outlets around the world. Ithmaar Bank will also provide free supplementary cards to immediate family members of the primary cardholder, as well as exclusive discounts through MasterCard and free access to selected airport lounges for Titanium credit card holders.

“Ithmaar Bank is determined to become the region’s premier Islamic retail bank,” said Ithmaar Bank General Manager, Retail and Private Banking, Abdul Hakeem Al Mutawa. “We recognise that, to do so, we must listen closely to our customers and we must deliver on their expectations,” he said. “The new suite of credit card solutions, which was developed in cooperation with MasterCard to meet the specific demands of our customers, does just that,” said Al Mutawa, “and we are particularly pleased to be able to introduce these exciting, and especially relevant, new products.”

“We continue to invest heavily in developing our products and services while also working to be closer to our customers and this MasterCard launch is a major step,” said Ithmaar Bank Chief Executive Officer Ahmed Abdul Rahim.

MasterCard Worldwide Vice President and Country Manager Bahrain, Somu Roy, congratulated Ithmaar Bank on the launch of the MasterCard Premium Credit Cards.

“We are proud to launch the Credit Card suite with Ithmaar Bank, who are the pioneers of Bahrain Islamic banking sector,” said Roy. “With our enormous global experience, MasterCard has gained valuable insights, and hence understands the unique lifestyle needs of customers,” he said.

“In particular, we are pleased to partner with Ithmaar Bank for the launch of three new credit card solutions,” said Roy. “In addition to offering a host of benefits, including exceptional security and worldwide acceptance, the Gold and Gold Plus cards offer customers access to a unique collection of experiences – including dining, shopping, travel and entertainment offers – that were especially curated for MasterCard cardholders as part of the Priceless Arabia programme. Titanium Credit Card holders are also provided free access to selected airport lounges as well as automatic enrolment in the Priceless Arabia programme,” he said.

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