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Southeast Bank, Mastercard launch global Islamic Credit Card

Published : Wednesday, 3 April, 2024 at 12:00 AM  Count : 217

Southeast Bank, Mastercard launch global Islamic Credit Card

Southeast Bank, Mastercard launch global Islamic Credit Card

Southeast Bank PLC. and Mastercard introduced the Tijarah Islamic Mastercard World Credit Card within Southeast Banks Tijarah Islamic Banking segment.

This innovative financial product caters to customers diverse financial requirements while adhering to Shariah-compliant principles, says a press release.  

With this exclusive Islamic Credit Card, the cardholders will enjoy services that align with their religious beliefs and principles. Notably, cardholders will not be charged any interest fees, instead, there will be a modest tiered structure with allowable customer tolerance, wherein a Monthly Maintenance Fee (MMF) is applied to any outstanding balance in the card account after the payment due date.

However, the MMF is solely applied to the actual card transaction amount and not applicable to any other service fees such as ATM, Retail, POS, E-commerce, Wallet fund transfer, Card Cheque, or fund transfer transactions.

Besides, a cardholder will be able to earn 1 Mukafa (Member Reward Point) for every 50 BDT transaction. The total Mukafa accumulated by all the cardholders will be redeemed in a calendar year at the rate of MRP 4 equivalent to 1 BDT.

The redeemed amount will be donated among the unprivileged people as Zakat or Sadakah, and a certificate to an individual cardholder of his contribution.
Cardholders will enjoy access to both domestic and international lounges using this credit card. Those traveling abroad will also have the privilege to access over 1,100 airport lounges worldwide through Mastercards LoungeKey program. Additionally, cardholders will get discounts on lifestyle, dining, hotels, and resorts and Mastercards extensive network of 7000+ merchant partners across the country.

Furthermore, exclusive facilities like EMI Pay, Buy One Get One Free, Takaful (Insurance Coverage), and more are available to enhance the overall experience for cardholders.

Nuruddin Md. Sadeque Hossain, Managing Director, Southeast Bank PLC. Said: "The introduction of Mastercard World Islamic Card is a significant milestone for the bank…Through strategic collaboration with pioneer payment solution companies like Mastercard, we are committed to serving our cardholders so that they can explore new ways of banking."

Syed Mohammad Kamal, Country Manager, Bangladesh, Mastercard, said: "This launch reiterates Mastercards commitment to introducing innovative products and solutions that enhance the cardholder experience."

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