CrediMax set to introduce Sharia cards.
MANAMA: CrediMax is to launch Sharia-compliant credit and debit cards in Bahrain within the next three months.
The company expects the Sharia cards to add a further 10 to 15 per cent to its business as well as have some 20pc to 30pc of existing customers convert to the Sharia cards in the space of a year.
It has signed an agreement with Bahrain based Sharia Review Bureau (SRB) to supervise CrediMax towards designing and launching new products in compliance with the Sharia.
This is in addition to taking the responsibilities of auditing CrediMax's Sharia compliant products.
The signing ceremony took place yesterday at the Ritz-Carlton Bahrain, Hotel and Spa.
The agreement was signed by CrediMax chief executive officer Mohammed Malik and SRB chief executive officer Yasser Saud Dahlawi.
"We at CrediMax are in the process of finalising a distinguished line of Islamic products," said Mr Malik.
"We will release the products as soon as possible, once we get the confirmation from the SRB that the products are in compliance with Sharia rules.
"Our aim out of which, is to complete our lines of products and services with an Islamic compliance to enable our valued customers to choose and select between CrediMax's variety of premium and specially designed products and services.
"We have partnered with SRB for this task because of its reputation as a trusted body, to verify and ensure compliance of financial products, in line with Sharia rules and regulations."
"It is rather encouraging for us to receive requests from a market leader like CrediMax, who are willing and ready to develop and provide a range of products that not only comply with the Islamic Sharia but are also creative and rich of benefits to the end user," said Mr Dahlawi.
"We have conducted successful reviews for some of the biggest names in the industry and it is a pleasure to add CrediMax to our clientele.
"In the coming weeks we will ensure that CrediMax's new products are in compliance with the Sharia and yet are attractive and have lots of added value," he added.
Copyright A[umlaut] 2008 Gulf Daily News
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