Al Arafah launches Shariah-compliant plastic cards

Al Arafah Islami Bank Ltd Monday launched the MasterCard Islamic debit, credit and prepaid cards, the first of its kind in Bangladesh, enabling its customers to enjoy services of the fully Shariah-compliant plastic cards.

In partnership with MasterCard, a USA-based technology company in the global payments industry, the bank launched the cards at a city hotel.

Prof Dr Jamilur Reza Choudhury, vice chancellor (VC) of Asia Pacific University, was the chief guest at the ceremony, which was attended, among others, by Badiur Rahman, chairman of Al Arafah Islami Bank, Md. Habibur Rahman, its managing director, Syed Mohammad Kamal, country manager of MasterCard Bangladesh, Gitanka D Datta, its vice president, and senior officials of different financial institutions.

Five new MasterCard cards, launched at the event, are Fastcash debit card, La Riba credit cards in Platinum, Gold and Classic ranges, and La Riba Hajj prepaid card, officials said.

"La Riba Li Rabbi (free from interest, for the sake of Allah) is our motto to launch the first Islamic MasterCard debit, credit and prepaid cards," Mr Badiur Rahman said.

Expressing his satisfaction over launching the cards with the Al Arafah Islami Bank before the upcoming Ramadan, Mr Kamal said, "These cards offer a host of privileges that the cardholders are accustomed to."

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