Visa, the global leader in digital payments, announced the launch of a new portfolio of services for Bangladeshi customers in line with Islamic Banking principles on Thursday.
Guided by Shariah principles, the new credit and debit cards will offer exclusive benefits to Islamic banking cardholders in categories like dining, travel, and shopping.
Banks following Shariah principles, both traditional and Islamic, that wish to offer cards compliant with Islamic Banking can now do so in all available Visa card variants — Classic, Gold, Platinum and Signature — each of which comes with a range of tailored benefits, such as Hajj and Umrah travel, lifestyle, healthcare, and more.
Customers can avail these offers online as well as in physical retail stores across the country that accept Visa cards, according to a press release.
Soumya Basu, country manager of Bangladesh, Nepal and Bhutan for Visa, said: “Bangladesh is one of the key markets for Islamic Banking. Being committed to the market, Visa is constantly striving to provide services most suitable for the locals. With our bespoke portfolio of card products for Islamic Banking customers, we are eagerly looking to partner with banks and bring our card products to more Bangladeshi customers.”
To make life simpler, Visa has also provided a dedicated website to help people learn more about travel, lifestyle, shopping and numerous other categories, in addition to browsing and redeeming offers linked to their cards.
Apart from lifestyle benefits, few issuing banks may enable Islamic cardholders to make Zakat donations. Customers can also avail international offers through the Visa Offers portal.
With Islamic finance ruling 25% of Bangladesh’s banking landscape today, the country is home to roughly 35% of the world’s Islamic Banking customers. Visa is no stranger to Islamic Banking, similarly working in other markets like the Middle East, Indonesia and Malaysia.
For such cards, issuing banks can prohibit certain categories like gambling, dating, alcohol, etc. Visa is currently working with multiple issuers to launch Islamic Banking cards in the market by July 2021.
