Dubai Islamic Bank and the Department of Economic Development (DED) in Dubai have launched their first-ever co-branded credit card, Consumer Card, in the UAE.
Issued in partnership with Visa, the credit card will protect the rights of consumers as well as provide them with savings on their daily purchases. The Sharia compliant card does not carry any hidden charges and has been made available in two variants, the Rewards Consumer Card and the Platinum Consumer Card.
The credit card offers discounts at more than 450 outlets across the country. It provides up to 4% cash back at supermarket or hypermarket, for all automobile servicing, on Etisalat and Du bills, Salik and Nol recharges, fuel purchases, among others. The cardholders will be authorised to receive up to AED1,000 ($272.26) cash back per month on their spends across the UAE.
Dubai Islamic Bank chief of consumer banking Sanjay Malhotra said: "Domestic spending remains today the backbone of the UAE economy and we are keen to invest our expertise and resources in developing payment solutions that are favourable to spurring further growth.
"With this in mind, we have developed the ‘Consumer Card’ as a low-cost, high-value proposition in order to appeal to a larger number of customers and allow them to enjoy unique benefits."