Islami Bank Bangladesh has launched Shariah-based credit cards, called, Khidmah, to provide its clients with wider range of payment services.
The bank will not charge any interest on cardholders’ expenditure if clients fail to pay back in time, according to The Daily Star.
Instead, the bank will charge a fee of BDT500 for the silver card for a delay of one month, BDT1,500 for gold and BDT2,000 for platinum.
The bank will also offer cardholders supplementary cards for their family members at free of cost.
Khidmah cardholders will be able to make purchases from all VISA outlets, pay utility bills and take e-ticketing services.
Abul Quasem, deputy governor of Bangladesh Bank, said the Shariah-based credit card will bring a greater number of unbanked people into the banking system.