Bank Islam issues bank cards corresponding with Sharia law

ASTANA – Bank Islam recently presented its first cards conforming to the principles and norms of the Sharia law, to the Kazakhstan retail market.

The Islamic card is distinguished by the absence of a prohibited percentage – riba, – that is, a ban on the calculation of interest on the balance of funds on the card. Another feature of these cards is that customers will not be able to pay for goods and services that are prohibited under the Sharia law.

For example, a card cannot be used in night clubs, casinos, bookmakers, tobacco and liqueur shops.

Card holders can pay for goods and services in Kazakhstan and abroad, receiving a cashback of 0.5-1 percent from each purchase. It also allows carrying out purchases through the internet, transfers from card to card, online payment of taxes and fines, utilities and other services.

One can replenish the account through the cashier in the branches of the bank, ATM network of some second-tier banks, or through card-to-card transfers.

Debit cards of the bank are issued in two categories, Master Card Gold and Master Card Platinum. In the beginning of next year, the bank plans to launch its first credit cards.

Cards are currently available for release to residents of Astana, Almaty and Shymkent.