UAE: NBS launches world’s first dedicated Islamic card for university students

The National Bank of Sharjah (NBS) has launched the world’s first Shariah compliant card for university students, the NBS Affinity card.

Launched with Visa International and the American University of Sharjah (AUS), the Affinity card is designed to provide university students with the experience of managing their own finances.

Hussein Al Qemzi, NBS general manager, said: “We have noticed that most graduating students have little understanding of how banking products work and how to handle their own finances while being savvy bank customers.

“At NBS, we want to educate students financially. We want to help students think analytically about their finances and how to successfully use and manage banking products, ” said Mr Al Qemzi.

The NBS AUS Visa card is designed to increase financial awareness among university students. To that end, the card has no entry fee, easy application process and convenient payback schemes that allow students to carry the balance forward, paying it off in monthly instalments. Additionally, the card has value-added features and privileges specifically chosen to meet the needs of students.

All full-time students of the American University of Sharjah are eligible to apply for the card, which will be rolled out all over UAE and the GCC.

Kamran Siddiqui, general manager Middle East Visa International, said: “This will allow students to track their payments more effectively and develop a greater understanding of how card payments can help them manage their finance. We believe this is a great opportunity for us to introduce the convenience, security and efficiency of electronic payments to a young audience.

“We often find that, while students leave university with a sound academic grounding, they may lack understanding of how electronic payments can help them manage their personal finances more efficiently. Visa is committed to working closely with member banks to promote education and awareness in this respect,” Mr Siddiqui said.

NBS is now focusing on regional expansion and development strategies in the GCC.

Mr Al Qemzi said: “We aim to be the bank of choice for customers looking for Shariah products and provide Shariah-compliant alternatives to conventional products. We are committed to developing additional cutting-edge banking products and raise the bar for Islamic banking in the region.”

Source: Islamic Banking & Finance

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