Faysal Bank issues its first Shariah-compliant alternate

KARACHI: The fastest-growing Islamic bank of Pakistan, Faysal Bank Limited has teamed up with IDEMIA, the global leader in Augmented Identity, to launch its first Shariah-compliant alternate to conventional credit cards by the name of Faysal Islami NOOR.

The Republic’s Islamic banking industry has experienced double-digit growth year on year since 2015. The meteoric rise in this type of banking has also brought about a corresponding demand for Shariah-compliant payment tools.

Eager to support its customers, Faysal Bank turned to IDEMIA to deliver a unique payment experience that adheres to the religion’s principles.

This new EMV Card provides Faysal Bank’s customers with the benefits of a full-fledge credit card while ensuring that all payments and repayments are Shariah-compliant. Faysal Bank’s footprint now spreads over more than 200 cities with a network of over 575 (including more than 500 Islamic) branches.

President and CEO of Faysal Bank, Yousaf Hussain said, “We are pleased to partner with IDEMIA, a global leader in card technology, to mark this milestone in our payment offering. The launch of Faysal Islami Noor card reaffirms our commitment to achieving leadership in providing Shariah-compliant financial and payment services to our customers,” he added.

He said, “Noor Card is a unique solution that resonates with the Islamic beliefs of the masses and ensures that customers can use it with complete satisfaction and peace of mind.”

Faysal Bank is a significant player in Pakistan’s banking industry and recognized as the Best Emerging Bank in the country.

“We are proud that Faysal Bank has chosen IDEMIA to deliver this lighthouse project,” said Julia Schoonenberg, Senior Vice President (the Middle East and Africa), Financial Institutions, IDEMIA,” Julia added.

The Senior Vice President further said,  “This highlights the trust the institution has in IDEMIA as its technology partner. We are committed to supporting our customers deliver the best-in-class products and services so that they achieve their business goals.”

Delivering over 800 million payment products annually, IDEMIA has been a trusted partner to Pakistani financial institutions for over a decade.

With a full-service, state-of-the-art card personalization center in Karachi, IDEMIA works closely with banks in the Republic to ensure that bank cards are delivered securely and quickly to consumers, enabling them to fulfill everyday transaction needs.