Southeast Bank, Mastercard launch ‘Islamic World Credit Card’

Southeast Bank and Mastercard have launched the "Tijarah Islamic Mastercard World Credit Card" under the bank's Tijarah Islamic banking segment.

This new financial product caters to customers' diverse financial requirements while adhering to Shariah-compliant principles.

Nuruddin Md Sadeque Hossain, managing director of the bank, and Syed Mohammad Kamal, country manager of Bangladesh at Mastercard, attended the launch of the card in Dhaka yesterday, read a press release.

"Through strategic collaboration with pioneer payment solution companies like Mastercard, we are committed to serving our cardholders so that they can explore new ways of banking," said Hossain.

"This card is designed to align with the religious beliefs and principles of cardholders. This launch reiterates Mastercard's commitment to introducing innovative products and solutions that enhance the cardholder experience," said Kamal.

Cardholders will not be charged any interest fees. Instead, there will be a modest tiered structure with allowable customer tolerance, wherein a monthly maintenance fee (MMF) is applied to any outstanding balance in the card account after the payment due date.

A cardholder will be able to earn 1 Mukafa (member reward point) for every Tk 50 transaction.

The total Mukafa accumulated by all the cardholders will be redeemed in a calendar year at the rate of 4 Mukafa equivalent to Tk 1.

However, the MMF is solely applied to the actual card transaction amount and not applicable to any other service fees such as ATM, retail, point of sales (POS), e-commerce, wallet fund transfer, card cheque, or fund transfer transactions.