Businesses & Financial News

Gulf African Bank pioneers first Shariah compliant ATM in the region

Islamic lender Gulf African Bank on Tuesday introduced East Africa’s First Shariah-compliant credit card. The Visa Platinum credit card seeks to offer their clients a limit of between Ksh. 500,000 and Ksh. 2M.

Gulf African Bank Managing Director Abdalla Abdulkhalik said that the card operates like a normal credit card without the interest feature.

“You can also get up to five additional cards for your immediate family members, there are no charges on bank fees and any delinquency fees will not be regarded as profit but will be channelled to charitable causes,” he said during the launch.

Gulf African Bank has over the years adhered to the Islamic tenets that reject the paying and charging of interest in financial transactions.

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