Al Baraka Islamic Bank, one of the leading Islamic banks in the Kingdom of Bahrain is pleased to announce the launch of a new innovative service that grants its credit cardholders greater flexibility and convenience in managing their purchases. The flexible installment purchase service, based on an equal payment plan scheme, allows customers to buy and pay later by converting eligible transactions into manageable installments within their current credit limit, making it easier for them to plan and control their expenses.
Under this new feature, all transactions valued at BD 100 and above, conducted locally, internationally, or online can be converted into installment plans. Customers can choose to pay their total purchase amount over a period ranging from 3 months up to 24 months, with the flexibility to select a tenor that best suits their financial needs. For tenors up to 6 months, as there are no additional fees for the installment service, which providing an attractive option for quick repayment. For tenors exceeding six months, a nominal profit rate will apply as per the Bank’s prevailing credit card pricing schedule, while tenors of three and six months will remain free of any service or handling fees.
This service is easily accessible through Al Baraka Islamic Bank’s online portal, enabling customers to convert their eligible transactions into installments at their convenience. Additionally, the new offering includes an early settlement option, allowing cardholders the flexibility to settle their installment plans ahead of schedule, thus providing greater control over their finances.
Additionally, the service is available exclusively to eligible retail individual cardholders with active Al Baraka credit cards, and can be availed for transactions of BD 100 and above within 15 days of purchase.
Commenting on the occasion, Mr. Mazin Dhaif, Chief Retail Officer at Al Baraka Islamic Bank, said, “At Al Baraka Islamic Bank, we are committed to enhancing our customers’ banking experience by introducing innovative solutions that offer flexibility and convenience. Our new Equal Payment Plan service reflects our ongoing efforts to provide tailored financial products that meet the evolving needs of our clients.”
He added, “This latest feature underscores the bank’s dedication to delivering innovative, Shariah-compliant banking solutions that empower customers to make smarter financial decisions to improve their quality of life.”
This new service is available to all credit card holders, irrespective of their card type with no limitations. Interested customers may apply for Al Baraka Islamic Bank credit card and avail this service aside from many other services, features, and benefits.
Al Baraka Islamic Bank is a leading Islamic bank in the Kingdom of Bahrain. Since its establishment in 1984, it has delivered outstanding results in operations and services for both individual and corporate clients. The bank has a proven track record of developing and providing innovative Shari’a-compliant investment solutions to a diverse global client base.
For more information, please visit Al Baraka Islamic Bank's website at www.albaraka.bh, check out the bank's verified Instagram page, or call 13300400.
Under this new feature, all transactions valued at BD 100 and above, conducted locally, internationally, or online can be converted into installment plans. Customers can choose to pay their total purchase amount over a period ranging from 3 months up to 24 months, with the flexibility to select a tenor that best suits their financial needs. For tenors up to 6 months, as there are no additional fees for the installment service, which providing an attractive option for quick repayment. For tenors exceeding six months, a nominal profit rate will apply as per the Bank’s prevailing credit card pricing schedule, while tenors of three and six months will remain free of any service or handling fees.
This service is easily accessible through Al Baraka Islamic Bank’s online portal, enabling customers to convert their eligible transactions into installments at their convenience. Additionally, the new offering includes an early settlement option, allowing cardholders the flexibility to settle their installment plans ahead of schedule, thus providing greater control over their finances.
Additionally, the service is available exclusively to eligible retail individual cardholders with active Al Baraka credit cards, and can be availed for transactions of BD 100 and above within 15 days of purchase.
Commenting on the occasion, Mr. Mazin Dhaif, Chief Retail Officer at Al Baraka Islamic Bank, said, “At Al Baraka Islamic Bank, we are committed to enhancing our customers’ banking experience by introducing innovative solutions that offer flexibility and convenience. Our new Equal Payment Plan service reflects our ongoing efforts to provide tailored financial products that meet the evolving needs of our clients.”
He added, “This latest feature underscores the bank’s dedication to delivering innovative, Shariah-compliant banking solutions that empower customers to make smarter financial decisions to improve their quality of life.”
This new service is available to all credit card holders, irrespective of their card type with no limitations. Interested customers may apply for Al Baraka Islamic Bank credit card and avail this service aside from many other services, features, and benefits.
Al Baraka Islamic Bank is a leading Islamic bank in the Kingdom of Bahrain. Since its establishment in 1984, it has delivered outstanding results in operations and services for both individual and corporate clients. The bank has a proven track record of developing and providing innovative Shari’a-compliant investment solutions to a diverse global client base.
For more information, please visit Al Baraka Islamic Bank's website at www.albaraka.bh, check out the bank's verified Instagram page, or call 13300400.