Diners Club Launches first Shariáh banking compliant charge card

Diners Club has announced that it is now offering its South African customers a personal global charge card that complies with the Shari'ah principles.

In what will be a world first for Diners Club charge card offerings, the Shari'ah compliant Diners Club card will, like conventional Diners Club cards, be accepted at millions of merchant points in 185 countries across the globe.

"The card will bring the bespoke convenience of an internationally accepted charge card to our clients who have been demanding innovative Shari'ah compliant products, specifically within the lifestyle space. They will be able to use the card to complement their lifestyles knowing with certainty, that they will be doing so while maintaining Shari'ah compliance," says Mohammed Ameen Hassen: Head of Shari'ahBankingat Standard Bank.

"To be Shari'ah compliant, the services offered on the card have been structured to ensure that no interest, either to the issuer or user, is payable on transactions. Most of all the traditional services that the Diners Club card offers are available on the Shari'ah card and those elements that were not compliant were removed. Amongst the benefits offered to users are bespoke Hajj and Umrah packages, Islamic tour travel offers, and other benefits.

"What makes the introduction of the new charge card exciting for the market is that it meets the needs of customers who were looking for either a short-term personal cash-flow management facility for consumption or lifestyle purposes, but also a truly global lifestyle benefits card. The new card offers all this, while maintaining Shari'ah compliance. Users therefore need not look any further than this world-first from Diners Club and Standard Bank Shari'ahBanking," continues Hassen.

Ms. Ethel Nyembe, Head: Card Issuing at Standard Bank says the card will take its place alongside the other payment mechanisms available from the bank.

"With the introduction of the Diners Club Shari'ah charge card, we will be filling an important customer need and ensuring that diversified financial services become easily available to our customers. We are committed to constantly monitoring and assessing solutions that add value to our customers' lives as part of our customer-centric approach to providing financial services."