Faysal Bank, IDEMIA collaborate

KARACHI: Faysal Bank Limited, the fastest growing Islamic bank of Pakistan, has teamed up with IDEMIA, the global leader in augmented identity, to launch its first Shariah-compliant alternative to conventional credit cards by the name of Faysal Islami NOOR, a statement said on Monday.

The country’s Islamic banking industry has experienced double-digit growth year-on-year since 2015, it added. 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 Islamic principles. This new EMV card provides Faysal Bank’s customers with the benefits of a full-fledged credit card while ensuring that all payments and repayments are Shariah-compliant, it said.

Faysal Bank’s footprint now spreads over more than 200 cities with a network of over 575, including more than 500 Islamic branches. Delivering over 800 million payment products annually, IDEMIA has been a trusted partner to Pakistani financial institutions for over a decade, it added.