Sharjah Islamic Bank (SIB) has signed a strategic agreement with MasterCard Worldwide to issue MasterCard debit and credit cards.
According to the agreement, Sharjah Islamic Bank will be a strategic collaborator for MasterCard in the UAE.
The agreement forms part of the bank’s expansion strategy within the retail banking sector, and is in line with the bank’s intention to grow their debit and credit card base in the country.
Ossama Salah El Din, head of retail banking group at Sharjah Islamic Bank, said: “The agreement will help SIB to develop innovative and flexible programs that are tailor-made to support cardholders, in line with the bank’s objectives of providing the best and most innovative banking services. Furthermore, MasterCard will offer our client the convenience and security to pay at more than 29.9 million locations worldwide.”
Raghu Malhotra, general manager for Gulf countries at MasterCard Worldwide, said: “We are very pleased that Sharjah Islamic Bank has upgraded its portfolio to MasterCard. As an industry thought leader, MasterCard has grown increasingly involved in the Islamic banking community, as we seek to provide customized offerings that are in line with the cultural and religious values of our customers.”