The Bank of Egypt has recently disclosed information about its Al-Hisn investment fund and Kanana Islamic credit cards. The Al-Hisn fund is an equity investment fund that operates in accordance with Islamic law, providing customers with an opportunity to invest in Shariah-compliant financial products. This move is part of the bank's efforts to cater to customers seeking Islamic banking services.
The bank's internet banking services for companies allow users to manage their accounts and conduct transactions online. One of the key features of this service is the ability to manage the main company account and subsidiary accounts under a single user account. This enables businesses to streamline their financial operations and access their accounts and transactions in one place.
The bank offers a range of electronic banking services for companies, including requesting checkbooks, stopping check payments, and inquiring about check status. Other services include requesting bank transfers, obtaining certified account balance statements, and issuing instant debit cards. These services aim to facilitate the management of company accounts and enable customers to conduct transactions without visiting bank branches.
The Kanana Islamic credit cards are designed to allow customers to make purchases and pay for services in accordance with Islamic law. The cards are available in two types: MasterCard Classic Kanana and MasterCard Titanium Kanana. The credit limit for the Classic Kanana card ranges from 2,000 to 4,999 Egyptian pounds, while the Titanium Kanana card has a credit limit ranging from 5,000 to 1 million Egyptian pounds.
The Kanana credit cards operate on the principle of Murabaha, which involves the bank executing a Murabaha transaction for the value of the outstanding debt. Customers can choose to repay the amount in installments over 12, 24, or 36 months. If customers pay their outstanding balance in full before the due date, no Murabaha transaction will be executed.
Holders of Kanana credit cards can use them for various transactions, including shopping and making purchases at merchants and restaurants, both domestically and internationally. The cards can also be used for cash withdrawals at ATMs, with a maximum limit of 50% of the credit limit. Additionally, customers can use the cards to make international transactions and purchase goods and services from approved merchants.
The Bank of Egypt's Al-Hisn investment fund and Kanana Islamic credit cards are part of its efforts to provide Shariah-compliant financial products to its customers. The bank's internet banking services and credit cards aim to provide customers with convenient and flexible ways to manage their finances and conduct transactions in accordance with Islamic law.
Key points
- The Bank of Egypt has launched an Islamic investment fund and credit cards that operate in accordance with Shariah law.
- The bank's internet banking services allow companies to manage their accounts and conduct transactions online.
- The Kanana Islamic credit cards offer customers a range of benefits, including the ability to make purchases and pay for services in accordance with Islamic law.
