Sharia visa credit card to fulfil customers' needs

By Jayampathy Jayasinghe

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A unique Visa Card free of interest has been introduced in the country to fulfil the needs and aspirations of customers.

A Sharia compliant international visa credit card was launched for the first time in Sri Lanka by Ceylinco Profit Sharing Investment Corporation, a leading Islamic Financial institution for the benefit of consumers irrespective of any racial or religious bias.

Chairman, Ceylinco Consolidated Ltd, Dr. Lalith Kotalawela said his conscience was troubled by interest levied by banks that result in bringing hardship for borrowers such as forfeiture of properties when they are unable to settle loan debts.

He said when people present the Sharia International Visa Credit Card abroad it would enhance the image of Sri Lanka. Launching the Sharia visa card was just the beginning and Dr. Rafeek, the CEO was full of ideas such as granting agricultural loans to farmers, he said.

Ceylinco Profit Sharing Investment Corporation Ltd, CEO, Dr. Z. M. Rafeek said the visa card became a reality due to the efforts of Dr. Kotalawela and Mrs. Kotalawela. The visa card which is accepted worldwide provides flexibility and convenience to customers.

He said the card cannot be used to purchase alcohol and tobacco and for gambling, prostitution and pornography, weapons production and sales or by blacklisted persons or individuals below 18 years and above 60 years.

The salient features of the visa card - (a) free from Riba or interest, (b) No joining fee (c) A maximum credit period of 51 days (d) Supplementary cards for loved ones (e) An income plan at nominal fee (f) Global acceptance at over 28 million establishments in 210 countries (g) Cash advances from over 800,000 ATMS around the world.

Deputy Chairman, Education and Ceylinco Financial Services K. A. S. Jayatissa, President, Sharia Supervisory Board of the Ceylinco Profit Sharing Investment Corporation, Asshaikh H. Salahadeen and Vice President Sharih Supervisory Board of the Ceylinco Profit Sharing Investment Corporation Ltd, Ash-Shaikh Neyaz Mohamed also spoke.