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AIBL News

27 Apr, 2017
executive committee meeting of al-arafah islami bank ltd. held

20 Apr, 2017
al-arafah islami bank limited gives scholarships to rural students

19 Apr, 2017
al-arafah islami bank limited donates tk 25 lac to international chamber of commerce (icc) bangladesh

16 Apr, 2017
training workshop on banking laws and practice held at al-arafah islami bank limited

13 Apr, 2017
executive committee meeting of al-arafah islami bank ltd. held

12 Apr, 2017
al-arafah islami bank ltd. madhabdi branch arranges meet the clients program

09 Apr, 2017
al-arafah islami bank limited and first security islami exchange italy s.r.l inaugurate remittance drawing arrangement

06 Apr, 2017
business development conference of al-arafah islami bank limited held

05 Apr, 2017
training workshop on prevention of money laundering and combating financing of terrorism held at al-arafah islami bank limited

02 Apr, 2017
training course on green banking & environmental risk rating held at al-arafah islami bank limited

Credit Card
ABOUT AL-ARAFAH ISLAMI BANK LA-RIBA MASTERCARD CREDIT CARD :
Al-Arafah Islami Bank ltd offers a broad range of cards designed to suit all your needs. Whether you are looking for a debit card for your day to day transactions, a pre-paid card to manage your spending or a credit card offering a combination of flexibility and benefits, we have the right solution for your needs. Based on the highest standards of ethical Shariah based islami banking, our range of cards offer simple, transparent solutions for your needs. Each of our cards also carries a range of value added benefits to suit your lifestyle. Al-Arafah Islami Bank ltd offers a series of Shari'a compliant credit cards that enable you to manage your finances effectively. With worldwide acceptance at millions of outlets, our cards offer a host of features and benefits that make your life simpler and more convenient.

So read on to find the card solution that is right for you.

AL-ARAFAH ISLAMI BANK ADAPT "UJRAH" CONCEPT FOR CREDIT CARDS:

AIBL La-Riba MasterCard Credit Card will operate on 'Ujrah' concept which is based on fee structure meaning that only fixed fee will be charged to the customer. The card would not be levied with any floating percentage fee dependent on the outstanding balance.

The prohibition of Riba has been announced in Quran and Ahadiths. There are many revelations about Riba which were revealed on different occasions:

In Surah Ar-Rum, verse 39, dealing in Riba has been discouraged in the following words:

"Whatever Riba (increased amount) you give, so that it may increase in the wealth of the people, it does not increase with Allah and whatever Zakah you give, seeking Allah's pleasure with it, (it is multiplied by Allah, and) it is such people who multiply (their wealth in real terms)"

In Surah An-Nisa, verse 161, Muslims were informed about the practice of taking Riba by Jews:

"and for their charging Riba (usury or interest) while they were forbidden from it, and for their devouring of the properties of the people by false means. We have prepared, for the disbelievers among them, a painful punishment."

In Surah Al-Imran, verse 130, Riba/Interest was abolished in the following words:

"O you who believe, do not eat up the amounts acquired through Riba (interest), doubled and multiplied. Fear Allah, so that you may be successful."

AIBL LA-RIBA CREDIT CARDS:

  • LA-RIBA MASTERCARD Platinum Credit Card Platinum Card
  • LA-RIBA MASTERCARD Gold Credit Card Gold Card
  • LA-RIBA MASTERCARD Silver Credit Card Silver Card

LA-RIBA CREDIT CARD FEATURES:

  • Fully Shariah Complaint.
  • Lowest monthly maintenance fee.
  • Discount over 1000+ merchants across the country.
  • Accessible in POS and ATMs that have MasterCard and NPSB network.
  • Purchases at over 38 million merchant locations across the globe.
  • Convenience of accessing cash at more than 3.5 million ATMs across the world.
  • 24/7 hours customer services help desk.
  • Free Supplementary Card.
  • 45 days without any additional charges.
  • No hidden charges
  • Cash advanced facility.

WHO CAN APPLY:

  • Bangladeshi citizen with a minimum monthly income of BDT 15000
  • Primary Card Applicant must be over 21 (twenty one) years of age.
  • Supplementary Card Applicant(s) must be at least 18 (eighteen) years of age.

REQUIRED PAPERS FOR SERVICE HOLDER:

  • 02 (two) copies recent passport size colored Photographs.
  • Copy of National ID/Copy of Passport MRP (1st 5 pages & renewal page)/driving license.
  • Employee ID card or photo based commissioner's certificate with birth evidence.
  • Copy of up to date e-TIN certificate/latest tax return acknowledgment slip.
  • Original Personal Bank statement for last 6(six) months duly signed by the applicant and attested by the source.
  • Latest original salary certificate with seal & signature by the concern authority.
  • Visiting card (if available).
  • Clean CIB report
  • Proof of residence (i.e. an attested copy of holding tax payment receipt or payment of any utility bill like Electricity/ Gas/ WASA/ BTTB Telephone Bill).

REQUIRED PAPERS FOR BUSINESS PERSONNEL/INDIVIDUAL/PROFESSIONAL:

  • 02 (two) copies recent passport size colored Photographs.
  • Copy of National ID/Copy of Passport MRP(1st 5pages & renewal page).
  • Copy of up to date e-TIN certificate/latest tax return acknowledgment slip (Personal & company).
  • Original Bank statement for last 6(six) months duly signed by the applicant and attested by the source (Both personal & company)
  • Copy of valid Trade License (latest/renewal)
  • Business card.
  • Clean CIB report
  • Proof of residence (i.e. an attested copy of holding tax payment receipt or payment of any utility bill like Electricity/ Gas/ WASA/ BTTB Telephone Bill).
  • In case of Professional, copy of membership certificate from the Professional Body/ Competent Authority.

Fees & Charges LA-RIBA Credit Card:

SI Service name Silver Gold Platinum** (Tier 1) Remarks, if any
1 Annual fee (Primary Card) Tk.1000 Tk.1500 Tk.3000
2. Annual fee (1st Supplementary Card) Free Free Free First supplementary card free.
3 Annual fee (2nd Supplementary Card onward) Tk.500 Tk.1000 Tk.1000
4. Monthly Maintenance fee Tk.575 Tk.1170 Tk.1960
5. Excess Limit fee Tk.500 Tk.1000 Tk.1500 Amount up to Tk. 5,000/- may be accepted as over limit.
6. Late payment fee Tk.500 Tk.1000 Tk.1500 If minimum amount due is not paid within payment due date.
7. Card replacement fee Tk.200 Tk.500 Tk.1000
8. Cash Advance Limit 30%
9. Cash withdrawal fee Tk. 150 AIBL ATM Tk. 170 NPSB ATM Tk. 200 Others For each transaction. Transaction ticket size would be Tk. 10,000.
10. Fund Transfer fee to AIBL Account TK 500 For each transaction. Transaction ticket size would be Tk. 20,000.
11. Statement Retrieval fee Tk.300 Within 6 months.
12. Card Cheque Book Issuance fee Tk.100 For a Cheque Book of 20 (twenty) leaves.
13. 1st Cheque Book Issuance fee(10 Lvs)
14. 2nd Cheque Book Issuance fee(20 Lvs)
15. Card Cheque Transaction fee Tk.750 For each transaction.
16. Cheque return fee Tk.250 For insufficient fund, differing signature, stop payment, etc.
17. Outstation cheque collection fee Tk.100
18. Sales Slip/Voucher Retrieval Fee Tk.500
19. Pin Replacement Fee Tk.200
20. Minimum Payment (whichever is higher) 5% or Tk.500 (Silver) 5% or Tk.1000 (Gold) 5% or Tk.1500 (Platinum)
21. Certificate Charge Tk.100
22. SMS Banking Tk.20
23. Auto Bill Pay Free
24. 0% Easy payment (installment) early settlement fee 1% or 2% Before 6 month 2% & after 6 months 1%
25. Closed Card administrative fee Tk.500
26. CIB Processing fee Tk.250

**All fees and charges mentioned are subject to change. Such changes will apply from the effective date specified by Al-arafah Islami Bank Ltd

**15% VAT will be applicable where necessary.

** In some special cases Platinum Product is divided into several tiers. Respective fees & charges would be applicable according to Tier Structure.

Please contact with the Bank for more information.

AIBL CARD DIVISION ADDRESS:

Al-Arafah Islami Bank Ltd.
Head Office
Card Division
36, Dilkusha C/A (18th Floor)
Dhaka-1000.
24 HOURS HELP DESK SUPPORT:

+8801755660203
FAX NUMBER:

+88029564973
AIBL La-Riba MasterCard Credit Card FAQ:

About Shariah based Islamic Banking:

Q: What is Islamic Banking?

A: Islamic banking is a system of conducting banking activities in line with the principles of Shariah while avoiding all the prohibited activities such as Interest/Riba, Gharar* (uncertainty), dealing in prohibited businesses (e.g. alcohol, gambling), etc. 'Interest free banking' is just one of the pillars of Islamic banking. Islamic banking means not only to avoid interest-based transactions, but also to avoid unethical and socially unacceptable practices prohibited in Shariah, such as unfair trade practices, hoarding, speculation, etc. Hence, Islamic banking transactions are based on 'tangible assets and real services' as opposed to 'conventional money lending'

* Gharar: The uncertainty that is present in the basic elements of an agreement (i.e. wording of the agreement, subject matter, etc.)

Q: Is Islamic banking meant only for Muslims?

A: The teachings of Islam are meant for both Muslims and non-Muslims. Universal values like honesty, justice, avoiding fraud, etc., form the basic principles of Islamic banking. Therefore, Islamic banking is for everyone irrespective of what religion they follow. Furthermore, it increases the growth of an economic system.

Q: What is meant by Shariah?

A: Shariah means a "Way" or "Path". In Islam, Shariah means guidance and laws given by the Holy Quran and the Hadith/Sunnah of the Holy Prophet (Peace Be Upon Him). It also includes juristic interpretations of Islamic scholars. Islamic Shariah is derived from the following four sources:

  • The Holy Quran
  • The Sunnah of the Holy Prophet (Peace Be Upon Him)
  • Discount over 1000+ merchants across the country.
  • Ijma' (consensus of the Mujtahideen - 'Independent Jurists')
  • Qiyas (Analogy)

Q: What is Riba or Interest?

A: "Riba" means excess, increase or addition. As per Hadith of the Holy Prophet (Peace Be Upon Him), "Every loan that derives a benefit (to the lender) is Riba". Therefore, interest means giving and/or taking of any excess amount in exchange of a loan or on debt. Hence, it has the same meaning as that of Riba.

Q: What are the different kinds of Riba?

A: According to Islamic jurists, there are two types of Riba: (1) Riba Al Nasiah and (2) Riba Al Fadl.

Riba al Nasiah (also known as Riba or Sood):

This refers to any increase or addition of debt. It means "addition or premium" that must be paid by the borrower to the lender along with the principal amount as a condition for the loan or debt.

Example of Riba al Nasiah: Mr. A lends BDT.10,000 to Mr. B with the condition that Mr. B shall return back BDT.12,000 after one month. In this case, the premium (BDT. 2,000) paid by Mr. B to Mr. A is Riba or Interest

Riba al-Fadl:

The prohibition of this Riba is based on Sunnah. Hence, it is also called Riba al Hadith. Riba al-Fadl refers to the excess or increase which is taken in exchange of specific homogeneous commodities and encountered in their hand-to-hand buy and sell. This is explained in the famous Hadith:

The Prophet (Peace Be Upon Him) said, "Sell gold in exchange of equivalent gold, sell silver in exchange of equivalent silver, sell dates in exchange of equivalent dates, sell wheat in exchange of equivalent wheat, sell salt in exchange of equivalent salt, sell barley in exchange of equivalent barley, but if a person transacts in excess, it will be usury (Riba). However, sell gold for silver anyway you please on the condition it is hand-to-hand (spot) and sell barley for date anyway you please on the condition it is hand-to-hand (spot)."

Q: What are the revelations / verses in Holy Quran and Sayings / Ahadiths of our Holy Prophet (Peace Be Upon Him) regarding prohibition of Riba / Interest?

A: The prohibition of Riba has been announced in Quran and Ahadiths. There are four sets of revelations about Riba which were revealed on different occasions:

First Revelation:

In Surah Ar-Rum, verse 39, dealing in Riba has been discouraged in the following words:

"Whatever Riba (increased amount) you give, so that it may increase in the wealth of the people, it does not increase with Allah; and whatever Zakah you give, seeking Allah's pleasure with it, (it is multiplied by Allah, and) it is such people who multiply (their wealth in real terms)"

Second Revelation:

In Surah An-Nisa, verse 161, Muslims were informed about the practice of taking Riba by Jews:

"and for their charging Riba (usury or interest) while they were forbidden from it, and for their devouring of the properties of the people by false means. We have prepared, for the disbelievers among them, a painful punishment."

Third Revelation:

In Surah Al-Imran, verse 130, Riba/Interest was abolished in the following words:

"O you who believe, do not eat up the amounts acquired through Riba (interest), doubled and multiplied. Fear Allah, so that you may be successful."

Fourth Revelation:

In the Surah Al-Baqarah, verse 275-281, Riba has categorically been prohibited in all its forms.

"Those who take Riba (usury or interest) will not stand but as stands the one whom the demon has driven crazy by his touch. That is because they have said: "Sale is but like Riba", while Allah has permitted sale, and prohibited Riba. So, whoever receives an advice from his Lord and desists (from indulging in Riba), then what has passed is allowed for him, and his matter is up to Allah. As for the ones who revert back, those are the people of Fire. There they will remain forever. [275] Allah destroys Riba and nourishes charities, and Allah does not like any sinful disbeliever [276].

Surely those who believe and do good deeds, and establish Salah (prayer) and pay Zakah will have their reward with their Lord, and there is no fear for them, nor shall they grieve. [277] O you who believe, fear Allah and give up what still remains of Riba, if you are believers. [278] But if you do not (give it up), then listen to the declaration of war from Allah and His Messenger. However, if you repent, yours is your principal. Neither wrong, nor be wronged. [279] If there is one in misery, then (the creditor should allow) deferment till (his) ease, and that you forgo it as alms is much better for you, if you really know. [280] Be fearful of the day when you shall be returned to Allah, then every person shall be paid, in full, what he has earned, and they shall not be wronged. [281]"

Q: Are Islamic banks not just paying interest and dressing it as profit on trade and investments?

A: Islamic banks accept deposits from customers on profit and loss sharing or on the basis of "Qard". These funds are used in Shariah compliant modes of finance, trade or investment. The income generated by these Shariah compliant modes are then distributed among the depositors as profit.

Q: Why is the end result of Islamic banking and conventional banking the same. What is the difference between the two?

A: The validity of a transaction does not depend on the end result, rather it depends on the process and the sequence of activities performed in reaching the end. If a financial transaction is done according to the rules of Islamic Shariah, it is Halal even if the end result of the transaction may look similar to a conventional Banking transaction.

For example, the meat of a goat which is not slaughtered according to the principles of Islam and the meat of a goat which is slaughtered as per Islamic principles may look similar, smell similar and taste similar, but the former is Haram (prohibited) and the latter is Halal (allowed).

The same example can be used for Islamic and conventional banking as well. Making a transaction valid or Halal will depend on the process and sequence of transactions and not the end result. Hence, on face value, Islamic banks may look similar to conventional banks, but the contracts and product structures used by Islamic banks are different from conventional banks.

Q: What is the difference between conventional banking and Islamic banking?

A: The most important difference between Islamic and conventional banking is the prohibition of interest in Islamic banking. Islamic banking activity is based on the trading principle of buying and selling of assets. For example, in financing of a home purchase, the selling price (including the bank's profit margin) is fixed from the very beginning.

About AIBL La-Riba Credit Card:

Q: How does AIBL La-Riba credit card works?

A: The card works similar to conventional credit cards; however, AIBL La-Riba credit card is a Shari'a compliant card (no interest, no hidden cost). The card only charges an annual fee and monthly maintenance fees.

Q: Is AIBL La-Riba credit card the same as conventional card?

A: AIBL credit card is NOT the same as conventional card. The card allows customer to pay a minimum monthly payment of 5% of the outstanding balance, as opposed to charge card where full amount is payable on payment due date.

Q: What are the types of credit cards in AIBL?

A:

  • La-Riba MasterCard Platinum credit card
  • La-Riba MasterCard Gold credit card
  • La-Riba MasterCard Silver credit card

Q: What is the maximum limit for each type of card?

A:

  • La-Riba MasterCard Platinum credit card : 2,00,000
  • La-Riba MasterCard Gold credit card : 1,00,000
  • La-Riba MasterCard Silver credit card : 50,000

Q: Is there any limit on the amount available for cash advance?

A: Cash advance is applicable for 30% of the total limit.

Q: Is there a fee/charge for cash advance?

A: The Cards are not intended to be used at ATMs for the purpose of receiving cash advances. However, If the customer choose to use the Cards for cash advances. We shall charge the Cards a fee in respect of cash advances which the customer agree and will be added to his monthly bill.

Q: What happen if a person used the credit card over the limit approved?

A: The amount over the actual credit limit will immediately fall due and to be paid once the bank statement is delivered to the customer. The Bank is also entitled to deactivate the card in case of over limit withdrawal.



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