Al Baraka Islamic Bank launches equal payment plan for flexible installment service for credit card holders

TDT | Manama

Email: mail@newsofbahrain.com

Al Baraka Islamic Bank, one of the leading Islamic banks in the Kingdom of Bahrain is pleased to announce the launch of a new innovative service that grants its credit cardholders greater flexibility and convenience in managing their purchases. The flexible installment purchase service, based on an equal payment plan scheme, allows customers to buy and pay later by converting eligible transactions into manageable installments within their current credit limit, making it easier for them to plan and control their expenses.

Under this new feature, all transactions valued at BD 100 and above, conducted locally, internationally, or online can be converted into installment plans. Customers can choose to pay their total purchase amount over a period ranging from 3 months up to 24 months, with the flexibility to select a tenor that best suits their financial needs. For tenors up to 6 months, as there are no additional fees for the installment service, which providing an attractive option for quick repayment. For tenors exceeding six months, a nominal profit rate will apply as per the Bank’s prevailing credit card pricing schedule, while tenors of three and six months will remain free of any service or handling fees.

This service is easily accessible through Al Baraka Islamic Bank’s online portal, enabling customers to convert their eligible transactions into installments at their convenience. Additionally, the new offering includes an early settlement option, allowing cardholders the flexibility to settle their installment plans ahead of schedule, thus providing greater control over their finances.

Additionally, the service is available exclusively to eligible retail individual cardholders with active Al Baraka credit cards, and can be availed for transactions of BD 100 and above within 15 days of purchase.

Commenting on the occasion, Mr. Mazin Dhaif, Chief Retail Officer at Al Baraka Islamic Bank, said, “At Al Baraka Islamic Bank, we are committed to enhancing our customers’ banking experience by introducing innovative solutions that offer flexibility and convenience. Our new Equal Payment Plan service reflects our ongoing efforts to provide tailored financial products that meet the evolving needs of our clients.”

He added, “This latest feature underscores the bank’s dedication to delivering innovative, Shariah-compliant banking solutions that empower customers to make smarter financial decisions to improve their quality of life.”

This new service is available to all credit card holders, irrespective of their card type with no limitations. Interested customers may apply for Al Baraka Islamic Bank credit card and avail this service aside from many other services, features, and benefits.