Southeast Bank PLC and Mastercard on Monday launched Tijarah Islamic Mastercard World Credit Card within the bank’s Tijarah Islamic Banking segment.

This financial product caters to customers’ financial requirements while adhering to Shariah-compliant principles, said a Mastercard press release.

Cardholders will not be charged any interest fees, instead, there will be a modest tiered structure with allowable customer tolerance, wherein a monthly maintenance fee or MMF is applied to any outstanding balance in the card account after the payment due date, the release said, adding that cardholders would enjoy access to both domestic and international lounges using this credit card, among other facilities.

Southeast Bank PLC managing director Nuruddin Md Sadeque Hossain said, ‘Through strategic collaboration with pioneer payment solution companies like Mastercard, we are committed to serving our cardholders so that they can explore new ways of banking.’

Mastercard Bangladesh country manager Syed Mohammad Kamal said that Mastercard was thrilled to collaborate with Southeast Bank to introduce the World Islamic Card.

‘This card is designed to align with the religious beliefs and principles of the cardholders. This launch reiterates Mastercard’s commitment to introducing innovative products and solutions that enhance the cardholder experience,’ he added.

However, the MMF is solely applied to the actual card transaction amount and not applicable to any other service fees such as ATM, Retail, POS, E-commerce, wallet fund transfer, card cheque or fund transfer transactions, according to the release.