News 2007

July 2007


The First Shariah-Compliant Credit Card
Samba and Saudi Arabian Airlines Signed an Agreement to Launch Samba-Al Fursan Credit Card

In line with the changing trend of the Saudi banking sector toward focusing on Islamic banking services, Samba Financial Group has signed an agreement with Saudi Arabian Airlines to launch the Samba-Al Fursan Islamic Credit Card that offers a service, which has been awaited for long time by wide a segment of Saudi customers. His Highness, Khaled Al Melhem, General Director of Saudi Arabian Airlines, and His Excellency Eisa Al Eisa, Managing Director and CEO of Samba Financial Group, signed the Agreement during a ceremony that took place on Sunday 16/6/1428 (01/7/2007), at the Saudi Arabian Airlines' Headquarters in Jeddah. Members of Senior Management from both sides attended the event.

Al Melhem commented on the event, "We are delighted to collaborate with Samba Financial Group, a leading and preeminent banking group and hope that our accord will reflect on improving the quality of services of the Al Fursan Program. Al Fursan Samba Islamic Credit Card will provide its user with a quick source to receive mileage points. Using this credit card will enable the member to obtain the extra mileage twice, first upon payment of the Saudi Airline ticket fare and second upon using the card in making other unrelated payments for goods and services through our partner.

Hence, the user will receive mileage points on Saudi Airlines and mileage points that correspond to the amount paid for his tickets. In addition, user will receive mileage points in all outlets affiliated to Al Fursan program, such as car rental establishments, lease payments and hotels; as well as mileage points for rent payments".

On the other side, Al Eisa said, "Launching Al Fursan Islamic Credit Card, the first-of-its-kind Shariah-compliant credit card, will strengthen Samba's leading position in offering Shariah-compliant value-added banking services". Al Eisa added, "We are delighted to collaborate with Saudi Arabian Airlines, our national carrier, which has proved its worth internationally by offering excellent competitive services that are comparable with the leading international airlines. This is not Samba's first joint effort with Saudi Airlines. Samba has launched previously SambaConnect, a service that enables all Samba and non-Samba clients to purchase airlines tickets over the Internet securely and conveniently". Finally, Al Eisa extended his deep thanks to Mr. Al Melhem, his assistants and to Saudi Airlines seniors for their efforts toward launching this distinguished product.

The new, first-of-its-kind, Shariah-compliant credit card is available in four categories: Gold, Silver, Titanium and Platinum. Starting from 4 Riyals of purchases, the card enables its users to obtain free mileage points, free trips, upgrading traveling class to various destinations and giving clients a priority advantage in making reservations.

It is worth mentioning that Samba Financial Group has recently expanded its Islamic financial and banking services by opening specialized branches that offer Shariah-Compliant banking services and products for individuals and corporations, such as current accounts, Samba Gold and Diamond services, consumer credit products such as Al Khair Financing, Al Khair Tawrruq, and Al Khair Credit Card, in addition to a wide variety of investment funds and other investment products that are approved by Samba's Shariah Supervisory Board.