ABC Islamic to launch sharia credit cards

BAHRAIN - Bahrain-based ABC Islamic Bank, a wholly-owned subsidiary of Arab Banking Corporation, is in the process of establishing a vehicle for the marketing of sharia-compliant credit cards.

Islamic Credit Card Company (ICCC), which has already been licensed by the Bahrain Monetary Agency (BMA - central bank), will have a variable capital base (MEED 1:6:01). It will have management shares (class A), held by ABC Islamic, and participation shares (class B) that will be held by other financial

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