1. What is Faysal Islami Noor Card?

Faysal Islami Noor Card is Pakistan’s first fully Shariah Compliant alternative to conventional credit cards based on the principal of Tawarruq.

2. How is Faysal Islami Noor Card Shariah Compliant?

Faysal Islami Noor Card is based on the Islamic Principle of Tawarruq which is an arrangement in which one party sells a commodity to the other party on deferred payment at cost plus profit. The other party, namely, the buyer, then sells the commodity to a third party on cash with a purpose of having access to liquidity..

3. How does Faysal Islami Noor Card work?

• When you apply for Faysal Islami Noor Card, you agree to enter into Musawamah Agreement with the Bank to purchase assets (i.e. Islamic Mutual Funds Units) at a deferred payment on agreed price (Musawamah Price) executed through the Musawamah contract whereby the transfer of ownership (sale) takes place.
• Once the Assets come under your ownership, you instruct the agent to whom you appoint at the time of signing of application to sell the Assets to third party (Mutual fund Company) on your behalf and deposit the sale proceeds (funds) in your Mudarabah based account maintained with Faysal Bank Islami to utilize later in the form of card limit.
• Transactions you conduct on your card reflect a debit to your card account and will be communicated to you through monthly statement of account which you require to pay within the payment required date in order to avail back the full limit in your card account.
• If you pay the Minimum Payment Amount or any amount less than the Total Required Amount by the Payment Required date, the Bank will demand accrued profit as per the Musawamah agreement which will be communicated to you through statement of Account

4. What is a Muswamah?

Musawamah is a general kind of sale in which price of the commodity to be traded is stipulated between seller and the buyer without any reference to the price paid or cost incurred by the former.

5. How is the profit charging mechanism under the Islami Noor Card Shariah Compliant?

Technically the bank earns profit on sale of asset (Islamic mutual funds) to customer at agreed sale price as per the Musawamah contract which is permissible and a Shariah compliant mode to earn profit.

6. Is Faysal Islami Noor Card the same as charge card?

Faysal Islami Noor Card is NOT the same as charge card. The card allows you to pay a minimum monthly amount of the required amount or partial amount as opposed to charge card where full amount is payable on payment required date.

7. What are the benefits and features of Faysal Bank Islami Noor Card?

• Islamic Noor card is a fully Shariah Complaint Card and is approved by Shariah Board of FBL and provides an alternative to Interest based credit cards
• Rewards / Loyalty Points
  • Eternal Rewards: spend and Donate/Charity
  • Smile Points: Instant Reward Redemption where rewards points can be redeemed on selective merchant / partner outlets against retail purchases including Charitable Organizations for charity / donations
• 3x Reward Points on spend for Charities and Donations
• Installment Plans Offers with NO pre-payment /early settlement charges
• Dial a draft/Pay Order Facility /IBFT
• Cash Advance Facility – Local & Global: 24 hours cash withdrawal facility through ATMs
• Exciting Discounts at value-added merchants & different promotional/tactical offers with up to 40% discount
• Airport Lounge facilities at select cards
• Profit free grace period (from 19 to 55 days)
• Minimum Payment Option
• Global acceptability
• Utility Bill Payments

• Value Added Services

• Faysal Digibank to view card transactions, payments and billing details
• E-Statements
• SMS alerts to keep a tab on card transactions Takaful coverage
• Auto Debit Facility

• Supplementary Cards
• Range of Takaful benefits
• Limit Enhancement Facility
• Mastercard Halal Offers for Travel, Accommodation and Dine-in Restaurants

For details on features & benefits, please call our Contact Centre at 021 111 06 06 06.