First Islamic credit card in Egypt will launch in 2012

Baraka Bank in Egypt will launch an Islamic Credit Card product for the first time in Egypt in the second quarter of the next year, ECO of the Barak Bank Ashraf al-Ghamarawi said.

The bank will launch all kinds of the credit cards including platinum, silver and gold, especially after considering the Egyptian market.

The product is accepted by agents of the Egyptian market although there is a difficult situation with the Egyptian economy after the Egyptian January 25 Revolution, al-Ghamarawi said.

The new product provided 15 percent of revenues, he noted.