SIBL Islamic Card

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In today’s modern world, the credit card has become an extensively used mode of financial transaction and is widely known as “Plastic Money.” Its widespread usage has left an indelible impact on people’s lives all over the world, and Bangladesh is no exception. The popularity of SIBL Islamic cards in Bangladesh is on the rise, with both domestic and foreign banks reaping substantial profits from this financial product. This surge in usage can be attributed to an increased adoption of local Dual Currency Islamic Credit Cards, along with the expansion of personal banking services and the growth of cross-border business and travel.

SIBL: Pioneering Islamic Cards

Shariah-compliant financial products have gained prominence in Bangladesh, and Social Islami Bank Limited (SIBL) is at the forefront of offering innovative and Islamic Shariah-compliant financial solutions. Although SIBL entered the credit card market relatively late, it has ambitious plans to compete significantly with other card issuers.

SIBL Islamic Card: A Shariah-Compliant Approach

SIBL follows Islamic Banking Guidelines, with one of its primary modes of investment being Bai-Murabha. This approach involves buying goods and services and selling them to customers with a markup profit. Customers may purchase the products in full at the time of sale or by making installment payments at a later time.

Under this framework, SIBL issues the Visa Islamic Credit Card, applying the Bai-Murabha mode of investment. A yearly 20% mark-up profit is charged on the purchase price of goods and services, with other charges aligning with the existing card market standards in Bangladesh.

Types of SIBL Islamic Card

SIBL offers a range of Visa Islamic Credit Cards to cater to various customer needs:

VISA Local Classic
VISA Local Gold
VISA Dual Classic
VISA Dual Gold
VISA Dual Platinum

Key Features of SIBL Islamic Card

SIBL’s credit cards come with a host of features designed to provide convenience and value to cardholders:

Shariah-compliant cards
Free supplementary cards
Free Priority Pass Card for Platinum Cardholders
Free access to the BALAKA VIP Lounge at Hazrat Shahjalal International Airport (two visits for Gold Dual and four visits for Platinum Card)
Two free visits to selective lounges worldwide for Priority Pass Cardholders
Cash withdrawal facility from ATMs (both domestically and abroad)
EMV chip-based and PIN-enabled highly secured cards
Balance transfer facility
0% i-Pay for up to 24 months installments at selective merchant outlets
Reward program with the possibility of a 50% or 100% waiver on the annual fee
Competitive profit rates in the market
Alluring discounts offered at particular retail locations
Acceptance for both POS and e-commerce transactions (both domestically and abroad)
Profit-free period of up to 49 days
Two Factor Authentication (2FA) secures online transactions
Flexible payment facilities

Eligibility Criteria

To apply for an SIBL Credit Card, applicants must meet specific eligibility requirements:

Age: Primary cardholders must be between 21 and 65 years old, while supplementary cardholders must be between 18 and 65 years old.
Length of Service/Business/Practice: Requirements vary based on the applicant’s employment status, with specific criteria for salaried executives, professionals, and business owners.
Minimum Monthly Income: Applicants must have a minimum gross monthly income of Tk. 10,000.

Determining Income

The determination of income depends on the applicant’s employment status:

Salaried: Gross Monthly Income (GMI) includes the total income, including overtime and other regular allowances, before any deductions or loan installments.
Self-employed: GMI is calculated as the average monthly income after deducting all business expenses. It is determined based on income tax returns (IT 88) or judgment in the case of business owners.

Additional Income Consideration

Applicants may also include rental income and spouse income in their application.

Required Documents

To apply for an SIBL Credit Card, the following documents are necessary:

Filled Application Form
2 passport-sized photographs
Salary Certificate
TIN Certificate
Lien of MTDR
Trade License (for business owners)
Bank Statement (last 6 months)
Utility Bill (Land phone, mobile phone, gas, and electricity bills)
Copy of Passport/National ID
A photocopy of the first to the seventh pages of the passport, including any endorsement pages
Other bank’s card bill (if applicable)
The articles of association and the memorandum and deed of partnership

Fees and Charges

Contact Information

For more information and to apply for SIBL Credit Cards, you can reach out to the Card Department at the following address:

Zahed Ali Tower (5th floor)
15, Dilkusha C/A, Dhaka-1000

Phone: 09612001122 Ext: 50642

24-hour Help desk numbers:

16491 (for local inquiries)
09612001122 (for international inquiries)

Email: callcenter@sibl-bd.com

SIBL is committed to offering innovative and Shariah-compliant financial solutions, and its Islamic Credit Cards provide a secure and convenient way for individuals to manage their financial transactions while adhering to Islamic principles. Apply for an SIBL Credit Card today and experience the benefits of this modern financial tool.