Banque
Misr’s Islamic credit card (Kenana)
Overview of Islamic credit cards (Kenana):
- Banque
Misr issues an Islamic credit card (Kenana) which allows users to pay off the
value of purchases or Sharia-compliant services through points of sales (POS)
in Egypt and abroad.
- The
card can be used for cash withdrawals in emergency cases, capping off at 50% of
the credit limit.
- The
card works based on the principle of Murabaha covered by Wakala, whereby the
bank carries out a Murabaha transaction with the total value of the
cardholder's statement of transactions (divided by 12 months) if the customer
does not pay the full amount of the debt owed by him on the 27th of the month
of the statement of transactions. If the cardholder pays the full amount due in
the statement of operations, the Murabaha process is not carried out.
Types of Islamic
credit cards
- MasterCard
Classic (Kenana)
Issued with a credit limit between EGP 1,000 and
EGP 150,000
- MasterCard
Gold (Kenana)
Issued with a credit limit between EGP 3,000 and
EGP 150,000
Uses of Islamic
credit cards
- Shopping
at all commercial outlets around the world (stores, restaurants, hotels) using
the card's PIN code.
- Emergency
cash withdrawals at 50% of the credit limit from all ATM machines around the
world 24 hours a day using the card PIN.
- Purchasing
Shariah-compliant goods and services in Egypt and abroad.
- Payment
of telephone bills at Telecom Egypt offices and payment of mobile bills online,
in addition to numerous other websites contracted with the bank.
Repayment
facilitations
- The
card allows its holder credit facilities to pay for transactions on the card
(purchases/cash withdrawals) within a grace period of up to 57 days.
- The
card allows the holder to repay a minimum value, representing the value of the Murabaha
premium, as stated in the monthly card transactions statement.
- Cash
repayments in Egyptian pound can be conducted via all branches of the bank
nationwide during official working hours and 24 hours a day through the bank’s
touristic offices in many hotels and airports.
- If
the cardholder has a current/savings account with Banque Misr, the card can be
linked to this account and credit card dues can be deducted from the balance of
the account on a monthly basis.
Benefits offered
by Islamic credit card (Kenana)
- Obtaining
the Banque Misr Premium card, which enables the cardholder to make purchases at
many commercial outlets while repaying the purchase value over 10 months
without interest. The monthly installment will be deducted on the credit card
account, to be paid as part the card transactions.
- Inquire
about card transactions by subscribing to the online banking service available
at www.banquemisr.com
- Additional
cards may be issued to persons specified by the original cardholder from the
age of 16 years and up, with a maximum of three additional Classic Cards, and
four additional Gold Cards.
- SMS
messages are sent to the customer when issuing or renewing the card, for a
statement of the minimum sum required to be paid monthly and during use of the
card in any purchases, including the available balance of the card.
Insurance
coverage
The Banque Misr Islamic Credit Card (Kenana)
offers accident insurance coverage of up to:
- EGP
5,000 for MasterCard Classic (Kenana)
- EGP
20,000 for MasterCard Gold (Kenana)
Payment in
instalments at numerous outlets
The bank offers a unique service to customers
with credit card issued by Banque Misr; cardholders can repay purchases made in
various stores in instalments (including Mobile Shop, Radio Shack, Computer
Shop, CompuMe and others) over six months or a year without interest. The value
of the monthly installment is deducted from the credit card account issued to
the customer, with the possibility of making other purchases at the value of
the amounts paid, allowing the customer to continue to benefit from this
service.
Conditions for
obtaining the credit card
- Applicants
must be at least 21 years old to obtain the original card and 16 to obtain
additional cards.
- The
applicant should provide evidence of regular income (employees, businessmen,
liberal professionals) or a guarantee through one of Banque Misr’s savings
vehicles.
Documents
required to obtain card
- Copy
of national ID card
- Recent
utility bill (electricity, telephone, gas, water) no older than three months in
the customer’s name or the name of a first-degree relative, with evidence of
the relation
- Proof
of income according to the following:-
Employee
- An
official letter from the relevant department of the employing party indicating
the monthly or annual income, the profession and the date of appointment,
provided that the letter has been issued for no more than two months, OR
- Three
salary receipts, one of which must date back for a year, OR
- A
bank statement indicating the transfer of the salary, one of which must date
back for a year.
Business owner
- Copy
of a recently issued commercial registry and tax card.
Liberal professional
- Copy
of license to practice the profession and tax card.
Proof of income documents for business owners and
liberal professionals include:
- An
original or certified bank statement from the past six months in the client’s
name or the name of his/her company
- A
certificate from an authorized accountant at the Central Bank of Egypt
- A
tax certificate indicating the income that the customer has declared as the
basis for taxation for the last year.