In a move to further increase its share in the personal Islamic finance market in Saudi Arabia, the National Commercial Bank (NCB) has launched a 90-day promotion campaign to draw more clients under the new scheme. The marketing drive that took off on Aug. 25 is aimed at targeting employees - Saudis and expatriates alike - whose monthly basic salary is SR3,000 and above, to enroll in the NCB Personal Islamic Finance program and avail of the many benefits on top of the efficient services offered by the bank. In a press conference held at the NCB head office here on Saturday, Ayman Al-Tayar, head of Islamic Branch Network Division, said those who applied for the plan and also for a credit card facility have the chance to win SR10,000 in a daily raffle draw. He added that this huge promotional offer is one of the best-of-its-kind in the Kingdom. The marketing initiative embodies the slogan “One Nation, One Family, One Bank.” It will end on Nov. 22. Availing of the NCB Personal Islamic Finance scheme would entitle a member to apply for a loan within the range of SR25,000 to SR1.5 million, depending on the salary scale and subject to other pertinent regulations. Al-Tayar said the client has simply to secure an account at any NCB branch, and transfer the account holder's salary from the employer to the client's NCB account and then apply for Islamic personal loan and an Islamic credit card. When asked about the type of credit card that can be obtained, Al-Tayar said it is an Islamic Tayseer Card with a credit line of at least SR2,500. He noted that in the event the client could not make the credit record, he could obtain a pre-paid credit card for the chance to participate in the draw. The Islamic Law Committee sanctioned the promotional program, he added. The client can make inquiries by visiting the nearest branch or calling the toll free number 800 244 1005. Amer A. Siddiki, head, marketing and customer management group, individual banking sector, said the campaign does not cover only new loans but includes clients seeking to get top-up loans or real estate finance. He added that clients who received a loan but did not win the daily prize would continue to be part of the draw for the duration of the campaign. At present, NCB controls 21-22 percent of the personal Islamic finance market in the Kingdom, and is optimistic of increasing it further with the offering of new attractive products, the bank officials said. __
