Faysal Islami Noor Card – time of signing of application to sell the Assets to price as per the Musawamah contract
as per the Musawamah contract which is cash withdrawal facility through ATMs
third party (Mutual fund Company) on your behalf permissible and a Shariah compliant mode to earn • Exciting Discounts at value-added merchants &
Frequently Asked Questions and deposit the sale proceeds (funds) in your profit. different promotional/tactical offers with up to
(FAQs) Mudarabah based account maintained with
Faysal Bank Islami to utilize later in the form of 6. Is Faysal Islami Noor Card the same as
40% discount
• Airport Lounge facilities at select cards
card limit. charge card? • Profit free grace period (from 19 to 55 days)
1. What is Faysal Islami Noor Card? Faysal Islami Noor Card is NOT the same as • Minimum Payment Option
Faysal Islami Noor Card is Pakistan’s first fully • Transactions you conduct on your card reflect a charge card. The card allows you to pay a • Global acceptability
Shariah Compliant alternative to conventional debit to your card account and will be minimum monthly amount of the required amount • Utility Bill Payments
credit cards based on the principal of Tawarruq. communicated to you through monthly statement or partial amount as opposed to charge card • Value Added Services
of account which you require to pay within the where full amount is payable on payment required o Faysal Digibank to view card transactions,
2. How is Faysal Islami Noor Card Shariah payment required date in order to avail back the date. payments and billing details
Compliant? full limit in your card account. o E-Statements
Faysal Islami Noor Card is based on the Islamic 7. What are the benefits and features of Faysal o SMS alerts to keep a tab on card transactions
Principle of Tawarruq which is an arrangement in • If you pay the Minimum Payment Amount or any Bank Islami Noor Card? Takaful coverage
which one party sells a commodity to the other amount less than the Total Required Amount by • Islamic Noor card is a fully Shariah Complaint o Auto Debit Facility
party on deferred payment at cost plus profit. The the Payment Required date, the Bank will demand Card and is approved by Shariah Board of FBL • Supplementary Cards
other party, namely, the buyer, then sells the accrued profit as per the Musawamah agreement and provides an alternative to Interest based • Range of Takaful benefits
commodity to a third party on cash with a purpose which will be communicated to you through credit cards • Limit Enhancement Facility
of having access to liquidity. statement of Account. • Rewards / Loyalty Points • Mastercard Halal Offers for Travel, Accommoda-
o Eternal Rewards: spend and Donate/Charity tion and Dine-in Restaurants
3. How does Faysal Islami Noor Card work? 4. What is a Muswamah? o Smile Points: Instant Reward Redemption where
• When you apply for Faysal Islami Noor Card, you Musawamah is a general kind of sale in which rewards points can be redeemed on selective For details on features & benefits, please call our
agree to enter into Musawamah Agreement with price of the commodity to be traded is stipulated merchant / partner outlets against retail purchases Contact Centre at 021 111 06 06 06.
the Bank to purchase assets (i.e. Islamic Mutual between seller and the buyer without any including Charitable Organizations for charity /
Funds Units) at a deferred payment on agreed reference to the price paid or cost incurred by the donations
price (Musawamah Price) executed through the former. • 3x Reward Points on spend for Charities and
Musawamah contract whereby the transfer of Donations
ownership (sale) takes place. 5. How is the profit charging mechanism under • Installment Plans Offers with NO pre-payment
the Islami Noor Card Shariah Compliant? /early settlement charges
• Once the Assets come under your ownership, Technically the bank earns profit on sale of asset • Dial a draft/Pay Order Facility /IBFT
you instruct the agent to whom you appoint at the (Islamic mutual funds) to customer at agreed sale • Cash Advance Facility – Local & Global: 24 hours
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