Al Hilal Bank according to Dubai\'s National Business daily is partnering with Hind Al Oud perfume manufacturer that specialises in musky Arab scents to create a themed card targeting women. Al Oud will also provide complimentary perfumes alongside the perfumed MasterCard.
Abu Dhabi-based Islamic Bank is introducing a perfumed MasterCards to lure women in the oil-rich United Arab Emirates (UAE) to seek credit card debts amidst the slump of oil prices.
Al Hilal Bank according to Dubai\'s National Business daily is partnering with Hind Al Oud perfume manufacturer that specializes in musky Arab scents to create a themed card targeting women. Al Oud will also provide complimentary perfumes alongside the perfumed MasterCard.
Mariam Yousef Ahli , the Bank\'s spokesperson say the card known as Laha â€œfor Herâ€ is part Al Hilals social responsibility and support for women.
The new initiative however comes amidst growing competition among Dubai\'s banks for individual borrowers to take credit card debts that usually carry a finance rate of no less than 3 percent a month.
The United Arab Emirates like many Oil-rich countries are in crisis following the crash of oil prices, the lifeblood of most of the Arab countries.
Banks are resorting individuals as companies that depend on oil money slow down on investments normally financed by local banks.
Oil prices have fallen by almost 60 percent since June 2014, affecting the petrochemicals sector of United Arab Emirates and other oil producing countries in Arab and elsewhere in the world.
Dr Sultan Bin Ahmad Sultan Al Jaber, Minister of State in the United Arab Emirates at the opening of the Week-long world future summit in Abu Dhabi on Monday, acknowledged the impact of the slump in oil prices on oil-dependent economies.
He said the decline in oil prices should send a signal to countries that have mainly looked at oil as s source of energy and finance.
///Cue In â€œWith oil at fiveâ€¦..
Cue Out.. future generationsâ€////
While the United Arab Emirates has largely used oil money to develop its infrastructure like Airports , bridges, roads among others, it is now heavily investing in solar energy as an alternative to the fossil fuels. It plans to put up a 100 megga watt solar plant.