Banque Misr 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 12/24/36 months) if the customer does not pay the full amount of the debt owed by him on the 26th 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 2,000 and EGP 4,999 - MasterCard Titanium (Kenana)
Issued with a credit limit between EGP 5,000 and EGP 1,000,000
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 56 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.
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.
Kenana Types :
MasterCard Classic (Kenana)
limits | Details |
Limit of Online Purchasing Inside Egypt | Within the card credit limits with Maximum a limit of 8 times daily |
Limit of Online Purchasing Outside Egypt (In case the customer has informed the bank of the travel) (within the monthly purchase limit outside Egypt) | 3000 EGP Monthly |
Contactless purchase limit without pin inside Egypt | 600 EGP per transaction with maximum 15 consecutive transaction |
Contactless purchase limit without pin outside Egypt | Equivalent to 1500 EGP per transaction with maximum 15 consecutive Transaction |
Local purchase transactions | Within the card credit limits |
International purchase transactions(In case the customer has informed the bank of the travel) | 3000 EGP Monthly |
International monthly purchase limit ((in case the customer hasn’t informed the bank of the travel) | 3000 EGP Monthly |
Local cash withdrawals (ATM) | 50% of the credit limit |
P.O.S cash withdrawal from BM Branches | 50% of the credit limit |
International cash withdrawals(In case the customer has informed the bank of the travel) | 50% of the credit limit |
Credit Limit
- Enjoy credit limit starting from EGP 2000 up to less than EGP 5000
Fees and charges
Fees and charges | Details |
Issuance | EGP 150 |
Renewal | EGP 150 |
Supplementary cards issuance and renewal | EGP100 |
Reissuance of are placement for lost or damaged cards | EGP100 |
Cash withdrawals through BM ATMs and P.O.S and other banks’ machines within Egypt | 5% of the amount withdrawn with minimum EGP50 |
Inquiry about the available balance via BM ATMs | Free |
Inquiry about the available balance via Other banks’ ATMs inside Egypt | EGP 1 pertransaction |
Inquiry about the available balance via ATMs outside Egypt | EGP 3 pertransaction |
Murabaha rate | 3% monthly |
Penalty for delay | EGP75 |
Exceeding credit limit | EGP75 |
Cash withdrawals outside Egypt | 5% of the transaction’s value + EGP 50 pertransaction |
Transactions outside Egypt (cash withdrawals – purchases) | 10% of the transaction’s value |
Disputing on any transaction through (Fax, Email or Call Centre) and it is proven that the customer is not entitled to dispute on such transaction | EGP 50 |
Printing certified transactions statement starting from the following month | EGP 20 |
Requesting clearance letter, certificate of indebtedness or to whom it may concern letter | EGP 50 |
MasterCard Titanium (Kenana)
Usage limits
Usage Limits | Details |
Limit of Online Purchasing Inside Egypt | Within the card credit limits with Maximum 400000 EGP per Month with a limit of 8 times daily |
Limit of Online Purchasing Outside Egypt (In case the customer has informed the bank of the travel) (within the monthly purchase limit outside Egypt) | 10,500 EGP Monthly |
Contactless purchase limit without pin inside Egypt | 600 EGP per transaction with maximum 15 consecutive transaction |
Contactless purchase limit without pin outside Egypt | Equivalent to 1500 EGP per transaction with maximum 15 consecutive Transaction |
Local purchase transactions | Within the credit limits of the card |
International purchase transactions (In case the customer has informed the bank of the travel) | 25,000 EGP Monthly |
International monthly purchase limit (in case the customer hasn’t informed the bank of the travel) | 25,000 EGP Monthly |
Local cash withdrawals (ATM) | EGP 20000 Daily: EGP 16000 from BM ATMs EGP 4000 from Other Banks' ATMs |
P.O.S cash withdrawal from BM Branches | with max limit 150000 daily |
International cash withdrawals (ATM & POS) (In case the customer has informed the bank of the travel) | 3000 EGP Monthly |
Credit Limit
- Enjoy credit limit starting from 5000 EGP up to less than 1,000,000 EGP
Fees and charges
Fees and charges | Details |
Issuance | EGP 300 |
Renewal | EGP 300 |
Supplementary cards issuance for renewal | EGP200 |
Reissuance of a replacement for lost / damaged cards | EGP150 |
Cash withdrawals through BM ATMs and P.O.S and Other banks’ machines within Egypt | 5% of the amount withdrawn with minimum EGP50 |
Inquiry about the available balance via BM ATMs | Free |
Inquiry about the available balance via Other banks’ ATMs inside Egypt | EGP 1 pertransaction |
Inquiry about the available balance via ATMs outside Egypt | EGP 3 pertransaction |
Murabaha rate | 3% monthly |
Penalty for delay | EGP 75 |
Exceeding credit limit | EGP 75 |
Cash withdrawals outside Egypt | 5% of the transaction’s value + EGP 50 per transaction |
Transactions outside Egypt (cash withdrawals – purchases) | 10% of the transaction’s value |
Disputing on any transaction through (Fax, Email or Call Centre) where it is proven that the customer is not entitled to dispute on such transaction | EGP 50 |
Printing certified transactions statement starting from the following month | EGP 20 |
Requesting clearance letter, certificate of indebtedness or to whom it may concern letter | EGP 50 |
