Emirates Islamic partners with Union Coop to launch co-branded card

November 04, 2014

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced a strategic partnership with Union Cooperative Society (Union Coop.), the leading consumer cooperative society in Dubai to launch the Emirates Islamic Union Coop. Tamayaz co-branded card.

The new Emirates Islamic Union Cooperative Card strengthens the bank's offering to its customers in the UAE, and offers a strong value proposition to Union Coop customers. Co-branded card customers will automatically be enrolled to Union Coop's Tamayaz rewards programme in addition to Emirates Islamic's Choice points and Mazaya Offers programmes. For Union Coop. transactions, the card customers will receive accelerated Choice points in addition to Tamayaz points, with the option of redeeming Choice points into Tamayaz points, earning the equivalent of up to 3.67 per cent discount on Union Coop purchases. Additionally, all transactions outside Union Coop. will also offer Choice points, for added customer benefits. The new co-branded card will be hosted on the Visa Platinum platform, offering rich benefits to customers such as global travel offers, shopping rewards and other lifestyle privileges.

"Emirates Islamic has joined hands with Union Coop. as part of a long-term, strategic and exclusive partnership. We have a shared historic commitment to customers in the UAE, with strong focus on UAE Nationals," said Faisal Aqil, Deputy CEO - Consumer Wealth Management, Emirates Islamic. "This partnership, leveraging Emirates Islamic's branches and payment solutions combined with Union Coop.'s extensive retail network will bring significant value to our customers."

The co-branded cards will carry a Tamayaz barcode, replacing the need for customers to carry two separate cards. In addition, the new cards incorporate the Visa PayWave contactless technology, which enables quicker transactions and increased customer convenience. Contactless purchasing will be made available through enabled-POS machines on low amount transactions. The cards can be used locally or internationally on any POS, ATM or for online transactions.

The Emirates Islamic Union Coop. Tamayaz Card also comes in a pre-paid variant, targeted at customers who want to better control their spending and budget, while benefitting from many of the card's features.

Khaled Al Falasi, General Manager, Union Coop. said, "This is a first-of-its kind partnership for Union Coop. and in Emirates Islamic we found a like-minded partner - this is a strategic relationship that will enhance our value proposition to loyal customers. The co-branded payment cards position Union Coop. as a market leader and our customers can reap combined rewards from Emirates Islamic's loyalty programmes in addition to our popular Tamayaz offering."

As a limited period offer, all new Emirates Islamic Union Coop. Tamayaz cardholders will enjoy 10 per cent cash back, up to a maximum of AED 300, on their Union Coop purchases in the first two months, in addition to double points in the first month.

Union Coop. has 10 branches spread over strategic areas across Dubai. In addition, Union Coop. manages Ajman Markets Cooperative Society in Ajman and the Armed Forces Society in Abu Dhabi as per management and operating contracts.