MANAMA: Bahrain-based Khaleeji Commercial Bank (KHCB), an Islamic retail bank, has announced a new Visa credit card branded “Easy 36”.

The card will offer holders the option to repay a purchase made in or outside Bahrain, by default over 36 equal monthly instalments.

Cardholders can earn Gulf Air air miles on purchases in addition to 15 per cent and 10pc discounts on Gulf Air Falcon Gold class and economy class tickets respectively, purchased through the Gulf Air website.

“Easy 36′ credit card is based on “Qardh Hassan” transaction and the bank fees will be earned based on “Ijarah”, KHCB chief executive Khalil Al Meer said.

The Islamic finance term, “Qardh Hassan” refers to an interest-free loan that is typically made for the needy.