Kuwait International Bank Releases Third Visa Prepaid Card (Feb. 7, 2013)
Feb. 7, 2013
Kuwait International Bank (KIB) has launched a new Visa-branded prepaid card, adding a third prepaid product to the bank’s offerings. The card’s release was timed to coincide with the country’s National & Liberation Day. “The national celebrations are an important aspect of Kuwait’s society, and Kuwait International Bank is taking part in the festivities of the national holidays through the launch of the Visa Prepaid card,” said Loai Maqamis, the bank’s CEO, who added that the design of the card takes inspiration from “the distinctive national character of these celebrations.” The cards are available to the bank’s customers and non-customers.
KIB’s new prepaid card follows the bank’s September 2011 release of a prepaid travel card and gift card. The growth of prepaid cards in the Middle East has been aided by Islamic law’s prohibition on charging interest, which limits the popularity of traditional credit cards in the region.
