Waha bank offers interest-free prepaid card loan for Eid ram
By Sami Zaptia.
London, 19 July 2020:
In line with several other banks, Waha bank is also offering its customers an interest-free prepaid card loan for the purchase of the Eid Al-Adha (Feast of Sacrifice) ram. The loan is for a maximum of LD 3,000, well over the price of a decent Eid ram at LD 1,200 to 1,600.
The loan is charged on to the ‘‘Idhity’’ prepaid card.
As mentioned, other banks including Sahary and Aman banks are offering a similar deal.
The multiple Eid ram loan offers on the Libyan market highlights a number of interesting points. They highlight the increased importance of interest-free (Islamic) loans and services by Libyan banks since interest-bearing loans were banned.
The offers also highlight the increased competition between Libyan banks and their willingness, post the Qaddafi era, to start offering new services tailored to their consumers., The fact that the loans are preloaded on prepaid debit cards also highlight the increased role of e-banking in Libya away from cash – in view of the country’s cash crisis.
Finally, from a cost of living perspective, the fact that Libyans today need a bank loan to buy their annual sacrificial ram highlights the increased prices of rams and the decreased incomes/spending powers of Libyans.