JCB and JCB International announced today that, in collaboration with ORIX Corporation (ORIX) and Majid Al Futtaim Group (MAF Group), a joint venture credit card company Majid Al Futtaim JCB Finance LLC (MAF JCB), has been established in Dubai.
Based in the UAE, whose affluent tourist resources and stable growth in consumer spending promise a growing credit card market, MAF JCB will issue JCB credit cards and promote license partners throughout the Middle East and North Africa.
MAF Group is a close partner of ORIX, who is looking to enter into new business opportunities in the Middle East. MAF Group has invested in ORIX subsidiaries in Pakistan, Oman, Egypt, as well as the joint venture corporation MAF ORIX Finance PJSC, established in the UAE in 2002.
JCB, who aims to enhance their brand throughout the Middle East and North Africa, signed a joint venture agreement with MAF Group in January 2007 through an introduction coordinated by ORIX, a strategic partner of JCB. The three companies have been proactively working together to create a card company in the Middle East that provides attractive card services not offered by any other international brand.
Benefiting from JCB's credit card business expertise and ORIX's experience in international finance, MAF JCB aims to meet the credit card needs of the market while playing a central role in strengthening MAF Group's customer services and marketing strategies.
Starting today, MAF JCB is accepting applications for the first JCB international brand card in the UAE, the Najm JCB credit card (Najm means "star" in Arabic) at Carrefour and other MAF Group operated retail facilities.
MAF JCB will look to contribute to economic growth in the region through expanding into 19 countries throughout the Middle East and North Africa, thereby further promoting the JCB international brand and presence.