Etihad Credit Insurance launches ‘ECI Islamic’ to boost UAE’s halal trade industry

According to the State of the Global Islamic Economy Report 2019/20, commissioned by the Dubai Islamic Economy Development Centre, DIEDC, and …

DUBAI, 21st October, 2020 (WAM) — Etihad Credit Insurance, ECI, the UAE Federal export credit company, has launched its Shariah-compliant export credit solutions under ‘ECI Islamic’ in order to boost the country’s halal export industry and to cement its strong position as a global leader in the fast-growing Islamic economy.

The Federal export credit company has virtually introduced ‘ECI Islamic’ earlier today at AIM Digital 2020, the largest deal-making virtual platform for the global investment community.

The launch of this Shariah-compliant product has made ECI one of the first sovereign export credit agencies in the Middle East to offer Shariah-compliant Export Credit Insurance and Guarantee Solutions.

‘ECI Islamic’ is in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who highlighted the vital importance of the Islamic Economic system in offering a real opportunity for finding new ways to manage economic, commercial and financial growth. His Highness has pointed out that the adoption of the Islamic Economy can stimulate economic growth and create new opportunities and initiatives through collaborations between local, Islamic and international companies.

Underscoring ECI’s support to UAE businesses engaged in halal trade, ECI CEO Massimo Falcioni, said, “Through our Shariah-compliant trade credit, finance, and investment solutions, ECI stays true to its mission of supporting the UAE’s non-oil sector and boosting the competitiveness of businesses in line with the vision of our wise leaders. These solutions will provide UAE businesses operating in halal trade with a competitive advantage in the international market.”

“We aim to not only strengthen the efforts of halal exporters in the country but also to facilitate the development of new and innovative products that contribute significantly to positioning the UAE as the global leader in the Islamic economy,” he added.

Among the export credit solutions offered under ‘ECI Islamic’ include Trade Credit Insurance, which offers whole turnover policy, single risk short term policy, and single risk long term policy; Letter of Credit Confirmation Insurance; Islamic Export Finance; Foreign Investment Insurance, and Surety Bonding.

With these trade credit solutions, ECI can help companies recover the cost of fulfilling an order that is terminated by events outside their control, such as insolvencies, non-payments, and other adverse impacts of COVID-19.

In addition, companies who avail of these solutions can also get loans and additional funding capacity from banks at a concessional rate, guaranteed by ECI. The Federal export credit company can also help them tap alternative supplies through its global network of 360 million companies worldwide.

The products and services under ‘ECI Islamic’ have been reviewed and approved by Dar Al Sharia, an award-winning Islamic finance advisory firm; and re-insured by ECI’s strategic partner, the Islamic Corporation for the Insurance of Investment and Export Credit, ICIEC, a member of the Islamic Development Bank Group.

According to the State of the Global Islamic Economy Report 2019/20, commissioned by the Dubai Islamic Economy Development Centre, DIEDC, and developed by DinarStandar, Muslim spend across halal food, pharmaceutical, and Islamic lifestyle sectors is slated to grow from $2.2 trillion in 2018 to $3.2 trillion in 2024.

Falcioni said that this upward trend can further be strengthened with a more extensive use of secure trade credit because it can help businesses free up cash flow and finance growth. Trade credit is a type of commercial financing in which a customer purchases goods or services under ‘credit’ and pay the supplier at a later scheduled date. This arrangement, however, gives rise to a higher risk of non-payment – and this is where protection from ECI comes in very handy.

To show its extensive commitment to provide only the best services for companies engaged in halal trade, ECI has ensured that the products and services under the ‘ECI Islamic’ have been reviewed and approved by Dar Al Sharia.

Mian Muhammad Nazir, CEO of Dar Al Sharia, said, “ECI has worked with Dar Al Sharia to develop and launch ‘ECI Islamic’ within the ECI umbrella, to enable ECI to provide comprehensive coverage and solutions to the entire industry. We are confident that ECI Islamic has required the capability to offer innovative solutions that would help exporters achieve success in the global trade arena in a Shariah-compliant manner. Further, ECI Islamic is well placed to tap an emerging market of consumers, traders, importers and exporters leaning towards Shariah-compliant products and services.” ”UAE is a pioneer of the halal economy and we strongly believe that the launch of ECI Islamic into the halal ecosystem will create and enhance synergies with various business sectors and other stakeholders through its innovative tools, products and services. We are fully committed to supporting ECI Islamic in all its endeavours,” he added.

OppLoans Teams Up with Experian®, Steady, and BillShark Furthering its Commitment to Social …

Experian Boost™* is a free to use, first-of-its-kind product that allows customers to potentially improve their FICO® Score with alternative data.

CHICAGO, Oct. 21, 2020 /PRNewswire/ — OppLoans, a leading financial technology platform that powers banks to help middle-income, credit-challenged consumers gain access to credit, announced three new partnerships with Experian®, Steady, and BillShark. These mission-aligned organizations support OppLoans’ commitment to help customers build a better financial path through more financial resources, education and support.

Experian Boost™* is a free to use, first-of-its-kind product that allows customers to potentially improve their FICO® Score with alternative data. Customers can connect their telecom and utility accounts as well as some streaming services to instantly impact their credit scores through on-time payments.

Steady puts the power of worker-focused data and technology tools into the hands of its members to help solve their increasing income challenges. Steady makes it easier for workers to fill their income gaps, gain insights into their income, and improve their overall financial well-being. To date, over 2.1 million workers have registered with Steady.

BillShark is the leader in the bill reduction marketplace, saving customers hundreds annually by negotiating lower rates on internet, mobile, pay tv, alarm, and other similar service bills and canceling unwanted subscriptions. No savings, no fees.

“OppLoans prides itself in delivering an exceptional customer experience and it is important that we help support customers who may be experiencing additional financial difficulties beyond credit access. By expanding the tools and education we provide through partnerships with Experian Boost™, Steady, and BillShark, we can deliver these valuable financial resources to customers easily and effectively through our platform,” said Natasha Anand, vice president of social impact, OppLoans.

As part of the company’s newly created social impact strategy, OppLoans focuses its efforts on mission-aligned partnerships that can directly help consumers mitigate additional financial difficulties and provide financial wellness education. OppLoans also partners with SpringFour, a fintech that connects customers to trusted financial resources to build financial wellness.

“All of our partners support our company mission to build financial inclusion and credit access and to help customers graduate to a better financial path,” adds Anand.

Founded in 2012, OppLoans, in partnerships with banks and its mobile-first platform, facilitates the issuance of small dollar loans to credit-challenged, middle income consumers who are turned away by traditional financial providers. Through its mission, OppLoans seeks to provide financial inclusion and credit access through the best available products and an unwavering service commitment to customers.

About OppLoans

OppLoans is a leading financial technology platform that powers banks to offer accessible products and a top-rated experience to middle income, credit-challenged consumers. Through our unwavering commitment to customer service, we help consumers who are turned away by traditional providers build a better financial path. The company has facilitated the issuance of more than 1 million loans and has served more than 550,000 customers. OppLoans has been ranked as an Inc. 5000 company for five straight years and named the eighth fastest-growing Chicagoland company by Crain’s Chicago Business. The company maintains an A+ rating from the BBB and maintains a 4.9/5 star rating with more than 12,000 online customer reviews, making it one of the top customer-rated financial platforms online. For more information, please visit

*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.

Media Contact: Wendy Serafin, vice president of communications – [email protected]


Related Links

US Fintech Possible Secures $11 Million Through Series B Funding Round Led By Union Square …

Possible, a U.S.-based fintech startup, announced on Tuesday it secured $11 million through its Series B funding round, which was led by Union …

Money Benjamin Dollars 100Money Benjamin Dollars 100

Possible, a U.S.-based fintech startup, announced on Tuesday it secured $11 million through its Series B funding round, which was led by Union Square Ventures with participation from existing investors Canvas Ventures, Unlock Venture Partners, Columbia Pacific Advisors, Union Bay Partners, Tom Williams, and FJ Labs. The company also reported it has secured $80 million in new debt financing from Park Cities Advisors.

Founded in 2017, Possible stated that its mission is to bring financial fairness to underserved communities by providing the financial tools to overcome day-to-day challenges, protect in an emergency, and build towards a better financial future.

Through our mobile app, Possible Finance provides a friendlier alternative to payday loans that’s less expensive, easier to repay, and builds credit. Applying takes under a minute and anyone can apply since there is no credit check.”

Tony Huang, Possible’s CEO further explained the company’s services by noting:

So many people who live paycheck to paycheck can’t afford to build credit history. We’re helping them do it for the first time while providing them with a friendlier and more affordable small-dollar loan.

Speaking about the investment round, Tyler, Possible CTO, shared:

Being fully distributed allows us to access the talent pool of the entire world. Our success so far is a reflection of the quality of our people, and we believe hiring globally will allow us to find exceptional people to join us in achieving our mission.

Funds from the funding round will be used to continue the development of Possible’s platform.

Global Alternative Lending Market 2020 Growth Trends, Industry Forecast 2025 After Covid-19 …

OnDeck. Avant Funding Circle Zopa Lendix RateSetter. Mintos Auxmoney CreditEase. Lufax Renrendai Tuandai maneo. Capital Float Capital Match

Global Alternative Lending Market Dynamics

This QY Research report on Global Alternative Lending market aspires to serve as a requisite guide and ready-to-refer handbook to assist readers in identifying major growth influencers, prevalent opportunities as well as tried and tested business techniques that collectively lead to optimistic growth output, despite challenges and unprecedented events.

Request a PDF Sample Copy of this report @

The report has included significant details about various facets covering manufacturer activities to offset the challenges prevalent during COVID-19. This report by QY Research further sheds light on a slew of factors presented as under:

Drivers and Influencers: This particular segment of the report specifically addresses and discusses elements that directly leverage high potential growth in the global Alternative Lending market

Limitations and Restraints: In this section, readers are presented with decisive understanding on various growth deterrents as well as barriers prevalent across regions, with country-specific derivation, conclude research professionals at QY Research.

Opportunities: A clear reference of numerous growth opportunities as well as plausible growth enablers that collectively induce a rewarding growth trail.

Top Manufacturers:

Lending Club






Funding Circle











Capital Float

Capital Match


Place a Direct Purchase order @

Type & Application based Analysis: Global Alternative Lending Market

Further in the subsequent sections of the report, this elaborate research presentation by QY Research on global Alternative Lending market also portrays minute details in terms of workability and diverse applicability of the various products, mimicking end-user segment needs.

This dedicated section of the report presents in-depth analysis of the market that identifies the market into a broad category of product types developed and commercialized in terms of user needs and convenience.


P2P Lending







Gauging Region-wise Growth: Global Alternative Lending Market

• Furthermore in the report by QY Research, with significant advances in regional domain, the report exhibits decisive information and thorough understanding on a range of regional domains in the aforementioned Alternative Lending market, illustrating inputs on crucial growth hubs comprising marketing strategies that collectively lead to high end growth and steady revenue generation in the global Alternative Lending market.

• Additionally, QY Research report also portrays a clear outlook of country-specific events and developments that have also been minutely examined in the report to induce clear understanding amongst report readers and aspiring new entrants besides optimally influencing revenue generation business discretion amongst lead players in the global Alternative Lending market.

Browse the complete report @

Chase 5/24 Rule: What You Need To Know (2020)

This is a page that’s part of Credit Karma’s older interface that isn’t otherwise accessible off the main site anymore, and it’s also the only part of the site …
In the interest of full disclosure, OMAAT earns a referral bonus for anyone that’s approved through some of the below links. These are the best publicly available offers (terms apply) that we have found for each product or service. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, hotel chain, or product manufacturer/service provider, and have not been reviewed, approved or otherwise endorsed by any of these entities. Please check out our advertiser policy for further details about our partners, and thanks for your support!The offer for the IHG® Rewards Club Premier Credit Card has expired. Learn more about the current offers here.

The major banks have all kinds of rules when it comes to approving people for credit cards. Probably the most well known of these rules — and also the most complicated to understand — is the Chase 5/24 rule.

In this post I wanted to take a closer look at how exactly this rule works, how you can check your 5/24 “status,” and the best strategy to take when applying for Chase cards in light of this.

You’ll want to understand the Chase 5/24 rule if you plan on applying for one of Chase’s popular cards, like the Chase Sapphire Preferred® Card or Ink Business Preferred® Credit Card.

In this post:

What is the Chase 5/24 rule?

The Chase 5/24 rule limits your ability to be approved for Chase credit cards, based on how many other cards you’ve applied for in the past two years. With the 5/24 rule, you typically won’t be approved for a Chase credit card if you’ve opened five or more new card accounts in the past 24 months.

Why does Chase have the 5/24 rule? Well, all credit card issuers have rules in place to attract new cardmembers. Given how generous sign-up bonuses are on many cards, they create certain rules and restrictions intended to encourage profitable consumer behavior.

While Chase has never publicly explained this, my assumption is that customers are more likely to be profitable if they fall under the 5/24 limit. Of course, there’s no perfect system, but it seems that Chase’s metrics suggest this is working, because the rule has been expanded significantly since it was first introduced several years ago.

Which cards are subjected to the Chase 5/24 rule?

Nowadays virtually all Chase cards are subjected to the 5/24 rule. When the Chase 5/24 rule was first introduced only certain cards were subjected to it, but in 2018 the rule was expanded to all Chase cards.

Some of Chase’s most popular personal credit cards (which are subjected to this rule) include the following:

Some of Chase’s most popular business credit cards (which are subjected to this rule) include the following:

Are business cards subjected to the Chase 5/24 rule?

This is a point that confuses people. As you understand by now, Chase’s 5/24 rule means that you won’t be approved for a Chase card if you’ve opened five or more new card accounts in the past 24 months.

There’s an exception, though — most business card applications (from Amex, Bank of America, Barclays, Chase, and Citi) don’t count towards the 5/24 limit. Why? Because business accounts opened with these issuers typically don’t show on your personal credit report.

However, if you want to be approved for a Chase business card, you’ll still need to be below the 5/24 limit, based on what’s counted.

To summarize:

  • Chase business cards are subjected to the 5/24 rule, meaning that you can’t be approved for them if five or more new card accounts show on your personal credit report in the past 24 months
  • When you do apply for a Chase business card, it won’t count as an additional card towards that limit (because it won’t show on your personal credit report)

In case that’s still confusing, let me give an example:

  • If you’re at 4/24 (based on four cards showing on your personal credit report) and you apply for a Chase business card, you’ll still be at 4/24
  • You could then apply for another Chase business card, and even if you’re approved for that, you’ll still be at 4/24
  • If you then apply for a Chase personal card, you’ll be at 5/24 (since the personal card shows on your personal credit report)

How do you check your Chase 5/24 status?

For some people it can be tough to determine if you’ve opened five or more new card accounts in the past 24 months. Furthermore, it’s not like Chase can tell you if you’re at the limit or not, given that the limit is based on your applications with all card issuers.

What’s the best way you can determine if you’ve surpassed the Chase 5/24 limit or not? My preferred way of looking it up is through Credit Karma. You can register for Credit Karma for free, which is an easy process.

You’ll just need to enter some personal information and then verify some security questions, all of which should take just a couple of minutes.

Once you’ve registered and are logged into your Credit Karma account, follow this link. This is a page that’s part of Credit Karma’s older interface that isn’t otherwise accessible off the main site anymore, and it’s also the only part of the site that will show you the accurate info you need.

This page will show your entire card history. On this page, click the “Open Date” button, which will sort all of these accounts based on when they were opened (if you push it twice you’ll see the most recent inquiries at the top, rather than at the bottom).

That will show you all the cards you’ve opened. For example, in my case, here are my most recent card openings:

  • I opened my most recent card on December 13, 2019
  • I opened my second most recent card on October 29, 2019
  • I opened my third most recent card on October 6, 2019
  • I opened my fourth most recent card on October 1, 2019
  • I opened my fifth most recent card on June 4, 2019

In other words, if I didn’t apply for any other cards, I would once again be under the 5/24 limit 24 months after June 4, 2019 (which puts me to June 2021).

It is worth noting that it can sometimes take a while for recent applications to show on your credit report, so if you’ve applied for a card in the past few weeks, it may not be on there yet.

Chase 5/24 rule FAQs

There are some further nuances when it comes to Chase’s 5/24 rule, so I think those are probably best addressed in the form of some frequently asked questions.

Are there exceptions to Chase’s 5/24 rule?

Nowadays there aren’t any major exceptions to Chase’s 5/24 rule. In the past being a Chase Private Client or getting a targeted offer was potentially a workaround, but that’s not the case anymore.

Do mortgages, loans, etc., count towards the 5/24 limit?

Chase’s 5/24 rule is based on having opened five or more new card accounts in the past 24 months. Other credit inquiries, including car loans, mortgages, etc., don’t count towards the 5/24 limit.

How long after falling under the 5/24 limit should you apply for a card?

I recommend waiting until the beginning of the following month after you fall under the 5/24 limit before applying for a card.

In other words, if your fifth most recent card application was on June 4, 2019 (as is the case for me), then 24 months from then would be June 4, 2021. However, I’d wait until July 1, 2021, to apply for a card, since often falling underneath the limit isn’t instant.

Does Amex have a 5/24 rule?

The 5/24 rule is specifically a Chase credit card approval guideline. Every card issuer has different restrictions on approving members for cards, though the 5/24 rule is only a factor when applying for Chase cards.

Does product changing a card affect the 5/24 limit?

There can be a lot of value to product changing or downgrading a credit card, since this allows you to preserve your credit history (which can be good for your credit score). If you do product change a credit card — whether a Chase card or not — does this count as a further card towards your 5/24 limit?

The answer is that it depends — if there’s a hard pull and/or your card number is changed, then it will typically appear on your credit report as a new account, and would count towards that limit. Meanwhile if there’s no hard pull and the card number stays the same, then generally it wouldn’t count as a card towards that limit.

Does being an authorized user on a card count towards the 5/24 limit?

If you’re the authorized user on someone else’s credit card, does that count towards the 5/24 limit? Unfortunately it usually does, at least in situations where you need to provide your social security number to be an authorized user. This can be a reason to minimize the number of cards on which you’re an authorized user.

Do charge cards count towards the 5/24 limit?

Yes, charge cards count towards the 5/24 limit, unless they’re business cards. For those of you not familiar with charge cards, some Amex cards are designated as such, and the distinction is that you have no set credit limit, and you have to pay your balance in full every month.

Since these cards still show on your personal credit report, they would count towards the Chase 5/24 limit.

Can you be added as a Chase authorized user if you’re over the 5/24 limit?

If you’re over the 5/24 limit you can still be added as an authorized user on someone else’s Chase cards. You just can’t outright be approved for your own Chase card.

What is the Chase 2/30 rule?

With Chase’s 2/30 rule, you will typically be approved for at most two personal Chase cards in a 30 day period (and you can typically be approved for at most one business card in that period). This is an additional restriction for Chase approvals, beyond the 5/24 rule.

Best Chase 5/24 credit card application strategy

With most questions about the Chase 5/24 rule (hopefully) answered, I wanted to provide some advice for the best approach to take towards credit card applications in light of this restriction.

Apply for Chase cards before other cards

While all major card issuers have application restrictions, Chase’s restrictions are the strictest when it comes to considering the cards you’ve applied for with other card issuers. As a result I’d recommend applying for Chase credit cards early on in your credit journey.

In other words, if you’re interested in cards from Amex, Chase, and Citi, pick up the Chase cards first.

Apply for Chase business cards before personal cards

If you’re interested in applying for both personal and business Chase cards, make sure you apply for business cards first. As explained above, while both personal and business Chase cards are subjected to the 5/24 rule, applying for a Chase business card doesn’t count as a further card towards that limit. That’s because a Chase business card won’t fully display on your personal credit report.

In other words, get the Ink Business Preferred® Credit Card before you get the Chase Sapphire Preferred® Card.

Apply for “hub” Chase cards first

There are so many great Chase cards, so it can be tough to choose which card to apply for first. You’ll want to be sure you get the “key” cards first, which can help you maximize the value of other cards, especially within the Ultimate Rewards ecosystem.

If you’re looking for a personal credit card strategy:

If you’re looking for a business credit card strategy:

Chase 5/24 rule bottom line

Chase has a lot of great travel rewards credit cards that are worth acquiring for anyone looking to maximize their credit card strategy. When it comes to being approved, the 5/24 rule is the most important restriction to understand. With this, you typically won’t be approved for Chase cards if you’ve opened five or more new card accounts in the past 24 months.

Hopefully the above answers any of the questions you may have about this rule, so that you can get the best Chase cards possible.

What has your experience been with the Chase 5/24 rule? Do you have any questions about the rule that I haven’t answered?