About
Are you real, and are you licensed?
This page states the actual current status, whatever it is. It is reviewed at every release, because a stale claim about a licence is a regulatory issue and not a copy issue.
Current status
- Regulator
- Central Bank of Kuwait
- Registration
- Application in progress for registration as an E-Payment Service Provider under the Instructions for Regulating the Electronic Payment of Funds (Resolution 45/471 of 2023). We are not yet authorised to issue cards.
- Card issuance
- BIN sponsorship is under negotiation with a Visa principal member. No cards are being issued.
- Sharia governance
- The four-contract structure has been submitted to an independent Sharia Supervisory Board for ruling. No ruling has been issued.
- Data protection
- Kuwaiti law. PCI DSS applies to card data, which is handled by the processor and not by this website.
- Complaints
- Our published complaints process, with escalation to the Central Bank of Kuwait.
What we are not claiming
We are not describing ourselves as licensed, we are not describing the product as Sharia-compliant, and we are not issuing cards. Each of those becomes true on a specific date, and this page changes on that date rather than before it.
Why this page is worded so carefully
Three parties read this site before any customer does: a bank considering BIN sponsorship, a regulator considering registration, and a board considering a ruling.
A site that overstates any of the three in front of the other two is not a marketing problem. It is the fastest available way to lose all three.
Registration with the Central Bank of Kuwait is in progress. We are not yet authorised to issue cards.
Our four-contract structure has been submitted to an independent Sharia Supervisory Board for ruling.
BIN sponsorship is under negotiation with a Visa principal member.
Depozit does not offer credit. There is no credit line, no revolving balance, and no interest charged or paid on any part of this product. The guarantee covers 90% of the KD 500 ceiling; the remaining KD 50 is the cardholder's own responsibility.