Industrial Development Bank (IDB) has signed a cooperation protocol with ElTarek for Automotive Trading, Importing and Distribution to launch co-branded Mastercard credit cards, marking the first collaboration of its kind between the two companies.
The cards will target ElTarek customers, including new car buyers and service centre customers, and will be available across three tiers: Titanium, Platinum and World Elite. Cardholders will benefit from a range of offers and privileges provided by IDB, ElTarek and Mastercard, designed to enhance their everyday payment experience.
World Elite Mastercard cardholders will also gain access to The Mastercard Collection, a suite of premium dining, entertainment and travel benefits available through a global network of participating partners.
These benefits include priority access to sought-after restaurants, exclusive entertainment experiences and enhanced airport services, giving eligible cardholders access to curated experiences at participating destinations worldwide, both at home and while travelling.
The initiative underscores IDB’s commitment to diversifying its banking products and services, expanding its customer base and developing strategic partnerships across key economic sectors. It also supports the growth of the bank’s retail banking business and the transition towards digital payments through innovative, customer-focused solutions.
Hussein Refaie, CEO and Managing Director of IDB, said the protocol marked an important step in the bank’s strategy to strengthen its retail banking presence and introduce products that directly address customers’ needs.
“Our partnership with ElTarek, a leading company in the automotive market, reflects our commitment to reaching new customer segments through innovative solutions,” he said.
He added that the bank was focused on providing a seamless experience, from the application process to everyday card use, while ensuring that cardholders derive tangible value from the product.
“Together with ElTarek and Mastercard, we remain committed to providing a secure and reliable payment experience,” Refaie said.
For his part, Tarek Hayman, Head of Business Development at ElTarek for Automotive, said the company’s relationship with customers extended well beyond vehicle delivery, as it sought to build lasting relationships throughout the vehicle ownership journey, including through its service centres and after-sales services.
The collaboration enables the company to offer a banking product that adds further value to its relationship with customers, he said, expressing interest in building on the partnership and exploring further opportunities for cooperation.
Mohamed Assem, Country Manager for Egypt, Iraq, Lebanon and Syria at Mastercard, said Egypt’s payments landscape continued to evolve, with digital payments becoming increasingly integrated into the customer journey.
Through its collaboration with IDB and ElTarek, Mastercard is combining its technology and expertise with tailored benefits to provide secure, seamless and rewarding payment experiences for car owners, from vehicle purchases to everyday spending, while supporting the continued growth of Egypt’s digital economy, he added.
Customers interested in obtaining the cards can apply through IDB branches and ElTarek showrooms.
