Majid Al Futtaim (MAF) Group, a retail, leisure and entertainment major, has joined hands with two Japanese firms, to enter the credit card business, a report said.

The joint venture between MAF and Japan's Orix Corporation and JCB International also unveiled the Najm JCB card, a credit card which offers huge discounts, hassle-free payments and other benefits to shoppers in the UAE, according to the Gulf News report.

While JCB International is Japan's sole international credit card brand, Orix is a financial services group.

'This card is a shopper's card. The benefits we're offering are different because we are focusing on providing value for money for shoppers. For one, there are major discounts at Carrefour on any other brands and, on top of that, members can avail themselves of cash back on all purchases,' said Rasool Hujair, chief executive officer of MAF JCB Finance.

The new company is looking to capture 20 per cent of the UAE credit card market in the next five years.