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Sharia-compliant credit cards launched

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Sharia-compliant credit cards launched
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Dubai: Aafaq Islamic Finance, a leading financial company in the UAE, in collaboration with Mastercard, has launched unique Sharia-compliant credit cards, boosting its retail segment and capturing the growing credit card market in the country.

Aafaq’s retail business expansion is in response to the increasing demand for Sharia-compliant banking products and services in the country, where more than 50% of customers use Islamic banking products. Because of the continuous rise in the demand from different ethnic groups of customers, Islamic banking products have outpaced growth in conventional banking, a trend that is expected to continue, especially in the retail sector.

Saif Ali Al Shehhi, Managing Director & CEO of Aafaq Islamic Finance, said:  “We are very excited to introduce this new set of Aafaq platinum credit cards which targets customers with active lifestyle, offering them a list of exciting benefits and privileges and giving them the opportunity to maximise their savings throughout their day-to-day spending.”

A press release issued by Aafaq Islamic Finance says that the new credit cards would meet the growing demand for Islamic banking products in the country.  Credit cards have always supported the growth of Islamic banking in the UAE,  and as per industry reports half of credit cards in the market are Sharia-compliant.  "We are glad to be part of this growth, and the launch of these new products is an important step in that direction,” Al Shehhi added.

Aafaq platinum credit cards have three different variants – Aafaq Platinum, Aafaq Business-covered platinum, Aafaq Retail-covered Platinum – each with its own features serving specific market segment needs.

Aafaq platinum credit cards offer easy payment plans, finance on phone, balance transfer features with a payment holiday facility.  They also come with multiple repayment.  Through a soon to-be-launched mobile app,  cardholders will be able to track their spending, with real-time updates.

“We believe that investing in technology will help Islamic financial Institutions to compete more with conventional ones, and ensure that Aafaq customers get the most out of the experience of using the credit cards, not only with their discounts and benefits,   but also in terms of efficiency and security,” Al Shehhi said.

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