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.”
“These new products complement the growing demand for Islamic banking products in the UAE. Credit cards have always supported the growth of Islamic banking in the UAE, as industry reports show that half of issued 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.
With the credit card’s extensive benefits and rewarding structures, cardholders are able to save with every spending.
Cardholder perks include up to 2% SaveBack on all retail transactions with easy and multiple redemption options. One of the benefits is called SaveBack where you can earn with every transaction. Other perks extend to exclusive access to airport lounges, free and discounted taxi rides, flight and hotel discounts, online discounts and other lifestyle privileges. The cards also come with free takaful insurance packages, which include credit shield, travel insurance and more.
Aafaq introduced a special program named “Mazaya Program”, which offers direct discounts and benefits at various merchants in the UAE. Merchants include prominent names from entertainment, healthcare, dining, retail, travel and tourism sectors.
In addition, Aafaq platinum credit cards offer easy payment plans, finance on phone, balance transfer features with a payment holiday facility.
To ensure a smooth customer experience, Aafaq credit cards offer multiple repayment options and announced plans to further launch a mobile application exclusively for cardholders. Through the app, cardholders will be able to track their spending, and will have access to real time updates on their credit cards.
“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 the discounts and benefits that they come with, but also in terms of efficiency and security,” Al Shehhi said.
Moving forward, Aafaq will be engaging in ambitious development plans to widen its clientele, specifically targeting retail and SME segments.