UAE-based Aafaq Islamic Finance has launched Sharia-compliant credit cards to tap into the country’s growing credit card market.
The newly-launched Aafaq platinum credit card portfolio includes three variants. They are Aafaq Platinum, Aafaq Business-covered platinum, Aafaq Retail-covered Platinum- each designed for specific market segments.
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The three Sharia-compliant credit cards come with a range of benefits including cashback on retail transactions and exclusive access to airport lounges.
The customers are also entitled to discounts on taxi rides, flights, hotel bookings, among others.
The Sharia-compliant credit cards also come with free takaful insurance packages, which include credit shield and travel insurance.
The Aafaq platinum credit cards are also designed to support contactless payments.
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By GlobalDataThe introduction of the new card portfolio stems from the increasing demand for Sharia-compliant banking products in the country. According to some estimation, 50% of customers use Islamic banking products, a trend expected to rise in future.
Aafaq Islamic Finance managing director and CEO Saif Ali Al Shehhi was quoted by local media sources as saying: “These new products complement the growing demand for Islamic banking products in the UAE.”
The financial institution also revealed plans to introduce a mobile application dedicated to cardholders. The app will enable cardholders to track expenditures and receive real-time updates on their credit cards.
Additionally, Aafaq Islamic Finance aims to expedite its plans to bolster its client-base across retail and SME segments.
