Aafaq Islamic Finance has partnered with Mastercard to launch Shari’ah-compliant credit cards to boost its retail segment as well as capture UAE’s growing credit card market.
Aafaq Islamic Finance stated that its platinum credit cards have three different variants—Aafaq Platinum, Aafaq Business-covered platinum and Aafaq Retail-covered Platinum—each with its own features serving specific market segment needs.
Saif Ali Al Shehhi, the Managing Director & CEO of Aafaq Islamic Finance, said, “These new products complement the growing demand for Islamic banking products in the UAE.”
Aafaq also plans to launch a mobile application for cardholders, the app will allow cardholders 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,” added Al Shehhi.
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