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29 March 2024

Mawarid Finance, MasterCard launch unique Shariah-compliant credit cards

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Dubai-based Mawarid Finance and MasterCard today announced the launch of unique Shariah-compliant credit cards which deliver a mix of benefits and rewards in addition to global acceptance.

Falak Tayyeb MasterCard Credit Cards are offered under Murabaha and Wakalah contracts.

Falak Tayyeb World MasterCard Card is an exclusive product with a spending limit of up to half a million dirhams that will be offered by invitation only to high-net-worth customers.

Cardholders are entitled to a host of unique privileges and premium services as part of the MasterCard World platform. The card offers worldwide acceptance at more than 35.9 million merchant outlets across more than 210 countries and territories.

In addition to the World MasterCard program, Mawarid Finance is also launching Falak Tayyeb Platinum MasterCard Card targeted at the affluent segment, offering a card limit of up to Dh250,000. Benefits available on this card include a suite of insurance offerings and unlimited lounge access at selected airports.

Mohamed Al Nuaimi, CEO, Mawarid Finance, said: "Mawarid has always been at the forefront of providing unique and innovative Shari’ah-compliant products to its customers, especially for those who look for Islamic and halal alternatives in the banking sector. This ensures not only do customers receive market leading products, but remain with us and form a long term relationship.

“The Falak Tayyeb MasterCard Credit Card came out after a challenge laid down to our Shari’ah Department to come up with a structure that was truly Islamic in that only when the customers use their card would they be required to pay service charges and not the current Islamic trend of a fee paid monthly regardless of card usage. I am proud to announce once again Mawarid has come up with a segment changing, unique and pioneering product that will lay the trail for others to follow. It is therefore fitting we launch Mawarid’s Falak Tayyeb MasterCard Credit Card to support and demonstrate His Highness Sheikh Mohammed Bin Rashid’s announcement earlier this year that Dubai shall be the world’s number one centre for Islamic finance and other businesses based on Shari'ah principles."

Falak Tayyeb MasterCard Credit Card includes many features such as, cash withdrawal, balance transfer, monthly statements and SMS Smart Alert, 3D secured e-commerce transactions, fraud monitoring, contact centre and competitive profit rates, as well as the MasterCard World and Platinum programs.

Dr. Ahmed Bin Abdul Aziz Al Haddad, Grand Mufti, Awqaf & Islamic Affairs Department in Dubai, said: "Customers are in need of credit cards which are suspicions-free to keep themselves from the haram practices in their life. Therefore, Islamic banks and financial institutions must do their best to provide Shari’ah-compliant products to the people, and also to translate the vision of Dubai being the Capital of Islamic Finance to become a true financial system to meet the satisfaction of the customers and first of all to satisfy Allahu Subahnahu wa Ta'ala".