World Elite Islamic Mastercard Credit Card

What makes this card Islamic

Riyad Bank builds this card on a Tawarruq contract. The bank sells you a commodity on credit at a marked-up price, you sell that commodity to somebody else for cash, and the cash becomes your spending limit.

Riyad Bank's own Islamic card terms set out the contract in their Arabic version. If you do not clear your balance in full by the due date, commodities are bought on murabaha and sold for cash to settle what you owe, at a profit margin for one month. Buying on murabaha in order to sell for cash is a tawarruq. The bank calls it murabaha, and the English version of the same terms leaves this sentence out. The arrangement rests on the bank's Shariah Committee resolution for its Islamic credit card, signed 16 July 2007.

Approved by Riyad Bank Shari'a Committee (independent), under the supervision of Saudi Central Bank (SAMA).

What it costs

Every figure below comes from Riyad Bank’s own published documents. Where the bank does not publish a number we say so rather than estimate it.

Annual fee

SAR 1,500Free for Private Banking customers for as long as they continue with the programme's membership.source

Supplementary card

SAR 0Annual Membership Fee (Additional Credit Card) Free; Annual Membership Fee (Supplementary Credit Card) Free.source

Profit rate

2.2% a month on the outstanding balanceBank states under "Annual Percentage Rate": 2.2% per month, 34.46% per annum.source

APR, as the bank publishes it

34.46%An APR absorbs the annual fee and other charges as well as the profit rate, so it is higher than the profit rate above. It is the closest thing to a like-for-like cost comparison.source

Cash withdrawal

3% for transactions below SAR 2,500, with a maximum of SAR 75 for transactions equal to or above SAR 2,500.

Late payment

SAR 50

Foreign currency spend

1.9% on top of the exchange rate

Replacement card

SAR 15

Takaful cover

Credit Shield (optional): 0.49% of the total outstanding balance, added to the card account every month.

What you get back

• Domestic purchases: 2 Hassad Points per SAR 1
• International purchases: 2.5 Hassad Points per SAR 1
• 500 complimentary Hassad points after enrolling in the Hassad Rewards programme

Other benefits

• Unlimited complimentary lounge access for cardholder and one guest to 1,000+ Marhaba and CAC lounges in 450+ cities via Mastercard Travel Pass (USD 32 per additional guest)
• Mastercard Travel Pass Fast Track priority security access
• 24/7 Mastercard VIP concierge
• Travel and Medical Insurance up to USD 500,000
• Hertz Gold Plus Rewards President's Circle status; up to 35% off Avis

Before you apply

• All published Riyad Bank card fees exclude VAT; 15% VAT is added on top.
• Eligibility is restricted: must be segmented as a Private Banking or Family (Private) customer.
• Minimum monthly payment is 5% of the total due or SAR 200, whichever is higher.
• The 34.46% "Annual Profit Rate" does not reconcile with the 2.2% monthly rate by simple x12 (26.40%). Compound annualisation ((1+monthly)^12-1 = 29.84%) narrows but does not close the gap; this card's monthly rate does not match the World/World Elite row (2.08%) in Riyad Bank's general Islamic card T&C disclosure table, so it is priced separately from that table and the residual is not independently proven, only plausible (annual-fee inclusion). Not treated as a data error. See research/raw/SA-notes-riyad-bsf-anb-sab.md S03 addendum.

Can you get it?

Other conditions

Should be segmented as a Private Banking customer or Family (Private) customer. No minimum salary or age is published on this page.

What to have ready

• Copy of valid Saudi national ID for Saudi nationals
• Copy of valid resident Identity card or Passport for non-Saudi nationals
• Salary certificate mentioning employment start date for salaried individuals

Where these figures come from

Last checked against Riyad Bank’s published documents on 2026-08-17. Banks change fees without notice, so treat the bank’s own document as the final word, not this page.

• “Annual Membership Fee SAR 1,500 Free for Private Banking customers”
• “Annual Percentage Rate 2.2% per month 34.46% per annum”
• “Additional fee on International Transaction 1.90%”
• “Cash Withdrawal, Digital Wallet Top Up 3% for transactions below S..R 2,500, with a maximum limit of S..R 75 for transactions equal to or above S..R 2,500”
• “Late Payment SAR 50”
• “Replacement Card SAR 15”
• “Monthly Minimum Payment 5% of the total due or SAR 200, whichever is higher”
• “وفي حال عدم دفع العميل للرصيد المدين المستحق عليه كاملا خلال المدة المذكورة فسوف يقوم وكيله بإبلاغه بإجراء عملية شراء سلع بالمرابحة بغرض بيعها للحصول على السيولة النقدية اللازمة لسداد مستحقات البطاقة بهامش ربح لأجل مدته شهر واحد ويتم إجراء ذلك وفق قرار اللجنة الشرعية الخاصة ببطاقة الائتمان الإسلامية الموقع بتاريخ 16.7.2007 م. - Riyad Bank Islamic credit card terms and conditions (Arabic), clause (h) Due Date”

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