Aafaq World Elite Credit Card

What makes this card Islamic

aafaq Islamic Finance builds this card on a Murabahah contract. The bank buys the thing you want, then sells it to you at a stated cost plus a stated profit, payable later.

aafaq calls these 'Covered Cards'. Key Facts Statement, Shariah Structure section: "Our credit cards operate under a Shariah-compliant Murabaha structure. Murabaha constitutes a sales contract, after you possess and purchase the commodity, you have a choice to hold the commodity or to select redeeming them to generate liquidity. As per Wakala (agency certificate from you to aafaq) Aafaq Islamic Finance will calculate the profit (the net between the Murabaha and Wakala profits) on a daily basis until the full Wakala outstanding (card available balance) is covered." So the same Murabaha-plus-Wakala 'covered card' model as Sharjah Islamic Bank: the monthly profit rate is stated as applying to the UNPAID bill, and an AED 5 'Agency Fee (Murabaha Transaction)' is charged.

Approved by Internal Shari'ah Supervision Committee (ISSC), under the supervision of Central Bank of the UAE.

What it costs

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

Annual fee

AED 1,000Waived from year 2 onwards subject to minimum spend of AED 100,000 per annum.source

Supplementary card

AED 100First 3 supplementary cards free; AED 100 from the 4th card onwards.source

Profit rate

3.99% a month on the outstanding balance47.88% a year as stated by the banksource

Cash withdrawal

AED 150 per transaction. Cash withdrawal limit is 90% of the card limit.

Late payment

AED 230Charged when the minimum amount due is not paid by the payment due date. Routed to a designated charity through aafaq on the cardholder's behalf under ISSC supervision, after deducting aafaq's actual collection expenses. Excludes 5% VAT.

Over limit

AED 260

Foreign currency spend

2.5% on top of the exchange rate

Replacement card

AED 75

Takaful cover

Credit Shield, optional, 1.04% per month of the current statement outstanding balance (VAT inclusive). Covers loss of life from any cause and permanent total disability.

What you get back

• Welcome offer: 20% cashback on Amazon, noon, Careem and Talabat (the benefits calculator shows 'Up to AED 50' on each of the four)
• 5% AIF Rewards on online and dining spends
• 3% AIF Rewards on international spends
• Up to 1% AIF Rewards on all other spends
• 0.15 AIF Rewards on 'special categories' (per aafaq's own benefits calculator)
• 10% cashback on school fee payments, up to AED 5,000, on a minimum AED 5,000 of eligible school fee spend

Other benefits

• First year annual fee free
• 0% balance transfer for 12 months
• 4 complimentary airport transfers to and from DXB
• 4 complimentary Marhaba Meet & Greet services at DXB
• Airport lounge access for cardholder and a guest
• Complimentary golf at any UAE course — up to 2 sessions a month, up to AED 1,000 (claim by emailing the receipt within 7 working days)
• Complimentary padel at any UAE court — up to 4 sessions a month, up to AED 500
• VOX Cinemas buy 1 get 1 free — up to 6 free tickets a month on AED 8,000 retail spend
• Valet parking — up to 6 times a month on AED 8,000 retail spend
• Mastercard Priceless offers

Before you apply

• 3.99% a month is 47.88% a year and aafaq states that APR itself in its Key Facts Statement — the highest headline profit rate found across the five institutions in this research set.
• The 2.5% non-AED transaction fee EXCLUDES scheme fees; the Key Facts Statement says Mastercard charges approximately a further 1.15% of every card transaction, so the real foreign-currency cost is around 3.65%.
• There is an over-limit fee of AED 260 — several UAE Islamic issuers have none.
• A security cheque from a UAE bank account may be required on card issuance and can be presented if payments fall overdue.
• All fees are quoted exclusive of 5% VAT.
• aafaq Islamic Finance is a finance company (P.S.C.), not a bank — it is licensed and regulated by the Central Bank of the UAE but does not take retail deposits in the way a bank does.
• The annual fee is only waived from year 2 if AED 100,000 is spent in the year — otherwise AED 1,000 plus VAT every year.
• Card replacement can be AED 1,000, not AED 75, 'for certain card designs' (metal cards) — the Key Facts Statement shows '75/1000**'.
• Golf and padel are reimbursement benefits, not direct access: you pay with the card and email the receipt within 7 working days.
• VOX and valet both require AED 8,000 of retail spend in the calendar month.

Can you get it?

Minimum income

AED 20,000 a monthsource

Age

21 to 65

Other conditions

Key Facts Statement: 'Aafaq World Elite Card monthly income range: AED 20,000 and above'. Age 21-65. Self-employed: average minimum turnover AED 50,000 per month and minimum 2 years in business.

What to have ready

• Application via Aafaq Digital App or branch
• Emirates ID
• Proof of income
• Trade licence and 2 years' business history for self-employed

Where these figures come from

Last checked against aafaq Islamic Finance’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.

• “Monthly Profit Rate 3.99% (Aafaq Titanium Card / Aafaq Platinum Card / World Elite Card) — Key Facts Statement (KFS) Covered Cards, Types of Covered Cards & Charges”
• “Annual Percentage Rate (APR) — Having no new transaction and with AED 2,000 credit balance with a 47.88% annual rate, with a minimum payment of 5% of the balance, or AED 100, whichever is greater, would take 40 months or approximately 3.5 years to pay off — aafaq Key Facts Statement”
• “Monthly fixed profit Rate 3.99% of the unpaid credit card bill — aafaq Key Facts Statement, Murabaha & Annual Percentage Rate (APR) Calculation”
• “Late Payment Fee2 230 / 230 / 230 — Note 2: Late Payment fee charged, will be donated to charity as per Internal Shari'ah Supervisory Committee (ISSC). — aafaq Key Facts Statement”
• “Late Payment Donation: … the cardholder card account will be charged an amount of AED 230 in relation to such due amount which shall be routed to the designated charity through Aafaq (on behalf of the cardholder) under the supervision of its ISSC after deducting of its actual collection expenses — aafaq Key Facts Statement, You Must Know”
• “Over Limit Fees 260 / 260 / 260 — aafaq Key Facts Statement”
• “Non-AED transaction Fee4 2.5% — 4This charge excludes scheme fees. Scheme fees refers approx. 1.15% of every card transaction charged by Mastercard. — aafaq Key Facts Statement”
• “Cash withdrawal limit 90% — Cash Withdrawal Fees (per Transaction) 150 — aafaq Key Facts Statement”
• “Payment Due Date (from the statement date) 24 Days — Maximum payment period 54 Days — Minimum Monthly Payment (of monthly balance) 5% (min. AED 100) — aafaq Key Facts Statement, Other Details”
• “Credit Shield 1.04% — On statement outstanding balance — aafaq Key Facts Statement”
• “Agency Fee (Murabaha Transaction) 5 — aafaq Key Facts Statement”
• “*5% VAT applicable on all fees and charges. — aafaq Key Facts Statement, Note”
• “Age: 21 years – 65 years. — aafaq Key Facts Statement, Eligibility”
• “1. If you fail to pay any amount, aafaq will keep calculating the profit (the net between the Murabaha and Wakala profits) until the total outstanding has been fully settled. — aafaq Key Facts Statement”
• “Aafaq World Elite Card monthly income range: AED 20,000 and above — aafaq Key Facts Statement, Eligibility”
• “Annual Fees 1000(3) — 3Annual Fee on Aafaq World Elite Credit Card first year free, waived from year 2 onwards subject to meeting minimum spend criteria of AED100,000 per annum. — aafaq Key Facts Statement”
• “Card replacement Fee 75 / 75 / 75/1000** — **AED 1000 card replacement fee is applicable for certain card designs. — aafaq Key Facts Statement”
• “AED 20,000 Minimum Salary / Upto 5X Rewards / First Year Free Annual Fee — Aafaq World Elite Credit Card product page”
• “AIF Rewards — 5% Rewards on Online and Dining Spends and 3% Rewards on International Spends — Aafaq World Elite Credit Card product page, Rewards & Offers”
• “Welcome Offer — 20% Cash Back on. Amazon, noon, Careem, Talabat — Aafaq World Elite Credit Card product page”
• “Airport Transfer 4 free transfers to and from DXB — Meet & Greet 4 Airport Meet and Greet at DXB — Airport Lounge: Lounge access for cardholder and guest — Aafaq World Elite Credit Card product page, Travel Benefits”
• “Complimentary golf at any golf course across the UAE — Up to 2 golf services per month, up to AED 1,000 — Aafaq World Elite Credit Card product page”
• “Complimentary padel at any padel court across the UAE — Up to 4 padel sessions per month, up to AED 500 — Aafaq World Elite Credit Card product page”
• “Aafaq World Elite Credit Card: Maximum of six (6) free tickets per month — aafaq VOX Buy 1 Get 1 Offer”
• “World Elite Credit Card — Up to 6 times — AED 8,000 retail spend (POS & online) — aafaq Valet Parking benefit table”

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