ULTRACASH Mastercard Credit Card

What makes this card Islamic

Ajman Bank 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.

Ajman Bank's Key Facts Statement: "'ULTRACASH' Credit Card is structured as per the Islamic principles of Murabaha. Murabaha refers to a commercial transaction which involves the buy and sale of goods that has been promised to be purchased by an ultimate buyer with an added profit margin." The bank's tariff groups ULTRACASH and the BRight range under the heading 'Islamic Covered Cards' at a Murabaha profit rate of 3.50% per month. Profit is charged only when the total outstanding is not paid in full by the payment due date.

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

What it costs

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

Annual fee

AED 500AED 500 for UAE Nationals, AED 300 for expatriates. Excludes 5% VAT.source

Supplementary card

AED 50First 2 supplementary cards free, then AED 50 per annum per card.source

Profit rate

3.5% a month on the outstanding balance42% a year as stated by the banksource

Cash withdrawal

AED 150 per transaction, applicable up to AED 5,000 per transaction. Cash advance limited to 90% of the credit limit on Islamic Covered Cards.

Late payment

AED 125Called 'Commitment to Donation' / 'Late Payment fees Forced Donation', per instance. Excludes 5% VAT.

Foreign currency spend

3.67% on top of the exchange rate

Replacement card

AED 75

Takaful cover

Credit Shield (takaful) at 0.99% per month, charged as a fixed rate on the total outstanding balance as at the statement date. Free for the first two months, chargeable thereafter; opt-out by phone.

What you get back

• Customer selects 2 of 4 categories: Fuel, Online Shopping, Supermarkets, School Fees
• UAE Nationals — Fuel: 10% for the first 3 months, 5% thereafter
• Expatriates — Fuel: 5%
• Online Shopping: 5% (UAE Nationals and expatriates)
• Supermarkets: 5% (UAE Nationals and expatriates)
• School Fees: 5% (UAE Nationals and expatriates)
• All other spends: 1%
• Welcome offer: make one retail transaction within the first 30 days of card issuance and receive bonus cashback on payment of the annual fee

Other benefits

• World's first Mastercard Touch Card — a notched, accessible card design for people with sight loss or partial vision
• Valet parking 3 times a month at over 35 locations
• Balance transfer with promotional rates
• Easy Cash transfer to any UAE bank account
• 0% instalment payment plan at preferred partners
• Free supplementary cards (first 2)
• Apple Pay and Samsung Pay

Before you apply

• Fees are quoted exclusive of VAT; 5% VAT is added and billed on the monthly card statement.
• Murabaha profit is charged whenever the total outstanding is not paid in full by the payment due date — it applies to the unpaid total due from the transaction date, and to every new transaction posted since the statement date.
• The AED 125 late charge is a 'Commitment to Donation' and is donated to charity after the bank recovers its actual delay costs.
• Cash advance is capped at 90% of the credit limit and AED 5,000 per transaction, at a flat AED 150 per transaction.
• Only 2 of the 4 bonus categories can be active at a time — everything outside them earns 1%.
• The 10% fuel rate is UAE Nationals only and only for the first 3 months; expatriates never get 10%.
• Foreign currency processing fee is 3.67%, the highest across Ajman's Islamic Covered Cards (BRight Platinum and World are 0%).
• The product page does not state a monthly cashback cap; treat the cap as unknown, not as uncapped.

Can you get it?

Minimum income

AED 10,000 a monthsource

Other conditions

Product page: 'Customers must have a minimum salary of AED 10,000.' Salary transfer is not stated as a requirement. Payment due date up to 25 days from statement date; minimum amount due 5% of outstanding plus all fees and charges.

What to have ready

• Key Fact Statement
• Credit Card Application Form
• Passport and Emirates ID
• Visa copy where applicable
• Salary certificate or one month payslip
• Trade licence for eligible self-employed individuals

Where these figures come from

Last checked against Ajman 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.

• ““ULTRACASH” Credit Card is structured as per the Islamic principles of Murabaha. — Ajman Bank Key Facts Statement (Credit Card), May 2025”
• “Islamic Covered Cards — Card Types: ULTRACASH Platinum | Murabaha Profit Rate (p.m.) 3.50% — Ajman Bank Tariff of Charges (Retail)”
• “Murabaha profit (Annual Profit Rate for BRight and Ultracash card) 42% per annum — Ajman Bank Key Facts Statement (Credit Card)”
• “Primary Card Annual Fee — UAE Nationals: AED 500 / Expats: AED 300 — Ajman Bank Tariff of Charges, Islamic Covered Cards”
• “Processing fee for foreign currency (per transaction) 3.67% of transaction amount — Ajman Bank Tariff of Charges, Islamic Covered Cards (ULTRACASH Platinum column)”
• “UAE Nationals can get up to 10% cashback on Fuel for the first 3 months and 5% thereafter, while other listed categories provide 5% cashback and all other spends earn 1%. — ULTRACASH product page”
• “With ULTRACASH Mastercard Credit Card, customers can select 2 of 4 everyday spending categories and earn cashback on the purchases they use most. — ULTRACASH product page”
• “Customers must have a minimum salary of AED 10,000. — ULTRACASH product page, Eligibility Criteria”
• “Payment Due date from statement date: Up to 25 days — Ajman Bank Tariff of Charges, General for Islamic Covered Cards”
• “Minimum amount due: 5% of outstanding and all fees and charges — Ajman Bank Tariff of Charges, General for Islamic Covered Cards”
• “the Customer commit to donate on demand by the Bank in addition to such sum or part thereof an additional amount (the Commitment to Donation Amount) AED 125.00/- … the remaining amount to be donated, on behalf of the Customer, to a charity or charities, under the supervision of the Internal Shariah Supervision Committee (the ISSC). — Ajman Bank Key Facts Statement (Credit Card)”
• “IMPORTANT: Applicable when you do not pay the Total Outstanding Due in full on or before the Payment Due Date — Ajman Bank Key Facts Statement (Credit Card), Murabaha profit row”
• “All Fees mentioned above and on www.ajmanbank.ae are exclusive of Value Added Tax (VAT). A VAT of 5% shall be applicable on all Fees levied by the Bank — Ajman Bank Key Facts Statement, Disclaimers”
• “Credit Shield 0.99% per month — IMPORTANT: Fixed rate charged on the Total Outstanding Balance as of the Statement Date — Ajman Bank Key Facts Statement”

• Product page
• Schedule of charges