MAI Cashback Credit Card

What makes this card Islamic

Mashreq Al Islami 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.

Tawarruq (commodity Murabaha). The bank executes a commodity trade with the cardholder for the whole approved limit over a 10-year tenor, adding a buffer to the profit component to cover future limit and rate increases; the proceeds fund the card account. Profit is billed only on the limit actually utilised. Transactions at gambling, alcohol, club, pub and casino merchants are declined outright.

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

What it costs

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

Annual fee

No annual feeFree for life for both primary and supplementary cards.source

Supplementary card

AED 0Free for life.

Profit rate

46.2% a yearMashreq Al Islami states its Tawarruq profit rate ANNUALLY, not monthly — it is the clearest exception found to the UAE convention of quoting a monthly rate. The Key Facts Sheet gives 'Retail Tawarruq profit rate' and 'Cash Tawarruq profit rate' as percentages per annum, marked 'VAT not applicable'. Cash rate for this card: 46.2% per annum. No monthly equivalent is published and none has been computed here.source

Cash withdrawal

Flat AED 105 when cash is withdrawn from an ATM using the credit card.

Late payment

AED 241.50

Over limit

AED 303.45

Foreign currency spend

2.89% on top of the exchange rate

Replacement card

AED 78.80

Takaful cover

Card Protect (Sukoon) takaful is offered; the KFS links separate Key Features and policy T&C documents. Premium not stated in the sources read.

What you get back

• 5% cashback on international and local dining spends, applicable only at merchants configured as restaurants, including online food delivery
• 1% cashback on other international spends
• 1% cashback on other spends in the UAE
• 0.15% on local spends on government payments, fuel, utilities, education, charity, rental and telecom, effective from 13 June 2026 (reduced from 0.33%)
• 20% cashback for the first 4 months on Netflix, Talabat, Careem and more, maximum AED 50 per merchant per month
• Welcome bonus AED 500 for new credit card customers on AED 5,000 spend within 2 months; AED 100 for existing customers

Other benefits

• No minimum spend to start earning cashback

Before you apply

• The bank waives profit on full settlement only 'at its sole discretion' — this is not a contractual rebate, and it is materially weaker than the automatic waiver RAKislamic publishes.
• The bonus rate on government payments, utilities, education, charity, fuel, rental and telecom was cut from 0.33% to 0.15% with effect from 13 June 2026.
• Bill payments made through the Mashreq app or online banking earn no cashback at all.

Can you get it?

Minimum income

AED 5,000 a monthsource

Other conditions

Cooling-off period of 5 complete business days from accepting the murabaha offer, per the CBUAE Consumer Protection Standards, is stated on the KFS. Salary-transfer requirement not stated in the sources read.

Where these figures come from

Last checked against Mashreq Al Islami’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.

• “Mashreq Al Islami credit cards are structured on the Tawarruq model, which has been approved by the Internal Shari'ah Supervision Committee. — Key Facts Sheet, KFS_Cards_May 2026”
• “It is governed by the Shari'ah concept of “TAWARRUQ”; Tawarruq is a financial transaction in which a customer purchases a commodity from a seller/bank on a deferred payment basis, and then sells the same commodity to a third party on a spot payment basis. — product page FAQ”
• “If the customer makes full payment of the card outstanding on or before the due date, then the Bank may waive the profit for that month at its sole discretion, however if the customer chooses to pay the minimum outstanding, the Tawarruq Profit rate will be applied on the remaining balance. — product page FAQ”
• “The Bank may waive any or all of the unpaid profit, agreed in the Total Sale Value, at it's sole discretion. — Key Facts Sheet”
• “Pricing - The profit component will be calculated based on the agreed profit rate on the entire card limit and tenure agreed in the application form. — Key Facts Sheet”
• “Tenure for Commodity Trades - The Bank will consider a tenor which is longer than the cards' actual maturity to avoid repeated trades, which is 10 years. — Key Facts Sheet”
• “Buffer - The bank will add a buffer in the profit component to cover any credit limit and profit rate increases in future during the agreed tenor. This buffer will also be calculated on the entire card limit. — Key Facts Sheet”
• “Late Payment Penalty (To charity): 241.50 Inclusive of VAT — Key Facts Sheet, Other Fees & Charges”
• “Spread on international transactions in non-AED Currency: 2.89% (plus Visa/Mastercard charges as applicable) — Key Facts Sheet”
• “Spread on international transactions in AED Currency: 2.89% — Key Facts Sheet (Dynamic Currency Conversion)”
• “Card replacement fee: 78.80 — Key Facts Sheet”
• “Cash Advance: 105 — Key Facts Sheet”
• “Overlimit fee: 303.45 Inclusive of VAT — Key Facts Sheet”
• “Since the Mashreq Al Islami ... Credit Card is based on Shari'ah principles, it cannot be used for transactions prohibited by “Islam” such as gambling, alcohol and transactions at clubs, Pubs and Casinos etc. Such transactions will not be considered and will be declined immediately. — product page FAQ”
• “Up to 5% cashback on all spends Free for life No annual fees — product page”
• “The Mashreq Al Islami Cashback Credit Card is free for life for Primary as well as Supplementary Card(s). — product page FAQ”
• “Your monthly income should be a minimum of AED 5,000. — product page FAQ, income eligibility”
• “0.33% on local spends on Govt. payments, fuel, utilities, education, charity, rental & telecom - effective until 12th June 2026 / 0.15% ... - effective from 13th June 2026 — Key Facts Sheet”
• “Cashback earning on MAI Cashback Credit Card is capped on spends within the credit limit of the card — Key Facts Sheet”

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• Schedule of charges
• Terms and conditions