MAI Platinum Elite 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 feeThe Key Facts Sheet marks MAI Platinum Elite 'Free for Life'.source

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Flat AED 105 when cash is withdrawn from an ATM using the credit card.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

• 6 Mashreq Vantage points per AED of spend

Other benefits

• Worldwide access to airport lounges at no charge
• 50% discount at cinemas, airport transfers

Before you apply

• Profit waiver on full settlement is discretionary, not contractual.
• At 46.2% per annum the retail profit rate is the highest in the Mashreq Al Islami range.

Can you get it?

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”
• “MAI Platinum Elite Free for Life — Key Facts Sheet, Loyalty, Benefits & Pricing”
• “MAI Platinum Elite 6 Mashreq Vantage points per AED of spend — Key Facts Sheet”
• “Platinum Elite Credit Card Worldwide access to airport lounges and all for free! — product page”
• “Salaam Rewards program is now Mashreq Vantage — Key Facts Sheet”

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• Schedule of charges
• Terms and conditions