Cashback Covered Card (Titanium)

What makes this card Islamic

Sharjah Islamic 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.

SIB calls these 'Covered Cards'. The Shariah opinion (Internal Shariah Supervision Committee, Arabic PDF) describes a combined-contract (uqud murakkabah) structure: the bank buys National Bonds/sukuk, sells them to the customer under a Murabaha (tawarruq) contract, the customer's agent sells them back, and the proceeds are deposited into a Wakala bi-al-Istithmar investment account that becomes the card's 'cover' (spending limit). The customer pays a fixed monthly Murabaha profit instalment; the unutilised Wakala balance earns the customer a Wakala profit. At the due date the bank nets the two, and if the customer pays the full outstanding the bank gifts (hiba/bonus, i.e. ibra') the difference back so no profit is paid.

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

What it costs

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

Annual fee

AED 199Waived if total retail spend is AED 10,000 in the previous year (excludes balance transfer, cash advances and fees).source

Supplementary card

AED 0Free. Offered to immediate family (spouse, parents, children, siblings); up to 4 free cards.source

Profit rate

3.49% a month on the outstanding balance41.88% a year as stated by the banksource

Cash withdrawal

3.5% of transaction amount, minimum AED 103.95. Cash withdrawal capped at 80% of the card limit. (The separate one-page Cashback tariff PDF states the minimum as AED 103.59 — the Key Facts Statement, which is the newer document, states AED 103.95.)

Late payment

AED 236.25

Foreign currency spend

2.5% on top of the exchange rate

Replacement card

AED 78.75

What you get back

• 10% cashback on online purchases, saved cards on websites and apps, Samsung Wallet and Apple Pay, locally and internationally — capped AED 300/month
• 2% cashback on international retail spend (foreign currency, excluding EEA) — no cap
• 1% cashback on domestic retail spend in the UAE — no cap
• 0.5% cashback on utility, telecom, government, supermarket, hypermarket and education payments, petrol/service stations, real estate agents, quick-service restaurants, insurance, auto dealers, public transport, road tolls/salik and charities — no cap
• 0.3% cashback on spend in European Economic Area (EEA) countries — no cap

Other benefits

• Balance transfer, Easy Payment Plan (up to 12 months) and Easy Cash instalment options
• Apple Pay and Samsung Wallet
• Mastercard offers and hotel bookings
• Cash withdrawal up to 80% of the card limit

Before you apply

• The headline 10% is capped at AED 300 a month and excludes utilities, telecom, supermarkets, hypermarkets, government, education, petrol stations, real estate agents, fast food, insurance, auto dealers, public transport, salik and charities — those earn 0.5%.
• Murabaha profit of 3.49% a month (41.88% a year) is charged on the whole card limit, not just the used balance, and is only cancelled out by the Wakala profit if you settle in full by the due date.
• The AED 236.25 late-payment charge is a 'Commitment to Donate' amount and is paid to charity, not kept by the bank.
• Cashback points cannot be used to meet the minimum payment.

Can you get it?

Minimum income

AED 5,000 a monthsource

Age

21 and over

Other conditions

UAE Central Bank criteria: minimum age 21, minimum monthly income AED 5,000, maximum Debt Service Ratio 50% of gross salary (30% for pensioners). The Covered Cards product page states minimum salary AED 5,000 with salary transfer and AED 8,000 without salary transfer, so salary transfer is not mandatory but lowers the income floor.

What to have ready

• Application form
• Passport & Emirates ID copy
• Valid residence visa for expats
• Proof of income / salary slip

Where these figures come from

Last checked against Sharjah Islamic 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.

• “Murabaha Profit Rate 3.49% monthly, 41.88% annually — Cashback Covered Card-Key facts, Schedule of Charges”
• “Annual fee: Free for the first year. AED 199 Eligible for annual fee waiver If total retail spends is AED 10,000 in the previous year — Cashback Covered Card-Key facts”
• “Commitment To Donate Amount AED 236.25 — Cashback Covered Card-Key facts, Schedule of Charges”
• “Late payment fee will be donated to charity — Schedule of Charges - Cashback Card (cb-tariff-en.pdf), footnote 1”
• “Cash withdrawal fee 3.5% of transaction amount (Min AED 103.95) — Cashback Covered Card-Key facts”
• “Administration fee for non - AED Transactions 2.5% of transaction amount. (Excluding Mastercard fees) — Cashback Covered Card-Key facts”
• “Grace period for payment upto 17 days from statement date — Cashback Covered Card-Key facts”
• “Minimum Payment 5% of utilized amount — Cashback Covered Card-Key facts”
• “Online purchases, saved cards on websites and apps, Samsung Wallet and Apple Pay locally and internationally 10% — Monthly Cap AED 300 — Cashback Covered Card-Key facts, Card offerings”
• “If you paid the total amount due on or before the due date, the bank will credit the difference between the Murabaha profits and the Wakala profits as bonus. In this case, you will not pay any profits to the bank. — Cashback Covered Card Key Facts (SIB/Cust-092/V1/June/2026)”
• “Minimum Salary AED 5,000 for salary transfer / Minimum Salary AED 8,000 for non-salary transfer — SIB Covered Cards product page, Cashback features and benefits”
• “Minimum age of the customer to be 21 years. — Key Facts, Financial Terms and Required Documents”
• “Minimum monthly income of the customer to be AED 5,000. — Key Facts, Financial Terms and Required Documents”
• “Maximum Debt Service Ratio (total monthly obligations towards financial facilities as a component of monthly income) should not exceed 50% of monthly gross salary (30% for pensioners), 5% of which is related to your minimum Covered Card monthly payment — Key Facts”

• Product page
• Schedule of charges
• Terms and conditions