Smiles Visa Platinum Covered Card

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

FreeFreesource

Supplementary card

AED 0Freesource

Profit rate

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

Cash withdrawal

3.15% of transaction amount, minimum AED 78.75. Cash withdrawal capped at 80% of card limit.

Late payment

AED 236.25Stated as 'Commitment to Donate Fees' — donated to charity.

Foreign currency spend

2.5% on top of the exchange rate

Replacement card

AED 78.75

What you get back

• Earn 1 Smiles for every AED 2 spent locally
• Earn 2 Smiles for every AED 2 spent internationally
• Earn 0.5 Smiles for every AED 2 spent on education, government services, utilities and supermarket categories

Other benefits

• Free for life
• DragonPass 'Dine & Fly' airport dining programme
• Global Emergency Assistance
• Instant cash
• Pay in easy instalments up to 12 months
• Apple Pay and Samsung Wallet

Before you apply

• The Murabaha profit rate is 3.49% a month (41.88% a year) — a full percentage point a month higher than SIB's Mastercard Smiles cards at 2.49% (29.88%).
• This card replaced SIB's conventional-branded Visa credit cards, which were closed on 31 December 2024.
• No airport lounge access — only the DragonPass dining programme.

Can you get it?

Other conditions

The Smiles Visa Key Facts Statement does not carry the Financial Terms / eligibility block that the Mastercard Smiles and Cashback Key Facts Statements carry, so the minimum income and age for this card were not verifiable on a primary source. SIB's general Covered Card criteria are minimum age 21 and minimum income AED 5,000.

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% annualy — Schedule of Charges, Smiles Visa Platinum (smiles-visa-platinum-tariff.pdf)”
• “Annual fee Free / Supplementary annual fee Free — Smiles Visa Covered Card-Key facts, Schedule of Charges”
• “Commitment to donate fee AED 236.25 — Smiles Visa Covered Card-Key facts”
• “Cash withdrawal fee 3.15% of transaction amount (Min AED 78.75) — Smiles Visa Covered Card-Key facts”
• “Administration fee for non - AED Transactions 2.5% of Transaction amount (excluding Visa Card fees) — Smiles Visa Platinum Schedule of Charges”
• “For Every AED 2 spent, you will get 1 Smiles on Domestic and 2 Smiles on International spends — Smiles Visa Covered Card-Key facts, Platinum “Smiles” Card benefits”
• “Get 0.5 Smiles on transactions under (education, government services, utilities, supermarket) Categories — Smiles Visa Covered Card-Key facts”
• “DragonPass 'Dine & Fly' airport dining program — SIB Smiles Visa Platinum product page”

• Product page
• Schedule of charges
• Terms and conditions