Mastercard has joined Aafaq Islamic Finance (Aafaq) in a strategic collaboration aimed at supporting the launch of a new variant under its World Elite portfolio, namely the Aafaq World Elite credit card.
Designed to provide upgraded capabilities that improve customer lifestyle experiences, the Islamic finance product follows extensive analysis of other offerings available in the UAE, merged with a deep understanding of the expectations of affluent customers.
The launch comes after a 2023 collaboration between Mastercard and Aafaq, when the two joined forces to create new credit, prepaid, and commercial SME offerings.
Bringing new features to Islamic finance
Developed to deliver benefits at every step, the Sharia-compliant financial solution links cardholders to a variety of premium lifestyle experiences and customised rewards, together with other Mastercard capabilities.
The Aafaq World Elite credit card offers 20% cashback on digital transactions with Amazon, Careem, Noon, and Talabat, as part of a welcome offer, along with up to 5% rewards on dining, online, international, and other purchases. Among other perks, Mastercard and Aafaq mention complimentary padel and golf club access, valet parking, and buy-one-get-one-free tickets to VOX Cinemas.
When it comes to travellers, they can benefit from free airport transfers, complimentary airport meet-and-greet services, as well as access to over 1,300 airport lounges across the world. Additionally, cardholders can experience optimal onboarding with a complete digital journey through the Aafaq Digital app.
Talking about the launch, Usman Basit, CEO of Aafaq, mentioned the company’s commitment to solidifying its position as a provider of digital Islamic finance in the UAE. Considering its technology and global expertise, Mastercard comes as a trusted partner in further advancing Aafaq’s digital capabilities and facilitating more opportunities for customers. He added that the World Elite Credit Card focuses on covering the lifestyle needs of customers, from online and dining to sports, entertainment, and travel, while also providing features that improve the overall customer experience.
