UAE a leading hub of Islamic Finance

Business Bureau, Gulf Today

The UAE is a major destination for Islamic Finance and banking. The demand for Islamic banking products is on the rise across country. Aafaq Islamic Finance, a leading financial company in the UAE, in collaboration with Mastercard, on Monday launched unique Sharia-compliant credit cards, boosting its retail segment and capturing the growing credit card market in the country.

Aafaq’s retail business expansion is in response to the increasing demand for Sharia-compliant banking products and services in the country, where more than 50% of customers use Islamic banking products. Because of the continuous rise in the demand from different ethnic groups of customers, Islamic banking products have outpaced growth in conventional banking, a trend that is expected to continue, especially in the retail sector.

Saif Ali Al Shehhi, Managing Director & CEO of Aafaq Islamic Finance, said: “We are very excited to introduce this new set of Aafaq platinum credit cards which targets customers with active lifestyle, offering them a list of exciting benefits and privileges and giving them the opportunity to maximise their savings throughout their day-to-day spending.”

“These new products complement the growing demand for Islamic banking products in the UAE. Credit cards have always supported the growth of Islamic banking in the UAE, as industry reports show that half of issued credit cards in the market are Sharia-compliant. We are glad to be part of this growth, and the launch of these new products is an important step in that direction,” Al Shehhi added. Aafaq platinum credit cards have three different variants – Aafaq Platinum, Aafaq Business-covered platinum, Aafaq Retail-covered Platinum – each with its own features serving specific market segment needs.