REQUIREMENTS
Documentation
- Original Passport and valid emirates ID.
- Original Labour Card.
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Original Kulasat Qaid (For UAE Nationals).
(we will take copies of the above). - Financing application form duly filled up.
- Vehicle Quotation/ Invoice.
- Latest 3 months personal bank statements.
- Processing / Arrangement fees.
- Liability Letter if applicable.
- Post dated cheques from Salary Account / Personal Bank Account.
- Undated cheque for total Murabaha amount.
Additionally for Salaried applicants
Salary certificate (UAE Nationals & Residents) stating position, length of service, basic salary and other allowances.
Additionally for Self-employed applicants / Companies
- Trade License.
- Chamber of Commerce Registration.
- Company Bank statement for the past 3 months.
- Copy of Bank Facility Letter/s (if applicable, i.e. if enjoying any credit facilities from other banks).
Process
- Application Form to be filled.
- Acceptance of aafaq's Letter of Intent (LOI). subject to aafaq approval).
- Complete Documentation.
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* Approval subject to aafaq terms & conditions.
aafaq reserves the right to change any of the terms and conditions at its sole discretion.
MEDICAL EQUIPMENT FINANCE
Good health is your priority
Proper funding is our priority
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This program is provided to: hospitals, clinics and specialized medical centers operating within the United Arab Emirates.
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| Application Age: | 25 - 60 years |
| Amount of Finance: | Up to AED 5,000,000 |
| Tenure: | Up to 4 years |
| Required Documents |
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This product is consistent with the provisions of Islamic Shari'a
To view Shari’a Certificate for this product, please click here
REQUIREMENTS
Documentation
- Original Passport and valid emirates ID
- Original Labour Card.
- Original Kulasat Qaid (For UAE Nationals) (we will retain copies of the above).
- Financing application form duly filled up.
- Original Property Sale Agreement OR copy of title deed / affection plan.
- Copy of receipts paid to developer till date (if applicable).
- Latest 6 months personal bank statements.
- Processing / Arrangement fees.
- Liability Letter.
- Cheque for AED 3,000/- for valuation of property.
- Post dated cheques or standing order confirmed from applicant's bankers.
Additionally for Salaried applicants
- Salary certificate (UAE Nationals & Residents) stating position, length of service, basic salary and other allowances.
- Salary Transfer letter from employer where applicable.
Additionally for Self-employed applicants
- Trade License.
- Chamber of Commerce Registration.
- Memorandum / Articles of Association.
- Latest Audited financials for 2 years (with 3 year's financial data).
- Company Bank statement for the past 6 months (1 year if no audited financials available).
- Copy of Bank Facility Letter/s (if applicable, i.e. if enjoying any credit facilities from other banks).
Requirement specific to Construction Finance
- Floor layout and specifications from the consultant.
- Approval of respective Emirate Municipality.
- Letter from consultant with estimated cost.
- Contractor's documents.
Process
- Application form to be filled.
- Acceptance of aafaq's Offer Letter (subject to aafaq approval).
- Complete documentation.
aafaq also provides financing for your Commercial Property
| to apply, please |
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* Approval subject to aafaq terms & conditions.
aafaq reserves the right to change any of the terms and conditions at its sole discretion.
CORPORATE FINANCING
aafaq islamic finance provides a full range of corporate banking services designed to meet all your business requirements in compliance to the Shari’a principle. We can help you with everything from Trade Finance to Project Finance. We have tailored a customized approach towards financing and have arranged individual solutions on a project specific basis. These solutions are all based on Shari’a compliant products and services that we continually tailor to the needs of our customers.
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TASAHEEL - CAPEX FINANCING
We also extend financing for the purchase of equipment/machinery, fleet of vehicles, as well as factory and warehouse construction and other capital expenditures with flexible repayment options that are in line with our customers' capabilities and cash flow.
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COMMERCIAL & SME FINANCING
At aafaq, we understand the value of small and medium sized businesses (SME's) and thereby have catered to their individual financing requirements, ranging from short-term financing, trade financing to capital expenditure that will enhance their growth and performance.
Basic requirements for corporate financing are as follows:
- Company Profile
- Trade License copy
- Constitutive documents such as Memorandum of Association (MOA), Partnership Deed, Power of Attorney (whenever required) etc.
- Passport and valid emirates ID copies of owners and authorized signatories.
- Audited financials for the past 2 years
- Bank statements for the past 6 months
- Project feasibility report (whenever applicable)
- Request letter
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CORPORATE FINANCE
aafaq provides a full range of corporate banking services designed to meet all your business requirements in compliance to the Shari’a principles. We can help you with everything from Trade Finance to Project Finance. We have tailored a customized approach towards financing and have arranged individual solutions on a project specific basis. These solutions are all based on Shari’a compliant products and services that we continually tailor to the needs of our customers.
To view Shari’a Certificate for this product, please click here
| To apply, please |
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RETAIL FINANCING
aafaq aspires to be an innovative financial services provider in the UAE, catering to the various financing needs of individuals.
With this in mind, aafaq provides Retail Financing options to UAE nationals & expatriates who are residing in the UAE.
All Retail financing solutions & services in aafaq are Shari'a-compliant, and these products adhere to the highest standards of Islamic Finance. Our Shari’a board of renowned Islamic scholars have vetted & approved all products currently provided by aafaq.
To view Shari’a Certificate for this product, please click here
| To apply please |
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PROPERTY FINANCE
"aafaq Property Finance" – Ideal Home Financing options.
aafaq offers you the chance to realize your dream by securing your life-long property and enjoy treasured moments in your life. "aafaq Property Finance" provides a variety of opportunities at a lower cost for your family's comfort. Compliant with Islamic Shari'a, aafaq employs several methods of financing including Ijara, Murabaha, and Istisna'.
Product
"aafaq Property Finance" offers the following products for UAE nationals and resident expatriates with a valid visa:
- Purchase of ready property.
- Buy-out finance for existing mortgages.
- Equity release/re-finance of unencumbered property.
- Construction finance for UAE nationals.
*All of the above is applicable to designated freehold/leasehold developments (UAE nationals & expatriates) and other freehold areas (UAE nationals only).
Eligibility:
| to apply, please |
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EDUCATION FINANCE
Who Is eligible: Salaried & Self Employed, Parents who are looking for their children’s school fee payment and individuals who wanted to achieve their higher education goals.
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REQUIREMENTS
Required Documents:
| Salaried: |
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| T&C Applies |
| Self Employed: |
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| T&C Applies |
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- Etihad Bureau form to be completed
- KYC Form
MANUFACTURING FINANCE
- Simple documentation
- Flexible Repayment tenure
- High financing amounts up to AED 10,000,000
- Customized plan as per requirements.
- Attractive profit rates
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REQUIREMENTS
- Valid Trade License
- Complete set of Memorandum of Association
- Passport copies of all the partners (including local partner )
- Emirates ID copies of all the partners (including local partner )
- Latest 2 years audited financials
- Last 6 months bank statements
- Any other documents required
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AUTO FINANCE
"aafaq Auto Finance" – Ideal Auto Financing options
aafaq Islamic Finance through its Islamic financing solutions, offers you the chance to realize your dream of securing your vehicle of choice and enjoy treasured moments in your life. aafaq Sayyarat provides a variety of opportunities at a lower cost for your family comfort. It is compliant with the glorious Islamic Shari'a, and employs the mode of Murabaha finance.
Product
"aafaq Auto Finance" offers financing for a wide variety of new vehicles for UAE nationals, resident expatriates with a valid visa and companies (fleet & commercial vehicles).
Eligibility:
| to apply, please |
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SCHEDULE OF CHARGES & FEES
Products*
| PERSONAL FINANCE | AMOUNT/PERCENTAGE |
| Processing Fee | 1% (Min of AED 500, Max of AED 2,500) |
| Deferment of Installment | AED 100 |
| Delayed payment (Payable to charity as per Sharia guidelines) | Max AED 200 |
| Finance Cancellation Fees | AED 100 |
| Others (Finance copy, issuing redemption statement, audit confirmation) | AED 25 |
| Early Payment (Full or Advance Partial) (in accordance with the CB rules and applicable product structure) | 1% outstanding or Max AED 10,000/- |
| AUTO / VEHICLE FINANCE | AMOUNT/PERCENTAGE |
| Processing Fee | 1% (Min of AED 500, Max of AED 2,500) |
| NOC to Traffic department | Free |
| Late Payment Charges (Payable to charity as per Sharia guidelines) | AED 500 Max |
| Issuance of Liability letter to other banks | AED 60 |
| Cancellation fee | AED 100 |
| Early Payment (Full or Advance Partial) (in accordance with the CB rules and applicable product structure) | 1% outstanding |
| OTHER FEES CHARGES FOR AUTO AND PERSONAL FINANCE | AMOUNT/PERCENTAGE |
| Cheque / DDA return fee | AED 100 |
| Installment Deferment fee | AED 100 |
| Liability Letter issued to Government Departments, Embassies, FI | AED 60 |
| No Liability Letter | AED 60 |
| Clearance Letter | AED 50 |
| HOME FINANCE | AMOUNT/PERCENTAGE |
| Processing Fee | 1% (Min of 500, Max of 2,500) |
| Late Payment fee | AED 700 Max |
| Early Settlement1 | Max 1% of outstanding finance amount or AED 10,000 whichever is less |
| Issuance of Liability letter | AED 85 |
| Other Certificate | AED 75 |
| Non-standard statement production/copy of original document | AED 100 |
| Property swap Administration fee | AED 1,320 (Valuation included) |
| Issuance of NOC | AED 150 |
| Partial Settlement | Max 1% of outstanding finance amount or AED 10,000 whichever is less |
| Clearance letter | AED 95 |
| Request of Other Letters | AED 90 |
| CORPORATE FINANCE CHARGES | AMOUNT/PERCENTAGE |
| Processing Fee | 1.5% |
| Early Settlement1 | 2% |
| Instalment Deferment charges | AED 5,000/- |
| Returned Instalment fee, Issuance of Liability letter, Replacement of PDC, Other Certificates | AED 250 |
| Late payment charges (Payable to charity as per Sharia guidelines) | AED 400 |
| Clearance letter | AED 100 |
| Issuance of Wakala Balance Certificate | AED 100 |
| WAKALA DEPOSIT | AMOUNT/PERCENTAGE |
| Minimum amount required to open | AED 10,000 |
| Issuance of Wakala Balance Certificate | AED 100 |
CREDIT CARDS
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ITEMS
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AAFAQ PLATINUM CARD (Fixed Fee)# |
BUSINESS COVERED CARD (Annual fee & Monthly Profit Rate)* |
RETAIL COVERED CARD (Monthly Profit Rate)* |
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| Salaried Individual | Self-Employed | Salaried Individual | ||||
| Monthly Fixed Fees | AED 349 | 0 | 0 | |||
| Monthly Profit Rate2 | 0 | 3.25% | 3.25% | |||
| Annual Fees | 0 | AED 399 | 0 | |||
| 4th onwards Supplementary Card fee (first 3 free) | AED 100 | AED 100 | AED 100 | |||
| Multi-Takaful Package (Insurance)* (*on min spend AED 500). Credit Shield Ins, Life Insurance & Travel Insurance | Free* (0.89%) | Free* (0.89%) | Free* (0.89%) | |||
| Cash withdrawal limit | 40% | 40% | 40% | |||
| Cash withdrawal fees per transaction. (Maximum amount per withdrawal is AED 3,000) |
AED 100 for each withdrawal
(Maximum amount per withdrawal is AED 3,000)
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AED 100 for each withdrawal (Maximum amount per withdrawal is AED 3,000) | AED 100 for each withdrawal (Maximum amount per withdrawal is AED 3,000) | |||
| Late Fees | No | No | No | |||
| Over Limit Fees | No | No | No | |||
| Non-AED transaction Fee | 3.50% | 3.50% | 3.50% | |||
| Card replacement Fee | AED 50 | AED 50 | AED 50 | |||
| Cheque and Direct Debit return Fee | AED 100 | AED 100 | AED 100 | |||
| Copy of Sales voucher or purchase slip | AED 25 | AED 25 | AED 25 | |||
| Cancellation fees (before tenure ends): EPP / BT / FOP | AED 200 | AED 200 | AED 200 | |||
| Duplicate e-statement (per month statement) | AED 15 | AED 15 | AED 15 | |||
| Paper statement (per month statement) | AED 25 | AED 25 | AED 25 | |||
| Agency fee | 0 | AED 5 | AED 5 | |||
| Transaction Dispute investigation fee | AED 25 | AED 25 | AED 25 | |||
| Liability Letter Fee | AED 50 | AED 50 | AED 50 | |||
| Balance Transfer (BT) | AED 200-950 | AED 200-950 | AED 200-950 | |||
| Finance on Phone (FOP) | AED 250-850 | AED 250-850 | AED 250-850 | |||
| EPP | AED 250 | AED 250 | AED 250 | |||
| Payment holiday fee | AED 300 | AED 300 | AED 300 | |||
| ROYAL WORLD ELITE CREDIT CARDS | ||||||
| Annual Fee | AED 5,000 | |||||
| Card Replacement fee | AED 3,000 | |||||
| CREDIT CARD -FINANCE FACILITY | ||||||||||||||||
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Finance Facility |
Min |
Max |
Tenure (Months) |
Amounts Table |
Processing Fee (AED)(Fixed) | Payment Holiday Fee (AED) | ||||||||||
| Balance Transfer (BT) | 2,000 | 90% of Available limit | 3,6,9,12 |
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300 | ||||||||||
| Finance on Phone (FOP) | 2,000 | 20,000 | 3,6,9 |
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300 | ||||||||||
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Mazaya EPP (for Mazaya EPP Merchants) |
1,000 | Transaction Amount | 3,6,9,12 | Transaction Amount | 0 | 300 | ||||||||||
| Normal EPP | 1,000 | Transaction Amount | 3,6,9,12 | Transaction Amount | 250 | 300 | ||||||||||
Note*:
#A fixed monthly fee will be charged every month irrespective of card usage or not.
1In accordance with the applicable terms of the relevant documentation.
2 Monthly Profit Rate means the rate at which the Murabaha Finance will be provided to the Customer for the Covered Card.
Fees and charges are subject to change without prior notification.
Fees & T&C's as applicable are excluding VAT charges.
*T&C apply.
NOJOOM
You can now continue with the labor guarantees [1] and save considerably on the cancellation & other related costs
With this, Aafaq offers you the chance to deposit your money in Shari’a compliant Wakala investments on which you can expect good returns and it also offers short to medium term financial support to meet your day to day Business requirements at very competitive terms.
Besides the aforesaid, there are other options available to cater to your needs.
To view Shari’a Certificate for this product, please click here
Kindly contact 04-7058400 or visit any of our outlets at Tas’heel centers or send an email to info@aafaq.ae for further details.
[1] You can continue with labor guarantee by submitting an application letter to Ministry of Human Resources and Emiratization, Customer Happiness Center if you we're the "Owner", "Partner", "Services Agent" or "Authorized Signatory" and ask the Reception for guidance between 8:00 a.m. and 14:00 p.m. (Dubai, Al Qusais area, Ministry of Community Development entrance). You will receive a reply within 10 days and without any fees. Click here to view the application letter which you may send to the ministry. (You need to print on a letter-head with the name of the company after completing the missing information between brackets, get it stamped and signed by one of the authorized signatories, it should be written in Arabic).
AAFAQ PLATINUM CREDIT CARDS
- Air travel and hotel booking discounts of up to 30%.
- Complimentary Valet Parking services for eligible clients.
- Complimentary rides & discounted fares on subsequent taxi bookings with Careem.
- Buy 1 get 1 offers on dining, shopping, entertainment, etc.
- Online shopping benefits on Reebonz & MyUS premium.
- Payment holiday on your card.*
- Complimentary Internet Card.**
**Note: Limit on your Internet card is 10% of total primary card limit or AED 5,000 (whichever is lower)
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| aafaq Platinum |
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Business Covered Platinum |
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Mission ‘HOPE’ Platinum |
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Aafaq Internet Card |
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Ladies platinum card |
BENEFITS AND FEATURES
Earnings:
Our exclusive “SaveBack” offer is created with a unique and deep thought of helping you save your money and give value to your spending. With our SaveBack program, you will be able to earn up to 2% on all retail spending. Using aafaq Platinum credit card, you will earn 1% SaveBack on all domestic retail spends and 2% SaveBack on all International retail spends.
Your spending is your key to earn SaveBack. The more you spend, the more SaveBack you will earn.
Post the expiry of the SaveBack Vouchers, any pending collections or rights will automatically become null and void.
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Your trust and loyalty is our reward and we will honor your sincere commitment towards aafaq Platinum credit card in maintaining excellent standards. Our Star Bonus program keeps rewarding you based on your credit card overall performance.
So, keep spending and keep your repayment cycle regular.
*aafaq Star Bonus program is under sole discretion of aafaq Islamic Finance. This program is not mandatory to offer or linked to any other offers.
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 Balance Transfer:
You can transfer your other bank’s card balance* at 0% profit rate up to 90% of your aafaq Platinum credit card available limit. Convert your BT into 3, 6, 9, 12 months installment.
Apply anytime through aafaq 24/7 call centre.
*Minimum Balance Transfer of AED 2000. Processing fee as per the credit card schedule of charges will apply. BT terms and conditions will apply.
Avail easy Finance On Phone (FOP)* for a minimum FOP of AED 2,000, and a maximum of 40% of Aafaq credit card limit or AED 20,000, whichever is lower. Resolve all your emergency expenses and funding requirements** with just a phone call. Convert your FOP into 3, 6, 9 months installment with 0% profit rate.
* Processing fee as per the credit card schedule of charges will apply. FOP terms and conditions will apply. FOP will be processed from customer’s credit cards available cash limit.
** FOP amount will be transferred to customer’s own account in any UAE bank.
Customer can avail multiple financing on phone facility, but the total FOP amount should not be more than cash limit. FOP Terms & Conditions apply.
Shop hassle-free and call us to make your any retail purchase into 0% profit rate in easy monthly installments*. Emergencies or big expenses will be made easier for you to pay. You can convert your purchase into 3, 6, 9, 12 months easy payments. Processing fee as per the credit card schedule of charges will apply. EPP Terms and conditions will apply.
*Applicable for purchases done on merchants outside aafaq Mazaya program's EPP partners. For EPP, minimum transaction amount is AED 1,000. A one-time processing fee as per the credit card schedule of charges will apply.
Payment Holiday Plan:
As a special benefit, we have created a payment holiday month on your installment plans, wherein you can enjoy your first installment postponement for one month. Payment holiday plan is only applicable on installment plans, like Balance Transfer (BT), Easy Payment Plans (EPP), and Finance on Phone (FOP) plans. All other retail purchases and cash purchases are not applicable for this plan.
*A nominal processing fee will be only charged for each payment holiday plan.
* For Finance Facility T&C's click here
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We are offering you endless possibilities through our “Mazaya Program” offers exclusive for aafaq Platinum credit card holders.
Your spending is made more interesting and rewarding with our supreme benefits, privileges, discounts at dining, electronics, jewellery, beauty, spas, health, entertainment, travel and a lot more.
Use aafaq Platinum credit card at the listed merchant outlet to earn direct offers and discounts on your total spending.
For more details and the full list of our partner merchants please click here "EPP Partners", "Discounts Partners" and "Dining Partners".
Pay at Ease:
Convert your spends to 0% profit rate using Easy Payment Plans (EPP)*. Spend at any of the listed EPP participating merchants and convert your transaction to profit free Payment Plan of 3, 6, 9 or 12 months. Just call aafaq 24/7 contact centre.
*EPP minimum transaction amount is AED 1,000. 0% profit rate and no processing Fee with EPP partner merchants only under Mazaya program. |
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Enjoy up to 2 complimentary valet parking visits per month at the selected Valtrans Valet Service locations below;
Dubai Locations:
Abu Dhabi Locations:
How to Use:
Terms & conditions:
*Additional hours shall be charged by Valtrans as per their policy
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Now when you travel for extended periods of time, you can feel at home with discounts of up to 15% on your stay at prime luxury serviced apartments, which includes:
• Over 2,500 onefinestay properties across London, New York, Los Angeles, Paris, and Rome
• Grosvenor House Dubai
• Over 25 Oakwood properties across eight locations in Asia Pacific, including China, Japan, Thailand and India
Simply visit any one of the below partner’s logos website for more information.
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Visit the Cleartrip website and book any airline or hotel using your Platinum Mastercard® and enjoy up to 30% discount on your travel booking:
Combine the airline and hotel discounts for a holiday package and get up to AED 1,400 discount on your bookings. Simply go to www.cleartrip.ae, select your airfare and/ or hotel nights, and enter promo code MASTERCARD.
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Hundreds of complimentary offers throughout Middle East & Africa across dinings, cafe?s, entertainment, attractions and spas.
• Complimentary main course when you buy one main course
• Complimentary 60-minute therapeutic spa session when you avail of one 60-minute therapeutic spa session
• Complimentary entre?e when you buy one entre?e
Download the Mastercard Buy 1 Get 1 mobile App from Apple Store or Google Play Store.
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CAREEM:
Now when you travel across countries in the Middle East with aafaq Platinum MasterCard, you can enjoy:
• Your first ride free (for new Careem customers only)
• 20% OFF three rides every month
Simply download Careem app from Apple store or Google Play Store.
To enjoy free first ride, simply add promo code MC1RIDE and for 20% discount add promo code MASTERCARD when booking.
AVIS:
Whether you are traveling with your family or on a business trip, enjoy exclusive benefits with Avis. With your aafaq Platinum MasterCard, you can now enjoy access to:
• Up to 15% off your next car rental
• A complimentary upgrade with every rental, worldwide
Simply visit avisworld.com/avisonline and use your Platinum MasterCard card to reserve your vehicle today.
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European Shopping Villages Offers 
The Bicester Village Shopping Collection is defined by its luxury brands, charming open-air ‘village’ settings and exceptional value for money with world-leading brands offer savings of up to 60%. Aafaq Platinum MasterCard cardholders can get access to:
• VIP invitation (to be exchanged for a VIP card that offers an additional 10% discount on purchases in participating boutiques)
• 15% discount on shopping packages
• 15% discount on chauffeur drive experience at participating villages
• 15% discount on Shopping Express
• Access to VIP lounges (subject to availability)
Simply visit thebicestervillageshoppingcollection.com/mastercard-mea for more details.
Priceless Cities
Access handpicked experiences and offers in cities around the world.
Find a key to your city with Priceless Cities.
Visit priceless.com for more exiting details.
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MyUS Premium Shipping Discounts 
Shop at over 100,000 U.S. retailers, including Apple, Amazon and Ralph Lauren and get fast, reliable, affordable international shipping with MyUS, #1 in the industry with over 10 million packages shipped since 1997.
As a Mastercard cardholder, you will receive:
• A MyUS address to use at checkout with your favorite online stores
• Free Premium Membership for 2 years (a $120 value)
• Free account setup (a $20 value)
• 30% off shipping for first month following registration
• 20% off shipping for remainder of 2 year membership
Simply go to http://www.myus.com/welcome/mastercardpremium to register with your Mastercard card
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Purchase Protection
Shop with confidence, knowing that the purchases you make with your Platinum Mastercard® are:
• Protected in case of theft or accidental damage up to 90 days from date of purchase.
• Covered for up to USD 2,000 per claim and a maximum of USD 5,000 over a 12-month period. In case of damage, you can either get a new item to replace the damaged one or receive compensation for the item’s total value, as per the store receipt.
For more details please visit: www.mcpeaceofmind.com/Platinum
Chip & PIN cards are smart cards that provide additional security by requiring a unique 4-digit PIN to complete your card transactions. You can use the same PIN for cash withdrawals at the ATM.
For every purchase, you will receive SMS alerts on your mobile. You will be automatically enrolled for this service upon activation.
To protect and keep your online transactions safe, we have partnered with MasterCard to provide you with SecureCode security on all your online transactions. With SecureCode your card is protected and you can safely shop online by receiving an OTP (one time password) to your registered mobile number every time you make an online purchase.
This will ensure your card details and purchase is never compromised, no online transaction will be completed without the SecureCode (OTP).
To know more on Secure code, please visit mastercard.ae/consumers/features-benefits/securecode
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Direct Debit Facility:
You can use the scheduled monthly auto debit facility for the payment of your monthly card outstanding balance automatically from your account at any bank in the UAE. To enroll for direct debit facility, please speak to our Customer Service Representative.
Recent Dated Cheques:
You can pay through recent dated cheque* and deposit the same at any of our branches at Tasheel centers. Please ensure to attach the payment slip of your statement with cheque and write the cheque in favor of “aafaq credit card ” e.g. “aafaq credit card 5191 1712 3456 7890” Please do not staple the cheques to payment slip.
aafaq Centers:
You can pay through cash or cheque at any of aafaq centers at Tasheel centers during working hours.
Online Transfer:
You can pay your monthly aafaq credit card bills through online transfer to any of the following accounts.
OR
Send a copy of the electronic transfer receipt and the registered mobile number to cards.support@aafaq.ae. After payment confirmation, aafaq’s support team will do the needful to complete your transaction.
Please make sure the payment has been made at least 2-3 days prior to the due date.
Monthly Flexible Payment:
With aafaq Platinum Credit Card, you can choose your monthly minimum payment amount from 5%, 10%, 25%, 50% or 100%. Your minimum payment amount will be settled every month before the due date, the rest of your outstanding balance will be carried forward to the next month statement.
Quick Cash:
Use your aafaq Platinum credit card up to 40% of your credit limit for quick cash at over 850,000+ ATMs worldwide. Your card is acceptable at any ATMs displaying MasterCard logo or symbol.
A quick cash advance fee (for all withdrawal) and conversion fee for international withdrawals will apply.
Repayment Days:
aafaq Platinum credit card provides you a maximum of 55 days to repay without any additional charge*
*On the condition that you to continue paying your outstanding balance in full, by the due date.
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USEFUL LINKS
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To view Shari’a Certificate for this product, please click here
To apply, please call 600502006 or send an email to info@aafaq.ae
CORPORATE GUARANTEES
- Bank Guarantees
- Labor Guarantees
- Establishment Guarantees
- Financial Guarantees
- Bid Bonds
- Advance Guarantees
- Performance Bonds
- Retention and Maintenance Guarantees
- Special profit rates for covered deposits (through Wakala investment).
- Easily transfer an existing Guarantee with no fees.
- Quick approval process.
To view Shari’a Certificate for this product, please click here
| To apply, please |
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*Terms & conditions apply.
INVESTMENT DEPOSITS
Build long term relationship by depositing your funds in Shari'a compliant Wakala investments on which you can expect high returns. On maturity, Corporates can enjoy several renewal options, from rolling over principal amount & profit to rolling over the principal amount and collecting the profit.
Highlights:
- Flexible Tenures.
- no deposit breakage fees.
- Minimum Deposit amount starting from as low as RED 10,000/-.
- Complimentary or discounted services for large Deposits.
- Easily get a finance against your deposit and at anytime.
To view Shari’a Certificate for this product, please click here
| To apply, please |
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*Terms & conditions apply.
SAHOBAT INVESTMENT DEPOSIT
Invest, Profit & Win!
SAHOBAT
- Monthly & Quarterly Draws
- The more you invest, the more tickets you are entitled to
- 10 prizes of AED 500 monthly
- 1 prize of AED 2,000 quarterly
- 1 prize of AED 3,000 quarterly
- 1 prize of AED 5,000 quarterly
SAHOBAT GOLD
- Monthly & Quarterly Draws
- The more you invest, the more tickets you are entitled to
- 5 prizes of AED 2,500 monthly
- 1 prize of AED 5,000 quarterly
- 1 prize of AED 7,500 quarterly
- 1 prize of AED 10,000 quarterly
Terms & Conditions:
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In order to ensure transparency of the draw process and integrity of the product, aafaq has the right to advertise the winners name as and when required. In case any Client wins, by default they must make themselves available for photograph as required by aafaq Islamic Finance which will also be advertised as required. In case the customer wishes not to disclose their name and picture publicly, they must request the same in writing.
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Aafaq Islamic Finance reserves the right to change the prize value, quantity and type for any coming rounds at its sole discretion and the new prizes will be announced before starting the new round.
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Aafaq Islamic Finance reserves the right to change the T&C for Wakala Investment Account draw entry at any time.
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Aafaq Islamic Finance reserves the right to forfeit the prize money if:
1. Not claimed within 3 months of announcing the winning customer; or
2. Appropriate identity evidence is not provided (e.g. account name differs).
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Aafaq Islamic Finance reserves the right to stop renewing the scheme at any time without prior notice.
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Employees of Aafaq Islamic Finance including its subsidiary (if any) along with their immediate family members who own a company or is a partner (active or passive) are not eligible to enter the Wakala Investment account draws (big or small) but will be allowed to invest in a Wakala Investment deposit.
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The investments under this scheme will be governed by the Master Wakala Agreement and related Terms & Conditions.
MURABAHA TERMS & CONDITIONS
These Terms and Conditions govern the relationship between AAFAQ ISLAMIC FINANCE PSC(“Aafaq”) and the Customer in relation to Aafaq’s providing of the Sharia compliant Murabaha financing facility (“Facility”) to the Customer. These Terms and Conditions define the rights, obligations and responsibilities of the Parties (as defined below) in relation to the Facility.
1. DEFINITIONS AND INTERPRETATIONS
1.1 Definitions
Wherever used in these Terms and Conditions, the following terms shall have the meanings assigned there-against, unless the context expressly requires otherwise
Asset: means the asset that is the subject matter of the Facility as more particularly described in the Promise to Purchase and the Murabaha Agreement.
Higher Sharia Authority: means the higher Sharia authority of the Central Bank, UAE.
Internal Sharia Control Committee: means the Sharia control committee of Aafaq.
Murabaha Agreement: means the agreement to be entered into between Aafaq and the Customer to conclude the Sale and in the form of which is appearing in Schedule C hereto.
Sale: means, the sale of the Asset by Aafaq to the Customer, as per the terms and conditions contained herein and pursuant to the execution of the Murabaha Agreement.
Sale Date: means the date on which the Murabaha Agreement is executed being the date on which the Asset is sold by Aafaq to the Customer as envisaged herein.
Sale Price: means, the amount set forth in the Murabaha Agreement being the Sale Price of the Asset by Aafaq to the Customer (and which shall comprise of the Cost Price and the Profit).
Seller: means the company/entity from whom Aafaq shall purchase the Asset to be sold to the Customer on a Murabaha basis as envisaged in the Purchase Order & Sale and Purchase Agreement.
Parties: means collectively Aafaq and the Customer and “Party” means either one of them.
Promise to Purchase: means the promise provided by the Customer to Aafaq promising to purchase the Asset after Aafaq has purchased the same from the Seller the form of which is appearing in Schedule A hereto.
Purchase Order & Sale and Purchase Agreement: means the purchase order sent to the Seller along with a sale and purchase agreement pursuant to which the Seller shall sell the Asset to Aafaq the form of which is appearing in Schedule B hereto.
1.2 Interpretations
In these Terms and Conditions:
1.2.1 Singular words shall be deemed to include the plural and vice versa, where the context so requires.
1.2.2 Words importing the male gender shall be deemed to include the female gender and vice versa and any reference to “persons” includes natural persons, partnerships, companies and corporations where the context so requires.
1.2.3 The Gregorian calendar shall be the basis for any years, quarters, months or dates expressed in these Terms and Conditions.
1.2.4 Reference to any Party means and includes its successors, legal representatives, transferees and assigns.
1.2.5 Clause headings are for convenience only and shall be ignored in construing these Terms and Conditions.
1.2.6 Any substantive provision conferring rights or imposing obligations on any Party in the Interpretation clause shall be given effect to as if it were a substantive provision in the body of these Terms and Conditions.
1.2.7 The definitions, interpretations and the Schedules to these Terms and Conditions shall be considered an integral part of these Terms and Conditions.
2. SALE MECHANISM
If the customer wishes to avail the Facility, it shall provide a Promise to Purchase to Aafaq, promising to purchase the Asset, by way of Murabaha, from Aafaq at the Sale Price after Aafaq has obtained the title to and possession of the Asset.
Upon receipt of the Promise to Purchase from the Customer, Aafaq, if it deems fit, may purchase the Asset from the Seller using the Purchase Order & Sale and Purchase Agreement.
Subsequent to the purchase of the Asset by Aafaq, Aafaq shall send an Exercise Notice in the form provided in Appendix 2 of Schedule A to the Customer obliging the Customer to execute the Murabaha Agreement to complete the Sale for the Sale Price as envisaged therein on the Sale Date.
Further to the Murabaha Agreement, the Customer will be obliged to pay the Sale Price as per payment schedule (Appendix 2 of Schedule C) attached to the Murabaha Agreement. In addition Aafaq may also be entitled to a processing & documentation fees as per the approved policy and as agreed with the Customer.
3. PAYMENT OF SALE PRICE
3.1 The Customer shall pay the Sale Price as per the Murabaha Agreement and on the due date(s) and if it fails to pay on the due date(s) or it fails to pay two consecutive installments on their due dates for any reasons, all the remaining amount/ installments shall become due and the Customer shall be liable to pay all the remaining outstanding amount/installments in one bullet payment.
3.2 In addition to the Customer’s liability under Clause 3.1, the Customer shall also be liable to compensate Aafaq for the actual damage caused to Aafaq due to the Customer’s failure to pay in accordance with the Murabaha Agreement and the payment schedule.
The Parties agree that the amount of the damages (actual) shall be ……… % of the total amount payable by the Customer hereunder not being paid on the due date. Aafaq shall be entitled to receive the damages specified in this Clause 3.2 from the Customer and shall donate the same to charities under the supervision of Aafaq’s Internal Sharia Control Committee.
3.3 All payments to be made by the Customer to Aafaq or its order under the Facility shall be made free and clear of and without deduction for or on account of tax unless the Customer is required to make such a payment subject to the deduction or withholding of tax, in which case the sum payable by the Customer in respect of which such deduction or withholding tax is required to be made shall be increased to the extent necessary to ensure that, after the making of the required deduction or withholding tax, Aafaq receives and retains (free from any liability in respect of any such deduction or withholding tax) a net sum equal to the sum which it would have received and so retained had no such deduction or withholding been made or required to be made.
4. AUTHORIZATION TO DEBIT THE ACCOUNTS AND CURRENCY EXCHANGE
Where applicable, the Customer authorizes Aafaq to debit the amounts of the installments or the total amount falling due, in addition to the compensation amount (if any), from all of its accounts with Aafaq (current / saving, etc.) whether in local or foreign currency. The Customer further authorizes Aafaq to exchange foreign currency at the rate prevailing on the exchange date in a manner that fulfills the payment of such amount/ installments, irrespective of whether such accounts existed at the time of the signing of this Agreement or opened thereafter. Further, the Customer authorizes Aafaq to block the balances of such accounts and has priority over other creditors with respect to the collection of its debts when necessary.
5. RIGHT TO SET-OFF
Without prejudice to Article 3.2, Aafaq shall be entitled to set-off the Sale Price under the Murabaha Agreement when it falls due, as well as the amount awarded by the competent court, from all of the credit balances in all of the accounts of the Customer with Aafaq in all of its branches whatever their types or description and whether they are in local or foreign currency, irrespective of the opening dates of such accounts, and Aafaq is authorized by the Customer to sell the foreign currencies, if found in these accounts, at the price of the day of set-off for the purpose of set-off.
6. TRANSFER OF WARRANTIES
Aafaq shall transfers to the Customer all of the warranties (if any) received by it from the seller/supplier/manufacturer/vendor of the Asset together with the right to enforce such warranties during the warranty period against the party giving the warranty and the Customer shall be entitled to make use of such warranties.
If the warranty period expires or if the Asset was sold without warranty, the Customer shall have no right to claim against Aafaq in connection therewith.
Aafaq shall not be liable to the Customer for any loss, damage and/or injury whatsoever arising out of, or connected in any way to, the sale of the Asset.
7. LIMITED TITLE
Aafaq shall, upon the sale of the Asset comprised in Murabaha sale, pass to the Customer only such Asset therein as it may have, together with all rights and obligations relating thereto, and the Customer agrees that it will raise no objection to the title or condition of the Asset transferred by Aafaq.
8. VALIDITY OF CONTRACTING
The Customer acknowledges that it has read and understood these Terms and Conditions and the provisions of the Murabaha Agreement and that it has accepted them under its free will without being subjected to any duress or any other inducement or coercion that may have effected its free will.
9. AUTHORITY AND POWER OF THE CUSTOMER
The Customer declares that it has the full authority and power to enter into the Murabaha Agreement and fulfill the obligations set out therein, and such fulfillment shall not conflict with any law, promise or existing or future obligations of the Customer.
10. NON- WAIVER
No waiver or delay on the part of Aafaq in exercising nor any omission to exercise any rights, powers, privileges or remedies accruing to Aafaq under the Murabaha Agreement upon any breach on the part of Aafaq shall impair any such rights, powers, privileges or remedies or be construed as a waiver thereof or any acquiescence in such breach; nor shall any action by Aafaq in respect of any default or any acquiescence in any such breach affect or impair any rights, powers, privileges, or remedies of Aafaq in respect of any other subsequent breach.
11. SEVERABILITY OR VOID LANGUAGE
Any term, condition, stipulation, provision, covenant or undertaking of this instrument which is illegal, prohibited or unenforceable in any jurisdiction shall as to such jurisdiction be ineffective to the extent of such illegality without invalidating the remaining provisions hereof
12. GOVERNING LAW
The Terms and Conditions shall be governed by and construed in accordance with the laws of Emirate of Dubai and the applicable federal laws of the U.A.E. to the extent that such laws do not conflict with the principles of Sharia as interpreted by the Internal Sharia Control Committee in accordance with the general rules, standards and principles laid down by the Higher Sharia Authority, in which case the latter shall prevail.
13. JURISDICTION
Each of the Parties irrevocably agrees for the benefit of Aafaq that the courts of Emirate of Dubai shall have jurisdiction to hear and determine any suit, action or proceedings, and to settle any disputes which may arise out of or in connection with the Murabaha Agreement (respectively “Proceedings” and “Disputes”) Nevertheless, such submission shall not restrict Aafaq’s rights to bring Proceedings against the Customer in any other jurisdiction in connection with this Agreement.
14. NOTICES
All communications to be made under the Facility shall be made in writing and, unless otherwise stated, shall be made by fax, telex, letters, courier, etc. shall be addressed to:
For Aafaq
P. O. Box 282400, Dubai
United Arab Emirates
Tel: +971 4 3306444
Fax: +971 4 3306222
Attn:
For Customer
As defined in the Murabaha Agreement signed by the customer
15. AMENDMENT
No amendment to the Terms and Conditions shall be valid unless with the written mutual consent of the Parties.
16. ASSIGNMENT
The Customer shall not be entitled to assign or transfer all or any of its rights, benefits and obligations hereunder. Aafaq may, subject to its Internal Sharia Control Committee’s approval, at any time assign all or any of its rights and benefits hereunder provided that (save in the case of any such assignment to any subsidiary of Aafaq ) no such assignment may be made without the prior notification to the Customer.
For download Murabaha Terms & Conditions, please
OSOOL SME FINANCE
Since the UAE government has the ambition to enhance the contribution and performance of the SME sector and is playing a major role in establishing initiatives and programs to help with sources for funding SMEs, Aafaq Islamic Finance has developed a new category under the SME Finance, specifically tailored for UAE National owned small & medium companies. Targeting Emirati owned and operating companies in all business segments (Traders / Manufacturer / Service Providers) in UAE (both Mainland and Free Zone), Aafaq Islamic Finance intends to offer financing to companies that has already pledged Movable assets under Emirates Movable Collateral Registry (EMCR) or requested to pledge the company Movable assets as collateral to finance the Capital and operation expenses.
Features of Aafaq Islamic Finance’s Osool:
- Attractive profit rates
- Minimum documentations
- Quick processing
- Flexible payment plans