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Mawarid Finance Credit Cards

Mawarid Finance is a financial corporation that offers unique and innovative Shariah Compliant products for both individual and corporate customers. The company was founded in 2006 with the aim of offering services based on Islamic principles such as Muskaraka, Istisna, Wakala, Murabaha, Mudharabah, Ijarah, and Kafalah.

Credit Card is one of the best products offered by Mawarid Finance. Mawarid Finance Credit Cards are formulated on the basis of Mawarid’s commitment to Shariah laws. The cards are designed by keeping the financial needs of credit card applicants in mind. Not only Mawarid Finance Credit Cards have global acceptance they also offer an array of benefits, features, and rewards to its cardholders.

Types of Mawarid Finance Credit Cards

Mawarid Finance offers four types of credit cards that are loaded with unique features and amazing benefits. In short, the cards are designed to meet the financial needs of an individual.

Following are the credit cards offered by Mawarid Finance:

  1. Mawarid Falak Tayyeb Titanium Credit Card
  2. Mawarid Falak Tayyeb Platinum Credit Card
  3. Mawarid Falak Tayyeb World Credit Card

1. Mawarid Finance Falak Tayyeb World Credit Card

This Mawarid Finance Credit Card is based on the two modes of Islamic banking i.e. Wakalah and Murabaha. Basically, it is an Islamic Card that offers a wide range of exclusive benefits and deals to its cardholders across the UAE.

  • Annual Membership Fees: AED 0
  • Foreign Currency Transaction Fee: 2.27%

Main Benefits of Mawarid Finance Credit Card:

  • No Annual Fee: The primary benefit of this card is that it is free for life. It attracts zero annual fees.
  • Complimentary Airport Lounge Access: Card member can avail free access to more than 750 LoungeKey airport lounges all over the world.

Note- For more information, download the LoungeKey mobile app.

  • Complimentary Hotel Stay: Upon booking 2 nights at any participating hotel or resort in the Starwood Preferred Guest Program, the member of this Card can get the third night for free.
  • Discount on Airfare: Member of this credit card can get a 10% discount on any International roundtrip airfare when booked through Cleartrip.
  • Profit Rate: This credit card attracts Murabaha profit rate of 1.75%
  • Falak Tayyeb Savers: Cardholder of this Mawarid Credit Card can avail huge discounts and enjoy Buy One Get One Free offer across entertainment, shopping, restaurants, and wellness merchants within the UAE.
  • Cash Withdrawal Facility: This card offers the facility of cash withdrawal up to 30% of available credit limit from ATMs.
  • Balance Transfer: The cardholder can easily transfer their outstanding balance from other bank’s credit card to their Mawarid Finance Credit Card at 0% profit rate for 6 months.

Note- One-time processing fee of AED 1500 will be applicable.

  • High Security: This credit card comes with Microchip security as well as 3D protection to ensure the security of the transaction.
  • Loyalty Points: With this credit card, the cardholder can earn 1 Loyalty Point upon spending AED 1 locally and 2 Loyalty Points upon spending AED 1 internationally.
  • Extra Services: Cardholder will get complimentary SMS service. In addition to this, they will get round the clock account access through the Mawarid Finance Mobile & IVR.

2. Mawarid Finance Falak Tayyeb Platinum Credit Card

Mawarid Finance Falak Tayyeb Platinum Credit Card is formulated on the basis of Wakalah and Murabaha. This Islamic Credit Card meets the financial expectations of the cardholder by providing them with extra privileges and benefits.

  • Annual Membership Fees: AED 0
  • Foreign Currency Transaction Fee: 2.63%

Main Benefits of This Credit Card:

  • No Annual Fee: This Mawarid Credit Card is free for life as it attracts zero annual fees.
  • Profit Rate: This credit card attracts Murabaha profit rate of 1.75%
  • Complimentary Airport Lounge Access: Member of this credit card can enjoy complimentary airport lounge access all over the Middle East.
  • Falak Tayyeb Savers: Cardholder of this Mawarid Credit Card can get huge discounts and enjoy Buy One Get One Free offer across entertainment, shopping, restaurants, and wellness merchants within the UAE.
  • Balance Transfer: Cardholder can easily transfer their outstanding balance from other bank’s credit card to this Card at a 0% profit rate for 6 months.

Note- A one-time processing fee of AED 1500 will be applicable.

  • Cash Withdrawal Facility: This card offers the facility of cash withdrawal up to 30% of available credit limit from ATMs.
  • High Security: This credit card comes with Microchip security as well as 3D protection to ensure a secure
  • Loyalty Points: With this credit card, the cardholder can earn 1 Loyalty Point upon spending AED 1 locally and 2 Loyalty Points upon spending AED 1 internationally.
  • Extra Services: Card member will get complimentary SMS service. In addition to this, they will get round the clock account access through the Mawarid Finance Mobile & IVR.

3. Mawarid Finance Falak Tayyeb Titanium Credit Card

This Mawarid Finance Credit Card is based on the principle of Murabaha. With this card, the cardholder can avail cashless purchasing across the globe. In addition to this, it offers plenty of benefits and privileges to its card owner. 

  • Annual Membership Fees: AED 0
  • Foreign Currency Transaction Fee: 2.63%

Main Benefits of This Credit Card:

  • Free For Life: This Mawarid Credit Card is free for life as it attracts zero annual fees.
  • Profit Rate: This credit card attracts a profit rate of 1.75%
  • Complimentary Airport Lounge Access: Member of this credit card can enjoy complimentary airport lounge access all over the Middle East.
  • Falak Tayyeb Savers: Mawarid Credit Card member can avail huge discounts and Buy One, Get One Free offer across entertainment, shopping, restaurants, and wellness merchants within the UAE.
  • Balance Transfer: Cardholder can easily transfer their outstanding balance from other bank’s credit card to this Card at a 0% profit rate for 6 months.

Note- A one-time processing fee of AED 1500 will be applicable.

  • Cash Withdrawal Facility: This card offers the facility of cash withdrawal up to 30% of available credit limit from ATMs.
  • High Security: This credit card comes with Microchip security as well as 3D protection to ensure a secure
  • Loyalty Points: With this credit card, the cardholder can earn 1 Loyalty Point upon spending AED 1 locally and 2 Loyalty Points upon spending of AED 1 internationally.
  • Extra Services: Card member will get complimentary SMS service. In addition to this, they will get round the clock account access through the Mawarid Finance Mobile & IVR.

4. Mawarid Finance Souhoula Saver Platinum Credit Card

This is a Saver Credit Card that offers an automatic enrollment of the cardholder to the UAE’s biggest awards and prizes programs. What’s more? This Card is a pre-approved card and it offers various special features.

  • Annual Membership Fees: AED 0

Main Benefits of This Credit Card:

  • Free For Life: This Mawarid Credit Card is free for life as it has zero annual fees.
  • Profit Rate: It attracts the lowest profit rate of only 1.49% per month.
  • Complimentary Airport Lounge Access: Cardholder can enjoy complimentary airport lounge access across 10+ lounges in the Middle East and Levant.
  • Discount on Travel Bookings & Chauffer Rides: Member of this credit card can enjoy up to 30% discount on travel bookings through Cleartrip. In addition to that, it offers a discount on chauffer rides when booked through Careem.
  • Buy 1 Get 1 Free Offer: It offers a host of Buy One Get One Free offer exclusively from MasterCard.
  • Purchase Protection: This credit card offers purchase protection of up to $2,000 per claim and a maximum of $5,000 over a 12-month period.
  • Cash Back: Under Rewards Loyalty Program, member of this credit card can get 1% cash back at Savings Sukuk.
  • Extra Benefits: Member of this Credit Card has a great opportunity of saving and winning prizes with National Bonds Corporation on a monthly as well as a quarterly Also, it offers luxury shopping privileges with Reboonz.com and MyUS.com premium shipping discounts.
  • Falak Tayyeb Savers: Cardholder can avail huge discounts across entertainment, shopping, and leisure categories offered by Falak Tayyeb Savers.
  • Special Features: Since it is a pre-approved credit card, no documents are required to be eligible for this credit card.
  • Credit Limit Cash Withdrawal: This card offers 100% credit limit cash withdrawal.
  • High Security: Mawarid Credit Card comes with chip & pin security. For online purchases, it offers 3D secure authentication.
  • Balance Transfer: With this Card card, the cardholder doesn’t have to worry about high rate of interest. They can easily transfer their outstanding balance from other bank’s credit card to Souhoula Saver Platinum Credit Card.

Note- A monthly profit at the rate of 0.99% on the reducing balance is applicable for 6 months.

  • Facility of Cash-on-Call: Cardholder can enjoy fast, simple, and convenient access to cash any time.

Features and Benefits of Mawarid Finance Credit Cards

Mawarid Finance Credit Cards offer different kinds of benefits and features that a credit card applicant could ask for. From travel benefits to lifestyle benefits, Mawarid Finance Credit Card meets the basic and financial need of its customers. Mawarid Credit Card member can enjoy the following benefits:

1. International Spending

No matter where an applicant is, the Mawarid Finance Credit Card offers limitless connectivity and access to their funds without any interruption. It means that they can use their Mawarid Finance Credit Card for purchasing as well as withdrawing cash.

2. Pay How You Like

The Credit Card offers various payment options to its cardholders. They can pay their outstanding amount by using any of these payment channels:

  • Direct debit from bank account
  • Bank transfer
  • Mawariad Kiosk machines
  • Depositing a cheque at Mawariad sales/customer service centre in IBRI House, Sheikh Zayed Road or a Mawarid Exchange House in the UAE.
  • Visiting Exchange Houses such as Al Ansari Exchange, Mawarid Exchange, AI Fardhan Exchange, AI Ahalia Exchange, AI Ghurair International Exchange, UAE Exchange, and AI Fuad Exchange.

3. No Annual Fees

Credit Cards offered by Mawarid Finance are fee-free for life. Mawarid Finance Credit Cards come with no annual membership fee are also loaded with a wide range of benefits and features.

4. Complimentary Airport Lounges

The cardholder can sit and relax at luxurious airport lounges as a majority of the Mawarid Finance Credit Cards offer complimentary access to airport lounges across the thousands of locations. This amazing benefit provides the card member with much-needed peace of mind.

5. Balance Transfer

This facility is offered so that the cardholder can easily pay off their debt. Most of the Mawarid Finance credit cards attract a 0% profit rate on balance transfer for the first 6 months. This benefit makes Mawarid Finance credit cards the perfect cards to pay off the outstanding amount (if any).

6. Discounts & Privileges

From Buy One Get One Free offer across entertainment, shopping, restaurants, and wellness merchants within the UAE to discounts on travel bookings, Mawarid Finance Credit Cards offers impressive variety discounts. Additionally, it offers an amazing flexible reward system, making it one of the best credit cards in the UAE.

7. Cash Withdrawal Facility

Credit Cards offered by Mawarid Finance offer the cash withdrawal facility up to 30% of credit limit from ATMs.

8. Easy Payment Plan

Mawarid Finance Credit Cards offer 0% Easy Payment Plan that enables the cardholder to convert their regular transactions to 0% installment for up to 6 months. The cardholder can convert transactions into EPP at the following merchants:

  • Souq.com
  • Etihad Airways
  • AI Rayah Travel & Tourism
  • Air Arabia
  • AI Bayan Medical Centre
  • AI Arif Sons Travel Agency
  • Noon.com

Mawarid Finance Credit Card Murabaha Profit Rates and Annual Fees

Here are Murabaha Profit Rates and annual membership fees for Mawarid Finance Credit Card:

 

Card Name Profit Rates (in %) Annual Membership Fee (in AED)
Mawarid Finance Falak Tayyeb World Credit Card 1.75 0
Mawarid Finance Falak Tayyeb Platinum Credit Card  1.75  0
Mawarid Finance Falak Tayyeb Titanium Credit Card  1.75 0
Mawarid Finance Souhoula Saver Platinum Credit Card  1.49 0

 

(Updated as of February 2019)

How to Apply for a Mawarid Finance Credit Card?

Interested applicants can apply for Mawarid Finance Credit Card either online or offline.

Online Application

The applicants who want to apply for Mawarid credit card online need to log on the official website of Mawarid Finance. By clicking on the credit card section they can understand the benefits and features of various credit cards. They can opt for the credit card that perfectly suits their budget and financial needs. They can do so by clicking on the apply button and filling in the basic details in the credit card application form. After that, they need to submit the form. Once the form is submitted, the bank will take some time to verify the credibility of the information filled in the application form. Based on that, the bank will determine whether the applicant is eligible to get the card or not.

Bank Branch Visit

The applicant can apply for Mawarid Finance Credit Card offline by visiting the nearest branch. There, they can apply for the preferred credit card. In order to do so, they will have to fill in the credit card application and provide all the required details. If they meet in the eligibility criteria as per the bank’s guidelines, their application will be accepted and taken forward.

Mawarid Finance Credit Card Interest Rates

None of the Mawarid Finance Credit Card charges interest or Riba as it is strictly prohibited under Shariah law. Instead, Mawarid Finance charges profit rate in case the outstanding amount is not paid within the grace period. The profit rate is based on a tiered system. It means if the cardholder wants to enjoy a lower charge on their outstanding balance, they must be consistent with the repayments. Missing paying a payment on outstanding balance will attract increased profit rate.

Mawarid Finance Falak Tayyeb Credit Card charges lowest Murabaha profit rate of 1.75% per month while Mawarid Finance Souhoula Saver Platinum Credit Card charges profit rate of 1.49% per month.

Mawarid Finance Credit Card Limit

Mawarid Finance considers different factors while deciding the credit card limit for each applicant. There are some common parameters that are taken into consideration while deciding the maximum credit card limit on each Mawarid Finance Credit Card:

  • Type of Mawarid Finance Credit Card
  • Applicant’s credit history
  • Applicant’s monthly income
  • Limits on other credit cards (if have already)

Fees and Charges of Mawarid Finance Credit Card

There are some fees and charges applicable on each Mawarid Finance Credit Card, every cardholder must know about these charges. Here are some of the applicable charges on Mawarid Finance Credit Cards:

  • Cash Withdrawal Fee
  • Foreign Currency Transaction Fee
  • Over Limit Fee
  • Card Replacement Fee
  • Maintenance Charges
  • Late Payment Fee
  • Pin Reissuance Fee

How to Cancel a Mawarid Finance Credit Card?

The cardholder can visit the nearest Mawarid Finance branch and meet an executive and inform them about the reason to close the existing credit card. They will need to fill the Credit card Closure Form and provide the required details. They need to submit the form to the Branch Manager. The request will automatically lead to the termination of the supplementary card(s) along with the primary card. Keep in mind that the termination will be effective after all payments have been made. Once all dues and payments have been cleared, Mawarid Finance will cancel the credit card.

The cardholder can also call the customer of the Mawarid Finance at (+971) 43040888 and request for the cancellation of their credit card.

Why Choose Mawarid Finance’s Credit Card?

There are several reasons to apply for a credit card with Mawarid Finance. First and foremost, Mawarid Finance credit cards are designed to offer the much-anticipated benefits to the cardholder. Each of the Mawarid credit cards has various features like travel benefits, reward points, redemption scheme, cash withdrawal facility and so on. These features attract various customers. Mawarid Finance credit cards are formulated keeping in mind the financial needs of various credit card applicants.

Mawarid Finance Credit Cards FAQ's

Q.1. How many variants are available for Falak Tayyeb Credit Card?

The Falak Tayyeb Credit Card is available in three variants- World, Titanium, & Platinum.

Q.2. What is a supplementary card?

Supplementary card, also known as an add-on card, is a credit card that can be availed for the eligible family members of the primary cardholder. The supplementary card works exactly like a primary credit card and is even eligible for the same benefits. The expenses and fees are charged on the primary card instead.

Q.3. Where do I make my credit card payments?

You can make your credit card payment using any of the following options:

  • Bank transfer
  • Automatic monthly payments i.e. direct debit
  • Depositing a cheque in the sales/customer service centre in IBRI House, Sheikh Zayed Road or a Mawarid Exchange House in the UAE.
  • At exchange houses such as Al Ansari Exchange, Mawarid Exchange, AI Fardhan Exchange, AI Ahalia Exchange, AI Ghurair International Exchange, UAE Exchange, and AI Fuad Exchange.
  • Using Mawarid Kiosk machines

Q.4. What services can I access through Mawarid Finance Mobile App?

Mawarid Finance Mobile App offers easy round the clock access to manage all your card accounts in a simple and hassle-free manner. You can access the following services with the mobile app of Mawarid Finance:

  • Activate your card(s)
  • Access your card account
  • Check the details of your latest payment
  • Change or create your transaction/cash withdrawal pin
  • Lock/unlock your credit cards on a temporary basis
  • Review your last 5 transaction
  • Access the latest product updates and promotions
  • Check your available balance, amount due, and minimum due

Q.5. Is there a cash withdrawal limit with Mawarid Finance Credit Cards?

Yes! You can withdraw cash up to 30% of your credit limit. For example, if your credit card limit is AED 50,000 then you can withdraw maximum AED 15,000.

Q.6. How do I increase my credit card limit?

In order to increase the credit card limit, you are required to call the bank to request them for reviewing your application. Having said that, the approval for an increase in credit limit is generally determined on the basis of your credit score.

Q.7. Is there any age restriction for applying for a Mawarid Finance Credit Card?

 Well, yes! You have to be 21 years old to apply for a Mawarid Finance Credit Card.

Q.8. What happens if I pay my credit card bill late?

If your payment is received after the due date, you will be charged late payment fee. In the event you are paying a minimum payment after the due date, the bank will deduct the profit rate and charge the late fee additionally.

Q.9. What happens if I exceed my credit limit?

In the event you cross your credit limit, the bank may permit you to complete your transaction, but it will charge on an over-limit fee.

Q.10. What am I supposed to do if my credit card is stolen or lost?

Inform your credit card issuer immediately and report the loss or theft of your card.  The bank will freeze the missing card and replace it with a new card. The longer you wait to report a missing card, the riskier it is.

Q.11. Is 0% Easy Payment Plan is offered on all Mawarid Finance Credit Cards?

Yes, you can avail 0% EPP for 6 months using Mawarid Finance Credit Cards.

Q.12. What transactions can be converted to an Easy Payment Plan (EPP)?

Transactions at some certain merchants can be converted into EPP. Here is the list of merchants:

  • Souq.com
  • Etihad Airways
  • AI Rayah Travel & Tourism
  • Air Arabia
  • AI Bayan Medical Centre
  • AI Arif Sons Travel Agency
  • Noon.com

Q.13. How much of my available credit limit can I convert to an Easy Payment Plan (EPP)?

You can convert your full credit limit to Easy Payment Plan.

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