Aafaq Unveils Sharia-Compliant World Elite Mastercard for UAE’s Affluent Market

Aafaq Islamic Finance has rolled out a new World Elite Mastercard in partnership with Mastercard, aiming squarely at affluent customers in the UAE who want premium perks without stepping outside Sharia principles. It’s another move in the quiet but steady race to make Islamic finance feel less like a compromise and more like a lifestyle upgrade.

The card sits under Mastercard’s World Elite portfolio and was shaped after closely reviewing what’s already on the market locally. The idea, at least on paper, is simple: cover everyday spending and travel, then layer on experiences that feel a bit special. From where I stand, watching founders and operators across MENA getting savvier about financial tools, this kind of product feels very much of the moment.

To get people through the door, Aafaq is offering 20% cashback on platforms many of us use almost by default now—Amazon, Careem, Noon and Talabat—alongside rewards of up to 5% on dining, online, international and other spends. There’s also a long list of lifestyle add-ons: complimentary padel and golf club access, valet parking, and buy-one-get-one-free tickets at VOX Cinemas. For frequent travellers, benefits include free airport transfers, meet-and-greet services, and access to more than 1,300 lounges worldwide. The entire onboarding process runs digitally through the Aafaq app, which should make the setup less of a faff.

Usman Basit, CEO of Aafaq, said the launch supports the company’s ambition to become the UAE’s preferred destination for digital Islamic finance, pointing to Mastercard’s technology and global reach as a key enabler. According to him, the card is designed to cover everything from online shopping to sports, entertainment and travel, while keeping the experience premium throughout.

From Mastercard’s side, Gina Petersen-Skyrme, SVP and country manager for the UAE and Oman, explained that the product reflects the company’s focus on matching the right card to the right customer. She noted that whether cardholders are spending on dining, e-commerce or cross-border transactions, the goal is a seamless and rewarding experience.

Aafaq itself is no newcomer. The UAE-based firm has picked up various industry awards over the years and, back in 2023, entered a broader strategic collaboration with Mastercard to develop new credit, prepaid and SME-focused commercial offerings. That background gives this launch a bit more weight, if you ask me.

At Arageek, we often hear founders complain that financial products don’t quite keep up with modern work and travel patterns. This doesn’t solve everything, well… I mean, no single card ever does, but it’s a step that feels spot on for a specific audience. I’m not a fan of benefits that look flashy but never get used, yet details like lounge access and digital onboarding tend to matter in real life. Whether customers will be chuffed to bits long-term is something we’ll see, but the intent is definately clear.

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