aafaq Google Analytics
UIGF
Easy Bank Transfer   |    Debit Card Load   |    Aafaq Online Services
 
English  |  arabic
Several smart payment solutions are available now for Dubai Economy & Trakhees transactions, click here for details | Call 600502006 to avail our services.
  1. Home
  2. Products
  3. Investment Deposits

Products

REQUIREMENTS

Documentation

  1. Original Passport and valid emirates ID.
  2. Original Labour Card.
  3. Original Kulasat Qaid (For UAE Nationals).
    (we will take copies of the above).
  4. Financing application form duly filled up.
  5. Vehicle Quotation/ Invoice.
  6. Latest 3 months personal bank statements.
  7. Processing / Arrangement fees.
  8. Liability Letter if applicable.
  9. Post dated cheques from Salary Account / Personal Bank Account.
  10. 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

  1. Trade License.
  2. Chamber of Commerce Registration.
  3. Company Bank statement for the past 3 months.
  4. Copy of Bank Facility Letter/s (if applicable, i.e. if enjoying any credit facilities from other banks).

Process

  1. Application Form to be filled.
  2. Acceptance of aafaq's Letter of Intent (LOI). subject to aafaq approval).
  3. Complete Documentation.

 

to apply, please   

 

* 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

Medical Equipment Finance

Finance Program for Medical Equipment provided by aafaq Islamic Finance Company

Good health is your priority

Proper funding is our priority

 
aafaq Islamic Finance Company is proud to provide a program, consistent with the provisions of Islamic Shari'a, to finance the purchase of medical equipment and fixtures, reflecting the importance of the role of the medical sector in serving the community of the United Arab Emirates. 
 
The program is intended to finance medical fixtures and equipment and is designed specifically to finance hospitals, medical centers and specialist physician’s clinics.
 
Application Conditions for Finance:
This program is provided to: hospitals, clinics and specialized medical centers operating within the United Arab Emirates.
Application Age: 25 - 60 years
Amount of Finance: Up to AED 5,000,000
Tenure: Up to 4 years
Required Documents
  • Financial Statements for the last three years.
  • A separate Banking Statement of Account for the last 6 months.
  • A copy of the valid / original commercial license.
  • A copy of the purchase offer of the medical equipment – if any.
  • A copy of the lease contract or possession contracts.
  • A copy of passport and valid emirates ID of the applicant 
  • Water and electricity consumption bills for the last two months.
Applications should be submitted online and a representative from aafaq Islamic Finance will call you within one working day of receipt.
 
Please send your inquiries or submit your finance application by email to: info@aafaq.ae
 
To download the product brochure for the finance of medical equipment, press here.
 
 
to apply, please   

 

This product is consistent with the provisions of Islamic Shari'a

To view Shari’a Certificate for this product, please click here

*Terms and conditions apply

REQUIREMENTS

Documentation

  1. Original Passport and valid emirates ID 
  2. Original Labour Card.
  3. Original Kulasat Qaid (For UAE Nationals) (we will retain copies of the above).
  4. Financing application form duly filled up.
  5. Original Property Sale Agreement OR copy of title deed / affection plan.
  6. Copy of receipts paid to developer till date (if applicable).
  7. Latest 6 months personal bank statements.
  8. Processing / Arrangement fees.
  9. Liability Letter.
  10. Cheque for AED 3,000/- for valuation of property.
  11. Post dated cheques or standing order confirmed from applicant's bankers.

Additionally for Salaried applicants

  1. Salary certificate (UAE Nationals & Residents) stating position, length of service, basic salary and other allowances.
  2. Salary Transfer letter from employer where applicable.

Additionally for Self-employed applicants

  1. Trade License.
  2. Chamber of Commerce Registration.
  3. Memorandum / Articles of Association.
  4. Latest Audited financials for 2 years (with 3 year's financial data).
  5. Company Bank statement for the past 6 months (1 year if no audited financials available).
  6. Copy of Bank Facility Letter/s (if applicable, i.e. if enjoying any credit facilities from other banks).

Requirement specific to Construction Finance

  1. Floor layout and specifications from the consultant.
  2. Approval of respective Emirate Municipality.
  3. Letter from consultant with estimated cost.
  4. Contractor's documents.

Process

  1. Application form to be filled.
  2. Acceptance of aafaq's Offer Letter (subject to aafaq approval).
  3. Complete documentation.

aafaq also provides financing for your Commercial Property

 

to apply, please   

 

* Approval subject to aafaq terms & conditions.

aafaq reserves the right to change any of the terms and conditions at its sole discretion.

CORPORATE FINANCING

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.

 

to apply, please   

TASAHEEL - CAPEX FINANCING

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 payment options that are in line with our customers' capabilities and cash flow.

 

to apply, please   

COMMERCIAL & SME FINANCING

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

 

to apply, please   

CORPORATE FINANCE

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   

RETAIL FINANCING

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   

PROPERTY FINANCE

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:

Age
21 years (minimum).
60 - 65 years (maximum) upon maturity of financing.
 
Status of Applicant
Length of Employment for Salaried: 1 year (minimum).
Length of business for Self-Employed: 3 years (minimum).
 
Finance Amount
AED 250,000 (minimum).
AED 10,000,000 (maximum).
 
Finance to Value (FTV)
Up to 60% for UAE nationals and 50% for expat residents, based on current market value.
 
Tenure
Tenure up to 8 years.
 
Salary / Income
For Salaried individuals
AED 15,000 (min) per month for Individual applicants.
AED 18,000 (min) per month for Joint applicants.
(subject to one applicant with at least AED 10,000 per month).
 
For Self-Employed individuals
Annual income (portion of his/her income).
 
Profit Rates
Competitive Rates (on Variable or Fixed basis).
 
Processing / Valuation Fees
Processing Fees 1% with min. AED 5,000
Valuation Fees AED 3,000 from an independent valuator
 
 

To view Key Fact Statement for this product, please click here 

 

to apply, please   

REQUIREMENTS

Required Documents: 

Salaried:
  1. Original Invoice from school or university   addressed to aafaq Islamic Finance
  2. Passport & Visa Copy of the borrower.
  3. Emirates ID copy
  4. Latest 03 month Bank statement's
T&C Applies 
Self Employed:
  1. Original  Invoice from  school or university  addressed  to aafaq  Islamic finance
  2. Passport & Visa copies  of all the  partners
  3. Emirates ID copies  of all the  partners including the  local sponsor
  4. Valid Trade License
  5. Latest 06 month bank statements
T&C Applies 

 

to apply, please   

 

Note :  For all the  cases  (Salaried  & self-employed  ) following to be  provided 
  • Etihad Bureau form to be completed
  • KYC Form

MANUFACTURING FINANCE

Manufacturing Finance

aafaq Islamic finance endorsing the initiative by His Highness Sheikh Mohammad bin Rashid Al Maktoum Vice-President and Prime Minister of UAE and Ruler of Dubai to promote "Dubai Industrial Strategy" .aafaq proudly provides “aafaq Manufacturing Finance” a customized financing facility dedicated for manufacturing sector to fulfill their financing requirements using Shari’a Compliant modes of finance and with very competitive rates. 
 
Features:
  • Simple documentation
  • Flexible payment tenure
  • High financing amounts up to AED 10,000,000
  • Customized plan as per requirements.
  • Attractive profit rates
 
to apply, please   

REQUIREMENTS

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 

 

to apply, please   

AUTO FINANCE

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:

Age
 
21 years (minimum).
60 - 65 years (maximum) upon maturity of financing.
 
Status of Applicant 
Length of Employment for Salaried: 6 months (minimum).
Length of business for Self-Employed: 1 year (minimum).
Length of business for Companies: 1 year (minimum).
 
Min Finance Amount
AED 15,000 /-
 
Down Payment
Starting from 20% down payment.
 
Tenure
Tenure Maximum upto 5 years for individuals.
 
Salary / Income
For Salaried applicants
Minimum AED 5,000 per month for Individual applicants.

For Self-Employed individuals
Last 3 months average credit turnover of AED 25,000/-.
 
For Companies
Average Monthly bank credits of AED 50,000.
 
Profit Rates
Competitive Profit Rates.
 
Processing Fees
Processing fees as applicable.

To view Key Fact Statement for this product, please click here 

to apply, please   

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
Advance EMI Payment 1% outstanding or Max AED 10,000/-
Early Payment (Full or Advance Partial) (in accordance with the CB rules and applicable product structure) 1% of total outstanding
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
Advance EMI Payment 1% outstanding or Max AED 10,000/-
Early Payment (Full or Advance Partial) (in accordance with the CB rules and applicable product structure) 1% of total 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
PROPERTY FINANCE AMOUNT/PERCENTAGE
Processing Fee 1% (Min of 500, Max of 2,500)
Late Payment fee AED 700 Max
Early Settlement1  1% of outstanding 
Takaful Contribution(Required Life & Permanent Disability Takaful) 0.0365% per month on outstanding balance
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
Advance EMI Payment 1% outstanding or Max AED 10,000/-
Partial Settlement  1% of outstanding 
Clearance letter AED 95
Request of Other Letters AED 90
CORPORATE FINANCE CHARGES AMOUNT/PERCENTAGE
Processing Fee 1.5%
Early Settlement 2%
Instalment Deferment charges AED 5,000/-
Returned Instalment fee AED 250
Late payment charges (Payable to charity as per Sharia guidelines) AED 400
Issuance of Liability letter AED 250
Replacement of PDC AED 250
Clearance letter AED 100
Other Certificates AED 250
Annual Financial Guarantee Renewal Fee 1.5%
INVESTMENT DEPOSITS (WAKALA)  
Corporate Wakala  
Minimum amount required to open AED 10,000
Issuance of Wakala Balance Certificate AED 100
Agency fee Max AED 100
Sahobat Normal  
Minimum investment AED 500
Agency fees AED 15
Sahobat Gold  
Minimum investment AED 25,000
Agency fees AED 100
Sahobat Platinum  
Minimum investment AED 100,000
Agency fees AED 100

 

CREDIT CARDS

ITEMS

 

 AAFAQ PLATINUM CARD
(Monthly Profit Rate)#		 BUSINESS COVERED CARD
(Annual fee & Monthly Profit Rate)*		 ROYAL WORLD ELITE COVERED CARD
(Annual fee & Monthly Profit Rate)*
Monthly Profit Rate1 3.25% 3.25% 3.25%
Monthly Profit Rate2 3.99% 3.99% 3.99%
Annual Fees* AED 0 AED 399 AED 5000
Supplementary Card fee* AED 100 AED 100 N/A
Cash withdrawal limit* 90% 90% 90%
Cash withdrawal fees per transaction*
AED 100 for each withdrawal
 
 AED 100 for each withdrawal AED 1000 for each withdrawal
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 3000
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(Murabaha transaction)* AED 5 AED 5 AED 5
Transaction Dispute investigation fee* AED 25 AED 25 AED 25
Liability Letter Fee* AED 50 AED 50 AED 50
Payment holiday fee* AED 300 AED 300 AED 300
OTHER INFORMATION      
Aafaq Star Bonus Program Yes Yes Yes
Save back Rewards 1% on Domestic Transactions (UAE) 2% on International Transactions Yes Yes Yes
Monthly regular E-Statement Free Free Free
Statement date (Every Month) 12th 12th 12th
Payment due date (from the statement date) 24 days 24 days 24 days
Maximum repayment period 54 days 54 days 54 days
Min monthly payment (of monthly balance) 5% (min AED 100) 5% (min AED 100) 5% (min AED 100)

 

 

CREDIT CARD -FINANCE FACILITY
Finance Facility

Min
Amount  (AED)

Max
Amount  (AED)

 Tenure
(Months)		 Processing Fee (AED) Payment Holiday Fee  (AED)
Balance Transfer (BT) 1,000 90% of Available limit 3,6,9,12 1.00% Per month (Minimum AED 50/-) excluding VAT. 300
Finance on Phone (FOP) 1,000 90% of Available limit 3,6,9,12 1.00% Per month (Minimum AED 50/-) excluding VAT. 300
Normal EPP 1,000 Transaction Amount 3,6,9,12 1.00% Per month (Minimum AED 50/-) excluding VAT. 300


Note*:

 1 Monthly Profit Rate means the rate at which the Murabaha Finance will be provided to the Customer for the Covered Card booked before 1st January 2023 and valid till card expiry date.

2 Monthly Profit Rate means the rate at which the Murabaha Finance will be provided to the Customer for the Covered Card booked 1st January 2023 onwards.
* All our charges, commissions and fees are exclusive of Value Added Tax (VAT). VAT will be charged wherever applicable. 

NOJOOM

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

Aafaq Platinum Credit Cards

Enjoy a rewarding experience with your Aafaq Credit Card with a wide range of exclusive and exciting privileges to full-fill your needs.

Your aafaq Platinum credit card is your one-stop shop for all your spending needs. Your card will enable you to spend hassle-free with secure features and with contactless tap-and-pay technology.

With your Platinum credit card, you will indulge in multiple benefits, offers, security and unmatched services. This Platinum credit card is built considering your basic needs, requirements, and privileges which you always deserve. This card is packed with unique features and additional benefits like rewards, savings, multi-insurance, discounts, bonuses, concierge services, travel services and many more.

Apply today and start enjoying the following benefits:

Mastercard Travel Pass:
Relax at over 1,200 lounges with Mastercard Travel Pass. Download the Mastercard “Travel Pass” (iOS & Android) app to continue enjoying your airport lounge access with your Aafaq Mastercard.


Valet Parking:
Get complimentary Valet parking twice a month on various location across UAE click here for more details

Avis Car rental:
Enjoy 20% off your next car rental with Avis. Visit www.avisworld.com/mastercardmea and book with your Aafaq Platinum Mastercard.
Cardholders are required to present their Aafaq Platinum Mastercard to the agent upon collection of the vehicle.

Terms and Conditions:
- The discounts do not apply for domestic rentals within UAE
- The discount is only available for customers booking through dedicated redemption page www.avisworld.com/mastercardmea or for customers who have joined Avis Preferred for Avis Presidents Club and linked their profile to the partnership
- Validity: Valid until December 31st , 2024

 

Talabat*:
Use your aafaq Platinum Mastercard and get 20% off grocery or food orders two times per month when placing the order on the Talabat app using promocode MASTERCARD at checkout
* Standard Talabat terms and conditions apply

IHG:
InterContinental Hotels Group plc, also known as IHG Hotels & Resorts, is a multinational hospitality company with nearly 6,000 global hotels and resorts across worldwide destinations.

  • Use your aafaq Platinum Mastercard and get:
    • 15% discount on ‘Best Available Rate’
    • Complimentary late checkout from the Participating Property (i.e., checkout at 16h00 at the latest)
  • How to avail: Simply visit www.ihg.com/mastercardoffer
    • Enter your destination, select dates and search for the hotels available.
    • Select the hotel of your choice and proceed to check out.
    • Complete the booking and pay with your aafaq Platinum Mastercard to get 15% discount
    • For T&Cs click here

 

Booking.com:
Use your aafaq Platinum Mastercard to book your next stay on Booking.com and enjoy 10% money back at hundreds of thousands of properties locally and around the world.

  • How to avail: Simply register on www.booking.com/mastercardmea and make a booking. Enter you aafaq Platinum card details upon checkout. “Please note that the cashback will be credited to your card. The cashback time may vary” for terms & conditions please click here

 

Other Credit Card Benefits

Balance Transfer:
Transfer your balance to aafaq Islamic Finance with an option to pay your outstanding on monthly instalment.

Easy Payment Plan (EPP):
With aafaq Easy payment plan, you can Convert your purchases into monthly instalments on both primary and supplementary cards

Finance On Phone (FOP):
You can withdraw cash up to 90% of your credit card limit and pay it back in equal monthly instalments over 3 ,6, 9 and 12 months.

Save Back:
• You can get impressive cash back when you spend using your aafaq Platinum Mastercard and earn up to 2% on your spends.
• You can redeem when your total Save Back is minimum AED100/-
Spend using your aafaq Credit card and get rewarded.You can earn up to 2% on your retail spend.

International Spends Domestic Spends SaveBack International SaveBack Domestic Total SaveBack
AED 1000 AED 2000 AED 20 AED 20 AED 40
You may redeem your saveback as :
- Credit back to your aafaq credit card that will be reflected in your next credit card statement.

 

 
 
PAYMENT METHOD
 
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.
 
Internet Banking/Mobile Banking:
You can Add Aafaq Credit Cards under “other bank Credit Cards” under payments, through your Internet banking or Mobile banking Services provided by your bank. Kindly search for Aafaq Islamic Finance / Islamic Finance Company.
 
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.

Al Ansari Exchange:
Simply visit any of the conveniently located Al Ansari Exchange branches and make a cash payment towards your aafaq Credit Card balance.

Online Transfer:
You can pay your monthly aafaq credit card bills through online transfer to any of the following accounts.
 
Account Name: AAFAQ ISLAMIC FINANCE PSC
Bank Name: DUBAI ISLAMIC BANK
Account Number: 001520042638112
IBAN Number: AE83 0240 0015 2004 2638 112
Bank Code Number: DUIBAEADXXX
 
OR
 
Account Name: AAFAQ ISLAMIC FINANCE PSC
Bank Name: EMIRATES ISLAMIC BANK
Account Number: 003707471593307
IBAN Number: AE05 0340 0037 0747 1593 307
Bank Code Number: MEBLAEAD
 
Send a copy of the electronic transfer receipt and the registered mobile number to customer.care@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.
 

 

USEFUL LINKS

To view Shari’a Certificate for this product, please click here 

To view Key Fact Statement for this product, please click here 

To apply, please call 600502006 or send an email to info@aafaq.ae

CORPORATE GUARANTEES

Corporate Guarantees

aafaq islamic finance offers several types of Corporate Guarantees with flexible margin options, simple & fast processing. Aafaq provides the following types of Corporate Guarantees: 
  • Bank Guarantees
  • Labor Guarantees
  • Establishment Guarantees
  • Financial Guarantees
  • Bid Bonds
  • Advance Guarantees
  • Performance Bonds
  • Retention and Maintenance Guarantees
 
Highlights
  • 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   

 

*Terms & conditions apply.

INVESTMENT DEPOSITS

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   

 

*Terms & conditions apply.

SAHOBAT INVESTMENT DEPOSIT

Sahobat Investment Deposit

Invest, Profit & Win!

Introducing Aafaq Islamic Finance’s Sahobat - Wakala Deposit for your business. 
 
This product is tailor-made to give your company even more chances of Shari’a Compliant profit.
 

SAHOBAT

Deposit as low as AED 500 in Sahobat Wakala Deposit to get a chance to win cash prizes!  
 
  1. Monthly & Quarterly Draws
  2. The more you invest, the more tickets you are entitled to
  3. 10 prizes of AED 500 monthly
  4. 1 prize of AED 2,000 quarterly
  5. 1 prize of AED 3,000 quarterly
  6. 1 prize of AED 5,000 quarterly 

SAHOBAT GOLD

Deposit AED 25,000 in Sahobat Gold Wakala Deposit to get a chance to win cash prizes!  
 
  1. Monthly & Quarterly Draws
  2. The more you invest, the more tickets you are entitled to
  3. 5 prizes of AED 2,500 monthly
  4. 1 prize of AED 5,000 quarterly
  5. 1 prize of AED 7,500 quarterly
  6. 1 prize of AED 10,000 quarterly 
 
What are you waiting for? Call us on 600502006 or visit us now! 
 
 

Terms & Conditions:

 

  1. 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.
  2. 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.
  3. Aafaq Islamic Finance reserves the right to change the T&C for Wakala Investment Account draw entry at any time.
  4. 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).

  1. Aafaq Islamic Finance reserves the right to stop renewing the scheme at any time without prior notice.
  2. 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.
  3. The investments under this scheme will be governed by the Master Wakala Agreement and related Terms & Conditions.

AAFAQ ROYAL WORLD ELITE CREDIT CARD

Aafaq Royal World Elite Credit Card

aafaq Islamic Finance proudly presents the invitation-only Royal World Elite credit card fully loaded with unrivalled VIP privileges.
 
With your new aafaq Royal World Elite credit card you will enjoy all the advantages mentioned below and even more:
 

Mastercard Travel Pass:
Relax at over 1,200 lounges with Mastercard Travel Pass. Download the Mastercard “Travel Pass” (iOS & Android) app to continue enjoying your airport lounge access with your Aafaq Mastercard .

Valet Parking:
Get complimentary Valet parking twice a month on various location across UAE click here for more details

Avis Car rental:
Enjoy 20% off your next car rental with Avis. Visit www.avisworld.com/mastercardmea and book with your Aafaq World Elite Mastercard.
Cardholders are required to present their Aafaq World Elite Mastercard to the agent upon collection of the vehicle.

Terms and Conditions:
- The discounts do not apply for domestic rentals within UAE
- The discount is only available for customers booking through dedicated redemption page www.avisworld.com/mastercardmea or for customers who have joined Avis Preferred for Avis Presidents Club and linked their profile to the partnership
- Validity: Valid until December 31st , 2024

 

Talabat*:
Use your aafaq World Elite Mastercard and get 20% off grocery or food orders two times per month when placing the order on the Talabat app using promocode MASTERCARD at checkout
* Standard Talabat terms and conditions apply

IHG:
InterContinental Hotels Group plc, also known as IHG Hotels & Resorts, is a multinational hospitality company with nearly 6,000 global hotels and resorts across worldwide destinations.

  • Use your aafaq World Elite Mastercard and get:
    • 15% discount on ‘Best Available Rate’
    • Complimentary late checkout from the Participating Property (i.e., checkout at 16h00 at the latest)
  • How to avail: Simply visit www.ihg.com/mastercardoffer
    • Enter your destination, select dates and search for the hotels available.
    • Select the hotel of your choice and proceed to check out.
    • Complete the booking and pay with your aafaq World Elite Mastercard to get 15% discount
    • For T&Cs click here

 

Booking.com:
Use your aafaq World Elite Mastercard to book your next stay on Booking.com and enjoy 10% money back at hundreds of thousands of properties locally and around the world.

  • How to avail: Simply register on www.booking.com/mastercardmea and make a booking. Enter you aafaq World Elite card details upon checkout. “Please note that the cashback will be credited to your card. The cashback time may vary” for terms & conditions please click here

 

Other Credit Card Benefits

Balance Transfer:
Transfer your balance to aafaq Islamic Finance with an option to pay your outstanding on monthly instalment.

Easy Payment Plan (EPP):
With aafaq Easy payment plan, you can Convert your purchases into monthly instalments on both primary and supplementary cards

Finance On Phone (FOP):
You can withdraw cash up to 90% of your credit card limit and pay it back in equal monthly instalments over 3 ,6, 9 and 12 months.

Save Back:
• You can get impressive cash back when you spend using your aafaq World Elite Mastercard and earn up to 2% on your spends.
• You can redeem when your total Save Back is minimum AED100/-
Spend using your aafaq Credit card and get rewarded.You can earn up to 2% on your retail spend.

International Spends Domestic Spends SaveBack International SaveBack Domestic Total SaveBack
AED 1000 AED 2000 AED 20 AED 20 AED 40
You may redeem your saveback as :
- Credit back to your aafaq credit card that will be reflected in your next credit card statement.

 

This uniquely designed diamond encrusted aafaq Royal World Elite credit card allows you to enjoy a wide selection of unsurpassed privileges tailored to your unique lifestyle.
 
To activate your card and set up your PIN, please call 600 549994.
 
 
 
 
 

To view Application Form for this product, please click here 

To view Key Fact Statement for this product, please click here 

 

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

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

PERSONAL FINANCE

Personal Finance

"aafaq Personal Finance" -Ideal Personal Financing options
A personal finance is an advance granted as funds to individuals based on monthly income received from an employment in the UAE and other regular verifiable sources of income (if any).

Product
"aafaq Personal Finance" offers the finances for all UAE nationals and resident expatriates with a valid residence visa.

Eligibility:

Age
 
21 years (minimum).
60 - 65 years (maximum) upon maturity of financing.
 
Min Finance Amount
AED 15,000 /-
 
Tenure
Tenure Maximum upto 4 years for individuals.
 
Salary / Income
Minimum AED 5,000 per month for Individual applicants.
 
Profit Rates
Competitive Profit Rates.
 
Processing Fees
Processing fees as applicable.

 

To view Application Form for this product, please click here 

To view Key Fact Statement for this product, please click here 

to apply, please   

REQUIREMENTS

Documentation
  1. Original Passport and valid emirates ID.
  2. Original Labour Card.
  3. Original Kulasat Qaid (For UAE Nationals). (we will take copies of the above).
  4. Financing application form duly filled up.
  5. Latest 3 months personal bank statements.
  6. Processing / Arrangement fees.
  7. Liability Letter if applicable.
  8. Post dated cheques from Salary Account / Personal Bank Account.
  9. 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.
 
for Self-employed applicants / Companies
  1. Trade License.
  2. Chamber of Commerce Registration.
  3. Company Bank statement for the past 3 months.
  4. Copy of Bank Facility Letter/s (if applicable, i.e. if enjoying any credit facilities from other banks).
Process
  1. Application Form to be filled.
  2. Acceptance of aafaq's Letter of Intent (LOI). subject to aafaq approval.
  3. 3. Complete Documentation.
 
to apply, please