The United Arab Emirates is a leading destination for Islamic banking and Finance. The demand for the products of Islamic banking are increasing throughout the country. One of the leading companies of Finance in the United Arab Emirates, Aafaq Islamic Finance collaborated with Mastercard and launched on Monday, new Sharia-complaint credit cards, and boosted the retail segment and has now captured the continuously growing the market of credit cards in the country.
The retail business expansion of Aafaq is a response to the continuous increase in demand for the products and services of Sharia-compliant banking in the country, where fifty percent of the customers utilize products of Islamic banking. Due to the constant increase in demand from various customers of different ethnic group, products of Islamic banking are outpacing the growth in conventional banking. Furthermore, it is expected that this trend will continue to grow, especially in the sector of retail. .
The Managing Director and the Chief Executive Officer of Aafaq Islamic finance, Saif Ali Al Shehhi, said that they were very excited to introduce the new set of platinum credit cards that target the customers that have an active lifestyle. He further said that they were offering those customers many benefits and exciting privileges and further providing them with opportunities for maximizing their savings in their day-to-day spending.
He also said that these new products will be able to complement the rising demand for the products of Islamic banking in the United Arab Emirates. Credit cards have been supporting the growth of Islamic Finance and Banking in the UAE. Al Shehhi added that they were glad to be a part of such a growth.