Up to 5% cashback

Mashreq Al Islami credit card is a Shari’ah compliant credit card from Mashreq Al Islami based on the Islamic law which means that no interest is charged on the outstanding amount. It is governed by the Shari’ah concept of “TAWARRUQ”; Tawarruq is a financial transaction in which a customer purchases a commodity from a seller/bank on a deferred payment basis, and then sells the same commodity to a third party on a spot payment basis.

It means that the Credit Card is designed and developed under the Islamic laws, which is approved by the Internal Shari’ah Supervision Committee of the Bank. Mashreq Al Islami Credit Cards work like conventional credit cards; however, Mashreq Al Islami credit cards are Shari'ah compliant cards (no interest, no hidden cost). If the customer makes full payment of the card outstanding on or before the due date, then the Bank may waive the profit for that month at its sole discretion, however if the customer chooses to pay the minimum outstanding, the Tawarruq Profit rate will be applied on the remaining balance.

Yes, since the Mashreq Al Islami Cashback Credit Card is based on Shari’ah principles, it cannot be used for transactions prohibited by “Islam” such as gambling, alcohol and transactions at clubs, Pubs and Casinos etc. Such transactions will not be considered and will be declined immediately.

Tawarruq refers to the process of purchasing a commodity for a deferred price determined usually through Murabahah (Cost Plus Profit) and selling it to a third party for a spot price. The requirements of the contract for purchasing the commodity on deferred payment bases should be fulfilled. The commodity shall be real and well identified that the seller must own before selling it to the third party.

Tawarruq (commodity Murabaha) - Customer buys an easily saleable asset at a marked-up price (Tawarruq profit rate), to be paid at a later date, and quickly sells the asset to raise cash. Mashreq will do a commodity trade with the customer (cardholder) equal to the approved limit. The profit will be calculated at an agreed rate considering the full limit remained utilized for the full tenure. Once the profit is agreed in the total sales value will never change even if customer does not pay on time. However, Profit collected will be commensurate to the limit utilized.

Your monthly income should be a minimum of AED 5,000.

The Mashreq Al Islami Cashback Credit Card is free for life for Primary as well as Supplementary Card(s).

No, there is no minimum spend requirement to earn cashback

All retails purchases made on your Card will be eligible for the cashback. Spends not qualified for cashback are: • Balance transfers • Local cash advances • Credit card cheques • Finance charges • All fees charged on the Card by the Bank • Transactions reversed by Merchants • Utility bill payments like telephone bills, water and electricity bills made through the Bank's payment channels like Call Center, Mashreq Online, ATM, Mobile Banking, Branches, or any other Bank's payment channel.

The cashback will be calculated and credited in 2-3 working days from the posting of qualifying transactions.

The cashback can be redeemed on achievement of a minimum of AED 100 as cashback balance. You can easily redeem from Mashreq Online / Mashreq Mobile Banking.

Yes, the cashback earned has a maximum validity of 36 months from the date of earning. If the cashback is not redeemed within this period, it will expire. Additionally, accumulated cashback will be forfeited in the below cases: You have not earned or redeemed any cashback in last twelve (12) months, or the Card account is delinquent.

Cashback will be earned on spends made on the supplementary card(s) as well. However, please note that the cashback can be redeemed only against the Primary Card account and will appear only on the statement of the Primary Card account.

Your cashback balance will be available to view on Mashreq Mobile App in 2-3 working days from the posting of qualifying transactions. You can view or redeem the cashback earnings via Mashreq Mobile App or Online banking.

The cashback earned can be redeemed upon your choice to the Credit Card account and will be applied directly to the outstanding balance of the card but does not count towards the minimum monthly payment on the card. The cashback is considered as a credit towards the card account and not as a payment, so you must still make the minimum monthly payment due on the card.

We understand that time is precious, and we bear this in mind in all we do. Therefore, we offer you clear payment convenience by giving you the option to make your payments through a variety of channels, however, please bear in mind the following important points: - Please don't lend your Credit Card to anyone - Please destroy all carbons and incorrect receipts - Try to avoid giving your Credit Card details over the phone - Never sign a blank charge slip/receipt - On your charge slips, always draw a line through blank spaces above the total, so the amount cannot be changed - Please check your billing statements with your charge slips/ receipts - If there are any questionable charges on your statement, please call Mashreq Al Islami Direct Banking Centre and inform us of your concerns - Notify us in advance in case of a change in your address by calling us - If your Credit Card is lost or stolen, contact Mashreq Al Islami Direct Banking Centre at 04 424 4411 immediately.

You can file a dispute for a Credit Card transaction by filling required details in the dispute form. Download the form and email the complete, signed form at Dispute@Mashreq.com