Aafaq Islamic Finance

What Aafaq Islamic Finance does

Aafaq Islamic Finance (P.S.C.) is a UAE-based Public Shareholding Company headquartered in Dubai that provides 100% Sharia-compliant retail and business financial products. Founded in 2006, the company is licensed and regulated by the Central Bank of the UAE and adheres to all seven AAOIFI Governance Standards through a dedicated Sharia Supervisory Board, Shari'a Review, and Shari'a Audit apparatus. Its product portfolio spans six credit card products (World Elite, Titanium, Platinum, Prepaid, Maashi WPS, and Digital Wallet), personal and asset financing (personal, easy, auto, and home finance), corporate and trade-license financing, and Sharia-compliant investment deposits (Wakala and Sahobat). The company serves more than 200,000 individual and SME customers across all seven UAE emirates through a multi-channel distribution model.

The underlying technology stack centers on the Aafaq Digital mobile app (available on iOS and Android), which supports applications, tracking, and management of credit cards and finance products with UAE PASS and biometric authentication. Distribution combines the company's headquarters and Abu Dhabi branch, digital kiosks in Sharjah, Fujairah, Ras Al Khaimah, and Ajman, 240+ Al Ansari Exchange payment points, and a December 2024 embedded financial solutions platform launched with Magnati that leverages real-time POS transaction data for SME underwriting. Revenue is generated through three primary streams: credit card operations (annual fees, transaction fees, balance transfer fees, and interchange), financing activities (profit rates on personal, auto, home, and corporate finance products over 3-48 month tenors), and investment deposits (Wakala and Sahobat profit-sharing returns).

The company operates a workforce of 101-250 employees drawn from 34 nationalities (35% women, 5.6-year average tenure), led by CEO Hisham Hammoud alongside COO Gurpreet Kalra and Chief Human Capital Officer Yusra Baqi. Strategic partnerships span Mastercard (exclusive card network partner), Network International (payments), Rasmala (investments), NWTN (sustainable mobility), the Mohammed Bin Rashid Housing Establishment (citizen financing), and the Dubai Land Department (real estate guarantee accounts). The company has received multiple recognitions including the 2024 Nafis Award First Place in Financial Sector for Emiratization, and the 2024 MEA Finance Awards for Best Digital Transformation Implementation and Most Transformative Leadership.

Name

Aafaq Islamic Finance

Legal name

Aafaq Islamic Finance (P.S.C.)

Website

https://aafaq.ae

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

251–500 employees

Short description

Aafaq Islamic Finance is a UAE Public Shareholding Company offering Sharia-compliant credit cards, personal and business financing, and investment deposits to consumers and SMEs across all seven emirates.

Ownership category

akta.pro rank

Product category

Islamic Consumer and SME Finance

NAICS

Credit Card Issuing (52221), Sales Financing (52222), Credit Intermediation and Related Activities (522)

SIC

Personal Credit Institutions (6141), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

akta.pro secondary industries

Islamic SME & Commercial Banking (FSABAGAB), Islamic Corporate Banking (FSABAGAC), Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI), Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)

Keywords

• Sharia-compliant finance
• Islamic credit cards
• Personal financing
• SME business financing
• Islamic investment deposits

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Credit Card Operations: Revenue from credit card issuance including annual fees, transaction fees, balance transfer fees, and interchange fees on card transactions.
2. Financing Activities: Profit rates earned on personal finance, auto finance, home finance, and corporate finance products. Flexible payment plans from 3 to 48 months.
3. Investment Deposits: Wakala deposits and Sahobat investment deposits generating profit sharing returns for depositors.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Aafaq Islamic Finance provides 100% Sharia-compliant credit cards (World Elite, Titanium, Platinum, Prepaid, Maashi), personal and asset financing (personal, auto, home, easy finance), corporate and trade license financing, and Sharia-compliant investment deposits (Wakala, Sahobat) to individual consumers and SMEs in the UAE. Products are delivered through a digital-first stack including the Aafaq Digital app, UAE PASS authentication, digital kiosk branches, and an embedded SME platform with Magnati.

Product overview

Aafaq Islamic Finance offers a comprehensive suite of Sharia-compliant financial products and services centered around credit cards and financing solutions. The portfolio includes six distinct credit card products (World Elite, Titanium, Platinum, Prepaid, Maashi, and Digital Wallet), personal financing options (Property Finance, Auto Finance, Easy Finance), corporate and business financing (Corporate Finance, Trade License Financing), and investment products (Wakala Deposit, Sahobat Deposit). All products are 100% Sharia-compliant, digitally accessible through the Aafaq Digital App, and supported by digital-first service delivery including digital kiosk branches across the UAE.

Differentiator

Problem solved

Functional benefit

Products and services

• World Elite Credit Card Premium Sharia-compliant Mastercard credit card with 20% cashback welcome offer, complimentary airport transfers, and golf and Padel access, targeting affluent UAE consumers.
• Titanium Credit Card Mid-tier Sharia-compliant credit card with 0% balance transfer for 12 months, flexible payment plans, and 0% profit rate instalments on school fees.
• Platinum Credit Card Entry-premium Sharia-compliant credit card offering an AED 250 welcome bonus, 0% balance transfer up to 12 months, and Buy 1 Get 1 free VOX tickets.
• Prepaid Card Sharia-compliant prepaid card for customers seeking controlled spending without overdraft or revolving credit.
• Maashi Card (WPS) Payroll-linked Sharia-compliant credit card tied to the UAE Wages Protection System (WPS) for salary transfer customers.
• Digital Wallet Mobile digital wallet for managing payments and card transactions through the Aafaq Digital App.
• Personal Finance Sharia-compliant short-term or long-term personal financing with simple documentation, covering property, auto, and general personal finance with repayment plans from 3 to 48 months at low profit rates.
• Home Finance (Property Finance) Islamic-compliant property and home financing for purchasing or refinancing real estate in the UAE.
• Auto Finance Sharia-compliant vehicle financing solutions for individual and business customers in the UAE.
• Easy Finance Quick Sharia-compliant financing with a streamlined application process for immediate financial needs.
• Corporate Finance Comprehensive Sharia-compliant corporate financing solutions and labor guarantees for UAE businesses, supported by dedicated relationship managers.
• Trade License Financing Sharia-compliant business license financing that helps UAE companies renew their trade licenses on time and maintain business continuity.
• Embedded Financial Solutions Platform (SME Financing) Embedded financial solutions platform operated with Magnati that gives UAE SME merchants streamlined access to Sharia-compliant business finance, invoice financing, equipment financing, POS financing, receivables financing, and Takaful using real-time POS transaction data.
• Wakala Deposit Sharia-compliant investment deposit product with fixed or flexible tenures that offers competitive profit rates managed according to Islamic principles.
• Sahobat Deposit Sharia-compliant investment savings product designed for the industrial sector, offering competitive profit rates under Islamic financing structures.
• Aafaq Digital App Mobile application that lets Aafaq customers apply for, track, and manage credit cards, personal finance, and corporate finance products, with secure UAE PASS or biometric login, smart payments, and balance transfer functionality.

Quantifiable outcome

• 10% Cashback on school fees up to AED 5,000 with Aafaq Credit Card
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature2 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• MagnaticoreTechnology or Integration · 28 December 2024Joint launch of embedded financial solutions platform for UAE SMEs. Platform uses real-time POS transaction data for streamlined financial underwriting, enabling faster approvals for business finances, invoice financing, equipment financing, and receivables financing.
• Al Ansari ExchangecoreChannel Partner/ Reseller/ Distributor · 7 November 2023Strategic collaboration to enhance customer convenience. Al Ansari Exchange handles credit card payments for Aafaq cardholders across its network of 240+ branches in UAE. Settlement through UAE Funds Transfer System (UAEFTS) with no additional fees for customers.
• MastercardcoreTechnology or IntegrationExclusive partnership for credit card products, prepaid card products, and SME commercial products.
• RasmalaminorStrategic or Co-development PartnerStrategic partnership for investment and financial services.
• NWTNminorStrategic or Co-development PartnerPartnership for sustainable mobility initiatives in UAE.
• Mohammed Bin Rashid Housing EstablishmentminorStrategic or Co-development PartnerAgreement to facilitate and provide financial services for UAE citizens.
• Dubai Land DepartmentminorStrategic or Co-development PartnerPartnership for supervising real estate guarantee accounts.
• PwC AcademyminorImplementation/ SI/ Consulting PartnerLeadership Development Program provider. 12-month intensive training program developing future leaders with focus on leadership, strategic thinking, and navigating complex business challenges.
• Rasmala CapitalminorStrategic or Co-development PartnerPartnership for driving sustainable and innovative investment growth in UAE.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Emirates Islamic: Islamic banking arm of Emirates NBD offering credit cards, personal finance, and corporate finance. Substantial overlap in card products and Sharia-compliant retail lending.
• Abu Dhabi Islamic Bank (ADIB): Major UAE Islamic bank offering retail financing, credit cards, and corporate banking. Direct competitor in UAE Islamic finance across consumer and SME segments.
• Dubai Islamic Bank: Largest Islamic bank in UAE; full-service Sharia-compliant retail, SME, and corporate banking plus cards and financing. Comparable as direct competitor in Islamic finance space but operationally much larger.
• Mashreq Al-Islami: Islamic banking window of Mashreq Bank offering credit cards, personal finance, and SME financing. Comparable product mix though embedded in larger conventional bank.
• ADCB Islamic Banking: Islamic banking arm of Abu Dhabi Commercial Bank offering Sharia-compliant cards, personal finance, and corporate products. Overlaps with Aafaq's financing offerings.

Direct peers

• Al Hilal Bank: UAE Islamic bank focused on retail, SME, and corporate Sharia-compliant financing including credit cards. Comparable scale and product breadth.
• Sharjah Islamic Bank: UAE Islamic bank focused on Sharia-compliant retail and corporate finance, including credit cards and personal financing. Closest comparable in mid-tier Islamic finance positioning.

Others

• Magnati: UAE-based payment processing and embedded finance provider partnered with Aafaq for SME platform. Adjacent ecosystem enabler rather than a direct competitor.

Regional players

• Al Rajhi Bank: Saudi Arabia's largest Islamic bank with credit cards, personal finance, and corporate financing. Comparable in Islamic finance product range but operates predominantly in KSA.
• Boubyan Bank: Leading Kuwaiti Islamic bank offering digital-first retail and corporate finance. Comparable in digital Islamic banking focus though operates in a different geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/AafaqFinance
• Facebookfacebook.com/aafaqislamicfinance
• LinkedInlinkedin.com/company/aafaq

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aafaq Islamic Finance