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Activate with Ease: Your Essential Guide to Getting Your Credit Card Up and Running

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To activate your credit card in the UAE, you typically have a few options:

Activate Online: Many credit card issuers provide online activation services through their internet banking portals or mobile apps. You can log in to your account using your credentials and look for the option to activate your credit card. Follow the instructions provided, which may include entering the card details and verifying your identity.

Activate via Phone: Some credit card issuers have dedicated activation helplines or customer service numbers. You can contact the bank’s customer service team and inform them that you would like to activate your credit card. They will guide you through the process and may ask for specific information, such as the card number and your personal details, to verify your identity.

Activate through ATM: Certain banks allow credit card activation through their ATMs. Insert your credit card into the ATM, follow the instructions on the screen, and select the option for credit card activation. You may need to enter your PIN or other details to complete the activation process.

Activate via Branch Visit: If you prefer a face-to-face interaction, you can visit the nearest branch of your credit card issuer. Bring your credit card, identification documents, and any other requested information. A bank representative will assist you with the activation process and provide any necessary guidance.

It’s important to note that the specific activation process may vary depending on the credit card issuer. It’s advisable to refer to the instructions provided with your credit card or contact the issuer’s customer service for precise information on how to activate your specific credit card in the UAE.

The steps to activate a credit card may vary depending on the credit card issuer and their specific procedures. However, here are the general steps involved in activating a credit card:

Check Activation Instructions: Review any activation instructions or materials provided with your credit card. This could be a letter, email, or included documentation that outlines the activation process specific to your credit card issuer.

Gather Required Information: Ensure you have the necessary information on hand. This typically includes your credit card number, the expiration date, the card’s security code (CVV/CVC), and any other personal details required for verification.

Choose Activation Method: Determine the activation method provided by your credit card issuer. Common options include online activation, phone activation, ATM activation, or activation through a branch visit. The instructions provided by your credit card issuer will guide you on the available methods.

Online Activation:

  • Visit the credit card issuer’s website or mobile app.
  • Log in to your account using your credentials or create a new account if necessary.
  • Locate the credit card activation section or option.
  • Enter the required information, such as your credit card details and personal information.
  • Follow any additional prompts or instructions to complete the activation process.

Phone Activation:

  • Contact the credit card issuer’s activation helpline or customer service number.
  • Follow the automated prompts or speak with a customer service representative.
  • Provide the requested information, including your credit card details and personal information, for verification.
  • Follow any further instructions or confirmations provided to complete the activation.

ATM Activation:

  • Find a designated ATM affiliated with your credit card issuer.
  • Insert your credit card into the ATM.
  • Follow the on-screen instructions and select the option for credit card activation.
  • Enter the required information, such as your PIN or other details, as prompted.
  • Complete the activation process as directed by the ATM.

Branch Visit Activation:

  • Visit a branch of your credit card issuer.
  • Bring your credit card, identification documents, and any other requested information.
  • Speak with a bank representative and inform them that you would like to activate your credit card.
  • Provide the necessary information and complete any paperwork or verification processes required.
  • Follow any additional instructions provided by the bank representative to finalize the activation.

Remember to carefully follow the instructions provided by your specific credit card issuer to ensure a successful activation. If you encounter any difficulties or have questions during the process, contact the credit card issuer’s customer service for assistance.

 

The Credit Card Chronicles: From Application to Approval

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To apply for a credit card in the UAE, you can follow these general steps:

Research and Compare Credit Cards: Start by researching different credit cards available in the UAE market. Compare their features, benefits, interest rates, fees, and eligibility criteria to find a card that aligns with your financial needs. Soulwallet offer several options to narrow down customers’ selection. Some of the popular pages are listed below

Check Eligibility Requirements: Review the eligibility criteria set by the credit card issuer. This typically includes factors such as minimum age, minimum income requirement, and employment status. Ensure that you meet the basic eligibility criteria before proceeding with the application.

Gather Required Documents: Prepare the necessary documents required for the credit card application. Commonly requested documents include a copy of your passport or Emirates ID, proof of income (such as salary slips or employment letter), bank statements, and proof of address (such as utility bills or rental agreements).

Submit Application Online or In-Person: Depending on the credit card issuer, you can either apply online through their website or visit a branch in person to submit your application. Online applications are usually straightforward and convenient, while in-person applications allow you to seek assistance from bank representatives. Below banks in the UAE have a seamless online application process. You can now apply directly from Soulwallet after reviewing the features and benefits. Click on the below links to find out more.

Apply directly through Soulwallet on the bank’s website.

Complete the Application Form: Fill out the credit card application form with accurate and complete information. Ensure that you provide all the necessary details and double-check for any errors before submitting the form.

Provide Supporting Documents: Along with the application form, attach the required supporting documents mentioned by the credit card issuer. Make sure to include clear and legible copies of the documents as per their specifications.

Await Processing and Approval: After submitting your application, the bank will review your application and assess your creditworthiness. This process may take a few days to a few weeks, depending on the bank and their internal procedures. The bank will notify you of the application status once it’s reviewed.

Credit Limit and Terms: If your application is approved, the bank will provide you with the details of your credit limit, interest rate, fees, and other terms and conditions associated with the credit card. Review these details carefully before accepting the offer.

Activate and Start Using the Credit Card: Once you receive your credit card, activate it as per the instructions provided by the bank. Familiarize yourself with the card’s features, payment due dates, and any additional services or benefits it offers.

Remember to exercise responsible credit card usage by making timely payments, keeping track of your expenses, and managing your credit responsibly to maintain a healthy credit profile.

It’s important to note that specific application processes and requirements may vary among different banks and credit card issuers. Therefore, it’s recommended to visit the respective bank’s website or contact their customer service for detailed and up-to-date information on applying for a credit card in the UAE.

Credit Cards Unveiled: Unlocking the Basics for Financial Freedom

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Credit cards are financial tools that allow individuals to make purchases on credit. Here are some key aspects of credit card basics:

Definition: A credit card is a payment card issued by a financial institution that allows the cardholder to borrow funds to make purchases, with the promise to repay the borrowed amount later.

Credit Limit: Each credit card has a predetermined credit limit, which is the maximum amount the cardholder can borrow using the card. The credit limit is based on factors such as the cardholder’s creditworthiness, income, and repayment history.

Cardholder Agreement: When you receive a credit card, you enter into a cardholder agreement with the issuing bank. The agreement outlines the terms and conditions of card usage, including interest rates, fees, and payment obligations. It is important to read and understand this agreement thoroughly.

Billing Cycle: Credit card activity is typically organized into billing cycles, which are usually monthly periods. During a billing cycle, the cardholder can make purchases or use the card for transactions. At the end of the cycle, a billing statement is generated, summarizing the transactions and outstanding balance.

Minimum Payment: The credit card statement indicates the minimum amount the cardholder must pay by the due date to remain in good standing. This amount is typically a small percentage of the total balance or a fixed minimum, but it is important to note that paying only the minimum can lead to interest charges and a prolonged repayment period.

Interest Rates: If the cardholder does not pay the full outstanding balance by the due date, the remaining balance accrues interest. Credit cards often have high-interest rates, known as Annual Percentage Rates (APR). It is advisable to pay off the balance in full each month to avoid interest charges.

Grace Period: Credit cards often provide a grace period, which is the time between the purchase date and the due date for payment. If the balance is paid in full within this period, no interest is charged. Grace periods usually apply only to new purchases and not to cash advances or balance transfers.

Fees: Credit cards may have various fees associated with their use. Common fees include annual fees (charged annually for card membership), late payment fees (if the minimum payment is not made by the due date), over-limit fees (if the cardholder exceeds the credit limit), and foreign transaction fees (charged for transactions made in a foreign currency or country).

Credit Score Impact: Credit card usage and repayment history have an impact on your credit score. Timely payments and responsible credit card management can help build a positive credit history, while missed payments or high credit card utilization can have a negative impact.

Rewards and Benefits: Many credit cards offer rewards programs, such as cashback, points, or travel rewards, where cardholders earn rewards for their spending. Additionally, credit cards may provide benefits like purchase protection, extended warranties, travel insurance, and access to exclusive events or airport lounges.

Using a credit card can offer several advantages, but it also comes with certain drawbacks. Here are some pros and cons to consider when using a credit card:

Pros of using a credit card:

Convenience: Credit cards provide a convenient and widely accepted payment method, allowing you to make purchases online, in-store, and while traveling without carrying cash.

Building Credit History: Proper and responsible use of a credit card can help establish or improve your credit history. Regular, on-time payments and low credit utilization can positively impact your credit score.

Rewards and Perks: Many credit cards offer rewards programs that allow you to earn cashback, points, or airline miles on your purchases. These rewards can be redeemed for discounts, free flights, hotel stays, or other benefits.

Purchase Protection: Some credit cards provide purchase protection, which can offer additional coverage against theft, loss, or damage for items bought with the card. This can provide peace of mind when making expensive purchases.

Emergency Situations: Credit cards can be a helpful backup during emergencies or unexpected financial situations when immediate funds are needed.

Cons of using a credit card:

High-Interest Rates: If you don’t pay off your credit card balance in full each month, you may be subject to high-interest charges, resulting in the accumulation of debt. Paying only the minimum amount due can lead to long-term debt and interest payments.

Potential Overspending: Having a credit card may tempt you to spend beyond your means. It’s essential to exercise self-discipline and avoid unnecessary purchases or exceeding your budget.

Fees and Penalties: Credit cards may come with annual fees, late payment fees, cash advance fees, or foreign transaction fees. Failing to make payments on time or exceeding your credit limit can also result in penalties.

Negative Impact on Credit: Misusing a credit card, such as making late payments or maxing out your credit limit, can negatively affect your credit score and make it challenging to obtain loans or other credit in the future.

Security Risks: Credit card fraud and identity theft are potential risks. Protecting your credit card information, monitoring transactions, and promptly reporting any unauthorized activity are crucial to mitigate these risks.

It’s important to note that the pros and cons of using a credit card can vary depending on individual circumstances and financial habits. Responsible usage, such as paying bills on time, keeping low balances, and being mindful of spending, can maximize the benefits while minimizing the disadvantages of using a credit card.

Understanding these credit card basics is essential for responsible credit card usage. It’s important to use credit cards wisely, pay bills on time, and keep track of spending to maintain a healthy financial position.

Unlock VIP Travel: Credit Cards with Exclusive Airport Lounge Access

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In the UAE, several credit cards offer airport lounge access as a perk. Here are a few examples:

Emirates Skywards Credit Card: This credit card, offered in partnership with Emirates and multiple UAE banks, provides complimentary access to Emirates lounges worldwide, along with other travel benefits.

ADCB Traveller Credit Card: This credit card from Abu Dhabi Commercial Bank offers free access to airport lounges across the globe, allowing cardholders to relax and enjoy amenities before their flights.

Dubai First Royale Mastercard: This premium credit card provides exclusive access to select airport lounges worldwide, allowing cardholders to unwind and enjoy luxurious services during their travels.

HSBC Black Credit Card: HSBC’s premium credit card offers unlimited airport lounge access through its LoungeKey program, granting cardholders entry to lounges worldwide.

Citi Prestige Credit Card: This high-end credit card from Citibank offers complimentary access to over 1,000 airport lounges globally, making travel experiences more comfortable and enjoyable.

It’s important to note that the availability of specific credit cards with airport lounge access may vary, and the mentioned cards are subject to change. Additionally, each credit card may have specific terms, conditions, and eligibility criteria associated with their lounge access benefits. It’s recommended to check with the respective banks or credit card issuers for the most up-to-date information on credit cards offering airport lounge access in the UAE.

To find out if your credit card provides access to airport lounges, you can follow these steps:

Check the credit card’s terms and conditions: Start by reviewing the terms and conditions of your credit card. Look for any mentions of airport lounge access or related benefits. You can find this information on the credit card issuer’s website or in the documentation provided when you received the card.

Contact the credit card issuer: If you can’t find the relevant information in the terms and conditions, the next step is to contact the customer service department of your credit card issuer. You can typically find their contact information on the back of your credit card or on the issuer’s website. Reach out to them and inquire about the airport lounge access privileges associated with your card.

Visit the credit card issuer’s website: Many credit card issuers have dedicated sections on their websites that outline the benefits and features of each credit card they offer. Browse through your credit card’s specific page or look for a benefits guide provided by the issuer. This guide should detail any airport lounge access privileges associated with your card.

Check with the airport lounge program: Some credit cards provide access to airport lounges through specific lounge programs like Priority Pass, LoungeKey, or American Express Centurion Lounges. Visit the website of the respective lounge program and search for your credit card to see if it offers access to their lounges. These programs often have a list of participating lounges and the credit cards that provide access.

Soulwallet offers exclusive section to identify cards which provides airport lounge access. Soulwallet specializes in comparing credit cards and their benefits providing detailed information about each card’s airport lounge access privileges.

If you are looking for airport lounge access with your credit card specifically in the UAE, here are a few options to consider:

Emirates-Cobrand Credit Cards: Emirates offers co-branded credit cards in partnership with various banks in the UAE, such as Emirates NBD and ADCB. These credit cards often provide complimentary or discounted access to Emirates lounges at Dubai International Airport and other airports worldwide, depending on the card tier and benefits.

Diners Club: Diners Club is known for its airport lounge access program. While Diners Club is not as widely accepted as Visa or Mastercard, it does offer access to select airport lounges in the UAE and globally. Check if your credit card is a Diners Club card and review their lounge access program for more information.

Premium and World Elite Mastercard: Some premium and World Elite Mastercard credit cards offer lounge access privileges through the Mastercard Airport Experiences provided by LoungeKey program. This program provides access to a network of airport lounges worldwide, including those in the UAE.

Visa Infinite and Visa Signature: Visa Infinite and Visa Signature credit cards often come with airport lounge access benefits. These benefits can vary depending on the specific card issuer and the region. Check with your credit card issuer to see if your Visa Infinite or Visa Signature card provides lounge access in the UAE.

Independent Lounge Access Programs: There are independent lounge access programs like Priority Pass and LoungeKey that provide access to a network of lounges worldwide, including the UAE. Some credit cards offer membership to these programs as a card benefit. Check if your credit card provides complimentary or discounted membership to such programs.

It’s important to note that the specific lounge access benefits associated with each credit card can vary, so it’s crucial to review the terms and conditions or contact your credit card issuer directly to confirm the availability of airport lounge access and any associated fees or conditions.

Remember that airport lounge access benefits can vary depending on the type of credit card you have, its annual fee, and any additional perks or reward tiers associated with the card. Make sure to check the specific terms and conditions of your credit card to understand the exact benefits available to you.

 

 

Credit Score: What is a Credit Score and How Does it Work?

Check Credit Score in UAE: The Importance of Credit Scores and How They Are Calculated

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Checking your credit score is an important step in managing your financial health, as regularly checking your score can help you make informed financial decisions and improve your creditworthiness. A credit score is a reflection of an individual’s financial life, and it gives banks, lenders and other financial services insight into how responsible you are when it comes to paying off their credit cards, loans and even other bills in a timely manner. This helps the banks, lenders, and other financial services assess the borrower’s eligibility when they apply for a mortgage, credit card or loan.

A credit score can be considered the most important number when it comes to financial matters.

What is a Credit Score?

A credit score is a three-digit number that is independently compiled and can decide about the creditworthiness of the customer and how likely they are able to repay the mortgage, credit card bills or loans on time. In simple words, a credit score represents a person’s debt paying capability. The credit score gives information about the customer’s debt payment behaviour, history of repayments, associated risks, and if there were any defaults in payments.

The credit score number ranges from 300 to 900. A lower credit score indicates that there is a higher risk associated with the customer paying back the loan, mortgage, or bills. A lower score could affect the customer’s loan or mortgage application, which may even lead to the application being rejected or a reduction of the loan amount and a higher rate of interest. A higher credit score is preferred as a higher score indicates a lower credit risk with the customer. Customers with a higher credit score could be eligible for faster loan approvals and a lower rate of interest.

A rating above 680 is considered a good credit score in the United Arab Emirates, whereas a score of 300 to 619 is considered to be a poor credit score. A credit score from 620 to 680 is generally interpreted as a fair score. A score above 730 is classified as an excellent credit score.

Why is Credit Score Important in the UAE?

When an individual or a company applies for a loan or credit card, lenders like banks and financial institutions would like to have the information to determine how likely their customers can repay their debts and whether the customer would be a high-risk or high-risk low-risk customer. Hence, credit score plays an important role in whether the customer is able to secure a loan or mortgage and what terms and conditions, limits, or rewards may be offered to them on their credit cards. Customers with higher scores are often able to obtain preferential interest rates from banks and financial institutions.

Why is it Important for an Individual to Track the Credit Score in the UAE?

It is important for banks and financial institutions to track credit scores to know if and how much risk their customers carry. It is also important for individuals to know their scores so that they may start spotting and rectifying their credit reporting errors and improving their own credit usage habits. Even though the bank or financial institution uses the credit score and report to guide their lending decisions, it ultimately depends on the individual and their own criteria and usage of their credit behaviour for the loan to get accepted or rejected.

What is AECB?

AECB stands for Al Etihad Credit Bureau, which is a committed financial institution that collects credit data from companies, banks, financial institutions, and individuals. It Is a Public Joint Stock Company that is owned and operated by the Federal Government of the United Arab Emirates. This institute is responsible for collecting financial and credit information from all organisations in the UAE and using it to prepare AECB reports and AECB credit scores. Companies and individuals can both obtain their credit scores from the AECB after paying a small fee.

How Does the AECB Collect Information?

A credit report can only be made if an individual or an institution has taken credit in their name through a loan, credit card, mortgage, or bills. The organisation AECB collects this data from banks, financial institutions, and other companies like the telecom company. There are also plans to include utility ills, government bills, tenancy, court data and salary to the credit report for a more accurate profile. AECB is also working with the United Arab Emirates’ three main jurisdictional courts in Dubai, Abu Dhabi, and Ras al Khaimah, as well as other federal courts, to ensure any rulings against individuals that include a payment obligation are recorded in the future.

How is AECB Credit Score Calculated in the UAE?

The credit score is calculated using over 2,000 data points from various sources such as banks, financial institutions, telecom and other utility companies, and courts. The credit score also changes depending on an individual or company’s recent financial behaviour.

The AECB calculates the credit score on an aggregation of the following factors:

  • Payment history
  • Length of credit history
  • Types of accounts
  • Recent credit activity
  • Debt accumulation
  • Available credit
  • Public records

The following factors are not considered by the AECB while calculating the credit score:

  • Savings and investments
  • Personal information
  • Medical information
  • Salary or income
  • Employment history
  • Marital status

How Can an Individual Find Their UAE Credit Score?

In the UAE, an app is available to help an individual have access to their credit score and their credit report.

An individual can follow the following procedure to access their credit score and report:

  • Download the free AECB app from the App Store or via Google Play
  • Scan the Emirates ID and upload it to the app
  • Register and create a new password
  • Pick a product like a credit score, credit report or both
  • Pay the fee (AED 105) for the credit report using a credit or debit card.
  • Once payment is made, you will be able to view and download your credit report and credit score.

An individual can also get access to their credit report and score online via the AECB’s official website at https://aecb.gov.ae/. One can also visit AECB’s branches in Dubai or Abu Dhabi to get their credit score or credit report.

How Much Does It Cost to Obtain an AECB Credit Report?

If companies or individuals would like to get their AECB credit score and AECB report, they can do so for a small fee. It usually costs about AED 84 plus VAT to generate an AECB report from AECB for individuals and an estimated AED 157.5 plus VAT to generate AECB reports for companies. This fee is applicable every time an individual or a company wishes to generate their credit score from AECB.

What is AECB Credit Score Used For?

AECB credit scores are one of the most important documents for lenders like banks and financial institutions and other institutions that lend money as a credit score is a direct reflection of an individual’s creditworthiness.

Credit scores can be used in the following ways by banks and other different entities.

  • By banks while considering applications to provide loans to an individual or a company
  • By banks, while considering applications to provide credit cards to an individual or a company
  • By insurance companies when considering insurance plan applications
  • By home rental agencies and landlords when evaluating rental applications for properties or other similar organisations
  • By individuals or companies when attempting to get unsecured loans
  • By credit card companies when deciding on credit limits and interest rates for their customers
  • By employers when conducting background checks on potential employees
  • By utility companies when deciding whether to provide services to customers on a postpaid basis
  • By government agencies, when assessing an individual or a company’s financial standing for licensing or regulatory purposes
  • By debt collectors when determining the likelihood of a debtor being able to repay a debt
  • By investment firms when assessing the risk of potential clients for investment purposes.

How is an Individual’s Creditworthiness Determined?

On a daily basis, the AECB monitors over 2,000 data points, which includes information collected from banks, financial institutions, insurance companies, telecom operators, utility providers and the courts of the UAE. An individual’s personal score is then calculated by assessing whether they make the payments towards their credit cards, insurance premiums, telephone, and other bills by their due date. Factors like the number of loans and credit cards they have or have applied for and if there were any missed or late payments are also affecting the credit score. This score is dynamic and changes in line with recent patterns of the individual as it is reflected in their credit report. For example, if an individual has missed a few months’ payments despite having a stellar track record going back years, it could still lead to a significant drop in their credit score.

Who Calculates AECB Credit Score in the UAE?

The AECB is a public joint stock company which is wholly owned by the UAE Federal Government. They are responsible for the computation of credit scores which has been mandated by the UAE Federal Law no. (6) of 2010 to calculate credit scores and publish credit reports accordingly.

Who Has Access to an Individual’s Credit Data?

Mainly banks and financial institutions access an individual or a company’s credit score and credit report to determine whether they are a good candidate to lend to. Apart from salaries and employment or business details, banks and financial institutions are also increasingly factoring in credit scores to assess their customer’s creditworthiness. Some real estate companies in the UAE also run credit checks on prospective tenants to eliminate the risk of defaults and rental disputes.

What is a Credit Report?

A credit report is a document that contains an individual’s personal details and credit score along with all credit-related products, like payment history, the number of loans approved and their amounts, credit cards in use and the frequency of the credit card payments, current unpaid bills, and debts, bounced cheques and defaults if any. A credit report can also include details of previous loans, loans that have been issued or accepted and rejected, the number of credit enquiries, credit application status and other information. All this information gathered together forms a credit report and will generate a score which is called a credit score.

Factors to look out for in a Credit Report

When reviewing an AECB credit report, there are several key elements to pay attention to in order to fully understand your credit profile and make informed decisions about your finances. Here are some things to look for:
  • Credit Summary
  • Correct Address
  • Employer Information
  • Account Details
  • Inquiries

What is Credit Bureau?

A Credit Bureau is a registered organisation that keeps track of borrowers’ credit histories, like the time taken to make the repayments, any defaults, etc., to generate an AECB report and score. The report displays the credit score and his history of repayments and defaults, if any. The credit bureau collects the customer’s credit information from different sources and then sells this information to banks and financial institutions. The banks and financial institutions then use this information to generate a credit report with the credit score of the customers and represent their creditworthiness. Loans and mortgages are disbursed as per this score and the creditworthiness of the customer.

Credit bureaus also generate credit scores independently for banks, financial institutions, companies as entities and individuals.

How to do Credit Bureaus Work?

The primary function of credit bureaus is the collection, retention, and professional disclosure of credit-related information of customers and companies. When a customer decides to apply for any form of loan from a bank or financial institution, or even for a credit card from a premier banking institution, the bank and financial institution need to ensure that the customer would be able to pay back the amount and also meet the specific criteria mentioned in the policy’s terms and conditions. Since this information is complex and time-consuming to accumulate, the bank or financial institutions consult the credit bureau. The profile of the applicant is sent to the credit bureau, which is then responsible for conducting the necessary credit check. The credit bureaus maintain records of credit information about the applicant. This is classified information and is handled with care. The information credit bureaus collect is based on their own aggregated data along with any information which is available in the public domain. The bank consults this information to make their final decisions on whether to lend or not to the applicant.

What are the Benefits of a Good Credit Score?

Having a good credit score makes life easier and more beneficial for an individual as well as for a company. The benefits far outweigh the cost of neglecting the credit score.

Mentioned below are some of the lifestyle advantages to an individual in maintaining a good credit score:

  • Low-interest rates on credit cards
  • Low-interest rates on loans
  • Quicker approvals on loans
  • Better negotiating power
  • Ease in getting a credit card
  • Ease in renting apartments
  • Reduced car insurance premiums
  • Employment opportunities

Factors that can have a negative influence on Credit Score

The following factors may adversely affect the credit score of an individual or a company:

  • Defaulting on a loan or credit card payment
  • Having a high credit utilisation ratio (using a large percentage of available credit)
  • Having a short credit history
  • Opening multiple new credit accounts in a short period of time
  • Co-signing a loan for someone with poor credit
  • Being a guarantor for someone who defaults on a loan
  • Having a large amount of outstanding debt
  • Having a history of collection accounts or charge-offs
  • Making late payments on bills other than credit accounts, such as utility bills or rent payments.
  • Cancelling zero-balance credit cards
  • Transferring the balances to a single card
  • Giving authorisation to relatives with unreliable credit scores
  • Having a history of bankruptcy or foreclosure

How to Improve Credit Score in the UAE?

The following are some steps an individual or a company can take to improve their credit score in the UAE:

  • Request a higher credit limit
  • Timely payments of credit cards
  • Timely repayments of loans and debt
  • Timely payments of bills like telephone bills and utility bills
  • Removing collection accounts from the card
  • Keep credit accounts active
  • Becoming an authorised user

What if an Individual Doesn’t Have a Credit Score in the UAE?

Not having a credit score in the UAE means that that individual does not have a specific financial number tied down to their credit profile. This may be due to the individual not having used whir credit options in a long time, or the new line of credit hasn’t been officially registered yet. This does not mean that the individual automatically has bad credit. It is difficult for this individual to apply for loans and other forms of credit in banks and financial institutions without a credit score, as the banks and financial institutions prefer their customers to be able to demonstrate their ability to repay their loans and debts. An option available for such cases would be for the individual to submit a security deposit with the bank or financial institutions to get the account initiated. The security deposit can be officially treated as the credit limit and can be given back after a certain period with a responsible demonstration of the credit limit by the customer.

Soulwallet is a platform that offers unbiased and well-researched financial content along with innovative tools to help individuals make informed decisions. With a focus on transparency and simplicity, Soulwallet helps users navigate the complex world of personal finance. The platform provides valuable insights and practical advice, from credit scores to insurance plans. By empowering individuals to take control of their financial future, Soulwallet is helping to create a more financially literate society.

Top Jewellers in Dubai, UAE

Top 4 Jewellers in Dubai, UAE | UAE’s Best Credit Cards to Buy Gold Jewellery

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Top Jewellers in Dubai, UAE to Buy Gold Jewellery

Throughout the ages, gold has stood as a valuable commodity, drawing the attention of millions of buyers across the globe. This precious metal’s glistening yellow hue exudes an aura of class and luxury while simultaneously serving as a beacon of financial stability. Dubai, the glittering city of the United Arab Emirates, has established itself as a hub for gold enthusiasts worldwide. Famously called the “City of Gold” and “The Jewellery Destination of the World,” the gold and jewellery market in Dubai is a thriving industry and attracts visitors from all over the world.

With its bustling Gold Souk, a plethora of jewellery shops, and competitive prices, the city has become a premier destination for those seeking premium gold products. The Dubai government’s unwavering commitment to maintaining the quality of gold sold in the country is reflected in its rigorous quality control measures, mandating that all gold jewellery be hallmarked by the Dubai Municipality. Furthermore, due to the tax-free status of gold in Dubai and the relatively lower gold prices in the UAE compared to other parts of the world, it has become an economical option for those seeking to acquire exquisite jewellery pieces. From traditional Arabic designs to modern and contemporary works, the jewellery industry in Dubai offers an expansive range of products. In essence, Dubai’s gold and jewellery market is a veritable hub for both buyers and sellers, persistently captivating visitors from across the globe.

 

Best Gold Shops to Buy Gold in the UAE

The UAE is widely considered an ideal destination for purchasing gold, thanks to the plethora of places where one can go shopping for gold jewellery. However, the multitude of options available can lead to confusion, especially when it comes to expensive and sentimental products like gold ornaments and jewellery. It is always advisable to purchase gold from reliable and reputable dealers. To assist in this endeavour, we have compiled a list of the top gold shops in the UAE, known for their exceptional reputation in the market and commitment to selling only the highest quality gold. With this list, you can confidently purchase gold for yourself or a loved one, knowing exactly where to find this precious metal.

 

Kalyan Jewellers

Kalyan Jewellers is a well-known and reputable brand in the gold and jewellery market of the UAE. The company originated in India in 1993 and has since then expanded globally, establishing a significant presence in the UAE. Kalyan Jewellers boasts an extensive collection of high-quality jewellery, including gold, diamond, pearls, platinum, white gold, and gemstone pieces. Their range encompasses traditional Indian designs as well as modern and contemporary creations, with a broad selection of necklaces, bangles, rings, earrings, and more, all crafted with exceptional attention to detail.

The company has several showrooms in Dubai, including one in Gold Souk, Deira, and another in Meena Bazaar. Kalyan Jewellers prides itself on its commitment to quality and craftsmanship, with all their products undergoing rigorous quality control measures to ensure that customers receive only the finest pieces of jewellery.

In addition to its impressive collection of jewellery, Kalyan Jewellers also provides excellent customer service. The staff at their showrooms are knowledgeable and helpful, and the company offers various services such as customisation, repair, and maintenance of jewellery. Moreover, Kalyan Jewellers is known for its competitive prices and transparent pricing policy, ensuring that customers get the best value for their money. They have a dedicated team that constantly monitors gold prices and adjusts their prices accordingly, ensuring that their customers get fair prices for their purchases. Overall, Kalyan Jewellers is a popular choice for those seeking premium quality jewellery in Dubai, and its reputation for excellence has made it a household name in the UAE’s gold and jewellery industry.

Top reasons to consider buying from Kalyan Jewellers in Dubai:
  • A Well-established brand known for its commitment to quality and craftsmanship
  • Wide range of jewellery for every taste and occasion
  • Team of expert designers and artisans who create exquisite jewellery
  • Transparent pricing policy
  • Excellent customer services provided by friendly and knowledgeable staff
  • After-sales services such as cleaning, polishing, resizing, and repair services are also offered
Location

Shop No: 5, Al Sherouq Building, Al Karama,

Opp Karama Park, Dubai – United Arab Emirates

Contact number

+971 – 4396 4133,

+971 – 43964233

Check Kalyan Gold Rate Today

 

Damas Jewellers

Damas is a well-established luxury jewellery brand in Dubai with a history spanning over 100 years. The company was founded in Syria in 1907 and has since expanded its presence to several countries, including the United Arab Emirates, where it opened its first store in 1959. Today, Damas has over 40 stores in the UAE and is recognised as one of the leading luxury jewellery retailers in the Middle East.

Damas offers a wide range of high-end jewellery pieces, including diamond, gold, and pearl collections. The brand is known for its exquisite designs and fine craftsmanship, and its collections cater to a diverse clientele with traditional to modern tastes. Skilled artisans craft the products using high-quality materials, ensuring that they are both beautiful and durable. In addition to its own collections, Damas also features pieces from several well-known international brands such as Mikimoto, Roberto Coin, and Fope. The company also offers custom design services for clients who want unique, one-of-a-kind jewellery pieces.

Damas is committed to providing exceptional customer service, and its knowledgeable and friendly staff is always on hand to help clients select the perfect piece of jewellery. The brand also offers a variety of after-sales services, including resizing, cleaning, and polishing of jewellery, as well as repair and maintenance services. To make it easier for customers to purchase their desired jewellery pieces, the brand offers a variety of payment options, including instalments plans.

Top reasons to consider buying from Damas Jewellers in Dubai:

  • It is an established jewellery brand with over 100 years of experience.
  • They offer a wide range of collections catering to both traditional and modern tastes.
  • The brand is known for its exquisite designs and exceptional craftsmanship.
  • They offer custom design services for unique, one-of-a-kind jewellery pieces.
  • They provide exceptional customer service.
  • They offer a variety of after-sale services, including resizing, cleaning, polishing, and repairing.
  • They provide a variety of payment options, including instalments.
Location

​Dubai Mall​3, Mohammed Bin Rashid Boulevard, Za’abeel 2, Za’abeel, Dubai

The Gold Center​7, 103 Road, Al Ras, Deira, Dubai

Contact number

Dubai Mall – +971 561888253,

Gold Center – +971 6 5661446

Check Damas Gold Rate Today

 

Malabar Gold and Diamond

Malabar Gold & Diamonds is an established and renowned jewellery brand in Dubai that has its roots in India, dating back to 1993. Since then, it has expanded its global footprint, and today it has a significant presence in the UAE. With a vast collection of high-quality jewellery, Malabar Gold & Diamonds is a one-stop shop for gold, diamond, platinum, and gemstone pieces. Their range of jewellery pieces includes traditional Indian designs as well as modern and contemporary creations, with a wide selection of necklaces, bangles, rings, earrings, and more, all crafted with meticulous attention to detail.

Malabar Gold & Diamonds has several showrooms in Dubai, including one in Gold Souk, Deira, and another in Meena Bazaar. The company prides itself on its commitment to quality and craftsmanship, with all its products undergoing rigorous quality control measures to ensure that customers receive only the finest pieces of jewellery. They also provide excellent customer service, with staff at their showrooms being knowledgeable and helpful. The company offers various services such as customisation, repair, and maintenance of jewellery.

Moreover, Malabar Gold & Diamonds is known for its competitive prices and transparent pricing policy, ensuring that customers get the best value for their money. They have a dedicated team that constantly monitors gold prices and adjusts their prices accordingly, ensuring that their customers get fair prices for their purchases. The company also offers a variety of payment options, including instalment plans, to make it easier for customers to purchase their desired jewellery pieces.

In addition to its impressive collection of jewellery, Malabar Gold & Diamonds is also involved in philanthropic activities through the Malabar Gold & Diamonds Foundation, which provides educational and healthcare assistance to underprivileged communities. Overall, Malabar Gold & Diamonds is a popular choice for those seeking premium quality jewellery in Dubai, and its reputation for excellence has made it a household name in the UAE’s gold and jewellery industry.

Top reasons to consider buying from Malabar Gold and Diamond in Dubai:

  • Well-established and reputable brand in the UAE
  • Customisation options for unique one-of-a-kind jewellery pieces
  • Great prices on diamonds, procured directly without intermediaries’ costs
  • I.S Hallmarked gold and P.G.I certified platinum
  • Diamonds certified by G.I.A, I.G.I, A.G.S, and H.R.D
  • Fair value on buy-back, calculated according to international standards
  • After-sales services offered, including resizing, cleaning, polishing, and repair of jewellery
Location

​Shop no: B66, Karama Centre, Al Karama

Meena Bazar, Cosmos Lane, Near Dubai Museum, Bur Dubai

Contact number

Al Karama: +971-4-358-4916

Bur Dubai: +971-4-388-7916

Check Malabar Gold Rate Today

 

Tanishq Jewellers

Tanishq is a popular jewellery brand in Dubai that originated in India. It was established in 1994 and has since grown to become one of the most recognised jewellery brands globally, offering a wide range of high-quality jewellery pieces. Tanishq is known for its exquisite designs, exceptional craftsmanship, and use of high-quality materials.

In Dubai, Tanishq has several stores located in prominent areas. Their collections range from traditional to modern designs, catering to a diverse clientele. Tanishq’s products include gold, diamond, platinum, and gemstone jewellery, with a selection of necklaces, bangles, rings, earrings, and more. Tanishq has won several awards for its innovative designs and commitment to customer service. They also offer customisation services, allowing customers to design their own unique pieces of jewellery. In addition, they have a team of skilled artisans who can repair, resize, clean, and polish jewellery, ensuring that they maintain their beauty and shine for years to come.

Another unique aspect of Tanishq is their “Karigar” program, which highlights the importance of craftsmanship in their designs. The Karigars are skilled craftsmen who create each piece of jewellery by hand, ensuring that each piece is unique and of the highest quality. Overall, Tanishq is an excellent choice for those looking for high-quality, unique, and well-crafted jewellery in Dubai.

Top reasons to consider buying from Tanishq Jewellers in Dubai:

  • The Karatmeter technology allows customers to verify the purity of the gold jewellery they purchase.
  • Use of high-quality materials and excellent craftsmanship in their jewellery making.
  • All jewellery is certified by independent third-party organisations, ensuring the highest quality of gold, diamonds, and other precious stones used.
  • Offers a wide range of jewellery made from high-quality materials with excellent craftsmanship.
  • Recognised for providing exceptional customer service.
Location

​ 57XJ+259 – La Maison Du Luxe, The Dubai Mall – Dubai – United Arab Emirates

Contact number

+971-54-445-8649

Check Tanishq Gold Rate Today

 

Best Credit Cards for Buying Gold Jewellery in the UAE

It is important to choose a credit card that offers rewards or cashback for your purchases when you buy gold jewellery in the UAE. This can help offset some of the costs associated with buying gold with a credit card.

Listed below are some of the best credit cards for buying gold jewellery in the UAE:

  • Emirates NBD Gold Card:

    This credit card offers a cashback of up to 10% on gold purchases made at select jewellery stores in the UAE.

  • Emirates Islamic Skywards Signature Card:

    This credit card offers up to 3 Skywards Miles for every AED 1 spent on gold jewellery purchases at selected outlets in the UAE. It also comes with a host of other benefits, such as complimentary travel insurance, airport lounge access, and discounts at select restaurants and retailers.

  • FAB Gold Credit Card:

    The FAB Gold Credit Card provides a 1% cashback on gold purchases made anywhere in the world, as well as a range of other lifestyle benefits.

  • ADIB Gold Card:

    This card offers a 2% cashback on gold purchases made in the UAE, as well as other benefits such as airport lounge access and discounts on dining and shopping.

  • CBD Gold Mastercard:

    The CBD Gold Mastercard offers a range of benefits, including a 2% cashback on gold purchases made in the UAE, complimentary travel insurance, and discounts on dining and entertainment.

  • RAKBANK Kalyan Jewellers Credit Card:

    The RAKBANK Kalyan Jewellers Credit Card is the first and only Credit Card to offer Goldback on all spending, earn up to 7% Goldback on all international spending and up to 4.5% Goldback on all domestic spending.

  • Citibank Ultima Credit Card:

    This credit card provides exclusive privileges such as discounts on gold jewellery purchases, complimentary access to select golf courses, and discounts at select luxury hotels and restaurants. It also offers travel insurance and airport lounge access.

It is important to note that each credit card comes with different terms and conditions, including minimum spend requirements, cashback limits, and reward caps. It is always advisable to review the terms and conditions of a credit card before applying for one to ensure that it meets your specific needs and requirements.

Soulwallet is a unique personal finance aggregator. Soulwallet’s algorithm-based tool “Best Fit Credit Cards” simulator, helps customers identify which credit cards can help maximise reward savings based on the customer’s unique spending patterns. By using this, customers can optimise the benefits available on specific credit cards. Soulwallet offers comparisons across all personal finance products, such as credit cards, personal loans, home loans, auto loans as well as bank accounts. Soulwallet’s recommendations are based on detailed research and are aimed at providing customers with quality information to make well-informed decisions before they sign up for a personal finance facility.

best Emirates Skywards Credit Cards to earn Skywards miles

Which are the best Emirates Skywards Credit Cards to earn Skywards miles?

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List of best Emirates Skywards Credit Cards to earn Skywards miles.

Emirates Airlines is one of the most popular airlines in the world and THE most popular airline in the UAE.

As residents we are very lucky to travel with Emirates Airlines and enjoy all the great benefits including the latest aircrafts, extensive travel routes, the best airport lounges, amazing on demand entertainment options, an entire terminal dedicated to just one airline and so on. In addition to these benefits Emirates airlines also offers one of the best airlines miles reward programs offered anywhere in the world – the Emirates Skywards miles program. As with most airline miles programs Emirates Skywards miles can be used to purchase tickets, to upgrade tickets already purchased as well as to make other retail purchases.

While one can earn miles by simply buying tickets for Emirates airlines flights another very popular way to earn Skywards miles is by using specific credit cards which offer Emirates Skywards miles as rewards against purchases made on the credit card. This is a very popular way to earn additional Skywards miles and almost all leading banks in the UAE offer Skywards credit cards which can be used for this purpose. But now comes the question – how do you decide which of these credit cards is the best option for you? This is an important consideration as a credit card is not something you keep applying for and change very often, so it’s important you try and get it right the first time. Don’t worry, we’re here to help you make that choice and this particular article is focused on which Emirates Skywards credit cards offer the maximum Skywards miles for purchases made on the card.

All these Emirates Skywards credit cards also offer other benefits in addition to earning Skywards miles and you can find all the details for each of these cards at www.soulwallet.com in addition to finding our take on the best Skywards credit cards for specific criterion including bonus miles, Skywards tier levels and so on which you can read here.

 

When  it  comes  to  figuring  out  which  Emirates  Skywards  credit  cards  are  the  best  for  earning  Skywards  Miles  it  is  important  to  keep  the  below  in  mind:

  1. Which card is the “best for maximum Skywards miles” depends on what type of transactions the card is used for. This is because different credit cards offer different amounts of Skywards miles for different type of purchases. And this can vary not just from bank to bank but within the different Emirates Skywards cards offered by the same bank as well. Hence, while one credit card may earn 1 Skyward mile for every AED spent at supermarkets another may only earn 0.25 Skyward miles for every AED spent at supermarkets. This is why identifying the best credit card to maximise Skywards miles depends on how much YOU as an individual spend on different types of purchases.
  2. Some Emirates Skywards credit cards do not offer ANY rewards for certain types of spends made on the credit card. This could be relevant depending on the typical spends made in that specific category.
  3. Almost all Skywards credit cards offered by banks in the UAE offer more Skywards Miles for spends made at Emirates Airlines (and Flydubai) and more for purchases made internationally (i.e. in a foreign currency). If you make significant purchases at these airlines each year this could have a considerable impact on the amount of Skywards miles earned.
  4. Only some Emirates Skywards credit cards offer card holders the option to earn Skywards “Tier” miles on spends made on the credit card. Tier miles are different from regular Skywards miles and go towards earning the specific “tier” of membership within the Emirates Skywards program – Silver, Gold and Platinum. These tier miles are different from regular miles which can be used to make flight ticket or retail purchases and be used to upgrade flight tickets.
  5. Many of the Emirates Skywards credit cards also offer some “welcome” or joining bonus Skywards miles which in some cases can be a very attractive offer to consider. Almost always these offers will be based on certain criterion being met including payment of the joining or annual membership fee and meeting certain spend levels on the card within specific time frames. For e.g. Dubai Islamic bank current has an offer on their Emirates Skywards Infinite credit card where 120,000 Skywards miless will be awarded to the card holder if an amount of AED 120,000 is spent on the card by April 30th
  6. In some instances, certain categories of payments such as utilities (DEWA) or telecom (Du or Etisalat) which are made via the bank’s online channels either do not earn or earn lower Skywards miles.
  7. The final decision on Emirates Skywards miles awarded for each category of spends is always with the bank issuing the credit card and it is always advisable to clarify these before applying for the credit card.

 

The  below  tables  have  details  of  the  Emirates  Skywards  miles  one  can  earn  based  on  the  specific  transaction  types  for  every  Skywards  credit  card  offered  in  the  UAE.

PREMIUM EMIRATES SKYWARDS CREDIT CARDS
(minimum required salary > AED 15,000)		ADIB Emirates Skywards World Elite Credit CardCitibank Emirates Ultima Credit CardCitibank Emirates Ultimate Credit CardDubai Islamic Emirates Skywards Infinite Credit CardEmirates Islamic Skywards Black Credit CardEmirates Islamic Skywards Infinite Credit CardEmirates NBD Skywards Infinite Credit CardRAKBANK Emirates Skywards World Elite Mastercard Credit Card
EXPENSE CATEGORYEmirates Skywards Miles Awarded For Every 1 USD (or AED Equivalent i.e. ~per AED 3.68 of spend)
Emirates & (flydubai) spends 32.523.522Spends Based Tiers
Foreign currency (non AED) spends 21.51.251.52*1.50*1.5Spends Based Tiers
Local (AED) currency spends1.51111.511Spends Based Tiers
Specific Spends Categories:
Grocery / Supermarket0.250.50.50.30.150.150.250.50**
Government Services0.25000.30.150.150.10.50**
Utilities0.25000.30.150.150.1-
Education0.25110.30.150.150.10.50**
Fuel / Petrol Station0.25110.30.150.150.10.50**
Real Estate Related0.250.50.50.30.150.150.10.50**
Public Transportation0.251111.510.10.50**
Charities / Religious Organizations0.251111.5110.50**
Insurance / Car Dealership1.5110.30.150.150.250.50**
Telecommunication1.5000.30.150.150.10.50**
Quick Service Restaurant1.51110.150.150.25-
Duty Free1.51111.512-
Online Food Delivery, Car Booking Apps1.51111.512-
Health & Beauty / Club Membership1.51111.5110.50**
Cinema1.51111.5110.50**
* European Economic Area transactions will only earn 0.375 Skywards miles per USD of spend.
** these categories earn only 50% of the Skywards Miles If the total spend in these categories is LESS THAN 50% of the total spend on the card.
EMIRATES SKYWARDS CREDIT CARDS
(minimum required salary AED 15,000 or below)		ADIB Emirates Skywards World CardCitibank Emirates WorldDubai Islamic Emirates Skywards Signature Credit CardDubai Islamic Emirates Skywards Platinum Credit CardEmirates Islamic Skywards Signature Credit CardEmirates Islamic Skywards NBD Credit Card
EXPENSE CATEGORYEmirates Skywards Miles for every 1 USD (or AED equivalent ~ AED 3.68 of spend)
Emirates & (flydubai) spends2.50.751.511.51.5
Foreign currency spends1.5110.751.1*1*
Local currency spends10.750.750.50.750.75
Specific Spends Categories:
Grocery / Supermarket0.250.50.20.150.3750.1875
Government Services0.2500.20.150.11250.075
Utilities0.2500.20.150.11250.075
Education0.250.750.20.150.11250.075
Fuel / Petrol Station0.250.750.20.150.18750.075
Real Estate0.250.50.20.150.18750.075
Public Transportation0.250.750.75.500.750.075
Charities / Religious Organizations0.250.750.75.500.750.75
Insurance / Car Dealership10.750.20.150.11250.1875
Telecommunication100.20.150.190.075
Quick Service Restaurant10.750.75.500.190.1875
Duty Free10.750.75.500.751.5
Online Food Delivery, Car Booking Apps10.750.75.500.751.5
Health & Beauty / Club Membership10.750.75.500.750.75
Cinema10.750.75.500.750.75

5 Best Credit Cards in UAE With Cinema Offers

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Even though the advancement of technologies has enabled several options for watching movies on demand, watching a movie in a cinema hall with friends or family is a wonderful experience on its own. Experiences like watching a movie on the big screen cannot be compared to watching a movie on a computer, laptop, electronic tablet, or smartphone.

It is fascinating watching visual storytelling come to life on screen. The surround-sound system, as well as the refreshments, offer a unique experience while watching a movie in a cinema hall.

The UAE offers an unparalleled cinematic experience that is unique and enjoyable, which is every movie lover’s dream. Movie theatres in the UAE give you an immersive experience and are a luxury which most people may not be able to afford on a regular basis. You can solve this dilemma by using a credit card with offers and promotions on movie tickets at cinemas in the UAE. Cinemas in the UAE have partnered with credit card companies and banks to give movie buffs the optimal choice to spend on movies. You can now watch the latest movies at the cinema and have a fulfilling experience with your friends and family and save as well.

Credit Cards with Cinema Offers

Most of the credit cards are offering buy one and get one free on purchasing movie tickets.

Listed below are the 5 best credit cards that offer you the best cinema discounts.

MANHATTAN PLATINUM CARD – STANDARD CHARTERED

  • Cinema offers:

– Customers can avail 4 tickets Customers can avail 4 tickets during weekdays in a month through “Buy 1 get 1” on Standard tickets at VOX. This comes along with 20% off on select meals on all days. In addition to this, customers can also avail 20% off on weekdays at Roxy Cinemas.

  • Minimum Salary – AED 8,000
  • Rate – 3.45%
  • Annual Fee – AED 525
  • Key features
    • Golf offers
    • Cinema Tickets
    • Dining Offers
    • Balance Transfer
    • Purchase Protection
    • Extended Warranty
  • Top reasons to choose
    • First year free second year onwards AED 525
    • Buy 1 Get 1 Free on 2D and 3D movie tickets at all VOX
    • Discounts of up to 20% at over 200 airport restaurants
    • Amazon gift card worth AED 500 as joining offer

CASHBACK CREDIT CARD – HSBC

  • Cinema offers:
    • Customers can avail 10 complimentary tickets at VOX on Sundays. 20% off at Roxy valid on weekends. No minimum spends required.
  • Minimum Salary – AED 10,000
  • Rate – 3.45%
  • Annual Fee – AED 313
  • Key features
    • Golf offers
    • Cinema Tickets
    • Dining Offers
    • Balance Transfer
    • Purchase Protection
    • Extended Warranty
  • Top reasons to choose
    • Get AED 300 cashback when you apply today
    • No annual fee for the 1st year
    • ‘Buy 1 Get 1 Free’ tickets at Vox Cinemas
    • Up to 10% cashback on your spend
    • 1000s of discounts and benefits with HSBC ENTERTAINER app

VISA PLATINUM CREDIT CARD – EMIRATES NBD

  • Cinema offers:
    • Customers can avail 10 complimentary tickets through Vox Buy1 Get 1 at Standard Cinema. In addition to this 20% off on weekdays at Ultra Premium, Platinum Plus, Luxury Gold Plus and Classic Silver Plus at Roxy. This offer is applicable only until Sept 2020 and not available on public holidays. There is no minimum spend requirement on this card for this offer.
  • Minimum Salary – AED 12,000
  • Rate – 3.35%
  • Annual Fee – AED 0
  • Key features
    • Golf offers
    • Valet Parking
    • Cinema Tickets
    • Dining Offers
    • Health & Fitness
    • Balance Transfer
    • Car Registration
    • Airport Lounge Access
    • Airport Chauffeur Services
    • Purchase Protection
    • Extended Warranty
    • Air Miles
  • Top reasons to choose
    • Earn rewards on all domestic & international spends
    • Comprehensive lifestyle offers
    • Discounts on flights and holiday packages
    • Flexible payment options
    • Lifetime free card along with a AED 300 Noon.com Voucher

VALUE CARD – ADIB

  • Cinema offers:
    • 50% off on movie tickets with Visa. Book online at VOX cinemas every Sunday. Offer valid on a maximum of 10 free tickets per month for each card holder. A maximum of 4 (four) tickets may be purchased by any Visa Platinum cardholder per session. the offer is available for 2D and 3D standard, Premium View, MAX, KIDS, 4DX sessions and standard area seats at City 101.6 MAX at City Centre Deira and standard area seats at IMAX.
  • Minimum Salary – AED 8,000
  • Rate – 3.09%
  • Annual Fee – AED 0
  • Key features
    • Golf offers
    • Cinema Tickets
    • Dining Offers
    • Balance Transfer
    • Purchase Protection
    • Extended Warranty
  • Top reasons to choose
    • Free for life
    • Dining discounts in UAE

MY RAS AL KHAIMAH PLATINUM CREDIT CARD – RAKBANK

  • Cinema offers:
    • Customers can avail 10 tickets at VOX on Buy1 Get 1 on Sundays and 20% off at Roxy on weekdays and not on public holidays, this Roxy offer is applicable only till the 30th of Sept 2020. There is no minimum spend requirement to avail this offer.
  • Minimum Salary – AED 8,000
  • Rate – 3.45%
  • Annual Fee – AED 0
  • Key features
    • Cinema Tickets
    • Dining Offers
    • Balance Transfer
    • Car Registration
    • Airport Lounge Access
    • Travel Insurance
    • Airport Chauffeur Services
    • Purchase Contactless Tech
    • Roadside Assistance
  • Top reasons to choose
    • Protection
    • Earn up to 3.75 RAK rewards per AED of spend
    • Chance to win 500,000 RAK rewards every 3 months
    • Earn RAK rewards on all spends
    • Free for life
    • Cardless cash withdrawals

Top banks that provide credit cards with cinema offers in the UAE

Eligibility criteria to apply for credit cards with cinema offers in the UAE

You need to meet the following requirements to be eligible for credit cards with cinema offers in the UAE

  • You should belong to the age group of 21 and 65
  • You should be a salaried individual
  • You should have a minimum monthly salary as required by the bank
  • You should have the minimum deposit in your account as required by the bank

Documents needed for applying for a credit card with cinema offers

You need to provide the banks with the following documents when you apply for credit cards with cinema offers in the UAE

  • Application form by the bank
  • A valid Emirates ID
  • Original Passport
  • Applicants from non GCC countries must present a valid resident visa
  • Security check signed by the applicant

Where to apply?

You can apply for a credit card with cinema offers via any of the following methods:

  • Online – from the bank’s official website or via the digital banking app provided by the bank
  • Offline – from the bank’s physical brank office nearest to you
  • Via phone – from the bank’s phone banking feature, where you can connect with the bank via a phone call

 

 

Digital Banking In UAE

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Digitization is defined as the conversion of data into a digital format with the implementation of technology. The world has become more and more digital in every. Banking is one of the first sectors to witness the impact of digitalization. Many transactions have been taken over by machine learning to not only have a more efficient transaction but also in detecting fraud and keeping banks and its customers data safe.

In the last two decades, the advancement in technology and the era of smartphones have unleashed new forms of banking solutions on mobile apps. The stiff competition from other financial technology providers made it imperative for traditional banks to quickly adapt to the changing times and transform digitally.

Thanks to the era of digital banking, many customers haven’t set foot inside a bank branch. During the turbulent time of the pandemic, digitalization has opened many new doors for both the banking sector as well as the customers. Customers are able to access everyday banking functions via a mobile app or over the internet on their personal computers and mobile phones. Many businesses went cashless during the pandemic as well, thus encouraging more cashless transactions at a wide swath of stores from grocery shops to high-end brands.

What is digital banking?

In simple terms, digital banking refers to banking services carried out through an online digital platform without involving any paperwork. This includes combining online banking services and mobile banking services under one umbrella.

Online Banking:

Online banking is having access to all bank features and services via the bank’s website from your computer. You can log into your account to view your balance and make payments like rent or electricity bills. You can also access additional banking features such as applying for credit cards or loans at many banks via your online banking portal. With online banking, you do not need to physically go to the bank and can access many of your financial services on your personal computer from the comfort of your home.

Mobile banking:

Mobile banking is using the mobile banking app of your bank on your mobile device and having access to the features and services on your mobile device such as a smartphone or a tablet. The apps are proprietarily issued by your bank, and you can log into your account on your online banking portal. Mobile banking was designed for people on the go who would like to have access to their banking services even when they do not have access to a computer. Banking apps have features such as mobile check deposits, bill payments, and fund transfers and convenient features like peer-to-peer payments. Banks also use mobile apps to send notification alerts such as deposit received or low balance or fraud detection.

Online banking and mobile banking together create the digital banking umbrella, giving customers access to banking services wherever they may be. Or in some cases wherever the customers are graced with a secure and strong Wi-Fi signal.

Who offers Digital Banking?

Digital Banking in the UAE is different from the traditional form of banking. Digital banking as implied can be availed online without having to physically visit the bank, however, digital banking offers even more features and services online. Services like opening an online account, deposits, fund transfers, online payments, tackling insurances, paying loans and much more services are offered without the necessity to visit the bank in person.

Digital banking in the UAE is offered through two primary sources:

  • Brick-and -Mortar banks
  • Digital online only banks

Customers may choose a mode of banking that caters to their needs best.

The difference between Digital Banking and Online Banking

Even though they sound similar, online banking and digital banking are not the same. Both of them are forms of banking as online banking falls under the category of digital banking. Online banking is defined a bit more narrowly than digital banking.

With online banking, a customer can avail of some of the banking services like bill payments, fund transfers, access to account statements and account summary online on the bank portal accessed by a computer or on the mobile app of the bank without having to visit the bank. For services like opening a bank account or applying for banking services, the customer would have to visit their bank branch.

In digital banking, the customer does not need to visit the bank for any services, including opening a new account and applying for bank services. Customers can also avail of other services like making payments, transferring funds, and several other services. The customer can avail of these banking services from anywhere and at any time using the bank website or the bank mobile app. The process of banking is completely automated and paperless.

Digital Product Services

With access to a stable internet connection and an internet enabled smart device, digital banking has a lot to offer:

  1. Obtain bank statements:
    • View and download your bank statements for any specific period
  1. Transfer of funds:
    • UAEFTS hosted by central bank provides Real Time Gross Settlements RTGS, , the need to issue cheques and DDs have been eradicated
  1. Mobile banking:
    • Mobile banking is digital banking through an application optimized for smartphones and tablets.
  1. Cash withdrawals:
    • ATMs facilitate cash withdrawals at any point in time.
  1. Bill payments:
    • The auto-debit feature for bill payment lets a user setup monthly debit in favour of regular utility payment
  1. Finance:
    • Invest, open fixed deposit accounts and raise loans through digital banking. Link your De-mat account to provide a seamless flow of funds to invest promptly.
  1. Manage cheques:
    • Intervene in the cheque clearing process using digital banking to stop the cheque if the need arises
  1. Monitor transaction records:
    • Receive alerts and notifications to the linked mobile number or email address. The notification arrives as soon as the transaction is executed. Digital banking also lets you monitor account balances or outstanding at the click of a button.

Types of digital banks

The following are some of the main types of digital banks:

  1. Neobank
    • They are digital banks operating online without any physical presence and provide remote access to their services via a mobile app. Many do not hold a bank license and partner with an existing bank for bank licensed operations.
  1. Challenger bank
    • Refers to a recently launched bank that challenges the traditional banking institutions. Being more user friendly and cost effective, challenger banks focus on the audience segments that are underserved by the big financial institutions.
  1. New bank
    • They are fully licensed neobanks that provide a full range of banking services and the only difference from brick and mortar banks is the mode of operation, which is completely online.
  1. Nonbank
    • They are non banking institutions that provide financial services like streamlined loans or mortgages but they do not simultaneously accept deposits or offer checking and savings accounts.

Advantages of Digital banking

With the number of services provided and the client as well as bank convenience factor taken into consideration, many advantages are offered to both the banks as well as the clients.

Some of these advantages are:

  • Increased customers
  • Enhanced efficiency
  • User friendly experience
  • Data driven decisions
  • Cost efficiency
  • Improved usability
  • Greater personalization
  • Client and bank convenience
  • Anytime anywhere availability of access
  • Automatic payment features
  • Services to remote areas
  • Reducing the risk of counterfeit currency
  • Strengthens privacy
  • Time saving

Digital banking tips

Even though digital banking is safe and secure, it is always advisable to remain cautious with one’s private information

  • Do not write down your login details with credentials and password anywhere
  • Do not share your credentials with anyone including banking officials
  • Do not tell your banking card pin to anyone
  • If your card is lost, report it on the bank website and immediately block it
  • Call your bank and ask for clarification if you have any doubts about payment or pin requests received.

Digital transformation in the banking sector of the UAE

With the advancement seen in technology, innovation, and futuristic outlook, UAE is at the forefront of the digitalization of the banking industry. The digitalisation of the banking sector, in general, can be traced back to the 1960s when ATMs and payment cards were introduced to the people. With the popularity of the internet in 1980, banks began offering internet-based services to their customers to make transactions quicker and easier.

Keeping pace with global developments in the digitalisation of banking, the banks in UAE are quickly adapting to digital only solutions and joining the digital banking fray. The banks in UAE realised the opportunity and challenges in the financial technology revolution and began changing to fit the need and demands of the market. In the second half of the previous decade, a number of banks launched digital banking initiatives. These initiatives include a separate digital only banking platform, strengthening the existing mobile banking platforms, refocusing services on digital platforms as compared to services in branches and catering to customers’ lifestyles and the younger generation.

The top leading banks in the UAE such as Emirates NBD, Mashreq, and Commercial Bank of Dubai were the first to commit large resources to the digital transformation of the banking system in the UAE. Emirates NBD’s Liv., Mashreq’s Neo and CBD’s CBD.Now are all digital banking propositions focused on branchless delivery of banking services to their customers through mobile banking technology.

Top Digital Banks in the UAE

The UAE has always kept pace with the global trends in financial technologies. Currently, UAE is home to a number of digital banks and the number keeps increasing. From personal banking to banking optimised for businesses and youth there are a number of options available in the UAE.

  • EMIRATES NBD LIV

Launched in 2017 by Emirates NBD, the bank is geared toward the youth in the UAE. After digitally enrolling with Liv, customers can do banking via Liv’s Apple or Android app.

  • EMIRATES NBD E20

Due to the popularity of Liv, Emirates NBD launched another digital banking platform in 2019 called the E20 to cater for digital business banking.

  • MASHREQ NEO

Launched in 2017 by Mashreq Bank, Neo offers a wide range of services via a mobile banking app to suit modern banking needs. Named as Middle East’s best mobile banking app in 2020 by World Finance, you can also invest in gold, forex, and stocks from the same digital app.

  • YAP

Yap is the digital banking app of RakBank that is completely paperless. With the latest security and technological features, YAP users can bank safely from anywhere. You can also track your financial decisions along with the YAP app’s financial analytic tools.

  • ADIB SMARTBANKING

Created by Abu Dhabi Islamic Bank (ADIB), SmartBanking offers its users many benefits. Get your card delivered to your doorstep and have access to savings account across the Middle East and free ATM withdrawals at ADIB ATMs across the UAE.

  • ADIB AMWALI

Created by the Abu Dhabi Islamic Bank (ADIB), Amwali is a digital only bank created to cater to the UAE’s youth. Children can learn financial management lessons on the app and track their savings and spending from the money sent by their parents. The advance parental control abilities allow parents to track the child’s account and set limits for them.

Digital banking services have seen a rapid surge in customer acceptance across the UAE. The younger generation was quicker to accept digital platforms and digital servicing, while the older generation was cautious at first, although now are fast adapting to the gaining digital banking traction.

Islamic Finance & Banking

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What is Islamic Finance?

Islamic finance simply put is a method of conducting financial transactions, banking, and managing money with moral principles that respect Islamic law or Sharia. Islamic finance includes activities like saving, investing, and borrowing money either for business or personal transactions that are permissible under Sharia and that comply with Islamic Laws. The concept of Islamic finance also refers to the type of investments that are permissible under Sharia.

Sharia or Islamic Law constitutes a broad set of rules that guide an individual on leading an ethical life. These rules and guidelines are derived from the Qur’an and the sayings and practices of the Prophet Muhammad. The word Sharia in Arabic means “the way,” thus showing an individual the ideal way to live. In the context of Islamic finance, the rules and guidelines place an emphasises on justice and partnership. Hence, you may hear Islamic financial services often described as “Islamic finance” or “Shari’ah-compliant”.

Principle of Islamic Banking

The Islamic law or Sharia recognises money only as a medium of exchange which has no value in itself. Therefore, as per Sharia law money cannot generate more money. The Islamic law prohibits the income earned through the medium of interest generated. This interest can be defined as interest generated through lending money, or interest earned by money simply sitting in an account.

Islamic finance is principally based on trading with emphasises on justice and partnership. The use of money for the purposes of making money is explicitly forbidden.

The main principles of Islamic finance are:

  • Wealth must be generated from lawful trade and asset-based investment
  • Each transaction must be related to a real underlying economic transaction.
  • Investment should have a social as well as an ethical benefit to wider society beyond pure return
  • Profit/Loss and Risks should be shared
  • All harmful activities (haram) should be avoided

Therefore, banks can make a profit from the buying and selling of Shari’ah-compliant goods and services. When a customer deposits money according to Islamic law, the bank needs to select a Shari’ah-compliant investment for the purpose of that deposit. The profits and risks that come with the investment are shared equally with the bank. The practices of Islamic banking have some clear ethical advantages over more traditional banking systems, which can be seen as unprincipled.

Things Prohibited in Islamic Finance

In order to comply with the Shari’ah, certain activities are prohibited in Islamic finance.

The following activities are strictly prohibited in Islamic finance:

Charging and receiving interest (riba):

  • A lender charging a straight interest, irrespective of how the underlying assets fare disobeys the concept of risk sharing, partnership, and justice. Thus, representing money being used to make more money. Investment in companies that conduct borrowing excessively is also prohibited.

Investments in unethical businesses (haram):

  • Investing in businesses that deal with activities like alcohol, gambling, drugs, pork, pornography, or anything else that Shariah considers unlawful or undesirable is prohibited.

Investments in transactions that involve speculation, uncertainty, or extreme risk (gharar):

  • This type of investment is considered gambling, which is prohibited (haram). For example, investing or speculating on the futures and options markets is prohibited. Mutual insurance (which relates to uncertainty) is permitted if it is related to a reasonable and unavoidable business risk.

Uncertainty about the subject matter and terms of contracts:

  • Selling something that one does not own is prohibited. Investing in special financial techniques that is available for contracting to manufacture a product for a customer is considered as investing in a product which one doesn’t own, as the product hasn’t been made yet. A manufacturer can promise to manufacture the product under certain agreed specifications at a determined price and on a fixed date and in this case, the risk taken is by a bank that would commission the manufacturer and sell the goods on to a customer at a reasonable profit for undertaking this risk. Thus, the bank is exposed to considerable risk. Avoiding contractual risk in this way means that transactions have to be explicitly defined from the outset. Hence, complex derivative instruments and conventional short sales or sales on margin are prohibited under Islamic finance.

Things Permitted in Islamic Finance

As mentioned above, the receipt of interest is not prohibited in Islamic finance. Hence, when Islamic banks provide finance, they have to find other means to earn their profits. This can be done through the profit share relating to the assets in which the finance is invested or can be via the fee that is earned by the bank for the service provided. The essential feature of Islamic law is that when commercial loans are made, the lender must have a share in the risk. If this is not so, then any amount received over the principal of the loan will be regarded as interest.

The following activities are permissible financing instruments in Islamic finance:

Profit and Loss Sharing Contracts (Mudarabah):

  • The Islamic bank pools together investors’ money and accepts a share of the profits and losses, as agreed upon with the depositors beforehand. The bank invests in a group of mutual funds screened for Sharia compliance. These investments are then filtered to determine whether any sources of income to the business are prohibited. Companies that hold a lot of debt or are engaged in forbidden lines of business are excluded. In addition to actively managed mutual funds, passive funds also exist. They are based on such indexes as the Dow Jones Islamic Market Index and the FTSE Global Islamic Index.

Declining Balance Shared Equity

  • Commonly used to finance a home purchase, declining balance shared equity calls for the bank and the investor to purchase the home jointly. The bank will then gradually transfer its equity in the house to the individual homeowner, whose payments comprise the homeowner’s equity.

Lease to Own

  • This arrangement is akin to the declining balance shared equity. The financial institution or bank puts up most of the money for the house and agrees to sell the house to the eventual homeowner at the end of a pre-decided fixed term. A portion of every payment goes toward the lease and the balance goes towards the home’s purchase price.

Instalment Sale (Murabaha)

  • An instalment sale starts with an intermediary buying the home with a free and clear title to it, which is then sold to a prospective buyer on an agreed upon sale price. This price includes some amount of profit. This purchase can be made either outright (lump sum) or through a series of deferred (instalment) payments. This credit sale should not be confused with an interest-bearing loan as it is an acceptable form of finance.

Leasing (Ijarah)

  • Leasing or Ijarah involves selling the right to use an object for a specific time. The condition followed must be that the lessor should own the leased object for the duration of the lease. A variation on the lease, ‘ijarah wa ‘iqtina, provides for a lease to be written where the lessor agrees to sell the leased object at the lease’s end at a predetermined residual value. This promise binds only the lessor and the lessee is not obligated to purchase the item.

Islamic Forwards (Salam and Istisna):

  • These are used for certain types of business and are not that common. The price for the item is paid in advance and the item is delivered at a definite point in the future. The help of an Islamic legal advisor is usually required as there is a host of conditions to be met to render such contracts valid.

Some permissible Basic Investment Vehicles are:

Equities

  • Sharia law allows investment in company shares (common stock) as long as those companies do not engage in any forbidden activities (haram). Investment in companies can be in form of shares or by direct investment (private equity).

Fixed-Income

  • Retirees who want their investments to comply with the principles of Islamic finance face a dilemma in that fixed-income investments include riba, which is forbidden. Hence, specific types of investment in real estate provide steady retirement income while not running afoul of Sharia law. These investments can be direct or securitized, such as a diversified real estate fund.

Basic Insurance Vehicles

  • As traditional insurance is not permitted as a means of risk management in Islamic law, a possible Sharia-compliant alternative is cooperative (mutual) insurance. Investors contribute to a pool of funds, which are invested in a Sharia-compliant manner. Funds are withdrawn from the pool to satisfy claims, and unclaimed profits are distributed amongst the policyholders.

Who makes the rules for Islamic Finance?

Islamic finance offers products and services that comply with Islamic law (Sharia) and often the question that comes up is of who decides what is and is not sharia-compliant? Also, what mechanisms are existing to enforce those judgments?

There are several options a bank can utilise to keep check of these rules

Sharia Supervisory Boards:

  • Generally, each Islamic finance institution has a sharia supervisory board (SSB). This board is composed of at least three jurists. These jurists although are paid by the bank, act as independent consultants and are involved in both consultative and regulatory aspects. They verify operations, answer the staff’s questions, advise on charity contributions (zakat), and certify products.
  • The Sharia Supervisory Boards decide what is allowed (halal) or forbidden (haram) based on the two main sources of Islamic law; the Quran and the Sunnah; or what Prophet Muhammad reportedly said and did during his lifetime. Board decisions are taken by a majority vote and are binding on the bank.
  • These SSB members are religious scholars who specialise in Islamic jurisprudence. It is not necessary for them to be Muslims only. In countries like the UK, there are also non-Muslims experts who have studied and specialised in this matter extensively.
  • Over the past decade, Islamic finance has rapidly expanded across the world and finding qualified people to sit on SSBs has become challenging. In the world of Islamic finance, reputation is important and sharia non-compliance can be extremely fatal to a bank.

Sharia-Compliance Consultancy: A Juicy Business

  • With the increasing popularity of Islamic finance, a number of private firms have emerged over the past few years offering sharia compliance services or consultancies. Their clients are not only Islamic banks but also conventional lenders and companies who wish to develop products or acquire certifications that will allow them to tap into the Islamic market.
  • These consulting firms employ a group of Islamic scholars who function like an externalised sharia board, providing guidance and issuing Islamic rulings (fatwas) in exchange for a fee.

International Standards and Central Banks

  • At the international level, two supervisory bodies are created for Islamic finance. They are the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Malaysian Islamic Financial Services Board (IFSB).
  • These bodies collaborate with institutions such as the IMF or the World Bank to promote sharia compliance globally. The AAOIFI sets basic standards for the Islamic finance industry while the IFSB issues recommendations based on risk assessment.
  • In Bahrain and the United Arab Emirates, AAOIFI standards are mandatory but, in most countries, their standards and recommendations are not binding. If a bank doesn’t comply, there are no sanctions. It is up to each independent country government to enforce certain rules through their central banks who impose those rules on sharia boards.
  • In all countries except for Sudan and Iran Islamic finance exists alongside conventional banking. For Islamic banks, this means navigating a dual regulatory framework. This means the country follows the country’s laws and regulations as well as sharia compliance.

Growth of Islamic Finance

The concept of Islamic finance can be traced back to about 1,400 years ago when the concept came into existence along with the foundation of Islam. However, the establishment of formal Islamic finance related to the banking sector came into being only in the 20th century. In recent history, it can be traced to as recent as the 1970s, when Islamic banks in Saudi Arabia and the United Arab Emirates were launched. The concept has since grown with Bahrain and Malaysia emerging as centres of excellence in the 1990s.

Shari’ah-compliant financing (SCF) or Islamic finance is recognised as one of the fastest-growing segments in the global financial system. Since 2009, the estimated compound annual growth rate has been 17%, proving the significance of Islamic finance in the global economy. The Islamic finance sector has had a significant expansion since, with a growth rate of at least 15%-25% per year. As of 2015, the industry’s global assets had reached up to $1.6 trillion in value. In today’s date and time, it is estimated that worldwide Islamic financial institutions oversee assets valued at over $2.5 trillion with hundreds of specialised institutions located in more than 80 countries, which are managed under the rules of Sharia.

Understanding the importance Islamic finance plays in the global economy, the popularity of Islamic finance is reaching systemic significance in a number of countries in Asia. Islamic finance has achieved at least a 15% market share in the domestic banking sector in countries like Brunei, Bangladesh, and Malaysia. The expansion of Islamic finance can also be seen in developing member countries (DMCs) within Central West Asia, South Asia, and Southeast Asia. Here Islamic finance has been expanding to new jurisdictions and maintaining momentum where it already has a strong established presence. The DMCs have begun implementing legislative and regulatory initiatives to establish themselves as Islamic financial hubs.

Islamic finance is gaining popularity not only in countries having predominantly Muslim populations but also in European and African countries. Luxembourg, Hong Kong, China, the United Kingdom, and South Africa have debuted sovereign Sukuks (Islamic trust certificates, similar to conventional bonds), with all issuances being at least twice oversubscribed, demonstrating strong demand for Islamic finance globally. According to a State of Global Islamic Economy report in 2019, the total sharia-compliant assets are expected to grow to at least $3.5 trillion by the year 2024. Islamic finance is proving to be an increasingly relevant sector as can be derived from the increasing market share of Islamic finance in the domestic banking sectors around the world.

The Bottom Line

Islamic finance is a century-old practise that is gaining recognition throughout the world. Islamic banks are by far the biggest players in the Islamic finance industry, accounting for almost $1.75 trillion or 70% of the total assets. In 2019, Islamic finance represented about 1% of global financial assets with an 11.4 % growth rate. Islamic finance is expanding quicker than conventional finance, however with COVID 19 that growth is expected to slow down but remain positive. In some geographies like the Gulf Cooperation Council (GCC) or Sub-Saharan Africa, Islamic banks are now competing directly with the Western banks to attract more Muslim clients and given the increasing development of Muslim nations, this field is expected to undergo even more rapid evolution. Islamic finance will continue to address these challenges of resolving Islamic investment policy and modern portfolio theory.