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Audible Information

SIB Cashback Titanium Covered Card

Card Offerings & Schedule of Charges:


Card offerings



Cashback Rate

Monthly Cap


Online, Samsung Pay, Apple Pay, saved cards on websites and apps payments

(Whether made inside or outside UAE, excluding Utility ,Telecom, Government, Supermarket, Hypermarket Education payments)


AED 300




International Retail Spends

(Spends made outside UAE in foreign currency)


No Cap




Domestic Retail Spends

(Spends made in UAE)


No Cap




Utility ,Telecom, Government, supermarket, Hypermarket and Education payments

(Whether made inside or outside UAE)


No Cap




Text Box: Sharjah Islamic Bank is regulated by Central Bank of United Arab Emirates.                           Schedule of Charges                         

Salaried Customers:

Self Employed Customers:

Application form

Passport & Emirates ID copy

Valid residence visa for expats

Proof of income

Salary slip

Application form

Passport & Emirates ID copy

Proof of income

Valid trade license

Memorandum of association / Partnership agreement / Power of attorney (if applicable)

(Important to read carefully and understand)

1.  It is advisable to always make monthly payments more than the

minimum due requested according to the last statement issued by the bank in order to replenish your Wakala account ( available balance to use) rather than making minimum payment that mainly covers the fees and charges on the Card and only small portion remains as an available balance to use.

2. In case you choose to make only the minimum payment by the due date, then the bank will keep calculating the Profit ( net between the Murabaha and Wakala Profits) on daily basis till the full Wakala outstanding (Card available balance) is covered. This includes new transactions made after the statement issuance.

3. Please ensure that you round up the total dues requested by the bank and pay the exact amount before or on the due date to avoid paying the profit that is calculated on daily basis until the payment date. To clear any doubt, below example provides illustration on this payment scenario.

If the cover is AED 10,000 and you used the AED 10,000 (out of which AED 3,000 is cash withdrawal):

a. If you pay AED 10,000, you will pay to the bank profit for AED 3,000

b. If you pay less than AED 10,000, you will pay profit for the full AED 10,000

If the cover is AED 10,000 and you used AED 8,000 as retail purchases:

a. If you pay AED 8,000, you will not pay profit.

b. If you pay the minimum up to 7,999, (or fails to pay any amount), you will pay to the Bank profit for AED 8,000 = {AED 10,000 -AED 2,000}.

c. If you fail to pay any amount, you will pay to the Bank profit for AED 8,000 and LPF (donation) charges shall apply.

4. If you will pay the total outstanding on or before the due date, SIB will credit the difference between the Murabaha profit and the Wakala profit as bonus, and in this case no profit to be paid by you to the bank.

Warning! Continuous failure to make the regular payments on time, will expose you to further charges (Late Payment to Charity) and may lead to further legal action by the bank.

Text Box: Sharjah Islamic Bank is regulated by Central Bank of United Arab Emirates.I have understood the following information for the selected Cashback Covered Card:

Product details – Product features, Cashback offer, payment terms and documentation requirements.

Cashback Points will be awarded on the card based on the spends made as per the transaction category and awarded on a monthly basis afterthe issuance of statement.

The bank, at its discretion, has the right to change the fees or any offer terms at any time without obtaining customer’s written consent, provided that such a change to be communicated to the customer through means of communication that guarantee customer has been advised. If the bank does not receive any objection from the customer within 60 days from notification date, this will be considered as customers’ consent. However,in case the customer doesn’t agree to the change made by the bank, the two parties may agree to settle the relevant card liability or shift toanother product.

Once the Covered Card is received by the customer, the customer shall be liable to make any payments on the card as requested by the bank via SMS or monthly statements. To avoid any doubts regarding payments date, it is advisable to contact the call center upon card activation to check this information.

Card Usage Account

means (Covered Card) All Card Account transactions’ entries that shall be transferred to the relevant Wakala Investment Account for any debit transactions made by the customer or charges on the card.

Murabaha Contract

means the Bonds Murabaha Contract embedded as part of the Covered Card application between the Bank and the Card Holder under which the Bank had sold to the Card Holder, for the Sale Price, identified and specific number of Bonds.

Murabaha Profit

means the monthly installment due that is supposed to be paid by the Card Holder over the period of the Murabaha Contract. This installment is equal to:

Murabaha Principal amount (Covered Card limit) * Murabaha Profit Rate

* 12 / 360 * number of days in a month.

Collect on Monthly basis, such amount is fixed and shown as debit value in customer statement.

Charged Profit

means the net amount between the Murabaha and Wakala Profit before Wakala Investment account. as Arabic term is available.

Wakala Investment Account

means the Wakala Investment Account opened purposely to represent the Card usage cover. The sale proceeds of the bonds purchased under Murabaha will be deposited in the Wakala account and customer can utilize every month.

Wakala Profit

means the profit generated to the customer from its Wakala Investment Account, calculated, on monthly basis, as:

Wakala unutilized balance * Wakala Profit Rate * 12 / 360 * no of days in a month. (the amount of this profit is variable based on the unutilized Balance in the Wakala Investment Account and shown as credit value in customer statement.


Text Box: Sharjah Islamic Bank is regulated by Central Bank of United Arab Emiratesmeans the rebate given by the Bank as result of paying the full outstanding as requested in the Statement of account issued by the Bank on monthly basis.


The Customer shall have the right to have a Cooling-Off period, of 5 complete business days commencing from the time of signing the contract , wherein the customer may opted to terminate the contract within the cooling off period, the bank has to refund to it any related Fees and direct costs already incurred by the customer. However, if the customer, within the cooling off period, starts using the product and availed itself, in any manner, of the products services , its right in the cooling off period will cease. The customer may also waive its right in the cooling off period by its written consent.


There are other products offered by the Bank that may suit your needs, however they do not have the benefits of Covered Card

Debit Card:

You can make purchases using your Debit Card that is linked to your current/saving account, however Covered Card usually allows you to make purchases with higher limit than available funds in the current/saving account. You will enjoy a free repayment period of up to 17 days from statement issuance date which is known by the ”Due date”. Also there is a loyalty program available on Covered Card versus the Debit Card where you can earn the points against your purchases, thereby you can save more.

Personal Finance:

This product is designed for medium or long term borrowing needs with higher amount than a Covered Card limit. For daily or short term needs, a Covered Card is a more convenient and recommended solution. Also, Covered Card limit is a revolving limit versus Personal Finance which is for one time use.


Delinquency (unsettled dues) on the Covered Card

In case of any delinquency on the card (missing due date payment), the Bank has the right to cover any outstanding dues from any existing account held at the Bank. This includes any current or saving account or fixed deposit.

The Bank has the right to contact you by our Collections Department and remind you of the total dues that you have to cover to avoid further delinquency or affecting your history in AECB (Al Eithad Credit Report).

In case you are totally unreachable, the Bank shall contact the reference details available in our records in order to reach you.

Covered Card Cancellation

Before placing cancellation request, you must ensure that the outstanding balance is entirely settled and no further dues to be paid to the Bank.

Some transactions may appear after you make the payment which are not settled or delayed by the merchant or retailer. You will still be liable to make those payments.

Once the outstanding balance is paid off please contact our call center to proceed with the cancellation process that may take up to 5 working days.

In between, you may receive a call from our retention department to understand the reason of cancellation and resolve any issue pertaining to the card. In case you agree to keep the card, then request shall be dropped.

Your obligations to control fraud and action to be taken in case you suspect any fraud

1. Always keep your card and transactions details safe and never disclose card details (including includes username, passwords, OTP for online transactions) to any third party.

2. Beware of promotions with large prizes or discounts and contact the Bank for reporting or clarifying any doubt.

3. Text Box: Sharjah Islamic Bank is regulated by Central Bank of United Arab EmiratesIn case you receive any SMS of transaction that you have not made it yourself, please block the card immediately via our online or mobile banking application or contact our call center. Moreover, you would need to fill in a dispute form at our branch to allow us to investigate from our side.



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