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Frequently Asked Questions

Frequently Asked Questions for Cashback Covered Card:

The Covered Card offered by Sharjah Islamic Bank allows customers to earn maximum cashback on daily purchases.

A Covered Card is a financial product approved by the Internal Sharia’a Supervision Committee (ISSC) of the Bank, which is based on Islamic principles of murabaha and wakala. The proceeds from the murabaha are deposited into a wakala investment account.

Cashback is earned on retail transactions and can be instantly redeemed as cashback.

All retail transactions are eligible for cashback.

Cashback on accelerated categories is capped at AED 300 per calendar month per customer. There is no maximum limit on other spend categories, up to the Covered Card’s credit limit.

Cashback rewards are credited directly to your card and will appear in your cashback statement.

Yes, you can redeem your cashback for cash.

Yes. Please review the cashback key fact statement available at SIB tariff page for detailed fee information.

The monthly profit rate is 3.49%

No, there is no minimum spend required to earn cashback.

Yes, cashback earned expires 36 months from the date it is earned.

The cashback reward for the returned transaction will be debited from your current month’s statement.

Yes, the bank may launch promotional offers where you can benefit from both rewards and cashback.

No, cashback rewards are loyalty incentives and do not affect your credit score.

Yes, a 2.5% administration fee is charged for non-AED transactions (excluding Mastercard fees).

You can block your card through the SIB Digital App by following these steps: 1. Login: open the SIB Digital App and log in with your credentials or biometric authentication. 2. Access service requests: go to “more” > “create new request” > “cards” > “block/report lost card.” 3. Block the card: select the card, specify the reason for blocking, and confirm. A notification will confirm the successful action. Alternatively, call our customer service at 06 599 9999 to block your card.

No, cashback is not earned on balance transfers or cash advances.

No, there is no introductory cashback bonus. Cashback is earned as per the program.

Yes, you can manage and redeem your cashback through the SIB Digital App: 1. Login: open the app and log in. 2. Access rewards: go to “cashback redeem” or “Covered Card” sections. 3. Redeem cashback: select the cashback amount to redeem and confirm. 4. Confirmation: a notification will confirm the redemption.

Currently, this feature isn’t available. Please call +971 6 599 9999 for cashback details.

No, you are automatically enrolled once your card is activated

No, cashback is available for redemption after the statement generation.

No, cashback points cannot be used for payments.

AED 10,000 in retail spend during the card cycle is required to qualify for the annual fee waiver

Yes, please follow the steps below: from service request section: 1. Login: • open the SIB Digital App and log in using your credentials or biometric authentication. 2. Access the service request: • tap on the "more" option from the top menu bar. • select the "service request" option. 3. Navigate to the restriction option: • click on the "cards" tab. • select the "restrict card for a channel" option. 4. Select card and channel: • choose the card you wish to restrict. • select the channel (e.g., online transactions, ATMs, etc.) You want to restrict the card from. 5. Confirmation: • confirm your selections, and the card will be restricted from the specified channel. From the card section: 1. Login: • open the app and log in as above. 2. Access the cards section: • navigate to the "credit card" section from the main menu. • select “services” from the "more" tab. 3. Block the card: • select the desired card and the reason for blocking. • confirm the action. 4. Confirmation: • you will receive a notification confirming the card has been blocked.

The late payment donation amount is AED 236.25 and is donated to charity

Eligible transactions include online and digital wallet payments (e.g., Samsung wallet, apple pay) except for utilities, telecom, government, supermarket, hypermarket, and education payments.

The application process typically takes 5-7 working days, depending on underwriting.

The billing cycle runs from the 14th of each month, with the due date on the 30th

The minimum required salary is AED 5,000

Payments can be made via: • direct debit from your salary account • Online or Mobile Banking • Phone Banking transfer • branch network • CCDM machines

AED 10,000 in retail spend during the card cycle is required to qualify for the annual fee waiver

Yes, you can apply for the Cashback Covered Card.

You can apply for up to four supplementary cards.

Yes, you can add your card to Samsung wallet and apple pay.

Yes, visit an SIB branch to apply for a Covered Card against a fixed deposit.

The minimum cashback amount for redemption is AED 100. You can redeem it via the call center, Online Banking, or the SIB Digital App.

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