A Covered Card is a financial product approved by the Internal Sharia’a Supervision Committee (ISSC), 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 or by calling 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.

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, use the SIB Digital App to restrict or block your card from certain channels (e.g., online, ATMs).

The late payment donation amount is AED 236.25.

Eligible transactions include online and digital wallet payments, excluding 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, online or mobile banking, phone banking, branch network, or CCDM machines.

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 both Apple Pay and Samsung Wallet.

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

The minimum cashback amount for redemption is AED 100.