AIF Rewards

AIF Rewards Terms and Conditions

Any capitalized terms used in these Terms and Conditions that are not explicitly defined herein shall, where relevant, carry the meanings assigned to them in the General Terms and Conditions of Aafaq Islamic Finance PSC ("Aafaq") or the Master Credit Card Conditions issued by Aafaq Islamic Finance PSC.

  • 1. Definitions

    1. AIF Rewards is a premium loyalty program designed exclusively for Aafaq Islamic Finance PSC credit cardholders. It rewards customers for their everyday spending with a wide range of valuable benefits and redemption options.
    2. AED refers to the Emirati Dirham (AED), the official and lawful currency of the United Arab Emirates.
    3. Customer refers to any natural person or legal entity that applies for or utilizes any services provided by Aafaq.
    4. Credit Card refers to any credit card issued by Aafaq to the Customer, including any subsequent renewals or replacement cards.
    5. Redemption refers to the process by which Customers use their accumulated AIF Rewards to obtain products, services, or benefits as specified in the program.
    6. Cashback refers to the monetary value that a Customer may redeem using their accumulated AIF Rewards, applied as a subsequent statement credit. The availability and value of Cashback are determined solely by Aafaq and may be updated from time to time.
    7. Statement Credit refers to a credit posted to the Customer's credit card account
    8. Domestic Spends refers to any eligible retail purchases made within the United Arab Emirates and transacted in (D).
    9. International Spends refers to any eligible retail purchases made in a currency other than (D), typically transacted outside the United Arab Emirates.
    10. Merchant Category Code (MCC) refers to a four-digit number assigned by payment networks (such as Visa or Mastercard) to classify businesses by the type of goods or services they provide. Each MCC corresponds to a specific merchant category, which determines the applicable AIF Rewards accrual rate for eligible transactions.
    11. Special Category MCC refers to a group of Merchant Category Codes designated by payment networks based on the nature of the goods or services offered. These often include essential services, regulated sectors, or other categories defined under network rules.
    12. Flights refers to airline ticket bookings that may be available for Redemption through the AIF Rewards platform, subject to availability and applicable terms.
    13. Hotels refers to hotel accommodations that may be available for Redemption through the AIF Rewards platform, subject to availability and applicable terms.
    14. Miles Exchange refers to the option available through the AIF Rewards portal that allows Customers to convert their accumulated AIF Rewards into airline miles with participating frequent flyer programs.
    15. Etihad Guest Miles refers to the frequent flyer miles that Customers may earn under the Etihad Airways loyalty program, subject to the terms and conditions of the Etihad Guest program.
    16. Shukran refers to the loyalty program operated by the 'Landmark Group', which allows members to earn and redeem points at participating brands and partners.
    17. Gift Cards refers to electronic vouchers that can be redeemed at participating merchant locations for goods or services equivalent to their value in (D), by presenting the unique barcode generated upon Redemption of AIF Rewards.
    18. Online Shop refers to the digital platform accessible through the AIF Rewards portal, where Customers can redeem their accumulated AIF Rewards to purchase a curated selection of products and items.
    19. The Entertainer refers to a mobile application that offers Customers access to a wide range of 'Buy One Get One Free' deals and exclusive discounts across dining, leisure, entertainment, and lifestyle experiences. Customer can redeem accumulated AIF Rewards to subscribe to this benefit.

  • 2. Enrolment and Eligibility

    1. Customers holding an Aafaq Platinum or Aafaq Royal World Elite Credit Card are eligible to earn AIF Rewards. Eligible Customers will be automatically enrolled in the "AIF Rewards Loyalty Program" upon approval of their AIF Rewards product application. Both primary and supplementary card transactions are eligible to earn AIF Rewards.
    2. Participation in the AIF Rewards Loyalty Program is conditional upon the Customer's Credit Card being valid and the Customer maintaining good standing with Aafaq Islamic Finance PSC. The Customer must not have any defaults or overdue payments on their Credit Card, personal finance, or other finance products with Aafaq.
    3. Membership in the AIF Rewards Loyalty Program is non-transferable and is solely for the benefit of the enrolled Customer.
    4. AIF Rewards are valid for two (2) years from the date they are earned. If not used within this period, the rewards will automatically expire on the corresponding date. Once expired, AIF Rewards will be removed from the Customer's loyalty account and cannot be reinstated.
      It is the Customer's responsibility to keep track of both the number of AIF Rewards accumulated and their expiration dates. This information can be easily accessed at any time through the rewards section in the Aafaq digital app or via internet banking.
    5. If a Customer's membership in the AIF Rewards Loyalty Program is terminated, all AIF Rewards accrued shall be immediately forfeited, and the Customer will no longer be eligible for Redemption.
      Aafaq reserves the right to disqualify any Customer from the AIF Rewards Loyalty Program and/or cancel all or part of the AIF Rewards accrued under the following circumstances:
      1. The Credit Card account is closed, or the Customer is no longer considered in good standing solely by Aafaq.
      2. The Redemption period for the AIF Rewards has expired.
      3. The Customer is found to be in breach of these Terms and Conditions, the General Terms and Conditions of Aafaq, the Master Credit Card Conditions, or any other applicable terms and conditions related to Aafaq products.
      4. Any other situation which, at the sole and absolute discretion of Aafaq, justifies the cancellation or denial of AIF Rewards Redemption.

  • 3. Earning AIF Rewards

    1. Customers will earn AIF Rewards based on their eligible spending using an Aafaq Credit Card. For every D 1 or equivalent amount spent in a foreign currency, AIF Rewards will be awarded according to the structure outlined in the table below:
      Credit Card Type Domestic Spends International Spends Max Rewards (Per Statement)
      Aafaq Platinum 1 2 50000
      Aafaq Royal World Elite 1 2 100000
    2. Special Category MCC transactions under these MCCs may earn reduced AIF Rewards rates.
      Examples of Special Category MCC categories include, but are not limited to:
      Car Rentals, Insurance Services, Telecommunications, Department Stores, Fast Food Outlets, Rental and Transport Services, Lottery and Charitable Organizations, Government Transactions and Intra-Government Purchases, Utility and Bill Payments, Transit and Real Estate Services, Educational Institutions, Bookstores, Florists, Photo Studios, Catering, and Laundry Services, Petroleum and Supermarkets.

      Special Category Merchant Segment Special Category MCC Aafaq Platinum Aafaq Royal World Elite
      AIF Rewards
      Government & Utilities 4111;4112;
      4121;4131
      4814;4816;
      4899;4900
      9211;9222;
      9223;9311;
      9399;9402;9405       		0.15 0.25
      Petrol 5541, 5542 0.25 0.25
      Education 8211-8299 0.25 0.25
      Real Estate 6513 0.25 0.25
      Transport 4784, 7523 0.50 0.50
      Supermarkets 5411 0.50 1.00

      Note: Aafaq reserves the right to modify the earning rates and eligible MCCs at its sole discretion at any time. Full details and updates are available on the AIF Rewards portal.

  • 4. Redemption of AIF Rewards

    1. Only the primary account holder is eligible to redeem AIF Rewards through Aafaq Digital Banking channels, including the mobile app and Internet Banking.
    2. AIF Rewards can be redeemed exclusively via the Aafaq Digital Mobile App or Internet Banking platform.
    3. Once AIF Rewards have been redeemed, the transaction is final. Redemption requests cannot be cancelled, and the rewards cannot be exchanged, reinstated, re-credited, or refunded.
    4. Any AIF Rewards Vouchers or Travel Bookings will be electronically stored in the customer's profile under the Rewards section of Aafaq Digital Mobile and Internet Banking. A copy of the voucher, reservation, or e-ticket will also be sent to the customer's registered email address.
    5. Aafaq acts solely as the facilitator of the AIF Rewards Loyalty Program and is not a supplier, agent, or representative of any reward provider. Aafaq shall not be held liable for any failure or shortcomings on the part of the suppliers or AIF Rewards Partners.
    6. All redemption requests are subject to Aafaq's approval, availability of the selected reward at the time of the request, and any additional terms and conditions set by the suppliers or AIF Rewards Partners.
    7. Aafaq reserves the right to withdraw or replace any AIF Reward with another of comparable value or nature without prior notice.
    8. AIF Rewards offered under the Loyalty Program are non-exchangeable, non-refundable, and cannot be redeemed for cash or credit under any circumstances, subject to these Terms and Conditions.

      AIF Rewards Redeeming Options
    9. Flights - Redeem AIF Rewards for airline tickets with access to over 750 global carriers.
    10. Hotels - Use AIF Rewards to book stays at more than 700,000 hotels and accommodations worldwide.
    11. Online Shop - Exchange AIF Rewards for a curated selection of electronics, gadgets, and lifestyle products available through the AIF Rewards online store.
    12. Miles Exchange - Convert your AIF Rewards to Etihad Guest Miles or Shukran Points.
      • Minimum redemption: 5,000 Rewards, in multiples of 5,000
      • 5,000 Rewards = 454 Etihad Guest Miles
      • 5,000 Rewards = 833 Shukran Points
    13. Cashback - Redeem AIF Rewards for Cashback, adjusted directly to the Customer's Credit Card subsequent statement.
      • Redemptions must be in multiples of AED 100
      • Conversion rate: 13,334 Rewards = AED 100
      • Minimum redemption: 13,334 Rewards
    14. amazon.ae Gift Cards - Exchange AIF Rewards for digital gift cards redeemable on Amazon.ae.
    15. noon.com Gift Cards - Redeem AIF Rewards for gift cards usable on Noon.com, a leading online shopping platform in the United Arab Emirates.
    16. The Entertainer - Use AIF Rewards to subscribe to The Entertainer app, which offers 'Buy One Get One Free' deals and discounts across dining, entertainment, and lifestyle experiences.

  • 5. Exclusions

    AIF Rewards will not be earned on Credit Card transactions related to the following categories:

    1. Fees, charges, and profits
    2. Cash advance
    3. Finance on phone (FOP)
    4. Balance Transfer (BT)
    5. Transaction Reversals
    6. Exchange House Transactions
    7. Charity Transactions
    8. Any payments or amounts deposited or credited to the Customers card account
    9. Transactions that the Aafaq determines, in its discretion, are disputed, erroneous, unauthorized, illegal, and/or fraudulent
    10. Any other transactions that the Aafaq may include on this list from time to time.

  • 6. General

    1. Transactions that are disputed or subsequently reversed will not qualify for AIF Rewards accrual.
    2. Aafaq Islamic Finance reserves the right to amend, modify, or supplement the AIF Rewards Program terms and conditions at any time. The program may also be withdrawn with prior notice.
    3. Aafaq Islamic Finance may, at its sole discretion, revise these terms in whole or in part, suspend or terminate the program, or withdraw the offer without prior notice. Any updates will be communicated via the Aafaq Islamic Finance website or other appropriate channels.
    4. These terms and conditions are governed by the federal laws of the United Arab Emirates and the laws of the Emirate of Dubai.
    5. Any disputes arising from or related to the AIF Rewards Program shall fall under the exclusive jurisdiction of the courts of the Emirate of Dubai, United Arab Emirates.
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