Frequently Asked Questions

How does Al Masraf issues Credit Cards?

Please note that Bank issues credit cards subject to meeting AECB, CB UAE guidelines and banks internal credit, risk and compliance policies.

How do I activate my cards & generate PIN?

Cardholder should activate their card and choose their own PIN via our IVR by calling 600 52 9999 to use their card

What is the limit of Contactless transactions?

Cardholder can do a maximum of 3 without pin contactless transactions per day of AED 500 each. Post that they can do contactless transaction with Pin. Customer is responsible and liable for all the transactions

What to do in case of Card Fraud?

Cardholder can call the contact center at 600 52 9999 to report any fraudulent transaction and block their card. Cardholder can submit a dispute form with the details to claim the amount back. A replacement card will be issued to the cardholder.

How do I report lost and stolen cards?

Cardholder should call the contact center at 600 52 9999 immediately to report lost/stolen card and the bank will block the card. A new replacement card will be sent and fees as per schedule of charges will apply

Warning: Customer is liable to pay for any transactions done up to the time of reporting and lost / stolen card.

Over limit

Transaction authorization cannot exceed its card credit limit. However, in case the customer has utilized 100% of the limits, fees and charges will be additional and an over limit fee will be charged. In case of any transaction resulting in the limit being exceeded may be rejected and may incur fees as per schedule of charges

Interest Calculation rates on credit balances

All purchase transactions are free of interest from the transaction date of each transaction until the statement date and subsequently to the payment due date for that billing cycle. If there is any outstanding balance of unpaid transactions following the payment due date, then interest will be charged on the daily closing balance from the date of each transaction. This will appear in the next statement. Interest rate as per schedule of fees & charges. Interest is charged on the cash advance from the date of cash advance to the date the cash advance has been settled in full. Interest rate & fees as per schedule of fees

What is Islamic Sharia?

The main sources of Islamic sharia (law) are the principles and teachings of Holy Quran and the practices and teachings (Sunna & Hadith) of Holy Prophet Mohammed (PBUH).

Why Islamic Banking?

Islamic banking is a fast growing phenomenon in the global financial markets. There has always been a demand among Muslims for financial products and services that conform to the Sharia (Islamic law). Based on this demand, a number of banks all over the world have started offering products and services that are in compliance with Sharia.

What makes Islamic banking unique?

Rather than choosing for interest as a way of generating wealth, Islamic banking is unique in the way that it supports individuals as well as businesses build tangible and appreciating assets for themselves. This not only leads to prosperity founded on a solid economic base, but also inspires the spirit of entrepreneurship amongst its customers. Islamic banks are based on the unique concept of profit and loss sharing with the customers by way of various Sharia-compliant financing and investment implements.

What is the difference between Islamic banking and Conventional banking?

The main difference between Islamic and conventional is that Islamic banks prohibit interest. Unlike conventional banks, Islamic banks disallow lending money to money but rather promote trade (buy and sell) transactions and partnerships. In Islamic banking, wealth can be generated through legitimate trade and investment. Any gain related to this trading is shared between the person providing the capital and the person providing the expertise.

How can Al Masraf offer Islamic Banking products?

Al Masraf is a customer-driven financial institution and the reason we provide Islamic products is to serve a genuine financial need amongst our clients. This is again demand driven and a full spectrum of products will be offered to our valued clients.

Why is my existing debit card being changed?

We are upgrading our card systems to provide a better card experience and features.

When will I receive my new card?

You shall be contacted by the courier company for delivery of your new card from 08/11/2022.

How will I receive my new debit card?

Your new debit card will be delivered via the bank authorized courier after obtaining Fingerprint authentication using your EID card.

What will happen to my existing card?

Your existing debit card will continue to work until you receive an SMS to start using the new card.

What do I do when I receive my new card?

Please activate your card and create your new PIN by calling 600 52 9999. You will receive an SMS by 21st November 2022 to start using the new card. Your existing debit card will continue to work until you receive an SMS to start using the new card.

How do I activate my new debit card and create my PIN?

You can activate your card and create your PIN by calling 600529999 and select the language and choose option number 3 for card activation and PIN services.

What if I still don’t receive my new card by 21/11/2022?

Please contact Al Masraf at 600529999 to assist you.

What if I am travelling and unable to receive my new card?

Please contact Al Masraf at 600529999 to assist you.

Will there be any additional fee to replace the card?

No. There will be no additional charges for replacing of existing card to new card.

What if the fingerprint cannot be validated during card delivery?

Fingerprint authentication is mandatory for courier to deliver the card. In case of any issues the card will be returned back to the bank. Please call 600529999 & we will send the card to the Al Masraf Branch of your choice.

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