Nuqi Gold, Mawarid Finance launch Shariah-compliant gold-backed card in UAE

A new partnership in the UAE is attempting to change how gold functions in everyday life. Nuqi Gold and Mawarid Finance have signed a memorandum of understanding to launch what is positioned as the GCC’s first gold-backed co-branded card, bringing together physical asset ownership and day-to-day spending.

At its core, the proposition is straightforward. Customers buy certified 24K gold digitally through the Nuqi platform, with every gram backed by real, insured, and vaulted physical gold. That gold is stored through Transguard Group’s DMCC vaulting infrastructure, ensuring institutional-grade security and insurance.

What this partnership adds is liquidity. Once gold is purchased, users can access a Platinum Mastercard with a limit of up to 70 per cent of the gold’s current value. The gold itself remains intact and continues to appreciate, while the card functions like any other payment tool globally.

Imran Farooqui, Founder and CEO of Nuqi Group, sees this as a shift in how asset-backed finance is structured. “Backed by Nuqi’s proprietary fintech infrastructure, Transguard’s vaulting and insurance, and Mawarid’s financial expertise, this is a major leap forward in ethical, asset-backed digital finance. The safety of gold. The flexibility of modern payments. Innovation built in Dubai, designed for the world.”

The card itself sits within the premium lifestyle category, offering up to 10 per cent cashback on spends, global airport lounge access, valet parking privileges, and flexible payment plans. It will be available in two formats: a virtual card for digital-first users and a physical card for those seeking a more traditional premium experience.

For Shremohan Chauhaan, Co-Founder and CxO of Nuqi Group, the emphasis is less on novelty and more on usability. “The Nuqi Gold Card blends innovation, liquidity, and Shariah-compliant finance in a way that actually fits how people live. Let your gold grow while you go. Karak in the morning. School fees by afternoon. Flight booked by evening. Everyday transactions. Backed by something real.”

That alignment with Shariah principles is central to the collaboration with Mawarid Finance, a UAE Central Bank–regulated institution with a focus on responsible financial products. Rashid Al Quwaisi, CEO of Mawarid Finance, frames the partnership as a natural extension of that mandate. “This partnership redefines how customers can access and utilise their wealth, combining the stability of gold with the convenience of digital payments, fully aligned with our Shariah-compliant principles and our mission to deliver innovative, responsible financial solutions.”