O Gold and Mawarid Finance Unveil Region’s First Shariah-Compliant Gold-Backed Prepaid Card
In a major leap for ethical fintech innovation in the Middle East, O Gold, the UAE’s leading digital gold investment platform, has partnered with Mawarid Finance to launch the region’s first Shariah-compliant prepaid card backed by physical gold. This strategic alliance marks a milestone in integrating real assets with modern, ethical financial services.
O Gold, renowned for democratizing access to precious metals, offers a seamless digital platform enabling users to buy, sell, lease, and redeem physical gold and silver. With features such as physical redemption and savings tools, the company bridges traditional wealth preservation with the convenience of digital platforms. The company is backed by global partnerships, including with SAM Precious Metals and AKW Consultants.
Mawarid Finance, a Shariah-compliant financial institution established in 2006, delivers a broad range of ethical banking solutions to individuals, SMEs, and corporations across the UAE. The institution emphasizes transparency, social responsibility, and innovation within Islamic financial principles.
The new prepaid card, backed by physical gold, seeks to transform gold from a traditional store of value into a practical, Shariah-compliant financial instrument for everyday use. The initiative is tailored to meet rising demand for ethical, secure, and asset-backed financial products that align with Islamic finance values.
“Our objective is to offer customers ethical financial products that combine the timeless value of gold with practical modern use,” said Bandar Alothman, Founder of O Gold. “This partnership with Mawarid Finance is a significant milestone in our mission to bring inclusive and Shariah-compliant innovation to the market.”
Rashid Al Qubaisi, CEO of Mawarid Finance, echoed this sentiment: “Leveraging our deep expertise in Shariah-compliant finance, Mawarid Finance is excited to collaborate with O Gold on this groundbreaking initiative. This partnership allows us to extend the benefits of real asset-backed value to a wider audience through a convenient and ethically sound prepaid card.”
With both entities focused on responsible financial innovation, the collaboration promises to reshape how individuals interact with gold—fusing the enduring trust of precious metals with the efficiency of modern fintech.
