Nuqi Gold set to launch Shariah-compliant gold-backed payment card with UAE finance partner

Once gold is purchased through the Nuqi platform, users can access the card with a limit of up to 70% of the gold’s prevailing value. The underlying gold remains untouched and continues to appreciate, while the card functions like a regular global payment instrument

Dubai: Digital gold platform Nuqi Gold and Islamic finance and investment firm Mawarid Finance have signed a memorandum of understanding to introduce what is positioned as the Gulf Cooperation Council (GCC)’s first gold-backed co-branded card, combining physical asset ownership with everyday spending.

At its core, the card enables customers to purchase certified 24K gold digitally through the Nuqi platform, with every gram backed by real, insured, and vaulted physical gold. The gold is stored via Transguard Group’s DMCC vaulting infrastructure, ensuring institutional-grade security and insurance.

The partnership adds a liquidity layer. Once gold is purchased, users can access a Platinum Mastercard with a limit of up to 70% of the gold’s prevailing value. The underlying gold remains untouched and continues to appreciate, while the card functions like a regular global payment instrument.

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,” says Farooqui.

The card sits within the premium lifestyle segment, offering up to 10% 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 preferring a traditional premium experience.

For Shreemohan Chauhaan, Co-Founder and CXO of Nuqi Group, the focus is 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 shopping in the morning, pay school fees by afternoon, book a flight by evening… everyday transactions, backed by something real,” explains Chauhaan.

Alignment with Shariah principles is central to the collaboration with Mawarid Finance, a UAE Central Bank-regulated institution with focus on developing Shariah-compliant financial products for both individual and corporate customers. 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 utilize 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,” he says.

NUQI Gold DMCC is a company registered in the Dubai Multi Commodities Centre (DMCC) Free Zone, focused on providing a transparent and accessible platform for buying and selling 24-karat digital gold. It enables users to hold or transact gold digitally, or convert digital gold to physical gold, with assets stored securely in vaults in the UAE.

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