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Islamic Accounts in UAE

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Islamic Accounts Interest Rates in
UAE

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CLEAR

Min Balance to Maintain

AED 750K

Monthly Fee

AED 0

Relationship Manager

Yes

Overview

  • Free ADIB Diamond Visa Debit Card is provided
  • Cheque book is provided for free
  • Relationship manager is provided
Apply Now

Overview

  • Free ADIB Diamond Visa Debit Card is provided
  • Cheque book is provided for free
  • Relationship manager is provided

View details on bank page

Min Balance to Maintain

AED 350K

Monthly Fee

AED 0

Relationship Manager

Yes

Features

  • This account comes in two packages, basic package and premium package.
  • You get one month free telegraphic transfers, with this account.
  • Avail free SMS banking with this account.
Apply Now

Features

  • This account comes in two packages, basic package and premium package.
  • You get one month free telegraphic transfers, with this account.
  • Avail free SMS banking with this account.
  • Avail cheque book with this account.
  • Avail UAESwitch cash withdrawal with this account.

Benefits

  • Avail the benefit of exclusivity with this account.
  • You can avail free credit card along with this account for the first year.
  • You can avail Takaful products by Noor, and avail the best suited package according to your needs.
  • For every Dirham that you spend on your credit card, you can earn 2 points that can be redeemed for cashback and Sharaf DG, Joyalukkas, Jacky's retailer & Jacky's Electronics vouchers and Awqaf and Minors Affairs (AMAF) donations.
  • You can also earn reward points on your monthly salary transfer of AED 10000 or more.
  • You can earn great deal of reward points with this account.

View details on bank page

Min Balance to Maintain

AED 0

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

Yes

Yes

Overview

  • Free cheque book is given
  • Free ATM card is provided
  • Can avail as joint account as well
Apply Now

Overview

  • Free cheque book is given
  • Free ATM card is provided
  • Can avail as joint account as well
  • Free cash withdrawal from ATM
  • Monthly account statement is provided for free
  • Can get access to the account anytime

View details on bank page

Min Balance to Maintain

AED 500K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

Yes

Yes

Features

  • This account is available both in Islamic and Conventional forms.
  • This account provides you a position for an optimum growth.
  • This account also provides you with various wealth management propositions.
Apply Now

Features

  • This account is available both in Islamic and Conventional forms.
  • This account provides you a position for an optimum growth.
  • This account also provides you with various wealth management propositions.
  • This account is also very simple to open.

Benefits

  • This account provides you with excellency mortgage for UAE nationals and expatriates.
  • Avail preferential pricing with this account.
  • You can avail lending against your local share holdings.
  • You can avail the network of wide branch of excellency centres.
  • Avail safe deposit lockers with this account.
  • Avail multiple transaction accounts for your benefit.

View details on bank page

Min Balance to Maintain

AED 200K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

Yes

Yes

Features

  • Dedicated Excellency Relationship Manager

Benefits

  • Dedicated Relationship Officer; Free Exclusive ADCB Privilege Club Debit Card; No Semi Annual Processing Fees; Unlimited Teller Transactions; Free Personalized Exclusive ADCB Privilege Club Cheque Book; Free Demand Drafts/Pay Orders; Free Telegraphic Transfers; Six Free non ADCB ATM transactions in UAE per month; Two Free ATM Transactions across GCC per month; A higher ATM withdrawal limit ; Up to five free Supplementary Cards; Narrative bank statements detailing every purchase made with your card for easy spending reconciliation
  • Touchpoints

View details on bank page

Min Balance to Maintain

AED 500K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

Yes

Yes

Features

  • This account is Islamic by nature.

Benefits

  • Every client of this account is entitled to a complimentary life takaful policy valued at AED 100,000.
  • Touchpoints rewards program from ADCB to reward you, whenever you use products under this account.
  • Avail Shari’ah compliant products with this account.
  • With this account you can avail special excellency debit and credit card products, to enhance your banking experience.
  • This account also provides full service portfolio management.
  • Avail investment and protection services, with this card.
  • You can earn touch points, when your average monthly balance is AED 50000 or more.

View details on bank page

Min Balance to Maintain

AED 3K

Minimum Salary

AED 8K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

No

Yes

Overview

  • Unlimited Teller transactions for Free
  • Free ADIB Visa Debit Card
  • Free cheque book is provided
Apply Now

Overview

  • Unlimited Teller transactions for Free
  • Free ADIB Visa Debit Card
  • Free cheque book is provided
  • Instant overdraft facility is provided
  • Free e-statements are provided

View details on bank page

Min Balance to Maintain

AED 3K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

No

Features

  • This is an Islamic account by nature.
  • This is an account with the credit balance, which is always payable on demand.

Benefits

  • This account is fully shariah compliant.
  • You can avail a free MasterCard debit card, with Chip technology.
  • You can avail first cheque book for free.
  • You can avail free monthly e statements.
  • Ease your banking experience, with SMS and online banking.
  • Avail free utility bill payments of FEWA, DEWA, SEWA, ADDC, AADC, Etisalat, du, Salik Recharge.
  • This account can also be availed by businesses and companies.

View details on bank page

Min Balance to Maintain

AED 3K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

No

No

Features

  • This is an Islamic account by nature.

Benefits

  • With Al Islami debit card, you will get a daily withdrawal limit of AED 10,000 and daily purchase limit of AED 15000.
  • Al Islami debit card is accepted at over 27 million purchase outlets.
  • Avail 6 free teller transactions per month.
  • You can also avail free monthly statements of your account.
  • You can avail the first cheque book for absolutely free.
  • Ease your banking experience with online banking, phone banking, ATMs and cheque/cash deposits.
  • Free utility bill payment facility of DEWA, FEWA and SEWA.
  • Free account e statements and Salik recharge facility.
  • There are no rewards for this account to avail.

View details on bank page

Min Balance to Maintain

AED 3K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

No

Features

  • This account gives you the convenience to transact at your convenience.
  • 0% rate is paid by the bank on this account.

Benefits

  • Avail monthly e statement access through phone and online banking.
  • Get SMS alerts on new offers and transactions on your account.
  • You can avail international ATM and debit cards, with this account.
  • Avail a cheque book with this account.
  • You can make unlimited transactions on your account.
  • Avail online, mobile and phone banking with this account.
  • There are no rewards on this account.

View details on bank page

Islamic Account

In the world that we live in today, banks and financial organizations are constantly endeavouring to maximize their profits at any cost. There is little or no consideration to the human side of money or the socio-economic aspects of finance. Islamic banking has the perfect balance between the traditional values and modern needs. It is based on the pillars of Justice, Morality and Equity and is an effort made by financial institutions to balance their social and financial obligations. It is based on the principles of Sharia with the following key aspects:

  • Riba : Riba can be translated to exorbitant interest charged on debts. This is strictly prohibited.
  • Gharar : Gharar translates to risk or uncertainty. Islamic banking tries to avoid uncertainty in contracts. Financial institutions might take reasonable risks in investments.
  • Zakat : Zakat is one of the five pillars of Islam which can be translated to sharing wealth with the poor. This creates an equitable distribution of wealth in the society and increases opportunities for growth and development.
  • Mudaraba : It is a partnership in profit whereby one party provides capital and the other party provides skill and labour.
  • Illicit activities prohibited : Islamic banking ensures that the money lent out by them is not used for any illicit activities like gambling, production of alcohol and any such activities which can have a negative impact on the society.
  • Equal share : Profits and/or losses are shared equally between the financial institutions and common people.

Islamic Banking vs. Conventional Banking

Islamic banking is fundamentally different from conventional banking. Based on Shariah laws, it has a list of do’s and don’ts which make it a unique financial proposition. Let’s take a look at what sets them apart:

Islamic Banking Conventional Banking
Islamic banking operates on the basis of profit and loss sharing. In case, the borrower suffers losses, the bank shares these losses based on the mode of finance used. Interest is charged even if the borrower suffers losses by using the bank’s funds. It is not based on profit and loss sharing.
It tries to create a link with the economic system by using trade related activities. It helps contribute directly to the economic development. It uses money as a commodity which eventually leads to rise in prices.
Profit on trade of goods or service charges are the major avenues of earning money by Islamic banks. Time is the factor considered while charging interest on the principal loaned amount. This is how the bank makes money.
Repayments of sums for deposit accounts are only guaranteed in Islamic banks if the account was based on the principle of Al-Wadiah. If not, the depositor will share the losses of the bank’s investment in accordance with the Mudharabah concept. Maturity amount is guaranteed in conventional banking. The bank has a liability to pay the depositor at the agreed rate of interest.

Types of Islamic Accounts

Let’s look at some Islamic accounts offered in the UAE.

  • Islamic Savings Account : Most banks offer Islamic savings accounts to their customers. The funds deposited in these accounts are invested in Shariah-compliant assets and the profits/losses are shared between the account holder and the bank.
  • Islamic Current Account : Under Islamic banking, funds deposited in current accounts are interest-free loans given by the account holder to the bank. The bank can invest these funds and the customer has no share in the profits or losses made by these investments.
  • Islamic Fixed Deposit : While Riba (interest) is prohibited under Sharia laws, making returns on your investment is permitted. The funds deposited in an Islamic fixed deposit are utilized by the bank to buy a Sharia-compliant asset/commodity. This asset is then sold back to the bank at a pre-agreed marked-up price.

Apart from these, Islamic personal loans, car loans, home loans and business loans are also available for customers.

Features of Islamic Accounts

Apart from being Sharia-compliant, Islamic accounts have some or most of the following features:

  • Usually, Islamic Savings and/or Current accounts come bundled with a host of free services like

    - Debit card

    - Internet banking

    - Phone banking

    - SMS banking

    - Mobile banking

  • Most banks offer these accounts in AED and USD currencies. Some banks might accept accounts in other foreign currencies too.
  • Islamic fixed deposits offer an indicative profit rate unlike the interest in conventional fixed deposits. Usually, they have a pre-specified tenure and don’t allow premature withdrawal of funds.
  • Being interest-averse, Islamic loans (personal/car/home/business) have a cooperative structure encouraging profit-sharing and fair trade. They follow the Islamic principles of banking.

Eligibility

Each type of account and bank will have its own eligibility criteria which needs to be checked individually. Some common eligibility criteria are:

Age : Usually, any financial transaction requires the applicant to be at least 18 years of age. Minors can open some accounts jointly with a guardian.

Nationality : Most of the accounts offered by banks are available for UAE residents and non residents. The documentation required and charges applicable may vary.

Type of Entity : Depending on the type of account and bank you apply to, certain entities are permitted to open accounts in UAE. Some commonly accepted entities are :

  • Resident Individual
  • Partnership
  • Sole trader businesses
  • Hindu undivided family
  • Private and public limited companies
  • Non-governmental organizations (NGO)
  • Public corporations
  • Registered societies/associations/clubs, trusts
  • Government/semi-government bodies/departments

What Documents Are Required?

As is the case with eligibility, every bank can have its own requirement of documents to process your account application. Apart from the application form, some basic documents needed are:

  • Original passport for verification along with a copy
  • Copy of the visa
  • Proof of address
  • ID proof

Frequently Asked Questions

⭐ Can a Non-Muslim open an Islamic account?

A. Yes. Islamic accounts are not available to just Muslim customers. Anyone who believes in the Shariah principles of banking can open an Islamic account.

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