Last Updated on 12 April 2026
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Sharjah Islamic Bank Savings Account
Savings Account
Features
- Shariah-compliant savings account based on the Mudaraba principle
- Opportunity to earn profit on eligible account balances
- Monthly profit calculation subject to maintaining the required minimum balance
- Automatic entry into SIB Millionaire draw campaigns
- Chances to win cash prizes, luxury cars, and high-value rewards
- Free debit card for everyday transactions
- Access to online banking for secure account management
- Access to mobile banking app for 24/7 banking convenience
- SMS alerts for account activity and transactions
- E-statements available for paperless banking
- 24-hour call centre support for customer assistance
- Ability to open the account in multiple currencies including AED, USD, GBP, and EUR
- Easy access to funds through ATM withdrawals and debit card usage
- Suitable for personal savings, emergency funds, and goal-based saving Account available for UAE nationals and expatriate residents
- Secure and regulated banking environment under UAE banking laws
- There is no monthly fees on this account.
- This account can be opened AED and USD, GBP, EURO.
- You require a minimum balance of AED 3000 to avail this account.
- You will be availed with profit on this account.
Required Documents
- Original passport (valid)
- Emirates ID (original and valid)
- Valid UAE residence visa (for expatriates)
- Proof of address (such as utility bill or tenancy contract, if required)
- Proof of income or source of funds, if requested by the bank
- Document requirements may vary based on customer profile and regulatory guidelines.
Main Benefits
- Your money is managed according to Islamic banking principles under the Mudaraba structure, ensuring ethical and transparent profit-sharing.
- Earn profit on your savings when the required minimum balance is maintained, allowing your funds to grow steadily over time.
- Enjoy automatic participation in SIB promotional campaigns, including millionaire and raffle draws, offering chances to win substantial cash prizes and luxury rewards.
- Savings are held with Sharjah Islamic Bank, a trusted UAE Islamic bank regulated under local banking laws.
- Everyday Banking Convenience
- Free debit card access enables easy ATM withdrawals, retail purchases, and online payments.
- Manage your account anytime through online and mobile banking
- platforms, including balance checks, transfers, and statement access.
- Hold savings in AED, USD, GBP, or EUR, making the account suitable for residents with international financial needs.
- Stay informed with SMS alerts and electronic statements for better financial control and transparency.
Frequently Asked Questions
Q. What type of savings account is this?
A. It is a Shariah-compliant savings account based on the Mudaraba profit-sharing principle.
Q. Is there a minimum balance requirement?
A. Yes, maintaining the bank-specified minimum balance is required to earn profit and participate in promotional campaigns.
Q. How is profit calculated?
A. Profit is calculated monthly and credited according to the bank’s declared profit rates and account balance eligibility.
Q. Can I withdraw money anytime?
A. Yes, funds can be accessed anytime through ATMs, debit card transactions, or branch visits.
Q. Do I automatically qualify for prize draws?
A. Yes, eligible savings balances automatically qualify for SIB reward and millionaire draw campaigns.
Q. Is online and mobile banking available?
A. Yes, the account includes full access to internet and mobile banking services.
Q. Can expatriates open this account?
A. Yes, expatriate residents with valid UAE documents are eligible to apply.
Q. Are there any charges on the account?
A. Charges, if applicable, are based on the bank’s schedule of fees and charges
Sharjah Islamic
Established in 1975 through an Amiri decree, the bank was initially known as the National Bank of Sharjah. In 2002, the bank was the first bank to convert to Islamic Banking and was renamed as Sharjah Islamic Bank (SIB). SIB has a Vision 'to be the bank of choice, delivering creative customer solutions based on Islamic principles of partnership, trust & equality for all’. The values followed by them are :
- Bonding and Harmony
- Compliance
- Learning and Self Development
- Social Responsibility
- Creativity and Innovation
Get in touch with Sharjah Islamic Bank Customer Care