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Sharjah Islamic Bank Watani Account
Watani Account
Features
- Minimum opening balance requirement: AED 100,000
- Monthly profit distribution on eligible balances
- Based on Sharia-compliant Mudaraba profit-sharing model
- Priority banking services and dedicated customer support
- High daily withdrawal and transaction limits
- Preferential rates on selected banking services
- Unlimited deposits and withdrawals
- Access to a wide network of ATMs across the UAE
- Full digital banking support via mobile and online platforms
- Must maintain a minimum balance of AED 3,000 throughout the profit calculation period. If the balance drops below this level, profit will not be paid for that period.
Required Documents
- For UAE Nationals- Original valid passport & Emirates ID
- For UAE Expatriates- Original valid passport, Emirates ID & Valid UAE residence visa
- The bank may request additional documents such as income proof or source of funds as part of regulatory compliance.
Main Benefits
- Funds are invested in Sharia-compliant ventures, allowing customers to earn competitive profit compared to standard savings accounts.
- Profit is credited regularly, providing a steady income stream from savings.
- The Mudaraba structure ensures full compliance with Islamic finance principles.
- Account holders enjoy priority service, faster processing, and relationship support.
- Access funds anytime through digital platforms, ATMs, and branch services.
Frequently Asked Questions
Q. What is the Watani Account?
A. It is a premium savings account that allows customers to earn Sharia-compliant profit on their deposits through a Mudaraba investment structure.
Q. How is profit calculated?
A. Profit is generated from Islamic investments and shared between the bank and customer based on agreed ratios.
Q. What is the minimum balance requirement?
A. Opening balance: AED 100,000,
Profit eligibility balance: Minimum AED 3,000
Q. Can I withdraw money anytime?
A. Yes, funds can be withdrawn at any time through ATMs, online banking, and branches.
Q. What happens if my balance drops below AED 3,000?
A. No profit will be credited for that particular period.
Q. Is the account available in other currencies?
A. The primary currency is AED. Other currency options may be available upon request.
Q. How can I open this account?
A. You may apply online, through mobile banking, or by visiting any branch with required documents.
Q. Are there monthly service charges?
A. Fees may apply depending on usage. Refer to the bank’s official schedule of 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