Emirates Islamic Bank is one such bank offering exclusive Islamic banking products in the UAE, with the Emirates Islamic Bank zero balance accounts being among the most preferred savings accounts in the UAE.
Ajman Bank is committed on providing modern Islamic Banking Services to its customers. The Sharia-compliant services of the bank are specifically designed to provide the customers with more returns.
The Ajman Bank Mudaraba is an account with high fixed deposit rates in UAE. The longer the duration of the deposit, the more would be the returns. The profits on this account are generated as well as distributed through the Mudaraba pool. The benefits offered on this account help in meeting the diverse financial needs of the account holder.
Listed below are the key features and benefits of this fixed deposit in UAE.
The Mudaraba (time deposit) can be availed for flexible deposit periods starting from 3 months to 12 months.
The account holder can make their deposits in not just UAE dirhams but also in US dollars.
The profits earned on the funds through the fixed deposit interest rates (profit rates) are distributed to the account holder quarterly.
The account holder can avail the facility of automatic renewal, where their deposit gets renewed automatically upon maturity.
The account holder has to maintain a minimum balance of AED 10,000 monthly on this fixed deposit.
This bank account is available for individuals as well as minors. This account can also be opened as joint account. This account is available for the following organizations-
The account holder can avail finance against their fixed deposit in UAE for their short-term liquidity needs.
For opening this Fixed Deposit in UAE, the applicant has to submit a few documents with the Ajman Bank. The following table contains the list of documents required to open this account.
In the case of Ajman Bank Fixed Deposit Account (Mudaraba), there are four ways to get it open in the UAE. Following are these ways.
The applicant can visit the nearest branch of the Ajman Bank for getting this deposit account open in the UAE. For branch applications, the applicant will have to come along with the required documents, which have to be submitted to the bank.
To open this account, the applicant can also call the customer support executive of Ajman Bank on 80022.
The Ajman Bank offers the applicant the facility of online banking, where they can conveniently access their banking solutions round the clock no matter where they are. The applicant may use the secure online banking portal of the bank for opening this fixed deposit UAE.
For the closure of this fixed deposit account, first of all, the account holder must withdraw their money from the account or transfer it to any other of their bank account.
Once this is done, the account holder must apply for closing the account either by using online banking, or branch of the bank or through phone banking.
The account holder will have to bear a charge equal to 2 percent of their term deposit for closing the account.
Q1: What all currencies can I make my deposit in?
Answer: You can make your deposits in not just UAE dirhams but also in US dollars.
Q2: Is there a minimum balance requirement on this fixed deposit in UAE?
Ans: Yes, there is a minimum balance of AED 10,000 required to be maintained on this account.
Q3: How can I renew my deposits on maturity?
Ans: You can opt for the option of automatic renewal on your deposit after its maturity.
Q4: Who all can get this fixed deposit UAE opened?
Ans: All the following persons or organizations can get this account on meeting the eligibility criteria and submitting the required documents.
Q5: Can I avail a finance against this Ajman Bank Fixed Deposit?
Ans: Yes, you can avail finance against this deposit for your short-term liquidity needs.
Q6: In what frequency would my profits be distributed to me?
Ans: Your profits will be distributed to you every quarter.
Q7: Do I need to pay any charges while opening my account?
Ans: No, you do not have to pay any fees while opening your account.
Q8: Do I need to pay any charges for closing my fixed deposit?
Ans: Yes, you need to pay 2 percent of your deposit amount as account closure fees.