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Established in 1975, Al Masraf (Arab Bank for Investment and Foreign Trade) Bank was founded with the objective to unite the Arab nations and promote joint economic propositions among them. With an industry experience of over 45 years, Al Masraf offers financial services including retail banking, Islamic banking, corporate banking, and Treasury and Investment services.
With so much to offer, Al Masraf stands apart for its impeccable products like finance, loans, and bank accounts. This write-up throws light on the type of Al Masraf Bank accounts in the UAE and their features and benefits.
Features and Benefits of AI Masraf Saving Account
Features and Benefits of AI Masraf Current Account
Note - Minimum Monthly Salary must be AED 5,000 for Both types Al Masraf Accounts in UAE
All Al Masraf Bank accounts have excellent features and can be customised to meet your requirements. Listed below are the major benefits of opening an Al Masraf Bank account -
Given below are the eligibility criteria for the different types of Al Masraf Bank accounts -
|Bank Account Types||Eligibility Criteria|
Keep the following documents prepared when applying for an Al Masraf Bank account -
Bank Account Types
Here’s how you can apply for an Al Masraf Bank account in the UAE -
You can easily apply for opening an Al Masraf Bank account in the UAE through policybazaar.ae. This is a third-party aggregator website that allows you to apply for a bank account right from your home without having to stand in a queue at the bank.
To open an Al Masraf Bank account with policybazaar.ae, simply click on the “Bank Account” tab on the home page. You will be directed to the lead form where you would need to provide a few personal details. Once done, you will be directed to the quotes page where you can select the Al Masraf Bank account type as per your preferences and apply for it.
You can also open an Al Masraf Bank account via internet banking. For this -
With the Al Masraf Bank mobile banking application, you can have a smooth banking experience at your fingertips. To open a bank account using the Al Masraf Mobile Banking application, simply download the application via the Google Play store, iPhone App Store, or Huawei App Gallery. Once done, open the application and click on the ‘Open Bank Account’ tab. Fill in the lead form with personal details.
Once done, submit the application to initiate the bank account opening request. The bank will connect with you within 2 business days for further processing.
You can close your Al Masraf Bank account by notifying the bank at any time once your dues to and from the bank are cleared. The bank can also close your account by giving you a 60-days notice and may request to make immediate settlements on the outstanding balance due to the bank.
If you want to close your Al Masraf Bank account in the UAE, you can -
Note: An account closure fee will be levied if you close your Al Masraf Bank account within 6 months from the date of opening.
Let’s find out more about Al Masraf Bank accounts through the following FAQ section -
There are no monthly restrictions on the number of transactions you can do on your Savings account. However, if you don’t perform any transaction in more than 3 months your account will become dormant - your account will become inactive if this continues beyond 6 months.
The minimum monthly balance required in the savings bank account is AED 3,000 per month.
One of the key differences between Islamic and Conventional banking is that the former prohibits interest. Islamic banks do not permit the lending of money against money; rather, they encourage trade transactions and collaborations. In Islamic Banking, wealth is generated using fair trade and investment methods. Any profits earned are shared between the individual who provided the capital and the person or institution that offered expertise.
Yes, you can open a savings account with a joint holder. Each account holder will have the power and the right to deposit or withdraw funds from this account.