Sharjah Islamic Bank Fixed Deposit Account

Bank Accounts in the UAE

Sharjah Islamic Bank, a UAE-based financial institution, is renowned for offering financial, banking, and investment services in line with Islamic Shariah principles. One of the most popular accounts of the bank is its fixed deposit account, with features like high-profit returns and flexible investment periods contributing to its popularity.

As a UAE resident, you can certainly consider Sharjah Islamic fixed deposit account for the long run, as you can plan for the future and get good returns over time without worrying about the security of your funds. 

To help you get all the key information related to this account, the article below will discuss the Sharjah Islamic fixed deposit account and its functioning, features, benefits, application process, charges schedule, and more.

How Does Sharjah Islamic Fixed Deposit Account Work?

Sharjah Islamic fixed deposit works as per the following Islamic concepts – 

  1. Mudaraba-Based Deposit

For a Mudraba-based deposit, you would deposit your funds in a bank account where profits are ascertained on monthly constructive estimations and shared to account holders monthly, quarterly, semi-annually, or yearly as per the investment tenure agreed. 

  1. Wakala Deposits

Wakala, an agency investment contract, is appointed by the bank to carry out the investment activities per an agreed plan. In these deposits, the bank specifies the expected rate of return from funds that will be offered to account holders.

Features & Benefits of Sharjah Islamic Fixed Deposit Account

Let’s explore the major features and benefits of the Sharjah Islamic fixed deposit account in UAE – 

  1. Shariah Compliant Product

The fixed deposit account is based on the Shariah laws regarding finances, where profits are calculated on monthly constructive evaluations

  1. Minimum Balance

As a fixed deposit account holder, you would be required to maintain a minimum balance of AED 10,000 to avoid charges and fines.

  1. Flexible Investment Period

Sharjah Islamic fixed deposit account holders can opt for the investment period at their convenience, with the investment period ranging from 1 to 12 months.

  1. High-Profit Rates

With this Sharjah Islamic bank account, you can enjoy attractive monthly profit as given in the table below – 

Deposit Tenure Expected Profit Rate
1 month 0.93 %
3 months 1.40 %
6 months 1.71 %
9 months 1.87 %
12 months 2.50 %

Note: The rates are for reference purposes and may vary as per the bank’s policies and user profile 

  1. Real-Time SMS Notifications of Transactions

The bank has an automated system that alerts you whenever any transaction associated with your Sharjah Islamic fixed deposit account takes place.

  1. Online and Mobile Banking Services

A remarkable benefit of this bank is that you can operate your accounts with the help of the SIB digital platform, which gives you the ultimate freedom and flexibility. Moreover, you can also use the online banking platform and take advantage of valuable features.

  1. Free E-Statements

Sharjah Islamic fixed deposit account gives you a secure way to receive your monthly e-statements once every six months. An e-statement records all the transactions and other information that a paper statement contains, all without the clutter of physical papers.

  1. Existing Account with Sharjah Islamic Bank

To apply for the Sharjah Islamic fixed deposit account, you must have an existing account with the bank to fund fixed deposits.

  1. Funds Withdrawal

While partial withdrawal is not allowed, the bank may allow a premature withdrawal of funds in some cases. However, in such scenarios, you would be liable to pay an early withdrawal fee and may even receive a lower profit. In case the total amount is withdrawn, you would have to pay an admin fee as well.

  1. Life Insurance Cover

With a Sharjah Islamic fixed deposit account, you would automatically be covered under the SIB credit life takaful policy. This can be highly beneficial for you as It can provide coverage against death and permanent total disability. The policy premium is charged at month-end and has to be paid by you.

Sharjah Islamic Debit Card

Eligibility Criteria to Apply for Sharjah Islamic Fixed Deposit Account

You would be required to pass the eligibility criteria mentioned below to apply for Sharjah Islamic fixed deposit account – 

  1. The account is valid for UAE residents and non-residents
  2. You must have a current savings or call account with Sharjah Islamic bank
  3. Both salaried and non-salaried employees are eligible for the account
  4. Minors also qualify for the account, although the account must be opened and operated on the instruction of the applicant's parent or guardian

Documents Required to Apply for Sharjah Islamic Fixed Deposit Account

Keep the following documents handy while applying for Sharjah Islamic fixed deposit account – 

  1. Original passport or Emirates ID must be presented to the bank, with copies of the identity documents also required to be submitted
  2. Completed fixed deposit account application form

It is to be noted that additional documents may be required depending on case to case.

How is the Profit Calculated on Sharjah Islamic Fixed Deposit Account?

The profit is calculated at the agreed expected rate and based on the calendar year. Ascertained profit accrues daily but is only payable at maturity as approved by the institution. 

For instance, if you deposit AED 200,000 for the tenure of 6 months at the expected profit rate of 1.71% per annum, the profit payout for the particular year will be as follows - 

Total Profit Amount: AED 3,420

Total Investment Value at Maturity: AED 203,420

Fees and Charges Associated with Sharjah Islamic Fixed Deposit Account

The following table demonstrates the costs associated with fixed deposit accounts – 

Fixed-term deposit for individuals AED 10,000
Fixed-term deposit for businesses AED 50,000
Account closure fees Maximum 2.10 %

Open Sharjah Islamic Bank Account

How to Apply for Sharjah Islamic Fixed Deposit Account?

You can apply for the Sharjah Islamic fixed deposit account via any of the following channels – 

Online Mode

Via Policybazaar UAE

Policybazaar.ae is the best place to find the solutions to your banking and insurance requirements from the leading institutions in one place. Moreover, our website is easy to navigate and allows you to apply for your preferred account with minimal documentation. If you face any difficulties while applying for the account, you can always contact our round-the-clock service at 042472904. 

Follow these steps to apply for Sharjah Islamic fixed deposit account – 

  • Visit the official website of Policybazaar UAE – policybazaar.ae
  • At the top of the homepage, tap on 'banking products’
  • Click on the 'bank account’ option
  • You will be redirected to a new page where you will be required to fill in details like your full name, contact number, city, monthly income, nationality, email ID, and so forth
  • Tap on the 'view quotes' button after filling out the required details
  • Apply the filters and find the Sharjah Islamic fixed deposit account
  • Hit the ‘apply’ button and follow the instructions to apply for the account

Via Bank’s Official Website

  • Head to the official website of Sharjah Islamic Bank and move to the ‘personal’ menu
  • Tap on the 'deposits'
  • On the following page, search for the ‘apply’ button and tap on it
  • You will be redirected to the ‘accounts form’ page
  • Fill in the required details in the lead form like account type, first name, last name, email address, mobile number, nationality, date of birth, employment details, monthly income, existing account details, and more
  • Submit the form and follow the prompted instructions to complete the process

Offline Mode

You can also head to your nearest Sharjah Islamic Bank and approach a representative to apply for the Sharjah Islamic fixed deposit account.

How to Access Sharjah Islamic Fixed Deposit Account?

Sharjah Islamic Bank has several digital platforms through which you can operate and access your fixed deposit account. Move to any of the given channels and sign into your SIB-designated deposit account – 

Online Banking

SIB online banking platform is easily accessible from internet browsers like Apple Safari, Microsoft Edge, Google Chrome, and Mozilla Firefox on any desktop. Follow the steps given below to access your account -

  • Head to the official website of the SIB and click on the ‘login’ option located at the right side of the screen
  • You will be redirected to a new page where you can select the 'personal' option
  • Use your user ID and click on the ‘secure login’ option
  • Enter the password and login into your account

Mobile Banking

You can also avail of mobile banking services after installing the SIB mobile application on your device. The SIB mobile application is available on both android and apple devices. Use your online banking credentials and sign into your account or set up a PIN or TPIN. Once your profile is opened, select the fixed deposit account and operate your account conveniently.

Offline Mode

As an alternative, if you encounter any issues associated with your Sharjah Islamic fixed deposit bank, you can plan a trip to your nearest SIB branch. It is advisable to carry all your required documents to resolve your queries swiftly.

How to Close Sharjah Islamic Fixed Deposit Account?

If you would like to close your Sharjah Islamic fixed deposit account, you can get in touch with bank authorities by calling or visiting their nearest SIB branch. Further, you can follow the instructions and submit your request.

To better understand the Sharjah Islamic fixed deposit account, refer to the frequently asked questions in the following section.

Frequently Asked Questions (FAQs)

What is the Sharjah Islamic fixed deposit account closure fee?

While the bank may charge up to 2.10% as a bank closure fee, it is advisable to contact the bank for the exact Sharjah Islamic fixed deposit account closure fee.

What is the minimum balance to be maintained in Sharjah Islamic fixed deposit account?

You are required to maintain a minimum of AED 10,000 in your Sharjah Islamic fixed deposit account.

What do I need to open a Sharjah Islamic fixed deposit account?

You are required to submit your Emirates ID or passport to open a Sharjah Islamic fixed deposit account.

What if I break the deposit before the original maturity date?

In case you break the deposit from the original maturity deposit in a fixed deposit account, you may lose the entire applicable profit on the deposit or a part of it.

What is the frequency of profit rates calculation on Sharjah Islamic fixed deposit account?

Profit on Sharjah Islamic fixed deposit account is calculated based on 360 days calendar year and accrues daily.

Can non-UAE residents apply for Sharjah Islamic fixed deposit account?

Yes, both UAE residents and non-residents are eligible for the Sharjah Islamic fixed deposit account.

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