Dubai Islamic Bank Al Islami Savings Account

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Established in 1975, Dubai Islamic Bank is one of the earliest banks that incorporated the principles of Shari’a in its practices to offer you profitable benefits on your savings account. With its attractive rate of interest and ease of transaction, Dubai Islamic Bank’s Al Islami Savings Account is one of the most competitive savings accounts in the UAE. 

Features & Benefits of Dubai Islamic Al Islami Savings Account

Earn more on your Savings

Dubai Islamic Bank Al Islami Savings Account offers a competitive rate of interest on your deposits to maximize profits on your earning. These profits are transferred to your account every quarter which adds compound interest to your savings. To receive quarterly profits, you need to meet the eligibility criteria and withdraw money from your account, not more than once a month.

Banking Privileges

With Al Islami Savings Account, you receive access to your bank without physically visiting your bank. You can access your savings account through an online platform anywhere in the world by visiting DIB’s website or mobile. This account can be opened for minors as well with the consent of the parent(s)/guardian). Besides, you also receive six free teller transactions every month.

Salary in Advance

Has it ever happened that your monthly salary does not cover your extra expenses and you look to borrow money? Why borrow money when you Al Islami Savings Account? In case you require extra funds in a month, DIB credits an additional amount of up to 90% of the monthly net salary to your Al Islami Savings account instantly. This facility can be used every month provided you return the full payment by the end of the month. 

You can avail of this service at the following charges:

Amount Processing Fee
AED 1,000 – AED 13,500  AED 309.75
AED 13,501 – AED 30,000 AED 525

Investment Deposits

To exponentially increase your profits on savings, your DIB Al Islami Savings account is linked to an investment deposit. Linking your savings account to investment deposits, your bank turns your savings into the investment to purchase assets. These assets fetch extra profit on your savings. The best aspect of an investment deposit is that your principal liquid amount is free of risk and you can borrow it any time.

Pay your bills with your savings account

Remembering the due date and paying monthly bills can be an inconvenience. Your Dubai Islamic Bank Al Islami savings account also allows you to make hassle-free payments on your monthly bills at:

  • Telecommunication: Du and Etisalat
  • Airlines: FlyDubai and Air Arabia
  • Government Services: DED, Noqodi, Trakhees, and RTA
  • Utilities: Ajman Sewerage, Emicool, ADDC, DEWA, FEWA, and SEWA
  • Properties: EMAAR

Leave the stress of paying these bills on Al Islami Saving Account and put your mind at ease.  

Other Benefits

  • If you have purchased an additional financing product from DIB or borrow any loan, your Al Islami savings account can be selected for repayment mode which means that you do not remember monthly due dates. Link your monthly payments to this account and the payment will be automatically made.
  • You can also secure your family’s future and provide them a better lifestyle by subscribing to Al Islami Takaful Savings Programme. The annual payment for this program can be linked to the DIB Al Islami savings account. 

Interest Rate Offered by Al Islami Savings Account

Irrespective of your account balance, Dubai Islamic Bank Al Islami Savings Account offers you 0.15% interest on your savings per annum. However, you will make more profits if you keep your account balance AED 3000 or above since you will be exempted from the monthly account maintenance fee.

Fee & Charges on Al Islami Savings Account

Monthly Account Maintenance Fee

AED 26.25* 

Teller Fees (per transaction)

(first 6 transaction free) AED 10.50

Private Banking Maintenance Fee (Per month)

AED 210

Al Islami SMS Banking

Free

Cheque Book Issuance (25 leaves)

Free

Remit-to-ATM

Free

*Monthly Account Maintenance Fee is exempted if you maintain the balance of AED 3000 or above.

Many services offered on your Al Islami Savings Account are free. Besides, you can save at least AED 441 per year by maintaining a minimum balance of AED 3000 and making not more than 6 withdrawal transactions per month. 

Currency Accepted

Dubai Islamic Bank accepts both AED and USD currency for your Al Islami Savings Account.

Eligibility Criteria for Al Islami Savings Account

If you are an adult, you can open Al Islami Savings Account in Dubai Islamic Bank by depositing a minimum amount of AED 3000 along with your ID and residential proof. If you want to open an account for a minor, you need to provide your bank documents along with your child’s ID and residence proof.

Documents Required to Open a Dubai Islamic Al Islami Savings Account

  • Copy of Emirates ID
  • Visa
  • Passport Copy
  • Recent Salary Certificate
  • Residential Address Proof

How to Apply for Dubai Islamic Al Islami Savings Account

There are two ways of opening an Al Islami Savings Account in Dubai Islamic Bank: Offline and Online.

Offline:

To open your bank account offline:

  1. Visit your nearest Dubai Islamic Bank branch
  2. Fill the Al Islami savings account application form
  3. Provide required documents along with original documents for verification purposes.

Online:

To avoid the hassle of personally traveling to the bank, you can visit DIB’s web page and apply for a savings bank account.

Policybazaar.ae

You can also open your Al Islami savings account at policybazaar.ae in less than 30 minutes. All you need is:

  1. Visit policybazaar.ae
  2. Enter your details
  3. Attach supporting documents
  4. Your account will be verified and opened

FAQs on Dubai Islamic Al Islami Savings Account

Q1: Can I access my savings account 24/7?

Answer: Yes, the DIB Al Islami savings account has 24/7 accessibility.

Q2: Is there separate eligibility required for salary in advance offer?

Answer: You are eligible for salary in advance offer if you receive your monthly salary in Dubai Islamic Bank.

Q3: What is the rate of interest for currency in USD?

Answer: If you deposit your money in USD, the rate of profit is 0.01% per annum.

Q4: Is Al Islami savings account Shari’a compliant?

Answer: Yes, all the savings accounts of Dubai Islamic Bank are Shari’a compliant.

Laxita Gautam
Laxita Gautam63 Posts

Senior Content Writer | She functions on classic British fiction, Japanese manga, and strong americanos. Laxita is tailor-made to create engaging, interactive pieces that offer simplified insights into complex subjects.