Emirates Islamic Bank (EIB) Accounts

Emirates Islamic Bank was incorporated for delivering great banking services in compliance with the Sharia principles. The bank offers a wide range of services and products that are designed for small businesses, individuals, as well as big corporations.

Emirates Islamic Bank is an ideal choice for the customers who wish to manage their funds excellently. In order to experience a pleasant banking experience or to ensure a convenient Emirates Islamic Bank Account Opening process, the account holder can use the online or phone banking services of the bank. They can avail high-profit rates on these accounts that help them in increasing their savings.

Features and Benefits of Emirates Islamic Bank Account

Here are the eminent benefits and features of Emirates Islamic Account.

• Debit Card - The Emirates Islamic bank offers a complimentary debit card, which is recognized globally.

• Multiple Currencies - The account holder can get these bank accounts in major currencies other than UAE dirhams.

• Online Banking - The account holder can avail the option of complimentary online banking for viewing, conducting, and managing their transactions conveniently.

• Competitive Profit Rate - The Emirates Islamic Bank offers the account holder a competitive profit rate on their account. The basis of profit payout may vary from account to account, as per the discretion of the bank.

• Deposit Tenure - The applicant has the options of flexible deposit periods while opting for Emirates Islamic Account opening.

• Pre-Mature Withdrawals -The account holder has an option to withdraw their fixed deposit accounts before maturity. In this case, the profit is paid on pre-mature withdrawal in the first six months.

Account Types of Emirates Islamic Bank

The Emirates Islamic Bank offers a variety of accounts with attractive features & benefits in the UAE. Here are the types of Emirates Islamic Bank Account.

Emirates Islamic Current Account

Emirates Islamic Fixed Deposit Account

Emirates Islamic Saving Account

Emirates Islamic Bank Current Account

This Sharia-compliant Current account helps the account holder in discovering transparent regular banking services. This transaction account comes with a checking facility. The account holder can access their funds and manage their current accounts no matter where they are.

The bank offers a free globally accepted debit card on this Emirates Islamic Bank Current Account. This account is available in various major currencies of the world.

Features & Benefits of Emirates Islamic Bank Current Account -

• For salary transfer accounts, no minimum monthly balance charges apply
• Free online and mobile banking services
• SMS updates services
• Personal checking for UAE residents
• Free globally-recognised debit card
• Account available in multiple currencies (Omani Riyal, AED, Bahraini Dinar, USD, Qatari Riyal, GBP, Kuwaiti Dinar, Euro, Yen, Saudi Riyal, and Canadian Dollar)

Note: No chequebooks for foreign currency accounts

Eligibility Criteria to Open EIB Current Account -

• Minimum Balance – AED 3,000
• Minimum Salary – AED 5,000
• Availability – For individuals and businesses (including partnerships, sole proprietorship, and Limited Liability and Joint Stock Companies)

Note: No minimum balance charges if salary is transferred

Click here to Open Emrites Islamic Bank Current Account

Emirates Islamic Bank Savings Accounts

The bank offers various kinds of savings account in the UAE that provide the account holder with an exclusive range of benefits and features. Here are the types of Emirates Islamic Bank Savings Account available in the Emirates.

1. Kunooz Savings Account

Kunooz Savings account holder can earn various prizes on a daily as well as on a monthly basis. The daily draws take place on a daily basis throughout the month, while the grand prize draws take place on the initial draw of any month. The prize gets credited to the account of the winner within two months from the date of the drawing.

Features & Benefits of Kunooz Savings Accounts -

• Win up to AED 10,000 as a weekly cash prize
• Monthly prize — Mercedes EQS 
• Win AED 1 Million as a quarterly grand prize
• Free debit card that is recognised around the world

Eligibility Criteria to Open Kunooz Savings Account - 

• Minimum Balance - AED 3,000
• Availability Individuals (minors included) and joint account

Click here to Open Kunooz Savings Account

2. e-Savings Account

By opening an Emirates Islamic e-Savings Account, the account holder is able to enjoy the convenient online banking services of the bank. Along with that, they can also expect higher profits as compared to a simple savings account.

This Emirates Islamic Bank Account opening process is easy and quick through online banking. The e-Savings account is available in both USD and AED. It comes without any withdrawal limit, however, the withdrawals made from the account impact the calculation of profit balance.

Features & Benefits of E-Savings Accounts -

• Earn profits based on Sharia-compliant Wakala
• Expected profit of up to 1.5% per year as per the deposit slab 
• New customers can earn at an expected profit rate of 1.5% across all deposit slabs for the first 3 months
• Complete online transfers and bill payments from the comfort of your home

Eligibility Criteria to Open E-Savings Account - 

• Minimum Balance – Nil
• Availability: For individuals only

Note: Access to online banking is required

Click here to Open Emirates E-Savings Account

3. Investment Savings Account

Emriates Islamic Investment savings account is designed for the organizations and individuals who wish to have an account for profit generation. This account provides the account holder with immediate access to their money whenever required.

The investment account is available in both AED & USD and offers an internationally recognized free debit card. The profit payout is done on a quarterly basis. The account holder can avail the facilities of online and phone banking giving them access to their account anytime and anywhere.

Features & Benefits of Investment Savings Accounts -

• Available in USD and AED
• Quarterly profit payout 
• Account based on Mudaraba 
• Free globally recognised debit card
• Easily manage your account via phone and online banking
• SMS account updates

Eligibility Criteria to Open Investment Savings Accounts - 

• Minimum Balance – AED 3,000
• Availability – Individuals (minors included), joint accounts, and businesses (including partnerships, sole proprietorship, and Limited Liability and Joint Stock Companies)

Click here to Open Investment Savings Account

4. Super Savings Account

Emirates Islamic Bank is the exclusive Islamic banking partner for the Dubai Expo 2020. Keeping in mind this partnership and the bank’s focus on savings, it introduced this Emirates Islamic Bank expo Savings Account.

The account holder can not only earn profits on this account but also Skywards Miles on their balances. They can earn a maximum of 15,000 miles in every quarter. There is no minimum balance required on this account.

Features & Benefits of Super Savings Accounts -

• No minimum balance required for this Emirates Islamic account
• Free debit card that is globally recognised
• Get up to 15,000 Skywards Miles every quarter
• Chance to get 2,000 bonus Skywards miles on account opening (subject to conditions) 
• Free online and mobile banking services
• SMS updates services

Eligibility Criteria to Open Super Savings Accounts - 

• Salary Transfer — At least AED 5,000 required
• Minimum Average Quarterly Balance – AED 5,000

Note: You should be a Skywards member

Click here to Open Super Savings Account

5. Child Savings Account

This savings account helps in giving your child a secured future with useful values and a sense of responsibility in the formative years. It is a free savings bank account that requires no minimum balance.

The account holder gets a special gift on this Emirates Islamic Account opening and an option of a free prepaid or debit card. There is also an option of up to AED 120,000 worth of Life Takaful coverage for the parent/guardian with their child as the beneficiary (for 5 children maximum).

Click here to Open Child Savings Account

Emirates Islamic Fixed Deposit Accounts

The bank offers different options with a wide range of benefits when it comes to fixed deposit accounts in the UAE. Following are the types of fixed deposit accounts offered by Emirates Islamic Bank.

1. Booster Wakala Deposit

The account holder can give their deposit a boost with this Booster Wakala Deposit. They can expect a higher profit rate equal to 2.57 percent (maximum) on this account. The minimum deposit in this account can AED 25,000, while the maximum deposit is AED 5 million.

The account holder will be eligible for profits even in case of early withdrawal. The profits on this Emirates Islamic Bank Fixed Deposit are paid out on an annual basis.

Features & Benefits of Booter Wakala Accounts -

• Available currency – AED
• Annual payout of profits
• Attractive profit rates
• Early withdrawal available
• Available for a period of 1, 2, 3, 4, and 5 years

Eligibility Criteria to Open Booster Savings Accounts -

• Availability – Individuals (minors included), joint accounts, and businesses (including partnerships, sole proprietorship, and Limited Liability and Joint Stock Companies

Click here to Open Booster Wakala Account

2. Investment Term Deposits

This fixed deposit account is a profit-bearing account which allows the account holder in making investments for themselves and their family for the future. The profits in this account are distributed and generated through the common Murdaraba pool. This pool is a joint pool for investment amongst the shareholders and depositors.

This account is available in both USD and AED with flexible tenures for deposit. The account holder can avail the facilities of online and phone banking giving them access to their account anytime and anywhere.

Features & Benefits of Investment Term Accounts -

• Available in USD and AED
• Flexible deposit tenures
• SMS account updates
• Online and phone banking available

Eligibility Criteria to Open Investment Term Accounts - 

• Minimum Balance Required –  AED 10,000
• Availability – Individuals (minors included), joint accounts. and businesses (including partnerships, sole proprietorship, and Limited Liability and Joint Stock Companies)

Click here to Open Investment Term Account

3. Flexi Term Deposits

This Emirates Islamic Bank Fixed Deposit is a combination of flexibility and profits. This flexible investment deposit for 9-months offers an investment innovation introduced by the Emirates Islamic Bank. The deposit is a combination of high profits along with a flexibility to access funds as and when needed.

If the account holder wishes to withdraw their funds prior to maturity, they will still get some proportion of their profits.

Features & Benefits of Flexi Term Accounts -

• Available in USD and AED
• Quarterly profit pay-out
• Flexible 9 months term deposit with early withdrawal available

Click here to Open Flexi Term Account

How to Open Emirates Islamic Bank Account in UAE?

To open an Emirates Islamic account in the UAE, you can use various methods. Let’s discuss all these methods in detail — 

Via Policybazaar.ae

Policybazaar.ae presents the easiest way to open bank account online in UAE. Let’s see the steps — 

• Step1- Visit the official website of Policybazaar UAE — policybazaar.ae.
• Step2- Click on ‘Bank Accounts’ and enter the general details in the form.
• Step3- On submitting it, you will get the most relevant bank account quotes. 
• Step4- Choose the most relevant Emirates Islamic bank account and apply for it. 

Policybazaar.ae also offers prompt customer service in case you need help at any point in the process. 

Via Online/Phone Banking and Branch Visits

You can also open an Emirates Islamic bank account through the official website of the bank. Simply click on ‘accounts’, choose the type of account you are interested in, and select the option to apply.

If you prefer phone banking, you can simply dial 600 599 995 (or +971 600 599 995 if dialling internationally) to connect with the official customer care of the bank. 

Besides the two methods discussed above, you can also visit your nearest branch of Emirates Islamic Bank to open an account

Documents Required to Open an Emirates Islamic Bank Account in UAE

The applicant needs to submit a few documents for completing the Emirates Islamic Account opening process. Listed below are the documents required for opening these bank accounts.

FAQs About to Open Emirates Islamic Bank Account