Emirates Islamic Bank 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.

Emirates Islamic Bank Account Types

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 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.

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.

Kunooz Savings Account

The 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.

e-Savings Account

By opening an 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.

Investment Savings Account

This 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.

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 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.

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).

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.

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.

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.

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.

Eligibility Criteria to Open an Emirates Islamic Bank Account

In order to make sure that their Emirates Islamic Bank Account opening process is simple and fast, the applicant has to meet certain eligibility criteria as determined by the bank. Listed in the table are some eligibility requirements for opening these bank accounts.

Bank Account Name Eligibility Requirements
Emirates Islamic Current Account
  • Minimum Balance Required: AED 3,000
  • Minimum Salary Required: AED 5,000
  • Availability: For individuals & businesses (including partnerships, sole proprietorship, Limited Liability, and Joint Stock Companies)
Kunooz Savings Account
  • Minimum Balance Required: AED 3,000
  • Availability: To individuals (minors included) and joint accounts
e-Savings Account
  • Minimum Balance Required: Nil
  • Availability: For individuals only
  • Other: Access to online banking needed
Investment Savings Account
  • Minimum Balance Required: AED 3,000
  • Availability: To individuals (minors included) and joint accounts and for businesses (including partnerships, sole proprietorship, Limited Liability, and Joint Stock Companies)
Super Savings Account
  • Salary Transfer: AED 5,000 and more to the bank
  • Minimum Average Quarterly Balance: AED 5,000
  • Other: Skywards membership required
Child Savings Account
  • N/A
Booster Wakala Deposit
  • Minimum Balance Required: AED 25,000
  • Availability: To individuals (minors included) and joint accounts and for businesses (including partnerships, sole proprietorship, Limited Liability, and Joint Stock Companies)
Investment Term Deposits
  • Minimum Balance Required: AED 10,000
  • Availability: To individuals (minors included) and joint accounts and for businesses (including partnerships, sole proprietorship, Limited Liability, and Joint Stock Companies)
Flexi Term Deposit
  • N/A

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.

Bank Account Name Documents Required
Emirates Islamic Current Account
  • Duly filled application form
  • For UAE Nationals: Original and copy of Passport or Khulasat Al Qaid
  • For Expats: Original and copy of Passport with a valid Visa for residence
Kunooz Savings Account
  • Duly filled application form
  • For UAE Nationals: Original and copy of Passport or Khulasat Al Qaid
  • For Expats: Original and copy of Passport with a valid Visa for residence
e-Savings Account
  • No documentation needed as only those customers who have any other Emirates Islamic bank account with online banking facility can open the account.
Investment Savings Account
  • Duly filled application form
  • For UAE Nationals: Original and copy of Passport or Khulasat Al Qaid
  • For Expats: Original and copy of Passport with a valid Visa for residence
Super Savings Account
  • N/A
Child Savings Account
  • N/A
Booster Wakala Deposit For Existing Bank Customers:
  • Agreement of Booster Wakala (signed)
For New Bank Customers:
  • Duly filled application form
  • For UAE Nationals: Original and copy of Passport or Khulasat Al Qaid
  • For Expats: Original and copy of Passport with a valid Visa for residence
For Entities:Company profile & valid documents (legal) including-
  • Commercial registration
  • Business and Trade License
  • Copy of Passports of all owners
  • Certificate of Chamber of Commerce
  • Partnership documents or AoA (Articles of Association)
    • 3-years financial statements (audited/in-house)
    • 12-months bank statements
    • Request Letter for facilities
    • Other documents (as per the discretion of the bank)
Investment Term Deposits
  • Duly filled application form
  • For UAE Nationals: Original and copy of Passport or Khulasat Al Qaid
  • For Expats: Original and copy of Passport with a valid Visa for residence
Flexi Term Deposit
  • N/A

How to Open Emirates Islamic Bank Account in the UAE?

The Emirates Islamic Bank Account opening process is available in three ways- through online banking, phone banking, and by visiting the branch of the bank.

Online Banking

The applicant can open their bank accounts by using the online banking facility of the bank.

Phone Banking

The applicant can also get their accounts opened by calling on the official customer care number of the bank.

Visiting the Branch

The third way of opening the bank account is by visiting the nearest branch of Emirates Islamic Bank.

Emirates Islamic Bank Account - FAQs

Question 1: Can I open my bank account in any other currency apart from UAE dirhams?

Answer: Yes, you can open a few of the Emirates Islamic Bank Account in other major currencies of the world.

Question 2: I am a minor. Can I open an account with Emirates Islamic Bank?

Answer: Yes, some of the accounts of this bank are available to the minors also. In case of a current account, the minor will not be able to avail the cheque book facility.

Question 3: Am I allowed to open an Emirates Islamic Joint Account?

Answer: Yes, you can go for a joint account. Both of you can operate the joint account either independently or jointly. But, for requests such as closing or opening of accounts, you have to provide joint authorizations. No joint account can be opened with any person who is below 18 years old.

Question 4: What updates do I get through the SMS service?

Answer: The bank sends you the updates regarding your charge card balance and various other transactions through its SMS service.

Question 5: What are the profits rates available on Booster Wakala Fixed Deposit?

Answer: Following are the profits rates on this account.

Deposit Length (in years) Expected Profit (in %) Annual Expected Profit (in %)
One 2.00 2.00
Two 4.40 2.20
Three 7.20 2.40
Four 12.85 2.57

(Updated as on July 1, 2019)

Question 6: What are the number of e-Savings accounts that I can open?

Answer: In the case of this Emirates Islamic Bank Savings Account, you can open one account on each currency.

Question 7: Is there any restriction on withdrawals or deposits on Investment Savings account?

Answer: No, there isn’t any restriction on deposits and withdrawals on this account. But, foreign currency cash withdrawals are based on their charges and availability. The foreign currency cash deposits are also based on charges applicable.

Question 8: What is the minimum amount at which I can open a Child Savings account?

Answer: You can open an Emirates Islamic Bank Savings Account for your child just with an amount of AED 100.