Emirates Islamic Bank Investment Savings Account

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Since its inception in 2004, Emirates Islamic Bank has been continuously delivering unique savings solutions with the highest standards of Sharia principles. The bank offers various accounts including investment savings account with higher returns and enhanced financial management. The Investment Savings Account is specially designed for individuals looking for a profit generating savings scheme. It is an Islamic account based on the principle of ‘Mudaraba’, where profits are distributed amongst the shareholders as per the banking services agreement.

Emirates Islamic Bank Investment Savings account offers enticing profit rates, and the profit is credited into the account on a quarterly basis. The bank accepts funds in AED and USD and provides an internationally recognised debit card for conveniently accessing the funds.

Features and Benefits of Emirates Islamic Bank Investment Savings Account

The Investment Savings Account comes with numerous benefits, offering a profit rate of up to 0.3%. There are also no monthly charges levied by the bank on this account. Given below are some key features and benefits of the savings account:

  • Low Minimum Average Balance - The Emirates Islamic Bank Investment Savings Account offers a low minimum average balance of AED 3000 without salary transfer. However, the average balance criterion is not applicable for individuals with a minimum salary transfer of AED 3,000 in the account.
  • Available in AED and USD - The Investment Savings Account is available in AED as well as USD. However, the debit card facility is provided to individuals availing the account in AED only.
  • Free Debit Card - The bank also offers an internationally recognised debit/ATM card for easy access to the funds. 
  • Quarterly Profit Payouts - The account holders get the profit payout on a quarterly basis. The profits are credited into the Investment Savings Account at the end of every three months. 
  • Online and Phone Banking - The Emirates Islamic Bank offers online and phone banking facilities to its account holders to manage the funds from anywhere and anytime.
  • SMS Alerts - The bank also offers regular SMS alerts on the account balance and transactions done.
  • Sharia Compliant - The Investment Savings Account is Sharia compliant and follows the principle of Mudaraba, where profits are distributed amongst the pool of depositors and shareholders.
  • Available to Minors and Businesses - This savings account is available to minors subject to furnishing of documents as per the bank’s requirement. Additionally, businesses can also avail this account, including a joint stock company and sole proprietorships.

Charges on Emirates Islamic Bank Investment Savings Account

Given below are the charges levied on Emirates Islamic Bank Investment Savings Account.

Particulars Select/Classic (in AED) Advantage (AED)
Average monthly minimum balance 3,000 AED 100,000 or salary transfer of AED 15,000
Fall below fee if average balance falls below AED 3,000 25 25
Transaction charges (Transaction per month/fee) Six free transactions per month. After that, a charge of AED 10 is applicable 30 free transactions per month. After that, a charge of AED 10 is applicable
Account closure fee (Before 12 months) 100 100
Dormant/Inactive account charges Nil Nil
Charges for Utility Bill Payment: At the counter 10 10
Monthly SMS Fee 5 5

Eligibility Criteria to Open an Emirates Islamic Bank Investment Savings Account

The individuals need to fulfil certain eligibility criteria as mentioned below to open an Investment Savings account. 

  • Minimum Balance Requirement -  An individual needs to maintain a minimum balance of AED 3000.
  • Individual - The Investment Savings Account is available for individuals, joint accounts and minors, subject to furnishing of documents as per the bank’s requirement.
  • Non-Individuals - Emirates Islamic Bank Investment Savings Accounts are also available for non-individuals (business entities), including sole proprietorships, partnerships including joint stocks and limited liability organisations.

Documents Required to Open Emirates Islamic Investment Savings Account

Individuals will require to furnish the documents in original as well as in copy at the time of opening the Emirates Islamic Investment Savings Account. The list of required documents is given below.

Individual Type Documents Required 
UAE National/Resident
  • Original and copy of Emirates ID for the records
  • A copy of the passport 
  • A copy of the salary transfer letter or appointment letter
Non-Individuals (Business Entities)
  • Commercial or federal registration certificate
  • Business Commencement Certificate (for joint stock companies)
  • Power of Attorney (if Applicable)
  • Passport copy of authorised signatories
  • BOD resolution that specifies the title and designation of the official who is opening the account
  • Additional documents may be required as per the discretion of the bank

How to apply for Emirates Islamic Bank Investment Savings Account?

Opening an investment savings account is a quick and convenient process. An individual can visit the bank’s website or the nearest local branch for opening an account. The application done at the branch within an hour of bank closing will be processed on the same day. Given below are the ways to open an Emirates Islamic Bank Investment Savings Account.

  • Opening Investment Savings Account Online - An individual can visit the website of Emirates Islamic Bank and apply online. During the course, the person needs to fill the contact details and subsequently, the bank representative will contact him/her for further account opening process.
  • Opening Investment Savings Account Offline - An individual can visit Emirates Islamic Bank’s nearest branch along with all the prerequisite documents. The banking personnel will guide him/her through the application process. 

Frequently Asked Questions

Q1: What are the currencies accepted in Emirates Islamic Bank Investment Savings Account?

Ans: The Emirates Islamic Bank accepts deposits in USD apart from AED in its Investment Savings Account.

Q2: Are there any restrictions on deposits and withdrawals of funds in an Investment Savings Account?

Ans: No, there are no restrictions on deposits and withdrawals in the Investment Savings Account; however, transactions in foreign currencies are liable to some charges as per the bank’s criteria.

Q3: Can a non-individual open Emirates Islamic Bank Investment Savings Account?

Ans: Yes, non-individuals including business entities like sole proprietorships, partnerships, joint stock companies and limited liability organisations can open an Investment Savings account.

Q4: What is the minimum average balance required in an Investment Savings Account?

Ans: An individual needs to maintain a minimum average balance of AED 3,000 in the case of no salary transfer account. While in the case of salary transfer (min transfer of AED 3,000), the minimum average balance criterion is not applied.

Q5: Can I apply for a joint account in Emirates Islamic Bank Investment Savings Account?

Ans: Yes, individuals can apply for a joint account in Emirates Islamic Bank Investment Savings Account. A minor can also open the account through his/her guardian, subject to furnishing of documents as per the bank’s requirement.

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