Minimum Monthly Income Required to Open an Islamic Bank Account

As a booming economy in the Middle East, the United Arab Emirates has several banking institutions catering financial services to individuals, small businesses and large corporates. The country houses both conventional and Islamic banks to boost the national economy. Both banks in UAE have similar functions; however, the Islamic banks follow the Sharia and Fatwa laws for profit generation and do not promote ‘Ribba’ or interest. Moreover, Islamic banking principles like ‘Wakala’ and ‘Mudaraba’ provide a safer investment environment.    

Being an equally popular choice, Islamic banks offer various banking products like deposit schemes, investment banking savings & current accounts, and salary accounts in UAE. Among these products, salary accounts are the most fundamental ones as each working individual require these accounts to receive their salary and make daily transactions. For the same reason, Islamic banks in UAE offer a variety of salary accounts with distinct features and benefits. However, to open a salary account in UAE, individuals need to have a minimum income and also need to fulfil other eligibility criteria.      

What are the Basic Eligibility Criteria to Open an Islamic Bank Account?

Every applicant needs to satisfy the basic eligibility criteria to open a salary account in UAE as mentioned below:

  • An individual must be a UAE national or resident. 
  • He/She must be 18 or 21 years old depending on the account type. A savings account requires a minimum age of 18 years and a current/salary account requires individuals to be at least 21 years old.
  • He/She should be employed in the UAE, fulfilling the minimum salary criteria depending on the bank. 

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What is the minimum salary required to open an Islamic bank account in UAE?

As mentioned earlier, individuals willing to apply for an Islamic bank account in the UAE need to be employed and fulfil the minimum salary requirement. The salary criterion varies from bank to bank and the services they offer. Most of the leading Islamic banks in the UAE require a minimum salary transfer of AED 5,000 or more. In addition, the bank may revoke the minimum account balance criterion if an individual opens a salary account while meeting the minimum income requirement.

What are the Islamic bank accounts with the lowest salary requirements?

Following is the list of the best Islamic bank accounts with the lowest salary requirements.

Banks Accounts Requirements
Emirates Islamic Current Account
  • Minimum salary requirement of AED 5,000.
  • Minimum balance requirement of AED 3,000
  • Bank does not levy minimum balance charges if the salary is transferred. 
DIB Al Islami Current Account
  • No minimum salary transfer
  • Minimum account opening balance of AED 3,000
ADIB Ghina Salary Account 
  • Minimum salary requirement of AED 8,000
RAKBANK RAKmore Salary Transfer Account
  • Minimum salary transfer of AED 5,000 or more
  • No minimum balance requirement
FAB Islamic Current Account
  • Minimum salary requirement of AED 3,000
  • Average monthly account balance of AED 3,000
Ajman Bank 
  • Minimum average account balance of AED 3,000.
Mashreq Happiness Account
  • Minimum salary of AED 10,000
  • No minimum balance requirement

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What are the benefits of an Islamic bank account in the UAE?

It is quite obvious to consider the benefits of an Islamic bank account in UAE before applying for one. Apart from being Sharia-compliant, the Islamic account provides numerous benefits as mentioned below - 

  • The Islamic bank accounts are completely sharia-compliant and follow the principle of profit-sharing.
  • The accounts offer higher transaction and withdrawal limits. 
  • Individuals get internationally accepted debit cards to access funds while on the go. 
  • A few banks accounts like the ADIB Ghina salary account also offer monthly and quarterly prizes based on the account balances. 
  • The Islamic accounts accept several currencies like AED, USD, GBP and EUR. However, this facility varies depending on the bank and the bank account. 
  • Individuals get round the clock account access with online and mobile banking. 
  • The Islamic banks also offer free chequebooks (1st chequebook is free) and monthly account statements. 
  • A few Islamic banks also allow free foreign remittance to various countries.   

How to open an Islamic Bank account in UAE?

To open an Islamic salary account in UAE, individuals can visit the nearest branch of the bank in which they want to open an account or apply online using the internet banking facility. The account application process is quick and convenient with a few simple steps as given below.

Online Application

  1. Visit the official portal of the bank.
  2. Select the bank account you need to open. 
  3. Click on the Apply Now button. 
  4. Fill in the personal details.
  5. The bank will contact you for further account opening process.

Offline Application

  1. Visit the nearest branch with all the requisite documents. 
  2. Fill in all the required details as per the instructions of the bank representative. 
  3. The representative will guide you through the further account opening process.  

Whether opening through online or offline mode, individuals need to submit the required documents to open an Islamic bank account in UAE. Following are the important documents needed while opening a bank account. 

  • Emirates ID for UAE nationals and residents.
  • Passport (Original and Copy) or Khulasat Al Qaid.
  • Visa details for individuals with work permits. 
  • An employment contract or salary certificate from the current employer. 
  • All the business-related documents for business Islamic accounts. 

Islamic bank accounts are one of the most popular accounts in the UAE. The accounts come with affordable salary requirements and numerous benefits to meet an individual’s financial needs. Moreover, various salary accounts in UAE are not limited to UAE nationals only. A working resident including an expat with visa details can also open an Islamic bank account in UAE. While opening an account, individuals need to consider the minimum salary requirement and eligibility criteria according to their banking needs to maximise the benefits.

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