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.
Every applicant needs to satisfy the basic eligibility criteria to open a salary account in UAE as mentioned below:
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.
Following is the list of the best Islamic bank accounts with the lowest salary requirements.
|Emirates Islamic Current Account||
|DIB Al Islami Current Account||
|ADIB Ghina Salary Account||
|RAKBANK RAKmore Salary Transfer Account||
|FAB Islamic Current Account||
|Mashreq Happiness Account||
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 -
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.
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.
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.