Sharjah Islamic Bank Accounts

Established in 1975, Sharjah Islamic Bank is a reputed Islamic banking financial institution that provides a plethora of Shariah-compliant, personal, business, and investment banking products in its extensive UAE network.

With the Sharjah Islamic Bank (SIB), you can avail of products in three main domains -

• Personal Banking
• Priority Banking
• Business Banking

SIB bank accounts make for one of the most sought-after products of the bank under these categories. Irrespective of the category, all the Sharjah Islamic Bank accounts are known to provide unparalleled banking services. 

Read the following sections to know more about the types of Sharjah Islamic Bank Accounts, features, benefits, and more. 

Types of Sharjah Islamic Bank Accounts

Have a quick look at the table below for an overview of the different types of Sharjah Islamic bank accounts -

Watani Account

This Sharjah Islamic Bank account can be opened by both individuals and businesses. Watani Account is specially designed for those who are high-income earners or own high-turnover businesses. Keep in mind that once you open this account, you would be required to maintain a minimum balance of AED 100,000. You can easily earn a profit at the rate of 0.18750% per annum. 

Some exclusive features and benefits of this Sharjah Islamic Bank account are -

• Higher withdrawal cap
• Dedicated relationship manager
• Access to funds through more than 100 ATMs in the UAE
• Quick decisions on all loans
• Monthly profits on savings
• Exclusive foreign exchange rates

Hassalati Account

Hassalati is a children’s savings account that can help them become responsible for saving at an early age. When you open this account for your child, you enable them to earn a profit at the rate of 0.75% per annum. 

To keep the account functional, you would need to maintain a minimum balance of AED 500. You can open this Sharjah Islamic Bank account at the time of your child’s birth until they turn 18. 

The following are the features of this account -

• Free standing order from your account
• Monthly profits on savings
• Access to free e-statements half yearly
• Instant SMS update of account activity

SIB Digital Account

This is a zero-balance account that you can create via mobile banking application only. With this Sharjah Islamic Bank account, you are paid profit every month and get the option of accessing all the banking services using its online platform. 

Given below are the main features of the SIB Digital Account -

• No minimum balance required and no associated fees
• Complimentary debit card
• Complimentary chequebook
• Free remittances to India and Pakistan
• Open account instantly

Fixed Deposit Account

When you open a fixed deposit account, you would be able to earn more from your savings compared to regular savings accounts. This Sharjah Islamic Bank account offers flexible investment tenures of up to 12 months for assured profit distribution. To open this Shariah-compliant account, you would need to maintain a minimum balance of AED 10,000. The minimum profit you can earn in a month is at the rate of 1.125% per annum. 

Check out the features of this exclusive Shariah Islamic Bank account below -

• Flexible investment tenure ranging from 1, 3, 6, and 9 months to 12 months
• Earn monthly profits on your savings
• Instant SMS alerts related to account activity
• Half-yearly complementary e-statements
• Online and mobile banking modes

SIB MaxPlus Deposit Account

This Sharjah Islamic Bank Account enables you to earn maximum profit at the rate of up to 14.25% (for a tenure of 36 months) and up to 6.375% (for a tenure of 18 months). Moreover, with the SIB MaxPlus Deposit Account, you can take a loan of up to 90% of your deposit. 

To open this account, you would have to make a deposit of at least AED 10,000. 

The following are some features of this account -

• Access your funds at any time without breaking the deposit
• The profit is computed monthly at the expected profit rate and is paid out at the time of maturity

Business Bank Accounts

Let’s now have a look at the types of business bank accounts offered by the Sharjah Islamic Bank -

Current Account 

With this Sharjah Islamic Bank account, you can enjoy the benefits of convenient banking like limitless transactions and maintaining a minimum balance of AED 15,000. Some of the salient features of this current account are -

• Instant SMS alerts whenever a transaction takes place
• Operate the account via online or mobile banking 
• Access to free e-statements
• Operate the account in the currency of your choice - AED, USD, EUR, or GBP
• Access to 24/7 customer care service 

Deposit Account

You can open this Shariah-compliant fixed deposit account for your business for a flexible investment tenure of up to 12 months. When you open the Shariah Islamic Bank Account, you receive assured profits at the rate of 1.125% per month. Keep in mind that a minimum balance of AED 10,000 has to be maintained for this account. 

Given below are the salient features of this account -

• Open the FD instantly via Break Thru Online or mobile banking
• Flexible investment tenure of 1, 3, 6, 9, and 12 months
• Instant SMS alerts related to account activity
• Online and mobile banking modes
• Access to 24/7 customer care service

Priority Bank Accounts

We will now discuss the types of Priority banking accounts that Sharjah Islamic Bank offers -

Current Account

Priority Banking Current Account is a Shariah-adhering bank account that follows the principles of Wadei’ah and does not earn any profit. With this account, you can manage your business’s daily finances in a flexible and convenient way. Other than that, here are some of the key features of this account -

• Complimentary debit card
• Access to monthly e-statements
• Access to online banking
• Instant SMS alerts about every transaction done
• Operate the account in the currency of your choice - AED, EUR, USD, or GBP
• Access to round-the-clock customer care service

Watany Account 

This Sharjah Islamic Bank account follows the concept of Mudaraba, with the bank investing the deposited funds and distributing profit based on its declared profit rate at the end of each month. Listed below are the benefits of this Shariah-compliant bank account -

• Complimentary Platinum debit card
• Instant SMS alerts
• Operate the bank account in the currency of your choice - AED, USD, EUR, or GBP
• Access to 24/4 customer support service 
• Access to half-yearly e-statements
• Operate the account either via online or mobile banking mode

General Features and Benefits of Sharjah Islamic Bank Accounts

Listed below are the common features and benefits of Sharjah Islamic Bank accounts -

• Dedicated relationship manager
• Complimentary debit card
• Instant SMS notifications
• Operate the account in any of these currencies - AED, USD, GBP or EUR
• Access to 24/7 customer care service 
• Operate the account from anywhere in the world using online or mobile banking

Services and Charges Applied to Sharjah Islamic Bank Accounts

Go through the following tables to find out the major charges levied on the Sharjah Islamic Bank Accounts -

Eligibility Criteria to Apply for Sharjah Islamic Bank Accounts

You must fulfil the eligibility criteria discussed below for the respective Sharjah Islamic Bank accounts -

Documents Required to Open Sharjah Islamic Bank Accounts

Make sure that the following documents are available if you wish to open Sharjah Islamic Bank accounts -

How to Apply for Sharjah Islamic Bank Accounts?

You can apply for Sharjah Islamic Bank Accounts in any of the following ways -

Via Policybazaar UAE

You can easily apply for any of the Sharjah Islamic Bank accounts through policybazaar.ae. As a third-party aggregator, Policybazaar UAE brings the best accounts and financial services from the leading providers in the UAE to you in one place. With us, you can open your bank account without having to wait in queues for hours. 

To open a bank account using Policybazaar UAE, simply fill in the lead form on policybazaar.ae for bank accounts with all the required information. After this, you will be directed to the quotes page from where you can select any of the Sharjah Islamic Bank accounts. Once you decide on an account, click on the Apply tab to have your application forwarded to the bank.

Via Online Banking 

To open your Sharjah Islamic Bank account online, visit the bank account page for the account you want to open. Click on the Apply now tab after which you will be directed to the application form page. Fill in all the specified information precisely and click on the submit now button. A bank representative will connect with you for further procedures. 

Mobile Banking

You can also use the mobile banking application to open an SIB Digital Account. For this, simply download the application, click a selfie, submit the online application form with precise information and upload all the required documents. Once you are done, your SIB Digital Account will open instantly.

Bank Branch Visit

You can also open a Sharjah Islamic Bank Account offline by visiting your nearest bank branch. Carry all the necessary documents to the branch, obtain the application form there, and fill in the required details. Once done, affix the documents to support your application and submit the form. A bank representative will connect with you for further procedures.

How to Close Sharjah Islamic Bank Accounts?

If you wish to close your Sharjah Islamic Bank account, you can write an online request to the 24/7 available customer care team. You can also connect with customer service via phone banking number +97165999999 (for within the UAE). You can also visit the nearest branch to inquire about the account closure procedure.

To know more about Sharjah Islamic Bank Accounts, read the following FAQ section -

Sharjah Islamic Bank Accounts Frequently Asked Questions