Residency
UAE resident or national
CBD Al Islami Current Account
CBD Al Islami Current Account is a Sharia-compliant everyday account under Qard Hassan. It pays no profit, and the bank guarantees the amount you deposit.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 5,000
Minimum BalanceAED 5,000
Account TypeIslamic
CBD Al Islami Current Account is the Islamic version of CBD's everyday account. It works under the Sharia principle of Qard Hassan, which here means the money you deposit is treated as a profit-free loan from you to the bank. Two things follow from that. The bank guarantees the full amount you deposit, and the account pays no return. You can take your money out at any time without notice. For daily use it comes with a free debit card, a free first cheque book, and CBD Online and Mobile Banking. UAE nationals and residents apply in the CBD mobile app with an Emirates ID. If you want your balance to share in profit, the CBD Al Islami Savings Account is the Mudaraba alternative.
Who can open it
Fees and balance
The monthly charge on this account follows a simple test. The bank averages your balance over the month. If the average is below AED 5,000, it charges AED 26.25 for that month. The charge is waived in a month when your salary is transferred to CBD, or while you hold an active finance product with the bank, such as personal, vehicle or home finance. Meeting the AED 5,000 average also avoids it, so one of three routes is enough. If you close the account within six months of opening, the bank charges AED 105, except during the first five working days, which are a cooling-off period.
Minimum balance
AED 5,000
Monthly fall-below fee
AED 26.25
How to avoid the monthly fee Meet any one of these conditions.
- Keep a balanceAverage monthly balance of AED 5,000 or more
- Other exemptionsNot charged in a month with a salary transfer to CBD or a loan or finance with the bank
Account closure fee
AED 105
Charged only within 6 months of opening. Waived within 5 working days.
In plain words
- Fall-below fee
- A monthly charge for holding less than the balance the bank asks for. Here it is AED 26.25, charged in a month when your average balance for the month is under AED 5,000. The average is taken over every day of the month, so a few low days do not trigger the fee on their own. It is not charged in a month when you stay at or above that amount. More on this
- Account closure fee
- A one-off charge of AED 105 for closing the account within 6 months of opening it. Closing it later costs nothing. Closing within the first 5 working days carries no charge either. More on this
Benefits
Free Debit Card
Chip and PIN contactless debit card for payments and ATM cash withdrawals worldwide
Free First Cheque Book
First cheque book at no charge, with cheque images shown in online banking statements
Online and Mobile Banking
CBD Online and Mobile Banking with a Budget and Track tool for following your expenses
Shariah-compliant
Banking model
How to open
Before you apply
1.Open in the app.
2.Minimum balance: AED 5,000.
3.Debit card included.
Application steps
1.Check that you are a UAE national or UAE resident.
2.Open the CBD mobile app and apply for the Al Islami Current Account.
3.Use your Emirates ID to complete the application.
Good to know
Good option for
Everyday banking under Sharia principles when your salary goes to CBD or you can keep AED 5,000 in the account on average, and a guaranteed balance matters more to you than a return.
Consider another account if
You are looking for profit on your balance. This account pays none, and it is left out of CBD's campaign rate on new funds. Browse other Islamic accounts for savings options.
Frequently asked questions
Get answers to common questions about the CBD Al Islami Current Account